Intuitive Machines Inc
For the period ended Sep 30, 2024. Filed Nov 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 15, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $58,478 | $12,731 | $173,338 | $48,960 |
| Operating expenses: | ||||
| Cost of revenue (excluding depreciation) | 45,873 | 26,493 | 144,141 | 73,688 |
| Cost of revenue (excluding depreciation) - affiliated companies | 8,484 | — | 27,107 | — |
| Depreciation | 482 | 329 | 1,319 | 944 |
| Impairment of property and equipment (see Note 4) | 5,044 | — | 5,044 | — |
| General and administrative expense (excluding depreciation) | 12,319 | 9,913 | 39,726 | 27,956 |
| Total operating expenses | 72,202 | 36,735 | 217,337 | 102,588 |
| Operating loss | (13,724) | (24,004) | (43,999) | (53,628) |
| Other income (expense), net: | ||||
| Interest income (expense), net | 31 | (228) | 31 | (781) |
| Change in fair value of earn-out liabilities | (33,328) | 36,036 | (33,816) | 61,066 |
| Change in fair value of warrant liabilities | (33,686) | 10,259 | (36,641) | 10,259 |
| Change in fair value of SAFE Agreements | — | — | — | (2,353) |
| Loss on issuance of securities | — | (6,729) | (68,080) | (6,729) |
| Other income (expense), net | 346 | (418) | 768 | (379) |
| Total other income (expense), net | (66,637) | 38,920 | (137,738) | 61,083 |
| Income (loss) before income taxes | (80,361) | 14,916 | (181,737) | 7,455 |
| Income tax expense | (50) | (605) | (50) | (292) |
| Net income (loss) | (80,411) | 14,311 | (181,787) | 7,163 |
| Net loss attributable to Intuitive Machines, LLC prior to the Business Combination | — | — | — | (6,481) |
| Net income (loss) (post Business Combination) | (80,411) | 14,311 | (181,787) | 13,644 |
| Net loss attributable to redeemable noncontrolling interest | (25,679) | (18,992) | (50,001) | (39,691) |
| Net income attributable to noncontrolling interest | 668 | — | 2,429 | — |
| Net income (loss) attributable to the Company | (55,400) | $33,303 | (134,215) | 53,335 |
| Less: Preferred dividends | (143) | (674) | (751) | (1,657) |
| Net income (loss) attributable to Class A common shareholders | $(55,543) | $32,629 | $(134,966) | $51,678 |
| Net income (loss) per share (1) | ||||
| Net income (loss) per share of Class A common stock - basic | $(0.83) | $1.87 | $(2.55) | $3.17 |
| Net income (loss) per share of Class A common stock - diluted | (0.83) | 1.27 | (2.55) | 2.14 |
| Weighted-average common shares outstanding | ||||
| Weighted average shares outstanding - basic | 67,072,014 | 17,411,217 | 52,971,882 | 16,294,029 |
| Weighted average shares outstanding - diluted | 67,072,014 | 26,126,245 | 52,971,882 | 24,964,408 |
(1)As a result of the Business Combination, the capital structure changed and the net loss per share information for 2023 represents results after the Closing Date of the Business Combination, for the period from February 13, 2023 through September 30, 2023. See Note 1 - Business Description and Note 11 - Net Income (Loss) per Share for additional information.
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