Intuitive Machines Stock

Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines Second Quarter 2026 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Go ahead.

Good morning. Welcome to the Intuitive Machines Second Quarter 2026 Earnings Call. Chief Executive Officer, Steve Altemus; and Chief Financial Officer, Pete McGrath, are leading the call today. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC.

We do not undertake any obligation to update forward-looking statements. We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation to our website, which provides additional context on our operational and financial performance. You can find this presentation on our Investor Relations page at www.intuitivemachines.com/investors.

Now I'll turn the call over to Steve Altemus.

Good morning, and thank you for joining us. We delivered a strong quarter, highlighted by $206 million of revenue, more than 4x the prior year, exited the quarter with approximately $1.8 billion of backlog and have positioned the company for the next phase of growth. Our backlog now spans civil, commercial and national security customers, and we have more than 80 spacecraft under contract. Based on that visibility, we are reaffirming and remain confident in our $900 million to $1 billion revenue outlook and our expectation for positive adjusted EBITDA for the full year.

Two years ago, Intuitive Machines returned America to the moon for the first time since Apollo. Last year, we became the first company to land a second time at the Lunar South Pole. Those missions demonstrated our ability to deliver complex space missions that advance the state of lunar exploration. That was never our ultimate destination. It was the foundation for building the next-generation space prime, a fundamentally different company. Our strategy has evolved alongside the market. As our customers increase their presence across LEO, GEO, cis-lunar and deep space, their need is now for more than individual missions alone. We believe the next era of space will require a next-generation space prime capable of building spacecraft, connecting them through resilient networks and operating the resulting infrastructure across the space ecosystem.

Over the past 18 months, every strategic decision we have made has been focused on building that next-generation space prime. The Lanteris acquisition transformed Intuitive Machines to one of the nation's leading satellite manufacturers, adding proven production capabilities. The KinetX acquisition added mission operations, flight dynamics, deep space precision navigation and satellite constellation management, allowing us to support customers throughout the operational lives of their missions.

Our most recent acquisition of Goonhilly Earth Station and COMSAT expanded our ground segment communications infrastructure with globally recognized deep space ground systems that strengthen our ability to deliver resilient communications and navigation services from earth orbit to cis-lunar space and beyond. With these acquisitions, Intuitive Machines is an integrated aerospace company capable of building, connecting and operating a system of systems at space infrastructure. We believe that integration is becoming increasingly valuable as customers move beyond individual spacecraft toward complete operational systems.

Combined with our existing leadership in lunar transportation and infrastructure, we believe these capabilities have expanded our addressable market from roughly $20 billion only a few years ago to well over $150 billion across civil, commercial and national security space sectors. As part of our strategy, we are investing today to establish capabilities that we believe will generate value over many years. This quarter, those investments include inventory purchases, production capacity increases and manufacturing efficiency initiatives. Customers are increasingly seeking greater production volume and faster delivery. Companies can no longer rely solely on the traditional model of waiting until a procurement or contract is awarded to begin preparing. Our investments position us to respond more quickly and deliver on our customers' time lines.

NASA Moon Base is an example, an excellent example. While we begin by building and landing lunar delivery systems for NASA under the CLPS contract, we've since expanded our capability by providing communications and navigation systems for NASA and other government customers under the Near Space Network Services contract, and we continue to evolve towards production-ready landing systems and satellites in support of the rapid cadence of moon-based missions required. Across manufacturing, communications and mission operations, these investments support our objective of delivering and operating space infrastructure and expanding long-term durable operational revenue. The effect of these investments can be seen in the recent uptick in bookings this quarter.

As of this call, Intuitive Machines generated $1.7 billion in bookings this year, including $1.2 billion in new bookings in quarter 2 through today. This marks the highest quarterly bookings in company history and validates our strategy by expanding the infrastructure base we are building for the future. Quarter 2 bookings also include partial awards with authority to proceed. We anticipate these ATPs will contribute an additional $300 million in bookings through the second half of the year as the contracts are fully definitized. Our diversification strategy and capability investments have expanded our total addressable market, moving us beyond a primarily NASA and civil lunar delivery company to one able to address the broader space ecosystem.

This quarter's bookings reflect that diversification. Our $1.8 billion Q2 backlog is split approximately 37% civil space, 49% commercial space and 14% national security space. Q2 bookings through today were composed of approximately 20% civil, 50% commercial and 30% national security space, highlighting our continued diversification. As you've heard me talk about on previous earnings calls, our strategy is organized around 3 integrated pillars: build, connect and operate space infrastructure. Let me walk through each.

The first pillar, build begins with the spacecraft and physical infrastructure that make our broader strategy possible. Today, we are applying our engineering and production discipline across lunar landers, government and commercial communication satellites, national security spacecraft, orbital transfer vehicles and deep space systems. Beginning with our civil portfolio, NASA continues to advance its long-term vision for sustained lunar exploration through the Moon Base initiative. Earlier this year, we were awarded the CT4 mission. And this quarter, NASA selected Intuitive Machines for the CS-8 mission, extending our lunar delivery cadence beyond 2028 into 2030. These awards represent our fifth and sixth missions under the CLPS contract.

Looking ahead, we expect to compete for 4 additional CLPS task order opportunities this year, including the 10-year CLPS 2 multi-award follow-on contract. These opportunities represent far more than individual delivery missions. They reinforce the transition from demonstration missions toward higher cadence, repeatable and reliable lunar transportation supporting long-term operations on the moon. We also began work with NASA under our first contract supporting the reconfiguration of the Gateway power and propulsion element for NASA's flagship Mars mission, SR-1 Freedom. This program demonstrates how spacecraft developed for lunar exploration can be adapted for entirely new missions, in this case, a deep space Mars mission, extending the value of existing technologies while reducing development risk for future exploration architectures.

At the same time, we continue operating the Lunar Reconnaissance Orbiter camera and ShadowCam programs. providing mission operations, data collection and lunar surface analysis. Next week, we'll fly over and image the impact area of a recently disposed upper stage on the surface of the moon. As lunar activity accelerates, we see significant opportunities to expand these capabilities through future lunar surveying, mapping and data repository services supporting NASA's Artemis program and Moon Base initiatives.

Now moving to national security space. This quarter, we successfully delivered all 16 satellites supporting the SDA Tranche 1 tracking layer while continuing production on Tranche 2 tracking layer. Earlier this year, we expanded that production line with awards for the SDA Tranche 3 tracking layer, representing another 18 satellites. And as of this earnings call, we were awarded an additional 18 satellites supporting AMDT-3, part of the nation's Golden Dome architecture. In addition, we received ATP on an award for 2 restricted 300 Series spacecraft to an undisclosed customer. With these recent awards, we have more than 70 IM-300 spacecraft under contract today. This represents an unprecedented number of IM-300 Series spacecraft simultaneously in production.

This month, we also received authority to proceed for continued development of our Nebula orbital transfer vehicle on a Phase 3 contract for a government customer. This award will take the OTV design from paper to full-scale spacecraft development, integration and testing all the way through flight. Collectively, these programs demonstrate our ability to manufacture spacecraft at production scale while supporting some of the nation's highest priority national security missions.

In commercial space, we continue to see strong demand for our flight proven IM-1300 series platform. In quarter 2, we were awarded 3 geostationary communication satellites from an undisclosed customer valued at over $600 million over the next 30 months. SiriusXM-11 also launched and deployed during the quarter, and we are on track to hand that spacecraft over to the customer later this month, continuing the long heritage of one of the industry's most reliable commercial communication satellites. Beyond traditional communication satellites, we believe the same high-power spacecraft architecture positions us well for the emerging commercial orbital data center market. We are currently discussing strategic partnerships to bring our expertise and satellite production capability to this burgeoning market.

The second pillar is Connect, linking spacecraft ground systems and users through resilient communications and navigation networks. As activity expands beyond earth orbit, communications, navigation and data transport become essential infrastructure rather than supporting capabilities. Through near space network services, our lunar data relay architecture, Goonhilly, COMSAT and our investments in resilient communication networks, we are building systems that connect spacecraft from earth orbit to cis-lunar space and ultimately to the lunar surface. These investments are designed to support many customers across many missions rather than a single contract.

At the Lunar Frontier, Altus-1, our first lunar communications relay satellite remains in production and is scheduled to launch aboard IM's Mission 3 during the first quarter of 2027. As with any launch manifest, timing will reflect spacecraft readiness, launch vehicle availability and NASA stakeholder priorities. As part of the acceleration associated with Moon Base, development continues on Altus-2 through 5. We now plan to deploy these remaining 4 satellites together in 2028 to complete our lunar communications constellation ahead of schedule.

On Earth, we continue enhancing the ground segment of our near space network, including installation of our first of several tri-band antenna feeds, starting with Catawissa, Pennsylvania and integrating the newly acquired Goonhilly, U.K., and COMSAT U.S. facilities into our network. These investments extend our ability to provide secure communications, navigation, timing and data relay services across earth, lunar, cis-lunar and deep space operations.

The third pillar is operate. We believe the path toward durable recurring revenue is to not only develop and deliver systems, it is to then operate the infrastructure throughout its life cycle. Through KinetX, with our mission operations expertise, lunar navigation capabilities, communications infrastructure and future network operations, we are positioning Intuitive Machines to generate recurring operational revenue from the systems we deploy. Near Space Network Services, our operations supporting LROC and ShadowCam and the continued expansion of our communications architecture demonstrate that evolution. As additional infrastructure comes online, we expect to expand communications navigation, hosted payload mission operations and data services that deepen customer relationships and increase recurring revenue opportunities.

Whether supporting NASA's evolving Moon Base, expanding national security space capabilities, enabling commercial communications or helping commercialize the next generation of space communications networks, each opportunity builds upon capabilities that already exist within the company. As we add missions, assets and customers, we strengthen the platform and expand the opportunity to provide long-duration services and revenue. We believe this transition from delivering hardware to operating infrastructure represents one of the largest value creation opportunities in the emerging space economy.

Intuitive Machines is positioned to lead that transition because we now bring spacecraft manufacturing, communication networks, navigation expertise, mission operations and ground infrastructure together within one company. Our objective is not simply to win the next mission, it's to build, connect and operate the systems that enable the missions that follow. This is the next-generation space infrastructure prime we are building.

And with that, I'll turn the call over to Pete for a review of our financial results.

Thank you, Steve, and thanks to everyone joining us today. Q2 demonstrates how the business is changing as we scale across civil, commercial and national security markets. Year-over-year, we generated significant revenue growth, materially improved gross profit and adjusted EBITDA and added substantial backlog while continuing to invest ahead of customer demand. Those investments, which as Steve described, increased near-term cash usage, but they also strengthen our ability to execute the backlog we have already secured.

We delivered $206 million in revenue for the quarter. That was driven primarily by execution across satellite manufacturing, CLPS missions, NSNS and OMES programs. Gross profit increased to $36 million in the quarter, up significantly from negative $12 million in the prior year. This improvement was driven by the growing contribution from our satellite business and the continued focus on cost and execution across our programs. SG&A was $60 million in the quarter, which includes approximately $11 million of share-based compensation, $8 million of acquisition-related transaction and integration costs, some additional headcount as we adjusted our growth initiatives as well as some timing on software license renewals in the quarter.

Operational loss for the quarter was $47 million, driven by a higher SG&A, amortization and $14.7 million estimated at complete adjustment on the IM-4 to accommodate payload changes. Research and development was $8 million in the quarter. These investments are focused on upgrading our lunar landers, expanding our software-defined satellite architecture, increasing addressable market opportunities in GEO and system communications and supporting future high-margin infrastructure services. Q2 profitability continues to improve as adjusted EBITDA was negative $14 million compared to negative $25 million last year, driven primarily by higher margin contributions from Lanteris, partially offset by IM-4 EAC adjustments, SG&A and investment in R&D.

Operating cash used was $60 million during the quarter. Operating cash reflected strategic investments in long-lead inventory to position for competitive awards, as Steve described earlier. Operating cash included approximately $17 million of accelerated inventory and infrastructure investment supporting awarded or anticipated programs, $8 million of acquisition and integration costs and $17 million associated with the IM-4 milestone payment to SpaceX. We believe the strategic investment in the quarter has strengthened our production readiness, supported recent awards and position us to convert our growing backlog into future revenue.

Capital expenditures of $24 million was primarily for our NSNS satellite constellation and ground segment. Note that CapEx in the quarter includes not only our first NSNS satellite, but also upgrades to our ground segment and long lead material buys for satellites 2 through 5 as we look to accelerate the full constellation following our discussions with NASA. CapEx is expected to be at these elevated levels in the coming quarters as we continue to work on all 5 satellites. Taken together, these investments, along with timing of milestone payments received resulted in an $84 million of cash deployment during the quarter.

While investments increased near-term cash usage, we believe it strengthened our ability to execute our record backlog, expand our long-term competitive position and accelerate recurring infrastructure services. Free cash flow is expected to improve throughout the second half of the year as investments stabilize and milestone receivables come in following our recent awards. We ended the quarter with $367 million in cash, which includes $235 million in net proceeds in the quarter from our at-the-market program. Total to date, we have raised $291 million gross at a VWAP of $26.81. Our current liquidity provides the capital necessary to fund current operations.

Turning to growth and backlog. We exited the quarter with a record $1.8 billion in backlog, supported by $920 million in new bookings highlighted by 3 commercial GEO satellite awards, our sixth CLPS mission, CSA and 18 AMDT-3 Golden Dome satellites for L3Harris in support of their national security space customer. This backlog provides strong multi-year visibility and reflects increasing demand across both civil and national security markets. Approximately 25% to 30% of our Q2 backlog is expected to be revenue in 2026, 35% to 40% in 2027 and the remaining thereafter.

Looking ahead, as Steve mentioned, we expect additional backlog growth from several large multiyear NASA and national security programs in the second half of the year, including the AMDT-3 Golden Dome award that was already booked in the third quarter. In addition, we have other ATPs with contracts pending, proposals submitted awaiting selection and expect to bid on 3 new CLPS awards later this year, along with other NASA Moon Base opportunities. As of August 6, our total share outstanding are 228.9 million with 173.2 million shares of Class A and 55.7 million shares of Class C.

Moving on to guidance. We are reaffirming our full year revenue outlook of $900 million to $1 billion and continue to expect positive adjusted EBITDA for the year. Our $1.8 billion backlog provides substantial visibility into the remainder of '26. The primary variable determining where we land within the range is the timing of contract definitization and revenue conversion, not customer demand. On the profitability side, we continue to expect positive adjusted EBITDA for the full year. Our decision to reaffirm guidance reflects not only our confidence in execution, but also the benefits of a significantly more diverse business portfolio.

This quarter demonstrates that Intuitive Machines is no longer dependent on a single market, customer or mission cadence for growth. We now have meaningful business across civil, commercial and national security space with $1.8 billion of backlog with a growing communication and mission operations infrastructure. Our focus for the second half is straightforward: execute the backlog, convert it into revenue while improving profitability and continue building recurring infrastructure revenue. We remain confident in our full year outlook.

With that, operator, we are now ready for questions.

[Operator Instructions] And your first question comes from Griffin Boss from B. Riley Securities.

So just off the bat, I wanted to touch on backlog. You just mentioned 25% to 30% expected to convert to revenue this year, and you've already added $300 million to the backlog in 3Q. So assuming maybe even just 5% or 10% of that extra $300 million is also converted this year, you're getting relatively close to the low end of the guidance. So I just kind of want to dig into what the major swing factor is to get up to the midpoint. Are there -- is it these programs that you're bidding on that you expect to come through in the second half that are going to have immediate impact? Or is it more so is the delta primarily additional ATPs on contracts already won that you expect to flow through over the remainder of the year?

Yes. So thank you, Griffin. I would say when I look at revenue conversion, you're right. We have a very strong visibility at the bottom end of the range. The opportunities to get to the middle of the range are a couple of things. One is timing of procurements and things as they come in. We see some acceleration of that, that gives us opportunities to move higher into the range. There's also those ATPs as we definitize them and the timing of that definitization will pull revenue into this year versus if they roll later, it would defer it to next year. So that's why we're keeping, I'd say, the wider range because we see opportunities at the low end all the way through that high end.

Got it. And then just for my second -- or my follow-up, I wanted to dive into CLPS, the task orders that you're bidding on. What's the time line for bid submission of the remaining 4, I believe you said, CLPS task orders for the remainder of the year. Do you expect those to be multi-lander awards? Or are these 4 individual awards? And then also related, did you say that 1 of those 4 is expected to be an initial CLPS 2.0?

Yes, Griffin, Yes, we expect -- well, there's 2 awards -- or I'm sorry, task orders issued with draft RFPs that are coming on top of each other here for this summer, plus those are landed missions. The other mission coming out this year, a little bit later this summer, maybe early fall is the Orbiter surveyor to map the moon in replacement of the Lunar Reconnaissance Orbiter. And then there is this year, we expect the CLPS 2.0, which is estimated to be over $10 billion multi-award IDIQ. So that will be much like CLPS 1 that spans 10 years with probably an option for 5 more years, plus up about 4x from where CLPS 1 was to really get to the heavier cargo landers, and that will be multi-award. And then we think as we cross the new year into January time frame, there's the final award for CLPS 1.0, which will be a procurement called CLPS CP-32. So those are the -- what, 5 awards that we're -- or task orders that we're expecting and contracts we're expecting for the balance of the year and crossing into the new year.

And your next question comes from Jonathan Siegmann from Stifel.

Congratulations on the backlog build and the order haul. Fantastic momentum there. Can you talk a little bit about what it means to have simultaneous satellite construction? Just how similar are some of these satellites? I know there's -- you can't share too many details on what you've won, but just what does that mean for margins building this many satellites all at once?

Yes. Jonathan, the 300 series satellite is a full-on production. You hear us talking about SDA tracking layer Tranche 1, 2 and 3. Those satellites full production line, spinning off those 300 series satellites for proliferated low earth orbit constellation. We have production line for the 1300 series geosynchronous satellites, communication satellites. You heard recently, we've launched and checked out EchoStar satellite. We've launched and are checking out the SiriusXM satellites. You see them coming in lesser numbers, but full production. And then we have a series of about 80 satellites under contract. The 300 series has the bulk in production. And then we have a series of one-off satellites. Those are our spacecraft. Those are our CLPS Mission landers, which we have Mission 3, 4, 5 and 6 to build.

We have then what we call the Nebula orbital transfer vehicle, which is a one-off to start with the possibility of moving that spacecraft into production later with further orders. And then we have our satellites, which we're building 5 of those Altus satellites. So you see us production in the like 50 to 70, you see those that are a handful, 5 or so to 10 and then you see the one-offs that are like 1 to 5 satellites. And that is what the production kind of layout is across the company.

Just to add one more thing to that. Steve mentioned the 300 class satellite. That's the one where we're producing 70 currently. The bulk of the non-recurring was retired with the first 16 satellites that were delivered to SDA for Tranche 1, and there's very high commonality across the BUS going forward. So that is truly more of a production run of a common satellite. So that's how we can put 70 through the factory at a given time.

And when we think about the capacity for additional orders, can you layer on more in the near term? Or do they get added to the back of the queue?

We have capacity and have been putting on additional capacity, not only here in Houston, where we're adding another 75,000 square feet of production space and manufacturing space to actually build the additional landers and satellites for the loop data relay constellation. And also, we have not yet tapped out the full 300 series production line. We have additional room to expand that throughput in that production as further orders come in. So with over 1 million square feet of manufacturing production space and office space in the company, we have ample room to grow still.

And your next question comes from Andres Sheppard from Cantor Fitzgerald.

Congratulations on the quarter. Very exciting to see the growing backlog. Steve, I wanted to maybe touch on IM since I don't think we've touched that on the Q&A. So just curious, what are the milestones left between now and the launch window? And how confident are we in that Q1 '27 launch window?

We are scheduled in the launch window January through March for Mission 3 of next year on a SpaceX Falcon 9. We still have -- we are in assembly integration and test. We are doing functional testing right now on the powered up spacecraft. We have engine hot fire once it's integrated into the vehicle to do, which is where we fire the LOX/methane engine on the lander to verify that all systems are functioning through an engine ignition. That's yet to come here in the coming month. We're finalizing with Mission 2 and the laser sensor challenges that we had there. We're finalizing the integrated suite of laser sensors, cameras, IMUs that get integrated on the vehicle for precision landing and hazard avoidance. Those are the technical tests that need to be done and proved correct and accurate before we go for launch. We've had our initial flight readiness review back in July, and we'll have a Delta flight readiness review to check out all status of all the systems in October, which will give us our green light ready to fly in the first quarter of 2027. So that's what's ahead of us, and we're really looking forward to that flight and a soft touchdown.

Excellent. That's well said. And maybe just as a quick follow-up, I wanted to touch on LTVs. How are you thinking about the opportunities here? I think it's roughly about 10% or so of the total LTV contracts that have been awarded. So just how are you thinking about these? How are you positioned and perhaps any catalysts here that we can look forward to?

Yes. The LTV contract was a massive award to 3 vendors that could bid on that $4.5 billion worth of value over a period of about 10 years, I think, with a 5-year option. The very small initial awards were issued back in May, if you recall. And talking to Moon Base initiative folks at NASA, there's a lot more activity left to go on LTV as they build greater and greater capability, and we'll wait to see when those task orders come out, and we'll bid on those and move that forward. I think the long pole or the -- what's driving the actually slow pace of the LTV is the fact that there are no heavy cargo landers available to fly the larger LTV, which was what our primary bid was. So we're working heads down to build a heavier cargo variant of our Nova class lander that can accommodate LTV flights in the future. And that's part of the road map that NASA Moon Base is looking for in Phase 2, and that's where we're positioning ourselves.

And your next question comes from Suji Desilva from ROTH Capital.

Congratulations on the strong backlog growth here. Just curious, I don't know if you talked, Pete, about the pipeline, but I mean, I'd imagine with all the backlog conversion, unclear what we have with the pipeline, but I'm sure there's a lot of opportunity ahead of you. Any quantification or understanding of the pipeline expansion here as well?

Yes, Suji, I did talk briefly about the CLPS opportunities with Griffin in the first question. We have 4 opportunities this year to bid on additional CLPS missions. Recently, there was a call in addition in our communications and networking area, there was a call for commercialization of a portion of the tracking data relay satellite service network, TDRS. We bid on the TDRS replacement. That's in K-band, Ka-band. And so we'll wait and see whether or not we'll receive that award that comes in 3 phases. And then there's some other strategic partnerships we're looking at in terms of orbital data centers that we bid, and we'll wait to hear whether or not our experience in high-power satellites wins the day, and we win that -- those development efforts for on-orbit data centers. So those are some of the major activities. I think there's one other in national security space that we're really keenly looking for. That's Andromeda. It's called the RG-XX. It's a GEO highly maneuvered geosynchronous orbit satellite for national security space. And so really exciting opportunities in front of us, all major programs, and that's yet to be seen in our backlog.

Sounds good to see you guys are very busy certainly. And then my other question is around the pipeline for the Altus satellites 2 to 5 in '28 roughly. Do those satellites imply 4 separate missions, 1 per? Or is there ability to take multiple in a mission? Any color there would be helpful.

Yes. So initially, Suji, what we had planned was the launch of Altus-1. And then our missions to fly additional satellites were opportunistic to align with the CLPS awards that we had received, and we would rideshare 2 additional satellites on every lander mission. What that did in effect was while it got the next 2 after Altus-1 up in orbit sooner, our fully operational capability was delayed out to 2029 or 2030. When we spoke to NASA, they were interested in putting on the fully operational capability. So we pulled the satellites off of our CLPS missions, negotiating with NASA for a dedicated launch to fly all 4 simultaneously on an independent mission to take all 4 of the translunar injection and then fly all 4 out and deposit them in lunar orbit, all at once to get a fully operational capability in 2028. That's the acceleration that we're talking about. So we're very excited about that and getting that network up and running in time for the Artemis missions.

And your next question comes from Edison Yu from Deutsche Bank.

One to start off housekeeping. The $600 million in GEO sats for the 3 GEO sats, is that for the C-band, related to the C-band reallocation? Or is that separate?

Yes, I have that yet undisclosed, Edison. And in the future, we'll come out and give you a little more color on that one.

Okay. And then secondly, on the cash flow, I know you talked about some of the drivers for that. How are you thinking about it in the second half? Should we expect some of these headwinds to continue? Is the working capital get better? Just -- I don't know if you can provide some rough numbers around how we should be modeling the burn.

Yes. I'll give you a little color around that. So when I look at the current OpEx and cash burn, there are a couple of anomalies that are occurring. We have -- as part of our transaction agreement with Lanteris, we have a slight uptick in RSUs or share-based comp that will exist through this year, through the end of this year as part of our retention agreement on certain employees as part of the transaction. Those will tick down next year, but we are seeing that increase this year, which is causing some of that OpEx growth. The -- so we do see, I'd say, something more of a steady state through the end of the year if you take all the adjustments out. The other benefit we're seeing too is our new CLPS contracts now have milestones lined up with the SpaceX payments. The one we saw in the second quarter, which was specific to IM-4 did not. And so we'll see cash more match those significant events now on the SpaceX payments for CS-8 and CT-4. So I think those will balance out the cash as well. So you take the anomalies out, I think you're pretty much at a steady state. And then that's probably a good way to look at it.

And your next question comes from Greg Pendy from Clear Street.

Just on the NSN contract, can you give us kind of what the most likely cadence right now is to get to 5 satellites? And also, what does the demand right now look like in the environment in terms of the pay-by-the-minute service?

Yes. So as you heard in this introduction, we're going to fly the Altus-1 first communication data relay satellite on Mission 3 in the first quarter of '27. We'll then follow it up with 4 additional satellites. Our complete constellation includes 5 satellites around the moon that do communications in K, X and S-band. Those will all be deployed and operational in 2028 is the plan. We'll have a pay-by-the-minute structure with a minimum set of minutes for data relay, but then there's an additional position navigation and timing service revenue as we add the PNT, the navigation and timing, which will be a kind of a broadcast always-on service that will be supported by the government to keep that signal processing for any missions that go around the moon. So that's kind of the 2-phase structure for the business in terms of payments and revenue and the timing being the 2028 activation of the full operational capability.

Okay. So I mean I guess what I'm saying is that's ahead of the prior thought process, which I think was just 1 and then a mission with 2 in 2028. So is that a reflection that there's significant demand in the market, I guess, for the services?

Yes. What's really important as part of the NASA Ignition event was to align all of the systems that have to support Artemis 4, which is humans on the moon in 2028. Our fully operational capability was opportunistic, flying 2 birds on the next 2 subsequent missions after Mission 3, the CLPS missions, which extended us out into July of 2029. So we needed to pull those back in, and it really wasn't a constraint for how we build the satellites. That wasn't a challenge. It was when we could get launch capacity to put those in orbit. And so by renegotiating with NASA, the launch strategy for those satellites, we're able to pull full operational capability back to the left into 2028 to support the Artemis program.

Yes. And just to note, we're seeing some benefits in that, too, because now we're buying 4 shipsets, and we've got good commonality in purchasing as well as assembly and integration. So it actually is becoming more beneficial from a business perspective to accelerate as well.

And your next question comes from Michael Leshock from KeyBanc Capital Markets.

Just wanted to ask on Lunar landers and given NASA's accelerated demand for landers, how quickly can you produce Nova-C with your current footprint? And do you see any need to expand capacity further on the lander side to support NASA's initiatives? And then also, how does that compare for the Nova-D production expectations?

Yes. We recently bid a mission called CS-8, which was exactly what you're pulling on is how do you get to production lander. That's the whole idea here is no longer building bespoke landers for each individual mission, but how do you get the production rate up. And we did a 26-month development and build time for CS-8, and that will fly in 2028. That's for the Nova-C. We do have a Nova-D class, roughly 500 kilograms of payload to the surface under contract in CT-4. And we're looking at building 2 in a row or 2 in parallel is a better way to put it, in our facilities here, anticipating an award in -- for a second Nova-D in the same time frame, which is the 2029 time frame. So we have about a year ago or so, began a facility expansion in anticipation of growth of the Nova-D. And so those facilities are coming online now. We finished half of the expansion here, and we're completing the machine shop and manufacturing area right now. That will accommodate this increase in cadence and throughput through the factory to support the heavier cargo missions.

Okay. Great. And then just following up on NSNS as you look ahead to fully operational revenue in 2028, given the demand you talked about and time lines, what do you see as kind of the ballpark opportunity size for that program on an annual basis as it matures?

Well, we initially bid about 0.5 million minutes a year for that operational capability. We'll have to wait and see what the ultimate demand is. I think that demand for that network will span across civil space, commercial and national security space with all the activity that's projected to be in and around the moon. So what I quote in terms of 0.5 million minutes was an initial bid into a government requirement on the civil side. And so I can't quantify the top end of that, but I can quantify roughly the bottom end at about 0.5 million minutes of time. And that doesn't include, like I mentioned, the PNT broadcast signal, which is an additional over and above the pay by-the-minute model that we're anticipating.

Your next question comes from Alex Preston from Bank of America.

Just curious going back to the sort of national security Golden Dome side of things, right, the additional AMDT-3 awards supporting L3. It's clear that you guys are gaining traction on the BUS side of things. I'm curious as these programs begin to continue to scale, is there appetite to get involved more on the payloads and really come to market as an end-to-end supplier? Or I guess maybe more broadly, what is the road map for that national security business look like given the recent wins?

Yes, very good. I think you'll see us emerge as a prime contractor here. We do work with L3 as a sub to provide the BUS, which we're going to continue to do. But as we move into other opportunities, you'll see us bidding as a prime on a lunar surveyor, supplying all the imagers for and the BUS for mapping the moon and then integrating those data products, downlinking them through our networks, bringing them back to our data repository and doing the analytics on those data products and providing derived products and digital terrain maps of the moon. So as I think about this, the prime aspect of it is not just providing a BUS with the sensors, but integrating that bus and the sensor into our platform of communications and analytics to provide the data products and information that the government is going to want. And that's where you'll see us emerge as I talk about this selling the Infrastructure-as-a-Service.

And then other places where we're working now to incubate the Nebula orbital transfer vehicle, we'll take that and provide more of an integrated solution in the future, I anticipate in terms of providing additional transfer vehicles with payloads. And also, as you think about the satellite constellation around the moon, we provide the satellites. We already provide the communications package in X, S and K-band. And there's additional payload space on those birds, which will integrate additional payloads to create a more fulsome offering in the data constellation. So we are moving towards being that prime and integrating the sensors with our BUSes as we move forward. But right now, in the Golden Dome area, we're a subcontractor supporting L3 on the BUSes.

Yes. Just a comment, as you see us rolling out those ATPs that we're talking about and as they transition to contracts, there are some in that mix that we are a prime contractor on that you will see as we roll those out.

And your next question comes from Austin Moeller from Canaccord.

I was just wondering if you see an opportunity given the recent additions to the ground stations and the ground network to support Department of Wars, Space Force programs in providing data uplink or downlink in TT&C as the growing Space Force fleet continues to expand.

Austin, yes, in fact, that's the case, and we've been having some discussions about that, not only here in the U.S. but in the U.K. And we can bring down the full raw data stream and then patch that data stream to wherever that needs to go to give it to any customers that are interested in looking at that data stream. So the network is available for users in the cis-lunar space arena and for space domain awareness, and we're talking about that presently and actively with those customers.

Great. And can you comment on where we're at on Nova-D planning, construction, R&D process? Like what the capital might be required to support this and how much might be customer-funded R&D and CapEx?

Yes. For Nova-D, and that's our class of lander that's say, 500 kilograms to the surface of the moon, of payload. That is currently essentially fully funded to take that development to flight and land on the moon. The one -- the 2 areas that may take investment in CapEx and technology IRAD would be when you're talking about moving to a 3-engine configuration with a fully gimbled package of 3 main engines, that gets you to at least 1 metric ton delivery to the surface. And then the NASA is calling for landers that can go from -- carry 2 to 5 metric tons to the surface. That would require an upgrade to the engine itself and maybe even an e-pump or electric pump that goes with that engine package. And so those are areas we're looking at now to provide a road map of where we're going to make technology investments in the future heavy cargo class. However, the 500-kilogram Nova-D is funded under contracts today. And we'll -- there's opportunities, like I mentioned, to rebid that class of land or for yet a subsequent mission. So that hopefully, we could build 2 in parallel. So that's kind of what we're doing in coming up with that road map of where those technologies need to be matured to get to the heavier and heavier cargo, which will be an essential point or piece of CLPS 2.0.

And your next question comes from Jeff Van Rhee from Craig-Hallum Capital Group.

This is Vijay on for Jeff. First, on just IM-4, is there anything you can provide us in terms of time line? I think originally, that was planned for 2027, if I remember correctly. But obviously, with how IM-3 has moved around. Just wondering if you have any update there.

Yes. IM-4 is still on the books for late 2027 and still on track. You heard us talk about EAC as we shift resources over from IM-3, which is nearing completion to IM-4, slight upper there, but everything seems to be on track so far for IM-4.

Great. Glad to hear that. And then as far as free cash flow, I think you guys mentioned that you expect it to improve kind of throughout the second half. Do you guys have a target time frame for when you want to hit free cash flow breakeven? Or is it just kind of sequential improvements each quarter?

We haven't guided yet on free cash flow. So we're not providing a formal date, although I will say that quarter-over-quarter, we've been improving gross profit. And with the exception of the EAC this quarter, I think we're seeing good EBITDA growth as well. And so I think our near-term focus is EBITDA positive, and then I think the next step is definitely moving into free cash flow positive.

And there are no further questions at this time. And I would now like to turn the call back over to Steve Altemus for the closing remarks. Please go ahead.

Well, thank you, everybody, for attending today and for your questions. You can see Intuitive Machines continues to diversify. We saw record orders across all of our customer channels, and we look forward to executing while also expanding backlog even further throughout the rest of the year. So thank you very much.

Ladies and gentlemen, thank you all for joining, and that concludes today's conference call. All participants may now disconnect.

Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines First Quarter 2026 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

And I would now like to turn the call and conference over to Stephen Zhang, Head of Investor Relations. Please go ahead.

Good morning. Welcome to the Intuitive Machines First Quarter 2026 Earnings Call. Chief Executive Officer, Steve Altemus and Chief Financial Officer, Pete McGrath, are leading the call today.

Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements.

We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation on our website, which provides additional context on our operational and financial performance. You can find this presentation on our Investor Relations page at www.intuitivemachines.com/investors.

Now I'll turn the call over to Steve Altemus.

Good morning, and thank you for joining us. Intuitive Machines continues to execute, grow and win new business at a record pace. Our acquisition of Lanteris has been immediately accretive with the combined entity value already bearing fruit. The U.S. Space Force Space Systems Command selected Intuitive Machines for the Andromeda IDIQ contract. Under this 10-year vehicle with an anticipated ceiling value of $6.24 billion, we will compete to design and field next-generation space domain awareness capabilities to detect, track and characterize objects in geosynchronous orbit. This award marks our first major selection as a combined company following the acquisition of Lanteris. These national security priorities will continue to be one of our main focus areas for growth.

Today, we are also pleased to announce the signing of a definitive agreement for the purchase of Goonhilly Earth Station and its subsidiary in the U.S. COMSAT. With KinetX, Lanteris and now Goonhilly, Intuitive Machines is building the capability to manufacture spacecraft, connect space-to-ground networks and operate space infrastructure across multiple domains for a diversified customer base.

Intuitive machines started 2026 with the strongest quarter in our company's history. We delivered record revenue of $187 million, generated more than $30 million of gross margin and produced positive adjusted EBITDA for the quarter. We also exited quarter 1 with a record backlog of $1.1 billion, supported by more than $400 million in new bookings this quarter. Those bookings were led by the Space Development Agency Tranche 3 Tracking Layer award with L3Harris as well as our fifth CLPS lunar surface delivery mission. These results show that our strategy is scaling.

We are building a diversified space infrastructure company, one that serves commercial, civil and national security customers across multiple domains. This diversity is reflected in our revenue mix for the quarter which was 35% commercial, 38% civil and 27% national security space. That balance matters. Our path to recurring operational revenue starts with diversification. It depends on building critical infrastructure for multiple customers across multiple markets with multiple capabilities that extend from Earth orbit to the lunar surface and on to Mars and beyond. The Lanteris acquisition accelerated this strategy. It expanded our production base, strengthened our near-term revenue foundation and added capabilities in geostationary orbit, commercial communications, national security, C-band spectrum clearing and next-generation orbital data centers and relay architectures.

At the same time, space activity under NASA's ignition is moving from isolated missions to sustained cadence and operations. That shift requires new infrastructure, systems to build spacecraft and surface assets, networks to connect them and services to operate them over time. That is the model we are building in Intuitive Machines. Build is our production layer. Connect is our network layer. Operate is our recurring services layer. Project Ignition reinforces all 3. Over the last several years, we have invested ahead of this transition. We have developed, flown and validated systems required to operate on and around the moon. We are one of the few companies with Lunar operations experience in the last 50-plus years, and we are well positioned in the areas NASA has now made central to its moon-based architecture across delivery, data and mobility.

So let me start with Build. Build is where infrastructure becomes real. It is where mission demand turns into flight hardware, production capacity, supply chain discipline and delivery cadence. This delivery cadence is critical for NASA's ignition initiative, which requires repeatable lunar infrastructure. CLPS is no longer just a series of individual delivery missions, it is becoming a pathway toward a production line, lunar delivery capability that can support the industrialization of the moon. NASA's moon-based opportunity includes an expected $20 billion across the first 2 phases. This includes an increase in the CLPS 1.0 from $2.6 billion to $4.2 billion. Our recent CT-4 CLPS award and the new CS-8 procurement are funded under this CLPS 1.0 contract. CS-8 is focused on moon-based payload deliveries using landers with proven heritage and readiness for deployment by the end of 2028. NASA is expected to announce this award in the coming weeks.

In addition, a $6 billion CLPS 2.0 IDIQ was added to support heavier cargo payload deliveries beyond 2028. The scalability of our Nova-C lander to Nova-D and Super Nova is the natural next step in support of CLPS 2.0 and has always been the part of our strategic plan.

Starting with Nova-C, we turned a flight-proven lunar lander into a production line infrastructure platform with a known supply chain, reduced nonrecurring costs and greater schedule reliability. We are already applying that discipline. IM-3 entered vertical assembly during the quarter for its expected mission later this year. That mission is expected to launch our first lunar data relay satellite for NASA's near space network services contract, bringing our builds and connect layers together in one mission architecture. We also completed engine testing for IM-4, meeting that mission's requirements as well as engine requirements for IM-5, which was our CT-4 awarded during this first quarter. This is how flight heritage compounds, shared systems, repeatable hardware and increasing production efficiency across the lunar delivery portfolio.

The Moon based portfolio from ignition includes the need for lunar mobility. NASA's revised Lunar Terrain vehicle services approach moves beyond a single demonstration Rover toward a phased procurement strategy for sustained surface operations. Intuitive machines previously received a $30 million LTV award, and we have rapidly aligned our proposal with NASA's updated requirements through crude and uncrewed mobility systems. These vehicles are designed around the principals Ignition now demands: speed, survivability, repeatable production, autonomous and crude operations and persistent communications and navigation across the Lunar South Pole environment. LTV is important because mobility becomes operational infrastructure once humans and robotic systems are operating on the moon for extended periods of time. We expect award decisions for the crude and uncrewed LTVs in the coming weeks.

NASA's ignition also extends beyond the lunar surface. Through the extensive work we performed on the Gateway's power and propulsion element, the most powerful solar electric propulsion spacecraft ever built, we are committed to NASA's vision of repurposing this incredible spacecraft to serve as the centerpiece of the U.S. flagship mission to Mars, the SR-1 Freedom nuclear electric propulsion element. This solar and nuclear propulsion element will fly to Mars and deliver the Skyfall payload to the surface, representing the boldest advanced propulsive mission ever attempted. That gives our Build segment another direct role in Ignition, delivering payloads to the moon and helping repurpose proven space flight hardware for the next phase of exploration to Mars.

At the same time, Build is not a single market business. The same production engines supporting our lunar portfolio is also driving diversified growth across commercial and national security customers. On the commercial side, we're also executing across our IM 1300 Series spacecraft line. SiriusXM-11 is complete and ready for transportation to the launch site and EchoStar XXV on-orbit testing was successfully completed with expected handoffs to the customer by the end of the month.

In National Security, we are delivering SDA Tranche 1, producing Tranche 2 and were awarded Tranche 3 in the first quarter. We were also selected by U.S. Space Force Space Systems Command for the Andromeda $6.24 billion IDIQ, which we will compete to design and field next-generation space awareness capabilities in geosynchronous orbit. We also submitted an updated AMDT3 proposal for 18 to 45 spacecraft, of which the first 18 are expected to have an award decision in June. In addition, we were given authority to proceed while in final negotiations for 2 additional satellites for an undisclosed customer.

We are also investing in our satellite production line to advance schedules and inventory of upcoming campaigns, including NSNS, Near Space Network Services contract, the FCC C-band clearing and the TDRS-related opportunities, that's tracking data relays satellite services opportunities. For the 1300 series satellite, we are enhancing digital processor capabilities that will enable our satellites to be reconfigured on orbit. That expands the addressable market from fixed purpose spacecraft to move to more flexible software-defined mission architectures with satellites that serve multiple customers. We intend to bring our new space prime culture into the reconfigurable satellite marketplace.

So moving on, the next layer is Connect. As Build scales physical infrastructure, Connect makes the infrastructure operational. As mentioned, NASA Ignition significantly increases the expected cadence of missions to and around the mood. That cadence requires persistent communications, navigation, data transport and control. In other words, Ignition validates the market we've been building towards through our Lunar data transmission strategy and Near Space Network Services contracts. That is why we believe our agreement to acquire Goonhilly Earth Space Unlimited and its U.S.-based subsidiary, COMSAT, is so strategically important. Together, Goonhilly and COMSAT will expand our global ground spacing capacity across the United Kingdom and the United States. It will add deep space qualified assets and strengthen our ability to offer customers an integrated and reliable space-to-ground network for communications, data relay and position navigation and timing.

We believe customers want less friction in their mission architecture. They want a single resilient interoperable network that can help them communicate with, navigate and control spacecraft across low earth orbit, lunar orbit and cislunar environments. With Goonhilly, we are expanding our ability to provide that service now and scale it in parallel with demand. Subject to customary closing conditions, including the receipt of applicable regulatory approvals, this acquisition is expected to close in the third quarter. Sustained Lunar operations will require a reliable network infrastructure capable of supporting Artemis, international missions, commercial lunar operators and national security cislunar activity.

We are already seeing the architecture come together as we continue to work towards our first lunar relay satellite, Altus-1, expected to launch with IM-3. Our satellite production team is completing structural design and moving into manufacturing the satellite bus frame internally. In the coming weeks, we expect to begin an integration of flight hardware. We also completed Artemis II tracking, further validating our interoperability with the Artemis program, ahead of Artemis III and Artemis IV. Long term, we believe the value of the infrastructure model begins to compound as we operate. It is the transition from individual missions and hardware deliveries toward persistent services, deeper customer relationships and repeatable operational revenue. Ignition brings that future closer.

A sustained moon base requires delivery navigation, mobility and communications. It requires assets that can operate for long durations, mobility systems that support crude and uncrude activity, data services that guide surface operations and navigation tools that help customers move safely and precisely across the lunar environment. That is why LTV matters beyond the initial vehicle build. Under NASA's revised approach, lunar mobility is becoming an operational service requirement. Once delivered, these vehicles are expected to support sustained surface activity through autonomy, tele operations, traverse planning, communications, maintenance and mission support.

Today, we are already operating persistent lunar data services. Intuitive Machines continues to support NASA's lunar reconnaissance orbiter and ShadowCam to provide imaging operations, data storage and analysis and mission support around the moon. This strengthens our role as steward of one of the most comprehensive Lunar data archives ever assembled. Over the past 16 years, the LROC team has captured more than 2 million high-resolution images of the lunar surface in collaboration with NASA's lunar reconnaissance orbiter team. Those images support terrain models, surface feature mapping, composition analysis and landing pad evaluation for Artemis and commercial lunar missions.

When paired with our navigation expertise, high-resolution lunar imagery and our upcoming lunar data relay satellite constellation, these archives can support orbital and surface navigation services for government and commercial exploration. So while Operate is the long-term destination of our business model, we are already operating mission-critical lunar data systems today. Ignition increases the need for those systems and our build and connect capabilities give us a path to expand them into recurring operational services across mobility, navigation, communications and lunar logistics. The next phase of space economy will not be defined only by who reaches new destinations, it will be defined by who can build the infrastructure, connect it reliably and operate at scale.

Looking back this quarter, 3 things changed materially. First, Lanteris expanded our production scale and margin profile. Second, national security demand accelerated with FDA and Andromeda wins. And third, NASA's Ignition framework validated our strategy to build integrated lunar infrastructure and services. Intuitive Machines continues to evolve into a vertically integrated aerospace, infrastructure and national security platform with expanding recurring service revenue. Quarter 1 was a record financial quarter demonstrated by integration across all our recent acquisitions. More importantly, it shows that this strategy is moving from thesis to execution. That is what Intuitive machines is building.

Now I'll turn it over to Pete for the financial review. Pete?

Thank you, Steve, and thanks to everyone joining us today. Q1 marked an inflection point for the company financially. We delivered record revenue, positive adjusted EBITDA and record backlog while closing on the Lanteris acquisition and continuing to invest in future infrastructure capabilities. We ended the quarter with strong growth and record backlog. We delivered a record $186.7 million in Q1 revenue, approximately 3x the first quarter of 2025. As a reminder, we closed the Lanteris acquisition on January 13 of this year. Therefore, reported Q1 revenue does not include 12 days of Lanteris which was approximately $13 million in revenue.

Revenue growth was driven by execution across satellite manufacturing, CLPS missions, OMES and NSNS programs, with balanced contribution from commercial, civil and national security customers. We also exited the quarter with a record $1.1 billion backlog, supported by more than $400 million in new bookings highlighted by SDA tranche 3 in February and our fourth CLPS mission, CT-4 in March. This backlog provides strong multiyear visibility and reflects increasing demand across both civil and national security markets. Approximately 60% to 65% of our backlog is expected to be revenue in 2026 and the remaining 35% to 40% in 2027 and beyond.

Looking ahead, we expect additional backlog growth from several large multiyear NASA and national security programs currently moving through the government procurement cycle, including Golden Dome initiatives, NASA's lunar terrain vehicle, additional CLPS missions as well as other NASA Project Ignition moon infrastructure programs. The quarter continued our margin expansion plan while also making strategic investments in the 1300 Series program to grow market share in GEO. Gross profit increased to $30.1 million, up significantly from $6.7 million in the prior year. This improvement was driven by the growing contribution from our satellite business and the continued expansion of higher-margin service revenues, including NSNS. SG&A was $50.7 million in the quarter, which includes $20 million of acquisition-related transaction and integration costs as well as $6.3 million for a share-based compensation grant tied to the Lanteris acquisition that will be expensed each quarter for the remainder of the year.

The majority of these acquisition-related expenses are nonrecurring, and we expect quarterly SG&A to normalize materially as integration activities wind down. Operating loss for the quarter was $39.2 million, versus a loss of $10.1 million in the first quarter of 2025, driven by acquisition-related transaction and integration costs, amortization and continued investment in next-generation satellite capabilities. Research and development was $5.6 million in the quarter. These investments are focused on expanding our software-defined satellite architecture, increasing addressable market opportunities in GEO and cislunar communications and supporting future high-margin infrastructure services.

Q1 profitability was a record for the company as adjusted EBITDA was positive $2.7 million compared to negative $6.6 million last year driven primarily by a higher margin contribution from Lanteris, partially offset by growth investments I just mentioned. Positive adjusted EBITDA in the quarter demonstrates the improving earnings power of the combined business as revenue scales, customer mix shifts and operational efficiencies continue to improve. Operating cash used was $54.8 million in the quarter. This included approximately $20 million of onetime acquisition transaction and integration costs and $5.6 million in R&D investments which I mentioned earlier, as well as $2 million in additional inventory prebuy at Lanteris ahead of a commercial opportunity we have later this year.

Capital expenditures of $9.9 million was primarily for our NSNS satellite constellation, resulting in a negative free cash flow of $64.6 million, which again includes significant onetime costs. As a reminder, CapEx will continue to grow as we invest and build out our 5 satellite lunars constellation and ground segment. The timing of awards as well has instead of compensation also impacted cash in the first quarter. Free cash flow is expected to normalize throughout the year as we move past onetime acquisition-related costs and new awards start to come in.

We ended the quarter with $232 million in cash, following the successful completion of the Lanteris acquisition and $175 million capital raise earlier this year. As discussed on our last earnings call, $403 million of the cash was used in the quarter for the acquisition of Lanteris, along with additional post-close reconciliations that aligned with the $450 million cash position of the purchase price. As of May 7, our total shares outstanding are 217 million with 160.5 million shares of Class A and 56.6 million shares of Class C.

Moving on to guidance. We are maintaining our revenue outlook range between $900 million to $1 billion. Importantly, a significant portion of our expected 2026 revenue is already supported by contract backlog giving us strong visibility into our outlook as we await significant award decisions in the coming weeks. On the profitability side, we continue to expect positive adjusted EBITDA for the full year. In summary, Q1 demonstrated continued revenue scale, improving profitability and growing strategic diversification as we invest in infrastructure capabilities designed to support long-term recurring revenue growth.

With that, operator, we are now ready for questions.

[Operator Instructions] Your first question comes from Griffin Boss from B. Riley Securities.

So great to see all the progress across the board. I was wondering if you could give some more detail on where you're at in the development stage for the Nebula orbital transfer vehicle. Is that in CDR or approaching it? And is this another platform that you envision you could leverage for Andromeda task orders for GEO operations in addition to actually building the satellites?

Good morning, Griffin. It's good to hear from you. Yes, OTV orbital transfer vehicle, which is our Nebula, as we call it, has passed through CDR with the customer. And we're awaiting Phase III, which is a full-scale development and flight of that vehicle. We expect multiple copies of this orbital transfer vehicle in the future to support national security space in GEO and cislunar space, certainly. So it's a very specific high thrust, very capable cryogenic propulsive stage that can move into trajectories and orbits well out to 2 million kilometers.

Your next question comes from Edison Yu from Deutsche Bank.

You mentioned Orbital Data Center briefly, I think, earlier. There's clearly a lot of interest, I think, in the industry, and I think a couple of companies in particular have been very vocal. How do you envision Lanteris potentially using its capabilities to take part in this endeavor?

Edison, Intuitive machines as a whole, as a combined company has some incredible capabilities that we're thinking through as an offering for Orbital Data Centers. The build portion of our company, the production, certainly the power propulsive element, the most highest power generating spacecraft ever built can be reproduced at 60,000 watts. We are already thinking about 100 kilowatts in terms of power generation. Our capabilities as a company thinking about thermal management and managing the heat load of edge computing and the need for heat rejection in high-speed computing orbital data centers is critical. And as a space company, we have that skill to manage that.

And then if you think about Connect and the network platform that we're building, the ground segment included with the data relay satellites, including the geosynchronous birds we can put into place, all of that connect operation and the network segment services bring not only a capability to build a data center, but actually to connect it and operate it like no other company can. So we'll be looking for strategic partnerships in this area. We'll be looking for crystalizing our offerings in this area as we move forward. And so the future is pretty exciting when we're thinking about these new endeavors for the company.

Understood. And just a follow-up on the financial side. Is there any update on the contribution from Lanteris for the full year? If we just kind of use the run rate number that you gave, it seems to be around $400 million, but is that accurate?

We report as a single segment at this point. And without it, we've worked to integrate the company into one company, that's how we'll report. You won't see a distinction between Intuitive Machines and Lanteris. The data from 2025 has been published that gave you kind of the run rate in the past. And looking forward, you'll see the top line from Intuitive Machines.

Your next question comes from Andres Sheppard from Cantor Fitzgerald.

This is Anand on for Andres. Congrats on the quarter, I just wanted to expand a little bit about the Andromeda IDIQ that was touched on a little bit earlier in the call. Given your selection as one of the awardees under that program, I was wondering maybe if you can discuss what capabilities differentiated the combined Intuitive machines and Lanteris platform and the selection process. Maybe what the economic share look like? And how do you see the positioning of the company in space domain awareness over the next several years given?

Anand. Good morning. Yes, the Andromeda procurement that IDIQ was a combined company offering. Our ability to put things in orbit with precision through the acquisition of KinetX, that orbit determination and precision trajectory management definitely comes into space domain awareness and putting assets where you want them to be and knowing where they are. Then you combine that with the 1300 Series bus, the production supply chain, the reliability of that bus over time.

And then you think about the kinds of things that we do with satellite servicing, with robotics and space gives us a very strong offering. The fact that we've already been out to the moon, orbiting the moon, landing on the moon, flying those precision trajectories, getting into orbit with precision. All of that feeds putting assets in space right where you need to be and the assets that are highly reliable. So that was the offering, and that's what they recognized and I believe that's the reason we got the award we did.

Got you. Appreciate all the color, Steve. And maybe as a follow-up, with the announced acquisition of Goonhilly and COMSAT, which was a key focus on the call, I was wondering maybe can you explain how owning an additional ground station changes your ability to deliver the end-to-end space data services across lunar, cislunar, GEO and other applications? And how does that affect your capabilities and economics regarding your NSNS contract?

Yes, it's a good question. The Goonhilly Earth Station and its subsidiary, COMSAT, provide up to 44 communication dishes that can reach out to 2 million kilometers, which is the edge of deep space. This acquisition gives us the ability to set up through Goonhilly, leadership of a global ground segment network and provide network segment services and the particular APIs that are needed for scheduling, for multiple customers. And so having that in-house gives us the expertise to be able to integrate this global network that we're putting together on the ground here on Earth.

So it's very strategic in terms of near space network and providing that service across the government and to commercial customers and international customers. Being based in the U.K. gives us access to ESA as well as what we have in the United States for NASA. So all around just a perfect fit. They're a very well-established team and incredibly competent, so that's why we selected them.

Your next question comes from Austin Moeller from Canaccord Genuity.

So just my first question, I understand Andromeda is a multi-vendor IDIQ, but how many GEO COMSATs do you expect to build for that program? And do you expect those satellites to have a replacement cycle after the 10-year performance period just given they're in GEO?

Austin, what we know so far is we're in essentially a design competition. And so the first part of this award is to come up with the design for a highly maneuverable geostationary orbit satellite. Highly maneuverable agile satellites is the direction that we see the GEO market going. And so this is a good entry point for us in national security space. Again, with our reliability, we built satellites that last 15 years in Orbit, very reliably and have a supply chain to feed that.

So like I said earlier, so we're not yet sure what the order book will look like after the designs are completed. I do believe it's multi award in terms of the future satellite purchases and won't just be one vendor. They did increase the value over 10 years, up to $6.24 billion. So we know there will be multiple satellites and certainly anticipate a replacement cycle. But I don't have any more specificity on the orders or the replacement cycle as the designs aren't yet completed from the awardees.

Okay. And are you able to comment on the RFP and bid process for the light version of LTV, and how the timing of how that's expected to elapse to contract awards this year and lead into a follow-on for a heavier or medium version?

So during the NASA Ignition event, they restructured the task orders under the base contract for the 3 vendors that were awarded. They asked us to modify the LTV design to survive, to make it smaller and survive a single year instead of the larger version, which would last 10 years. That risk was identified by the administrator as too big a first step. And so they wanted to give the vendor pool an opportunity to walk up on this autonomous capability, build a smaller, simpler version, lessen some of the crew requirements in terms of how to operate it with crew. And so they came out with a new task order for crewed and uncrewed version. We had to submit a proposal late April, I believe. And the award NASA has indicated would be on May 22. We believe that's the latest we've heard for a crewed and uncrewed. There's an option to buy multiple versions of those. So we'll see what -- how the selection goes.

There is a plan in the moon base to -- which is what, $30 billion over 7 years moving forward, I believe it's 7 years, to develop heavier and heavier cargo deliveries, and we think that, that might include multiple future awards of LTV, and they can be increasing capability also over this 15-year contract. So we'll wait and see what the next task orders look like and are cautiously optimistic about the awards in May for LTV.

Your next question comes from Greg Pendy from Clear Street.

Can you just comment on maybe the competitive environment for the LTV? Has that changed? Are there more bidders now coming in from, say, where the landscape was at the end of 2025?

Yes. Greg, the landscape remains the same. The initial contract I believe it was a $4.6 billion contract, was awarded to 3 vendors. Each vendor received a design award that lasted 1 year to come up with an LTV design. Then we bid the 3 of us vendors, bid on an LTV delivery and demonstration mission. That task order was restructured to bring a crewed and uncrewed version up to the moon and last for a year versus 10 years. The same 3 vendors that won the initial award are the ones that are in the competition to -- for the modified LTV award coming up here at the end of May. So the landscape looks the same in this competitive environment with no additional bidders added to the vendor pool.

Great. And I just get one more financially, the CapEx, that was around $9 million tied to the satellite, should that roughly round out to $30 million for the year?

Pete, why don't you take that one?

Sure. Yes, I think we're going to see as we start building out, we have one we're flying this year. We're going to fly 2 more next year and 2 more the year after that. So I think you'll see the values grow a little bit to account for the increased volume in satellite build going forward.

Your next question comes from Jonathan Siegmann from Stifel.

Congratulations on the progress. Just -- we were excited about the new acquisition, that's a long history there. Can you talk a little bit about how that deal came together? And any more details you can share on how we can model that moving forward in the second half?

Yes. So in February of 2025, we put together an M&A strategy of the kind of capabilities we wanted to add to the company. You saw us now with -- this is the third. KinetX was the first. Lanteris was the second and Goonhilly was the third. This capability, we've had a strategic partnership with Goonhilly for a number of years now. They were instrumental, if you recall, in Mission 1. When we sat quietly in the control room, and we were waiting for the heartbeat of Odysseus, our Nova-C Lander on the South pole, it was Goonhilly who acquired the signal from our radios on the south pole of the moon.

So there have been instrumental partners with us in our success to the moon, and it only made sense to broaden our relationship and integrate it and set them up as the leader of our global ground segment. So we expect them to continue and will continue to grow and feed the market that we've captured in cislunar space with the near space network contract. So it's a growth opportunity for Goonhilly, and it's strengthening our capabilities in Intuitive Machines.

That's great. And then maybe I'll just ask another one on the backlog timing. So when we compare what you're disclosing now as of March 31, with what you disclosed previously as of February 28, and the backlog increase, it looks like the incremental awards you got added to backlog are actually additive to 2026. So looks like it's near-term work. Is that the right way to look at it? Or is there any other color we can take on how the quarterly cadence for the rest of the year might shape up?

Yes. I would say that they are primarily -- you see a lot of near term, I'd say over the next 24 months, a lot of that revenue hits on some of the near-term things like the tranche deliveries. CT-4 is a little bit further out. We talked about 60% to 65% of that backlog would be seen this year. There is also additional awards we're expecting, which would also bring in revenue in the second half of the year. So that's what we're looking at in terms of backlog conversion as well as potential opportunities on revenue.

One other thing I'd add to the future potential awards that Pete mentioned is that we did talk about a flurry of procurements that came out as a result of the NASA Ignition event. We talked about the LTV late May award potential. There's another CLPS mission called CS-8, which could be multiple lander awards in a single procurement. We expect that in mid-June or so.

Also, we're working on a proposal for the TDRS, Tracking Data Relay Satellite system, which is -- draft RFP is out, we're working on a proposal. And the other one is the C-band clearing at the geosynchronous orbit. They're retiring some of the upper portion of the C-band frequency. And so there'll be some Ka-band satellites to bid on and those awards will be happening over the summer, we believe, commercially. So quite a bit of catalysts coming up in the future on future awards that will add to the backlog, we hope.

Busy business development team.

Next question comes from Michael Leshock from KeyBanc Capital Markets.

I just wanted to follow up on CLPS in the NASA's Ignition program calling for a potential monthly lunar cadence potentially 30 or so landings before the end of the decade and you just talked about CS-8 in mid-June. Do you expect to start seeing these contracts in revenue come through for these missions in the very near term? Just given how you typically begin recognizing revenue a few years ahead of the mission? Are these coming in weeks or months? Or could they potentially be recognized a bit closer to the mission than you would typically recognize them historically?

Thanks for the question. What we see is a request to build in 24 months. We put in a CS-8 proposal and which could select 1, 2 or 3 lunar landers out of a single proposal and multiple awards. We've scaled our production, leveraging the production capability of Lanteris, coupled with Intuitive Machines, gives us the ability to produce multiple landers in 24-month cycles at a time in parallel. So that will be near term.

The longer-term version of this is called CLPS 2.0 and that's the next 10 years of CLPS. I think they've set aside $6 billion for CLPS 2.0, where we move towards heavier and heavier cargo deliveries to the moon. And so you'll see our Nova-D and Super Nova variants of our lander come into play here in the coming years. We expect that procurement to be later in the year. It's -- the draft, I think, is in work, but the award will be maybe in the November timeframe. So that will hit in subsequent years while we're still finishing out the CLPS 1.0 budget bucket.

Great. And then is there anything that needs to happen to scale the business further from a production standpoint to meet these exponentially higher demand levels for landers? Is that going on right now? And how quickly can you make one?

Yes, we've looked hard at the process. We are in the process of streamlining the production. And one of the things that's very competitive from an Intuitive Machines standpoint is the strength of the supply chain. The number of spacecraft that we're involved in and building is exercises the supply chain in a very positive way. And so we can get some benefits on delivery schedules as a result of the volume that runs through the supply chain. So that's really kind of how we've been looking at it plus improving the production techniques and the ground support equipment that allows us to process multiple vehicles at the same time.

With our current expansion here in Houston, doubling our capacity in facilities over the past couple of years, and then out at California, Lanteris with over 600,000 square feet of production space really does allow us to step up quickly and respond to the needs of the customer.

Your next question comes from Jeff Van Rhee from Craig Hallum Capital Group.

This is Daniel on for Jeff. On -- most of my questions here have been asked. On this AMDT3 proposal for 18 to 45 spacecraft, I don't think I've seen that reference before. T3, I don't know, is that another way of referencing the tranche 3 tracking layers. If you could expand on what that opportunity is that you're anticipating there?

Yes. So the SDA Tranche 3 tracking layer is what you've been hearing about. You've been hearing about a transport layer and you've been hearing about a tracking layer. Independent of that, there's another series of tracking satellites that are being requested, that is not part of the tracking layer associated with the Space Development Agency.

Okay. And then is that something where you would potentially go prime on that and deliver that directly? Or this is something where you're expecting L3Harris to potentially be bidding on that and that you could build the buses for that again? Or what's the opportunity there?

Yes. This is, again, all the great work that we've done together between Intuitive Machines or Lanteris and L3Harris. This is a continuation of that relationship and extending that relationship even further.

Your next question comes from Alex Preston from Bank of America.

I just wanted to go back to Goonhilly. Maybe beyond NSNS. I'm curious if or where you might see synergies on future contract awards or if there are broadly other opportunities or capabilities that you see yourself as more capable of bidding for now than previously with that?

Let me think about that. What we really had focused on was get the ground segment in our space to ground network established and built out, as someone said on the call as a platform. And so then how you use that platform is really the growth opportunity anchored by the near space network contract, which is 10 years, $4.8 billion, gives us a clear market potential there, and that is only expected to grow across other government agencies and commercially. So the addition alone was to help us with the ground segment for the near space network. But using that network over time is really where we're going to go together with world-class leadership in space-to-ground communications. Currently, we see the revenue of Goonhilly earth station around $14 million annually. So it's not that significant. But coupled with Intuitive Machines' market, we see incredible growth.

Yes. The other aspect of Goonhilly is as Steve mentioned, it's put over 44 dishes, both in the U.K. and in the United States. Those are not only large dishes that can talk to the moon, but they are dishes that actually can also talk to LEO and GEO. And as we start putting together full service opportunities like TDRS that comes into play as to how we integrate that ground network with our service offering as we go forward.

I guess the other point, as I'm thinking through the question, if you recall, I believe last quarter or in February, I spoke about a strategic partnership with Leonardo, Telespazio to dovetail the Moonlight constellation with the Intuitive Machines data relay constellation. So the work where we combine the ESA work or European work with the U.S. work. Goonhilly is a great bridge for that relationship.

Got it. And then just a follow-up. You mentioned sort of more broadly on the M&A road map. This is sort of the latest in your sort of plan. Where else are you seeing opportunities for M&A? Is it still sort of bringing in key systems more vertically? Or are you thinking about horizontal space exposure opportunities? Just kind of curious if you could provide any update there on where you're looking at opportunities?

We continue the effort to look at M&A opportunistically. We laid out a plan and executed against the plan from February 25 to today. And so taking another hard look, we'll look at things as where the market steers us. I talked a little bit about Orbital data centers talking with strategic partners. We'll think about strategic financing. We'll think about M&A when it comes to those offerings as those crystallize.

[Operator Instructions] Your next question comes from Suji Desilva from ROTH Capital.

Just trying to dig into the Lanteris opportunity now within Intuitive Machines. The demand for agile space craft sounds very comprehensible in the government defense world. I'm wondering how that might extend into the commercial world that feature -- that capability of the spacecraft or whether it's really more of a defense play?

Suji, I think it's a combination of defense or national security space in RG-XX and other programs that are coming for highly maneuverable GEO satellite birds. If you recall, we spent a lot of time over the past couple of years talking about satellite servicing and the OSAM mission, the on-orbit satellite servicing and manufacturing. That ability to couple robotics with a highly reliable bus. Recall that, that OSAM bus was built by Maxar at the time, which is Lanteris and now Intuitive Machines. So we have an inherent capability to do satellite servicing robotically. And so as that market develops in the future, that will be a potential commercial entry point for us that leverages the same kind of technology that we're talking about here in RG-XX.

Okay. Great. Very helpful, Steve. And then maybe I remember from the first few missions, the challenges, obviously. And then I'm wondering if you could draw a line from that to the future where you have Goonhilly in-house versus a partner and these dishes and also have Lunar satellites orbiting helping. Just the -- obviously, nothing is certain with the lunar landing, but the increased confidence versus before and after would be very helpful to understand.

Yes. We've done a lot of work with Goonhilly and others, including the Deep Space network for NASA to improve our ability to perform orbit determination to get into lunar orbit precisely. We've had the acquisition of KinetX, again, who are masters at flying trajectories. They've flown to every kind of mission to every planet in the solar system except for Neptune, I believe. So very exotic trajectories and exotic navigation techniques to get to where they need to be.

And then you take that with -- couple that with a world-class ground station like Goonhilly Earth station. You now can really synchronize and use that as a test bed to just test out the new technologies for ground segment communications to space. So you have a gold standard that you can develop capabilities that will help us integrate in a more uniform way the global network that we're putting together on the ground. And so I really use it as a benchmark and a gold standard site to continuously improve on ground segment communications and navigation.

There are no further questions at this time, and that concludes the Q&A session of this call. I'll hand it back over to Steve Altemus for any closing remarks.

Well, thank you, everyone, for your questions today. I appreciate them and give me an opportunity to answer them. As you heard, quarter 1 was a strong start to the year and a record quarter for Intuitive Machines. We look forward to continued execution and award decisions in the coming weeks. Thank you very much.

Ladies and gentlemen, thank you all for joining, and that concludes today's conference call. All participants may now disconnect. Thank you.

Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines Fourth Quarter and Full Year 2025 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Please go ahead.

Good morning. Welcome to the Intuitive Machines Fourth Quarter and Full Year 2025 Earnings Call. Chief Executive Officer, Steve Altemus, and Chief Financial Officer, Pete McGrath, are leading the call today.

Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements.

We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation to our website which provides additional context on our operational and financial performance. You can find this presentation on our Investor Relations page at www.intuitivemachines.com/investors.

Now I'll turn the call over to Steve Altemus.

Good morning, everyone. 2025 was a transformational year for Intuitive Machines. We began with a focus on execution and growth. As we look back and reflect, we completed our second Lunar mission, expanded into National Security Space programs, closed the acquisition of KinetX Aerospace and announced the acquisition of Lanteris Space Systems. Looking forward, these acquisitions significantly expand our scale, addressable market and growth opportunities. As a result, we expect 2026 revenue to approach $1 billion, nearly a 5x increase from 2025. Our combined portfolio has a diversified revenue mix with approximately 40% commercial business, 40% civil space, and 20% national security customers, evolving towards a balanced portfolio across all 3 customer bases.

Today, the United States strategic importance of the moon continues to intensify with the President's executive order to lead the world in space exploration and return Americans to the moon by 2028. To do so, NASA is currently preparing for Artemis 2, while reformulating our Artemis 3. In parallel, the agency has increased the cadence of robotic and human missions going to the moon to compete with China. Our strategy will continue to be Moon-first infrastructure, and we are focused on growing the business across all space domains. LEO, GEO, cislunar and out to Mars and beyond. Through our early missions, we established the technical foundation of the company with a mission-driven model, where revenue was tied to a concentrated customer base and mission outcomes were binary like delivering NASA payloads to lunar surface. These early delivery missions under CLPS established 1 of the first commercial pathways to the moon, and we believe gives us a competitive advantage to future growth in the space domain.

Our CLPS missions built the operational expertise required for long duration, persistent infrastructure systems that will support a sustained surface operations. At the same time, Lanteris Space Systems was operating on a larger scale, more established spacecraft platform market, with its 300 Series 500 series and 1300 series satellite systems, which operate in more mature expansive markets with consistent and predictable revenue generation. Historically, the Lanteris model was straightforward, to build reliable, cost-effective spacecraft to a customer specifications and handed over for operational life, which could exceed 10 years. Bringing these capabilities together both Intuitive Machines and Lanteris creates a fundamentally different company.

Today, we are focused on taking proven production platforms and applying them to new growth markets as a prime operator. Our operating model is organized around 3 integrated capabilities. They are to Build, to Connect and to Operate space infrastructure.

Build is where we design, manufacture and deliver spacecraft, lenders, satellites, surface systems, propulsion and avionics systems for government and commercial customers. This represents our business today. Starting later this year with [ IM3 ] or Mission 3 and our first lunar data relay satellite. Our Connect capability integrates deployed assets into communications, navigation, command control and data relay networks that enable persistent connectivity. Our near space network contract, which includes data services, navigation and timing capabilities, accelerates how quickly we can reach our third capability, which is to Operate. This is where we provide mission operations, hosted payload services and other infrastructure-based offerings like the Lunar Terrain Vehicle Services.

As we look at these 3 capabilities: Build, Connect, Operate. Each progresses the business towards higher-margin services, anchored by multibillion-dollar recurring revenue programs like the -- service, Mars Telecom Network Service and Vision Surface Power. With the combined power of Intuitive Machine and Lanteris, the company can now pursue opportunities as a prime for defense programs, proliferated network infrastructure and other infrastructure operations with higher procurement win probabilities driven by our scale, our technologies and capabilities.

Our current execution is grounded in the work our teams are building today for LEO, GEO and lunar domains. In Low Earth Orbit, our team continues to execute under the Space Development Agency Proliferated Warfighter Space Architecture. Deliveries of the final 300 series satellite buses under Tranche 1 Tracking Layer are underway with launch expected later this year. Work also continues on Tranche 2, and the recently awarded Tranche 3 Tracking Layer programs, which support proliferated constellations designed to detect and track missile launches. The 500 Series platform currently supporting high-resolution earth observation for Vantor, formerly Maxar Intelligence, it's part of a NASA selected team for the Earth Dynamics Geodetic Explorer mission called EDGE. This award demonstrates how the 500 Series spacecraft design can support commercial imaging science missions and national security applications.

Moving outward to Geostationary Orbit, the 1300 Series spacecraft is the industry's most proven GEO communications platform. Operating companies rely on these satellites in geostationary orbit as part of a multibillion-dollar communications market. Over the last 40 years, Lanteris has served customers as the world leader in geo communication satellites with over 3,000 aggregate years on orbit with 99.99% operational availability. The 1300 series production line includes EchoStar Dish Network and 2 Sirius XM satellites. EchoStar XXV successfully launched last week. Our team is currently performing the satellites on orbit system checks before starting high-power direct-to-home broadcast services across North America.

Sirius XM 11 is undergoing final performance and integration testing was shipment expected in the second quarter. Production of Sirius XM 12 continues in parallel. Satellites in this class are designed to operate for more than a decade, and support services such as broadband connectivity, media distribution, aviation communications and enterprise networks on earth. Based on the 1300 series, and designed for NASA's Lunar Gateway Station, this first-of-a-kind power and propulsion element is the highest powered solar electric propulsion spacecraft ever built. NASA has invested over $1 billion in the PPE and the system is nearly complete. In January, the agency announced the PPE successful power up confirming its ability to provide power, high rate communications, attitude control and the ability to maintain a maneuver between orbits.

In the second quarter, we will integrate the spacecraft roll out solar arrays in preparation for final delivery to NASA. We have the ability to leverage the spacecraft design for future applications. At our Texas headquarters with new expertise provided from land tariffs, we're building our first lunar data relay satellite. We expect that satellite to launch with our [ IM3 ] mission, which we believe will start the operational task orders portion of the $4.82 billion near space network services contract. We expect the first of 5 satellites to support future lunar missions, which are all progressing through testing and integration in preparation for our next 2 contracted delivery missions. IM3 is progressing well as all robotic mechanisms from our Maryland facility were delivered in the fourth quarter. Now our team is working on land or assembly integration and test for the mission later this year.

IM4 remains on track for 2027, and the mission plan includes flying 2 additional lunar data release satellites to open more connect services under the Near Space Network Services contract and recognize higher margin revenue, servicing specifically NASA's Artemis 4 human landing mission. The lunar data relay satellites are our first connected space infrastructure assets. They are connected to earth by our partners of global ground stations. Collectively, this forms a secure space data network, a communications navigation architecture, we intend to offer as a subscription data service with recurring revenue in conjunction with paid by the minute operations. We believe most of the market understands networks being provided for earth from space, whether it's Internet, satellite radio or broadband. It's important to understand the distinction, however, we are creating a network for space from space, an Internet for the solar system.

Today, NASA provides that capability through the deep space network. Spacecraft operators request time on that network and pay for access to communicate with their deep space missions. Deep space communications bandwidth, though is limited and is multiple times oversubscribed. For example, NASA has indicated that live video from Artemis 2 will likely be transmitted at a low resolution. Intuitive Machines is working to solve that challenge. Higher data rates require our relay satellites and additional communications infrastructure operating between the moon and earth. On earth, Intuitive Machines is expanding its network coverage, adding a new ground station partnership in Australia and working to upgrade additional partner facilities around the world. The Australian -- successfully downlink data from the James -- confirming that it can operate within NASA's existing network and reduce its bandwidth constraints.

For space, Intuitive machines continues to evolve globally, signing a strategic agreement with Leonardo and [ Telespoi ] to connect our lunar relay systems together and support European exploration missions. The next phase for the company is to Operate, to Built and Connected spacecraft as long-term infrastructure. The immediate opportunity for that model is already captured in the New Space Network Services contract. While the always-on network provides subscription-based data connection, additional value comes from operating hosted payloads and sensors to create new markets for science, reconnaissance and exploration. The near-term catalyst for higher-margin infrastructure operations is surface mobility.

The lunar train vehicle program is structured as a long-duration service where the provider bills, delivers and operates the vehicle on the surface over many years. When selected, the vehicle will become a mobility infrastructure asset on the moon connected to our space data network, generating recurring revenue for NASA and commercial customers over time.

Moving forward, the company sees growth opportunities from an operator's perspective. These opportunities include Tracking and Data Relay Satellite Services, Mars Telecom Network Services, and Missile Defense, SHIELD program, while also adapting the 1300 series spacecraft bus for space course for highly mineable satellites. And evolving our satellite platforms for applications in the burgeoning orbital data center market.

To support these growth opportunities last month, we completed $175 million strategic equity investment to advance communications data processing networks, including extending flight-proven satellite platforms. Intuitive Machines intends to invest in expanding its Near Space Network Service and establish a solar system Internet. Through investments in the Lanteris platforms and specifically the 1300 series, the company believes it can grow market share in Geostationary Orbit, expand capability around the moon, extend capability to Mars and support emerging high-power on orbit data processing and edge computing.

Now I'll hand off to Pete McGrath, our CFO, for further comments on our financials. Pete?

Thank you, Steve, and thanks to everyone joining us today. As Steve mentioned, we made strategic moves last year to transform Intuitive Machines to become the next-generation space prime, providing delivery, data and infrastructure services emphasizing growth in communications, navigation and space data network for defense, civil and commercial markets. The decision to acquire Lanteris positions the company for sustainable long-term growth. As a reminder, we closed the Lanteris acquisition on January 13 of this year. Therefore, the 2025 financials do not include Lanteris. Q4 financials do include the impact of KinetX, which was completed on October 1 of last year.

Before reviewing the quarter, I want to highlight earlier this month, we were awarded a multiyear contract as part of the Space Development Agency's Tranche 3 Tracking Layer, which expands our roles supporting the National Security Space Architecture. This award reinforces our diversification and market expansion into national security programs, supporting sustained long-term growth in backlog and revenue.

Back to the quarter, Q4 2025 revenue was $44.8 million, driven primarily by CLPS, and NSNS execution. While Q4 revenue reflected program timing, and government budget delays, we exited the year with strong contract momentum and major awards already announced in early 2026. Since year-end, we were awarded the SDA Tranche 3 as referenced and we expect decisions on large programs, including lunar terrain vehicle services and NASA's CLPS CT4 mission.

AMS revenue was $14.7 million in the quarter, for the excluding -- revenue was up approximately 65% year-over-year, driven by continued growth across all key programs such as CLPS, the LTV work we were doing in NSNS. Q4 gross margin came in strong at $8.5 million, which represents a 19% positive gross margin. The gross margin improvement was driven primarily by higher margin services revenue, such as NSNS as well as continued cost reductions across our fixed price contracts. Q4 was also our first quarter with KinetX. And as previously discussed, KinetX historically generates approximately 14% positive EBITDA and even higher gross margins. SG&A was $40.2 million in the quarter, including $10.8 million of acquisition-related transaction costs associated with the Lanteris acquisition. We also increased IRAD investment to align with our long-term growth strategy. Excluding these costs, underlying operating expenses remained consistent with prior quarters as we continued investing in program execution and infrastructure to support growth.

Operating loss for the quarter was $33.1 million versus a loss of $13.4 million in the fourth quarter of 2024, driven primarily by acquisition-related transaction expenses. As well as continued investment in program execution and infrastructure to support the company's growth. Adjusted EBITDA was negative $19.1 million in the quarter compared to negative $11.2 million last year, driven primarily by growth investments I just mentioned. Operating cash used was $7.3 million in the quarter, with capital expenditures of $15.6 million, primarily for our first NSNS satellite, resulting in a negative free cash flow of $22.9 million in the quarter. For the year, free cash flow was negative $56 million, an $11.2 million improvement versus 2024. Free cash flow improved year-over-year despite higher capital investment in the NSNS constellation. This improvement was driven by $43.3 million less operating cash used partially offset by $31.5 million increase in capital expenditures.

We ended the year with cash balance of $583 million, which includes $15 million of cash outflow for the acquisition of KinetX. Since year-end, $403 million of the cash was used for the acquisition of Lanteris along with additional postposed reconciliations that aligned with the $450 million cash portion of the purchase price. We have a transition service agreement in place that will continue through the third quarter. As Steve mentioned, in February, we completed a $175 million capital raise anchored by institutional investors to strengthen the company's balance sheet and provide capital to support the continued execution of our growth strategy. Following this capital raise and outcomes related to the Lanteris acquisition, our cash balance as of the end of February was $272 million. As a reminder, this includes additional acquisition-related transition and integration costs as well as the start of some investment costs we outlined as part of our recent capital raise.

Following the acquisition of our recent capital raise, we believe we have sufficient liquidity to fund current operations while continuing to invest in strategic growth initiatives. Backlog at year-end was $213.1 million, compared to $235.9 million in Q3 of 2025, reflecting the timing of several large program awards that were delayed by the government shutdown and appropriations process. Approximately 50% to 65% of our backlog is expected to be revenue in 2026 and the remaining 35% to 40% in '27 and beyond. Q4 backlog includes $22 million of new bookings driven primarily by OMS as the fourth quarter is typically where we see the largest re-up in task words for the following year. As of February month in, our combined company backlog is estimated at $943 million, which includes the recent award SDA Tranche 3 Tracking Layer contract, which was originally expected in Q4. We but does not yet include key upcoming awards such as the next CLPS mission, LTV, Golden Dome and other commercial satellites. Looking ahead, we expect additional backlog growth for several large multiyear NASA and national security programs currently moving through the government procurement cycle, including NASA's lunar terrain vehicle services, the next CLPS mission Golden Dome initiatives, and the next phase of Vision Surface Power and overall transfer vehicle programs.

We will also continue to bid on large geo buses via the 1300 series platform. Historically, these were roughly 1 to 2 new satellites buses per year, which provides us a base for our commercial market. As part of our growth strategy, we are making investments to increase flexibility of the satellite on orbit through the introduction of digital processors, which we believe increases future market share opportunity. This, along with other investments in the 1300 Series will expand our total addressable market.

As of March 11, our total shares outstanding are 216.8 million with 159.4 million shares Class A and 57.4 million shares of Class C. This includes the shares issued for both the Lanteris acquisition as well as the $175 million capital raise.

Moving on to guidance. 2026 will be a transformational and record year for the company. But the acquisition of Lanteris completed in January, Intuitive Machines enters 2026 as a fundamentally stronger, more competitive and more diversified space infrastructure company. Intuitive Machines across all space domains from lunar services to proliferated national security space architects and commercial geo platforms, which when combined, significantly expands both our addressable market and revenue base.

For 2026, we expect revenue in the range of $900 million to $1 billion, representing a transformational step up and scale for the company. Importantly, roughly 2/3 of our expected 2026 revenue is already supported by contracted backlog, giving us strong visibility into our outlook. On the profitability side, we expect continued margin improvement and are targeting a positive adjusted EBITDA for the full year. The primary drivers are scale from the Lanteris acquisition expected growth in higher-margin service revenue, such as NSNS and navigation services and continued operational efficiencies across our fixed price contracts.

Since closing the Lanteris acquisition on January 13, we continue to finalize the combined company pro forma financial presentation, I expect to provide that additional detail shortly. Before we get to Q&A, I want to take a moment to highlight our strong financial performance in 2025. We were able to grow the top line across all our key programs while expanding gross margins, offsetting the impacts of [indiscernible] and the government shutdown.

On the cash side, we continue the trend of reducing free cash flow burn year-over-year while simultaneously investing in growth and CapEx for our NSNS constellation. Adjusted EBITDA profitability and positive free cash flow continues to be in sight supported by a higher margin service growth. To accelerate that growth, we made very strategic and targeted acquisitions this year. These acquisitions have diversified the business to more evenly spread between civil, defense and commercial. With the acquisition of Lanteris and strong momentum across national security, civil and commercial markets, Intuitive Machines has entered 2026 as a more competitive and undiversified space infrastructure company with size and scale. We believe this positions us to deliver record revenue, achieve positive adjusted EBITDA and continue scaling our role in the emerging space economy.

With that, operator, we are now ready for questions. Thank you.

[Operator Instructions] We will take our first question from Josh Sullivan from Jones Trading.

I just wanted to key in on the Lanteris Space integration. Where are you guys ahead of schedule? Where are the hurdles? And what's been the customer response?

Yes. The integration of Lanteris with Intuitive Machines is going very well, Josh. The customers are all excited about the opportunities that the business combination creates. And so far, the company, we're working on a transition service agreement with [indiscernible], the parent to carve out things like the accounting system, the payroll system and make sure that those systems are fully up and running so that the business can stand alone and be merged with intuitive machines. And all that's going well ahead of schedule. There was a plan for a 9-month period of time for that transition to occur. And like I said, we're well ahead of schedule. So I'm really excited about the combination and what the future holds for us

Our next question comes from the line of Suji Desilva from ROTH Capital.

You talked about national security growing in the mix and trying to make it sort of 1/3, 1/3, 1/3 across the company. Can you talk about the key programs if you've won them or in the pipeline to help increase the national security in the mix?

Yes. We talked about the Space Development Agencies' tracking layer Tranche 1, 2 and 3. 3 is the latest award with L3Harris for 18 satellites. We just announced that here recently. And there's a potential to upsize those, that number of satellites. In addition, we have proposals in for Golden Dome to build 300 series satellites for those programs. And then in addition, we have another orbital transfer vehicle development undergoing. We've been through Phase 1 and Phase 2, and we're expecting award or advancement to Phase 3, which is we've been through critical design review, and now we're headed the next phase of full development of that transfer vehicle. So very, very excited about the potential here in national security space and some of the developments we're doing and the proposals we have in the mix.

Great. And then on calendar '26 revenue guidance there, can you talk about the linearity perhaps, Pete, first half versus second half, can you have backlog visibility? And what would drive potential '26 upside in your guide? And just maybe you can touch on LTV and where they are in the program selection process.

Okay. I'll start the last one. Our understanding is I think there ready to make an award decision on LTV. It's just timing. We're wait to hear when they actually make that award. In terms of the revenue guidance, I'd say it's the level throughout the year. Just note that we -- when we talk about integrating Lanteris into our financials, the acquisition was closed on the 13th of January. So we lose about half a month of January in revenue from them. So you'll have that 1 anomaly probably in January. But beyond that, you'll see a pretty steady state, I think, through the year.

And in terms of upside, Suji, against the guidance, there is potential for -- as the Artemis program reformulation occurs. You've seen the administrator call for acceleration some of the Artemis missions. And part of our near space network contract, if they want to restructure that and accelerate that, there might be some upside this year associated with acceleration to support the near-term Artemis missions.

Congrats on the progress.

Our next question comes from the line of Andres Sheppard from Cantor Fitzgerald.

Congratulations on a great quarter and on the acquisition. I'll limit myself to one question just to maybe be respectful of my peers. I'll maybe ask a two-part question, if I may. Steve, you touched on this in your prepared remarks a little bit. Maybe for those that are maybe less familiar with Lanteris, just at a simplified level, what are the things that Intuitive Machines can do now, that maybe couldn't do previously.

And the second, I guess, part of the question, just coming back to the LTV. It looks like we're awaiting an imminent decision. Do we have a sense of kind of how that decision might be determined, in other words, are we expecting perhaps 2 award winners or a primary or back up? Just a little more color there on the latest.

Yes, Andres. Yes, concerning the LTV in particular, Pete mentioned that briefly. I think the Artemis 2 mission and the reformulation of Artemis 3, 4, 5 and 6 was the priority for the agency. And now you'll see we expect you'll see follow-on procurements at the next level coming out here shortly. And so we've been waiting, as you know, we believe the decision has been made. There was an opportunity for the bid asked for 15 awards, which means 1 primary award and half of an award to have a hot backup contract, if you will. And we'll wait and see. There's a potential. The agency likes to have competition. So there's a potential there will be 2 full awards, and we'll just have to wait and see. But we feel it's imminent. That's all the words we're getting at this point. And so we'll be standing by and waiting for the good news.

Now for the other question, what can IM do now with Lanteris? It's very exciting. We think about the series of satellite buses the production line, the capabilities that, that company has high reliability that they have with their satellites in orbit. We take that capability and we add it to our data relay constellation, providing satellites in and around the moon gives us also an opportunity to repackage the power propulsion element and offer that in different markets for whether it's a calm node around the moon, whether it's a data center kind of construct or whether it's a nuclear propulsion platform. There's a lot of different things that can be done versatility by putting the innovation that Intuitive Machines brings to all the markets with that reliable production, high-quality satellites. So very excited to get moving on the growth initiatives and across commercial, civil and national security space.

Can I add, that we've already submitted 2 proposals post closing that we probably would not have admitted if we had a combined company.

Our next question comes from the line of Austin Moeller from Canaccord Genuity.

I was just wondering if you could talk about some of the operational changes that have been made at Lanteris to make the business better positioned to perform on firm fixed price contracts just given the possibility of cost overruns during production depending on what kind of bus it is.

Austin. Yes, the -- [ Chris Johnson ], the President of Lanteris has done a fantastic job, streamlining the business, making it efficient, eliminating terms and conditions and some older contracts that were onerous for the business. They've streamlined production. They've invested in the 300 series, and we've seen that produce programs in national security space. So they bid in the appropriate margins and have the right-sized workforce and the right-size facility complement. So I'm very proud of the work they've done, and it was an opportunity for Intuitive machines to come in and acquire the business when it was on its feet, strong and producing. So the future is very bright for us as a combined business.

Our next question comes from the line of Edison Yu from Deutsche Bank.

There's been a lot of talk about data centers in space. You just talked a lot about connectivity on the moon, Mars, solar system. How do you think about this type of architecture in terms of what it looks like. And are there certain technical capabilities that Lanteris brings that you can perhaps highlight I think.

I think there's a lot of difference of opinion on where the actual customer base will be for on-orbit data centers and what the architecture for on-orbit data centers will be. We are studying that very carefully right now. I think what Lanteris brings to the table is this power propulsion element those powerful power generating spacecraft ever built, that has the ability to be a node in a data center. And I think if you think about data centers in particular, there's the storage element, the transmission element and the edge computing element or the high-speed computing. I think edge computing and space and doing decision-making in space is the key to the future of data centers as opposed to replacing terrestrial-based data centers.

I'm skeptical about large, extremely large proliferated constellations in low earth orbit. They have their challenges, both in power generation and in thermal management. And I think thinking about it with a set of large small nodes together, maybe up in the geo belt is probably a better architecture. And that's kind of where we're aiming at this point. Thank you.

Our next question comes from the line of Jon Siegmann from Stifel.

Congratulations on closing the acquisition in a busy couple of months. One more question on LTV, thought our Artemis restructuring was all positive for your markets, but the actual acceleration of Artemis 5, which I understood is the mission, the LTV was supposed to be launched on and the delay in the award. Just can you talk about -- is there enough time to complete it when it is awarded? Or is this something that's going to change the structure over the exact mission?

Well, we've seen -- we expected award in the November time frame. And so there's a several month delay in the award. But really, in our construct, what we proposed was a delivery on a SpaceX Falcon Heavy with a lander, it's called Supernova, it's our heavy cargo lander derived from our Nova sea lander, which has been to the South Pole, twice. So we're kind of in our own charge of our own destiny flying on non-related -- not related to Artemis directly, right? So we're not tied to the sequence of events for Artemis 5. We are flying independently per our architecture. And that gives us an edge to move that around and be in control -- more control of the schedule. So I don't see any significant delays to what we proposed.

That's fantastic. And I'll just slip in another one that we got that I didn't have a great answer for. We've seen some second thinking about the transport layer by the FTA and relying on SpaceX. Constellation. Our understanding is the tracking layer, however, is completely independent of that. I was hoping you could confirm that thought and explain a little bit about why the Tracking Layer that you participate on isn't really in the threat of being outsourced to existing constellation.

You're correct in that the Tracking Layer is not affected here by this thinking and all indications from the customer are that it's going to continue and continue to grow and be replenished as we move forward. So I don't have any insight into those discussions internally to the government or with SpaceX, so I can't comment on that in particular.

Our next question comes from the line of Michael Leshock from KeyBanc Capital Markets.

I wanted to ask on the Space Superiority executive order that was signed in December and the strong support there for establishing a lunar presence, did that pull forward any of your longer-term growth initiatives Obviously, there could be some near-term challenges with the government shutdown. But does the administration support for a lunar presence accelerate any initiatives or shift your focus at all?

We are working directly with NASA to look at ways to move efforts forward faster. The agency is coming out with some streamlined acquisition guidelines to be able to let procurements out faster and asking for commercial companies to figure out ways to bring investment to the table to add to the federal dollar to actually speed up development activities to accelerate our presence in space and accelerate astronauts boots on the moon. Our efforts are specifically focused on putting in the necessary infrastructure in around the moon to enable sustained presence at the moon. So the executive order that was signed is complementary to -- or our business is complementary to that executive order, and we're aiming to support it as best we can.

Our next question comes from the line of Ronald Epstein from Bank of America.

This is [ Smith ] on for Ron today. I just wanted to ask about how you see the competitive landscape evolving given the restructuring of Artemis, increased interest from SpaceX, Blue Origin and some other players? Is it more challenging? Do you see opportunities for extended applications? Kind of any color you can give around that?

Well, from what I understand about NASA's plans for the Lunar economy and space exploration. The administrator, [indiscernible] has called for a higher cadence submissions to fly more equipment to the moon to learn about sustained presence on the moon. So there'll be more rovers, more landers, more satellites in and around the moon as a result of this push for sustained presence on the moon. I think that's excellent news for Intuitive Machines. And I think the vendor pool from CLPS won, will persist to CLPS 2.0, all the authorization appropriations language that we've seen includes the follow-on CLPS. And we've heard from the administrator that we'd like to see a launch a month to the moon in the future. And so calling for that kind of cadence submissions and repetitiveness really does improve reliability in our systems and allows us to grow a more sustainable business. So we're very excited about it.

Our next question comes from the line of Griffin Boss from B. Riley Securities.

I just want to dig a little bit deeper into what you just mentioned there, Steve, on CLPS 2.0. So I know we're patiently awaiting LTV and other contracts like others, but CLPS 2.0 is kind of a new 1 on the horizon. Obviously, there was an RFI out earlier this year. I'm sure Intuitive have responded to that. But do you have any insight where that stands, I guess, more definitively what the scale and scope of that could be, an ongoing that CLPS 1.0, I think was about $2.5 billion. So I don't know if you have any insight as to -- if that scale for CLPS 2.0 will increase given that increased cadence of lunar landing that -- talked about.

I do expect CLPS 2.0 to be larger than CLPS 1. We've introduced ideas in our RFI response to the agency and some white papers, unsolicited to increase the cadence submissions. And we're seeing that, that's what's being called for. We've got to think through how to increase production to meet with that meet that cadence emissions. We've seen -- we've requested things like block buys where you can buy several missions at a single time, and that would increase production rates and increase supply chain throughput. And we've also introduced the concept of heavier cargo because we're going to be bringing bigger and larger and larger elements to the surface, much like LTV. And so the call for heavier cargo is necessary, and we put that input in also. So larger vehicles.

And what else is interesting is the move from the Science Mission Directorate CLPS 1.0 was part of the Science Mission Directorate we've seen that move over to the Exploration Mission Directorate. And so you'll see more engineered systems, surface infrastructure systems being called for in CLPS 2.0. The exact dollar amount, I'm not certain what that will be as the agency figures out how it's going to rejigger their budget. But it's all positive is from what I'm hearing.

Our next question comes from Jeff Van Rhee from Craig-Hallum.

This is Daniel on for Jeff. Just on the organic growth profile. I know you said previously Lanteris had been running around $630 million in revenue. I don't know if you have an updated number for full year '25. But on a combined basis, can you point us to -- it looks like maybe it's around teens organic growth for 2026. Maybe just walk in our expectations for organic growth?

Yes. So by the way, we haven't provided year-end yet. We're closing out our pro formas here, and we should have them out near term. So that will give you the '24, '25 year-end combined. But in terms of growth, when we look at our guidance, we are -- we're looking at it as a combined company now. There's a lot more integrated capability that we're bringing forward. So it's a little harder to parse it out. But arguably, of it, you're looking at about 66% of the revenue is coming -- tariffs and the other 33% is coming out of us. And so that's a rough magnitude kind of look but we'll get more granularity after you see the pro formas and as we move into -- through the quarters.

Our next question comes from the line of Greg Pendy from Clear Street.

Just a quick one here. I think you addressed the low-hanging fruit on NSN, given the bandwidth constraints at Deep Space Network for the initial launch and also how commercial has only grown. But could you touch on the defense side hearing a lot how the moon is ultimate high ground and how that may have -- that demand there for NSN may have changed from where it was a year ago, given what other countries might be doing with their ambitions on the moon.

As far as international business goes, you heard us announce a strategic partnership with the Italian companies, Leonardo and [ Telespazio ], they have an [ ESA ] funded program called [ Moonlight ] put communication satellite and some navigation satellites around the moon for European business. We struck a partnership to tie our networks together. So the networks are larger. We're also working initiatives with [ JAXA ] Japan to do a similar thing to kind of create a standard and to create coverage in a way that supports the Japanese market, the European market and the U.S. market combined. So that's very exciting for us, and we're clearly seen as a leader here setting the tone for how these networks will evolve and be interconnected and interoperable.

On the national security side, space domain awareness is of critical importance and having assets in and around the moon and Lunar space is very important for understanding what the traffic model is around the moon and where things are moving. And so there's been expressed interest in using our network for those reasons also.

Thank you. And that concludes the Q&A portion of this call. I'll hand it back over to Steve Altemus for any closing remarks.

Okay. Dustin, thank you for your questions today, everyone. You heard our strategy and at its core, it's about building a business with greater durability and higher value over time. We're executing on our strategy and moving from single mission-based operations towards long-duration infrastructure services. That's the path we're on and that's how we're thinking about the company's future. So -- and the future is bright. So thank you very much today, and you'll be hearing more from us in the future.

The meeting has now concluded. Thank you all for joining, and you may now disconnect.

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the Intuitive Machines Acquisition Update Conference Call.

[Operator Instructions] Please be advised that today's call is being recorded.

I would like to turn the call over to Stephen Zhang, Head of Investor Relations. Please go ahead.

Good morning. Welcome to the Intuitive Machines Acquisition Update Call. Chief Executive Officer, Steve Altemus; and Chief Financial Officer, Pete McGrath, are leading the call today.

Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy and other events.

The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements.

We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the acquisition update filed on Form 8-K. Finally, we posted an acquisition update call presentation to our website, which provides additional context. You can find this presentation on our Investor Relations page at www.intuitivemachines.com/investors. Now I'll turn the call over to Steve Altemus.

Thank you, Stephen. Good morning. I'm pleased to announce that Intuitive Machines has entered into a definitive agreement to acquire Lanteris Space Systems, formerly known as Maxar Space Systems from Advent in a transaction priced at $800 million, consisting of $450 million in cash and $350 million in Intuitive Machines Class A common stock.

During our second quarter earnings call, I stated our long-term vision to become a new space prime, providing delivery, data and infrastructure services emphasizing growth in communications, navigation and space data networking services for defense, civil and commercial markets. We just did exactly that.

With this acquisition, Intuitive Machines is positioned to become the next-generation space prime, applying our demonstrated agility and innovation with Lanteris' unmatched satellite production, scale and proven space flight reliability. The transaction represents the next step in Intuitive Machines evolution from a lunar-proven space infrastructure company to a vertically integrated space prime provider of choice, serving national security, civil and commercial customers across earth, ground, earth orbit, moon, Mars and beyond.

Global demand for secure sovereign communications, missile warning and space domain awareness is increasing. U.S. defense and intelligence programs like Space Development Agency layered architecture require companies that can move fast, innovate and deliver at scale. Intuitive Machines brings a disruptive and innovative development approach in building unique, agile and highly specialized solutions in extreme firm fixed price environments.

Over the past 2 years, we've proven our ability to build, fly, maneuver and operate in lunar space using our network of global ground stations and our near space data network. Our vision has always been clear to build the infrastructure that enables economic expansion in the space. To do that, we must move faster and operate at scale and that is what Lanteris brings.

With over 65 years of experience, Lanteris has developed, delivered more than 300 spacecraft for critical national security, civil and commercial missions, supporting missile warning, space domain awareness and communication programs vital to the United States and its allies. The company maintains 99.99% on-orbit availability and operates world-class production facilities totaling over 560,000 square feet. Lanteris builds high-value spacecraft with a strong commercial focus, successfully operating in a cost-efficient competitive environment.

In just the last 3 years, Lanteris introduced its 300 Series spacecraft as a leading platform for proliferated low earth orbit constellations. This record of performance cements Lanteris as a trusted provider of critical space defense capabilities for the U.S. government. We know the growing national security market is seeking commercial-minded solutions to address emerging complex missions. This acquisition allows us to apply ingenuity to proven delivery capability that distinguishes ourselves as a next-generation prime, coupling our collective expertise to address new demands across civil, defense and commercial sectors is a powerful combination we are pleased to bring to market.

We believe this acquisition will strengthen the company's position to prime future national security space, including Golden Dome and Space Development Agency layered architecture, civil space such as Artemis, LTVS and Mars Data Relay and commercial space programs. This acquisition also enhances our competitiveness across several active opportunities where Intuitive Machines already leads. By integrating Lanteris' production scale and communications experience into our existing architectures, we strengthen our pursuit of our vision, expanding our lunar data relay constellation under the near Space network services contract and commercializing NASA's tracking and data relay satellite system. This integration can accelerate task orders and broaden our capacity to deliver value from every orbit.

We believe this acquisition accelerates Intuitive Machines' transition into a company that can design, manufacture, deliver and operate missions across the entire space domain from earth orbit to lunar orbit and ultimately to Mars and Deep Space. Intuitive Machines is creating a new model for how space primes operate that intends to unlock diverse revenue streams that fuel a high-growth, high-margin portfolio.

As mentioned, Lanteris positioned the company for sustainable growth by investing in the 300 class satellite and pivoting toward national security markets, including the Space Development Agency Tranche 1 and Tranche 2 awards for L3Harris in 2022 and 2024. That foundation unlocked the potential of Lanteris' 300 Series spacecraft for national security applications and established it as a trusted competitive supplier. We look forward to applying our innovation, speed of execution and services model to further amplify this momentum.

I'll now hand it over to Pete McGrath to go over the Q3 financials along with details around the transaction.

Thank you, Steve, and thanks to everyone joining us today. Starting with Q3 financials. Revenue was $52.4 million, driven primarily by OMES, CLPS and NSNS. We continue to monitor the government shutdown and budgetary processes where there is legislative language for the Defense Appropriations markup to fund OSAM-1 for the Space Force, which will shift this program from civil space to national security.

Gross margin was $5.7 million, driven by continued focus on cost and execution of key programs. This was an improvement compared to Q2 2025, which included significant EAC adjustments on IM-3 and IM-4. Net loss for the quarter was $10 million, and adjusted EBITDA was negative $13.2 million in the quarter, an improvement in adjusted EBITDA of $12.2 million versus Q2 2025, driven by higher gross margins. We ended Q3 with a backlog of $235.9 million, which includes $9.8 million for the Definitized orbital transfer vehicle contract, $8.2 million for the follow-on in-space nuclear power contract and $7.5 million for a commercial rideshare customer on IM-4. Note that the backlog does not contain the remaining $123 million of the total $150 million initial value for NSNS 2.2, which is recognized on a task order basis.

When looking at our Q3 2025 backlog, we expect to recognize approximately 20% of that in 2025. With the acquisition of Lanteris, we intend to provide updated backlog burn rates for 2026 and 2027 early next year. In August, we completed a $345 million gross convertible note offering with the intent to acquire a company that would transform us into a next-generation space prime. Lanteris is that company. We intended Q3 with a cash balance of $622 million. Our detailed financial tables will be provided next week in conjunction with our 10-Q filing.

Moving on to outlook. The timing associated with our year-end revenue is impacted by uncertainty related to the government shutdown. Therefore, based on current backlog, we see Q4 revenue in line with Q3, and we remain confident in our ability to capture our identified near-term awards. Intuitive Machines expects to provide a new outlook for the combined 2026 combined company early next year.

Now shifting to the Lanteris acquisition. The transaction is valued at $800 million and will be funded through $450 million of cash from our balance sheet and $350 million of Intuitive Machines Class A common stock, subject to adjustments. The deal uses a stock value of $12.34 based on the volume weighted average trading price for the 10 -- 10 trading days ending on October 31, 2025.

As a stand-alone company, Lanteris is a cash-generating business. As a combined company, Intuitive Machines expects to have adequate cash on hand for continued operations. The transaction has been approved by Intuitive Machines Board of Directors as well as the seller's Board. We expect to close the transaction in Q1 of next year, subject to customary regulatory approvals and closing conditions. This acquisition will be immediately accretive to revenue, adjusted EBITDA and free cash flow.

Following this transaction, we will remain in a position of financial strength as a combined entity with more than $850 million in revenue, positive adjusted EBITDA and $920 million in backlog based on Q3 2025 trailing 12-month financials.

I will now pass it back to Steve Altemus for closing remarks.

Thanks, Pete. The new Intuitive machines will combine rapid innovation and precision spacecraft production to meet the growing demand for responsive, high-reliability space infrastructure and services. With Lanteris production scale, we gained the opportunity to deploy entire constellations that extend our lunar network to proliferated low earth orbit to MEO and GEO. We believe this acquisition adds immediate capability to deploy multi-mission, multi-domain data networks. We are defining the next generation of space prime that will operate and deliver faster and more affordably across the space domain.

With that, operator, we're now ready for questions.

[Operator Instructions] Your first question comes from the line of Austin Moeller with Canaccord.

So just my first question here, what changes has Advent made within Lanteris to improve the margin profile of their manufacturing since they bought them? And are there any large, exquisite satellite programs in the backlog that still need to ship out?

So Lanteris is interesting. As you know, they were public. Maxar Space was publicly traded and then went private with Advent. And what you've seen is that they've had some programs that they have completed that we're struggling, I guess, with cost controls. All those are off the books, and they've since then invested in the 300 Series satellite, which actually serves Tranche 1 and Tranche 2 for the Space Development Agency. And so they're moving in a very positive direction moving forward with efficiencies that they've built into the company. So we're very pleased to see the momentum that they have and to capitalize on that momentum moving forward. I think this is an exciting acquisition.

As far as your second question, I believe they're essentially nearing completion of the power propulsion element for NASA's Artemis program. And that's the most powerful satellite built in terms of propulsion and power generation to date for anyone, I believe. And that one is essentially complete and ready to ship certainly in the near future.

Okay. And then I guess, should we frame the strategy here as looking to gain more manufacturing capability left of launch and then being able to drive margins with services revenues post launch using the ground stations and the op center?

Yes, that's correct. Our services model is a higher-margin business. And what we can do is use the manufacturing and production and the reliability that Lanteris brings to the table to feed our own networks, our data networks out to Sun space and then thinking about how we might replace the aging tracking data relay satellite service for the U.S. government and then out to Mars in terms of Mars data relay to replace that aging infrastructure. So it really is -- we are our own customer in some sense for our satellites and the high reliability of the track record that Lanteris has is just incredible in terms of how many satellites they've put into orbit, their operational life and their on-orbit availability. At 99.9% availability is just a market-leading capability.

Your next question comes from the line of Edison Yu with Deutsche Bank.

Congratulations on the transformative deal. On Lanteris, first I want to ask, what do you envision as the sort of growth profile of it going forward? Obviously, it's gone private. It's been through kind of its own issues that you kind of alluded to earlier. Is this a business that can grow quite healthy going forward, assuming you can win some of these contracts? What's sort of embedded in your outlook for that?

Well, Edison, thanks for your question. Together, the combination of the company really is exciting. with the spark of innovation that Intuitive Machines brings and Lanteris' production scale and high reliability, we not only feed existing programs on both the Intuitive Machines side and the Lanteris side but we can actually feed to Austin's question, the near space network and our own network capabilities in terms of communication data relay satellites. But what's really powerful is a total addressable market that we can unlock and open up and the diverse revenue streams that we will create as taking the family of satellites that Lanteris currently builds and providing unique mission solutions to open up those markets and access those revenue streams.

We talk about things like the SDA Tranche 3 tracking layer. We can talk about TedRS replacement. We can talk about Mars data Relay. We can talk about alternate GPS. Those are the kinds of things that aren't necessarily on the books today that are new markets that become available with this acquisition.

Understood. You disclosed the backlog number, obviously, for Lanteris. Is there any way to break that down in any deeper way, perhaps even by what programs would be the most in there in terms of customer exposure, anything you could share?

Well, I would say, if you look at the business today, they're roughly 25% defense 25% civil and 50% commercial is the way you break down their business. And I think you can look at the backlog in that way. I think that backlog will be changing over time as these pending new awards for Lanteris will change that mix to increase the defense or national security portion of their portfolio.

Your next question comes from the line of Josh Sullivan with JonesTrading.

Congratulations there. Steve, in the past, you've talked a lot about how IM is a data company at its core. Can you just touch on how IM and Lanteris here scale some of the data opportunities, just what you're thinking about there?

Yes, Josh. What we've said since -- over the past year or 2 is you've seen us form the company Intuitive Machines in terms of delivery services, that's the transportation layer that takes us to the moon. The data services, which is the ground segment around the world, the global ground segment that communicates out towards the moon and beyond out to 2 million kilometers. That's the direct-to-earth kind of ground segment, coupled with our data relay network and position navigation timing around the moon, that constellation. So now if we have that in place, how might we extend that going forward.

And then the third -- I'll come back to that. And the third one pillar is the infrastructure as a service, which you'll -- we're anxiously awaiting the outcome of the Lunar Terrain Vehicle services contract, and we expect that award later in this year based depending on the government shutdown. But as I think about the data services, the major expansion of the business will come in the data services and networks over time. As we see, there's a lot of opportunity, like I said, with the tracking data relay satellite services coming open and maybe potentially the deep space network commercialization as well as replacing the aging infrastructure across out at Mars and Mars data relay.

In addition, there is the -- are the tracking layers for the SDA and the Golden Dome, which has opportunities for communications and navigation that directly is fed by the kind of capability that Intuitive Machines has, but now augmented by the amazing and reliable satellites that Lanteris bring to bear. So I think that coupling really does put us in a position to prime some of the opportunities coming out of Golden Dome and SDA.

Got it. And then I guess, Intuitive's historical knowledge base around Lunar operations and now the scale that Lanteris brings to bear, how might you be thinking about Artemis 3 or related tactical opportunities here?

Yes. We actually are in a fantastic position to offer -- build a team and offer solutions for the human landing system. NASA is keenly interested in finding a way to deliver that earlier and Intuitive Machines are going to throw our hat in the ring with Lanteris by our side and other companies joining our team. So you can expect an offering from Intuitive Machines.

Your next question comes from the line of Jonathan Siegmann with Stifel.

Congratulations on the transaction. So there's been some news reports that the customer might be rethinking some of the Artemis missions and even rebidding portions of it. Can you comment a bit on how NASA's thinking may be evolving on the portions that you're involved with? And also, if I heard how you answered Josh's question, you still expect LTV to be awarded this year despite the shutdown?

Yes. Thanks, Jonathan. And I appreciate your coverage of Intuitive Machines moving forward. Thank you. So we see that the CLPS contract, Commercial Lunar Payload Services contract continues to move forward. We're expecting results of a solicitation for what they call CT4. Again, the government shutdown has put a little bit of a monkey wrench in that, not showing what the timing of that will be, whether that's supposed to be awarded by the end of the year. We do expect the LTVS demonstration mission to be awarded. From our understanding that, that solicitation is ready to award.

Again, the government shutdown has put timing in question, but we do expect that, and that's part of the Artemis program to be awarded. And then you're hearing a lot of talk about moving faster with Artemis 3 and the human landed system. And so that essentially and the agency is looking for information to repost and reopen that solicitation. And I answered Josh there that we're going to throw our hat in the ring on that one. And then we're continuing to press forward with all speed on the Near Space Network services contract. That's a contract that not only supports Artemis program, but supports other government agencies and their needs for communications from earth all the way out beyond cislunar space. And so the future looks very bright for us in terms of the NASA customer.

And then if you think about what I just was talking about, about in the national security space, we're exceptionally positioned to respond to opportunities that are coming out of SDA and in the Golden Dome programs.

And maybe if I could slip another one, just in the capacity, you were successful in adding to your footprint in Houston recently and now you have -- you will have a wider footprint with the acquisition. Is there -- I guess, does that change your plans on where you're going to be producing the own satellites in Houston? Or is there a chance to put these all pieces together differently?

Yes, it's good. The facility complement at Lanteris is incredible with 3 categories of satellites in their family, the 300, the 500 and the 1,300 series. Well-oiled machine out there in Palo Alto and San Jose. Here in Houston, we have some serious hardware to build also. We have the Nova-C for 2 additional missions. We have the Nova-D heavy cargo mission for LTV. We have the LTV to build, and we're building the first 3 satellites for our constellation around the moon for the NSNS. We are thinking about converting and building larger satellites for the fourth and fifth satellite in the constellation now that we plan to acquire Lanteris. So much more capable satellites that then can prove out the capability that -- for Mars data relay. And essentially, those satellites would be precursors to Mars data Relay satellites in the future.

Your next question comes from Alex Preston with Bank of America.

So you noted in the release, you're going to end the quarter with about $620 million of cash, deployed $450 million here. What's your comfort level given Lanteris' cash generation? Or would you maybe look for incremental financing?

Right now, we have enough capital on the balance sheet to fund operations moving forward, even considering the combination with Lanteris. Lanteris is a cash-generating business. And the combination, we expect continued operations with sufficient capital moving forward.

Yes. We also are always being opportunistic looking at other M&A opportunities, which would be anything that would drive additional cash needs. But right now, we see adequate cash on the books to manage our operations.

Got it. Appreciate the color. And then maybe just a quick sort of housekeeping one. Steve, I think you talked about Lanteris' backlog is 25% defense, 25% civil, 50% commercial. Does that commercial portion include something like the work they do for L3 on the tracking layer? Or is that like strictly by end market or end use?

That's by end market. So the commercial work is really the GEO communications birds that they put up. That's really the 1,300 series satellite, the larger satellites. The tracking layer we call into the national security.

Next question comes from Andres Sheppard with Cantor Fitzgerald.

This is Anand on for Andres. Congrats on the news and the acquisition. Most of our questions have been asked but I was wondering if you could dive a little bit more on your recent statement and could help explain what this means for SDA and Golden Dome opportunities now as a combined company, especially with the regulatory focus and shift on this initiative?

Yes. So I think if you look at the capabilities of the -- and the investment that Lanteris made in the 300 series satellite, that is a very capable satellite for proliferated LEO constellation, which fits the need for the tracking layer. And so I think it's a strong offering in partnership with L3Harris that -- we're hopeful that, that will be awarded. So we're looking forward to that. And then as Golden Dome takes shape, the combination of the ingenuity and innovation that Intuitive Machines brings with its systems and communications and navigation scheme, coupled with the very capable satellite buses produced by Lanteris offer unique solutions that I don't think are in the market today with any other vendor or contractor. So we feel like we're in a good position here for the future opportunities coming out of Golden Dome.

Got it. And I guess going forward, maybe what other news and opportunities do you expect to pursue and unlock? I know a lot were mentioned but what are you the most excited about?

Well, we were very excited last night to get to signing. We look to get to closing here in the next 60 to 90 days and really get the businesses integrated. And the possibilities that are associated with putting Intuitive Machines and Lanteris together really create some excitement in the aerospace sector. And so just working together and building a powerhouse new space prime is what I'm looking forward to that really kind of disrupts the paradigm that we've had for so many years and now provides an alternative offering with a commercial bent to it to provide lean, agile, affordable solutions to both civil space and national security space. That's the excitement.

Your next question comes from Jeff Van Rhee with Craig-Hallum.

This is Vijay Homan on for Jeff Van Re. Just had a quick one for you. I was kind of wondering, was Lanteris the kind of capability you guys were specifically shopping for? Were there other kind of potential targets that you were looking at to bring these capabilities in-house? Or was Lanteris kind of the only one and sort of an opportunistic buy?

We had an M&A strategy that we've been working on for some time. Now you saw the addition of Kinetics, which was a very capable, high-performance company that we added for precision navigation and constellation management and orbit determination. That was strategic. It was small but strategic, and they're brilliant people that we added to the company. Next on the list was Lanteris and building the production capability, the scale and the reliability. And we'll continue to look like this to add on and fold in capabilities as we need to continue to evolve the company into this next-generation prime.

Your next question comes from Greg Pendy with Clear Street.

Can you just kind of highlight what maybe -- is there any regulatory risk on closing the deal or integration risk? And then also just in light of all the news about the EOCL potential budget cuts there, is there any kind of risks that we should think about with this deal?

Well, we'll go through a standard antitrust review by the government from a regulatory standpoint. We feel that's fairly standard. That will take 20 days to file and 30 days for the opinion from the government. We don't expect anything out of that. We'll see what the government thinks and how the government shutdown affects that timing. In terms of risks, I think we've looked at the structure of both companies. We've thought about it. We looked at financial risks is in a strong position with a lot of momentum. Intuitive Machines is in a strong position. And both companies have catalysts pending that really can even improve upon our strong financial position.

So I'm feeling very confident about it. And over the next 9 to 12 months, we'll do a full integration of 2 companies. We'll go through those challenges and put together a very strong company here in the coming months.

Your next question comes from the line of Griffin Boss with B. Riley Securities.

So first, I just want to jump back, build off of another question that was asked a little bit earlier regarding just the integration of Lanteris and the implications for NSNS. So you talked about how potentially -- I think I heard you correctly that the fourth and fifth data relay satellite might now -- architecture might now look a little bit bigger with the addition of Lanteris' capabilities. But does this -- does that addition and the additional manufacturing capacity that it brings change your calculus with regard to the timing of deployment of those data relay satellites?

You've talked about the first one going up on IM-3, subsequent two going up on IM-4 but maybe can you pull those forward and deploy that full 5 satellite constellation earlier than you might have otherwise anticipated?

Yes. Thanks for your question, Griffin. What we're finding in NSNS is that there's a demand for capability for the satellites that we're planning for up around the moon. And we anticipate in that Lunar constellation that there will be more demand and more customers for the satellites as we move forward over the coming 3, 4 years. And so we're anticipating that need and providing more capability for size, weight and power on those buses so that we can provide the space domain awareness capabilities in that Lunar constellation that we think the customers are going to want. So this is an opportunity for us to grow that constellation.

As far as speed of delivery, we are always looking for a way to get that constellation up and flying sooner. Our cadence of missions currently, IM-3, IM-4, IM-5 are space where we're planning to put the satellites up on those missions. If we can bring IM-4 and 5 missions in, we would but I think they're potted. I think the alternatives to delivery is what we're focused on now in terms of other ways to put those satellites up as opposed to tying them tightly to the CLPS missions. So we're going to continue to study that and look for rideshare opportunities to get them in translunar injection and then off to the moon as soon as we can.

Got it. Okay. Understood. And then, yes, just second one for me. I guess I'll shift over what I'll call legacy Intuitive Machines. I want to dig into this $8 million contract extension from AFRL for the in-space nuclear power tech. I think that's an extension on the Jetson program. But maybe you can just kind of dig into that and specifically in the context of this -- the new nuclear reactor on the moon, the proposals coming in for that 100-kilowatt reactor. Does this extension help in positioning Intuitive to win on that nuclear reactor contract as well potentially? Like is the technology similar that you can use for both of those programs?

Thanks, Griffin. Nuclear space is exciting right now, and Intuitive Machines has been well positioned. As you recall, we've been working the Fission Surface Power Phase 1 and Phase 1a for some time now. So we're already in the mix for developing that reactor and delivering it to the surface. And we will continue to go forward with that opportunity to develop and deploy the reactor. As that procurement takes shape, we're following that very closely with our teammates. The Jetson AFRL contract for that Stealth satellite keeps us in the nuclear space game with an alternative technology, that's the Sterling engine. And what we have is this follow-on contract to actually demonstrate the Sterling engine operations on the International Space Station.

That's what this is for this next tranche, which actually advances the technology and the capability of operating a Sterling engine, which is part of the reactor technology on the International Space Station. So the technologies between FSP and Jetson are similar but not identical. I think we'll see whether the FSP solution is a breaking cycle or a Sterling cycle. But the Jetson right now and the way we're thinking about propulsion is with a stirling engine cycle. And so we'll test that out with AFRL.

Just one note on the Fission Surface or FSP program. Maxar was -- well, Lanteris was one of our partners on that in the last phase, too. So we do have a long history of working with Lanteris over the last 3 to 5 years.

And your last question comes from Suji Desilva with ROTH Capital.

Pete, congrats on the transaction here. Just a clarification on Lanteris and the asset acquired just versus Maxar. The revenue mix there, is there any recurring revenue or service revenue versus satellite product revenue in the acquired asset?

The way I see it today is that it's product-based revenue delivering the 300, 500 and 1,300 class satellites. There's very little subsystem delivery where they focus on developing the subsystems for themselves and their buses. And then what we'll introduce as Intuitive Machines is that higher-margin service model approach where we're actually flying and operating in space and delivering the data back in as a service. And so I think this is just such a smart and strong combination to put these 2 businesses together really will unlock the diverse revenue streams and higher margins.

One other addition to that is as you see the government move towards the service model, this combination positions us well to be playing in that space because traditionally, government has bought satellites. Now they're looking to buy services.

Okay. That helps, Pete. And then my other question is, I saw in the presentation, you mentioned robotics. I'm wondering if that's just a complementary capability or that could be a category, how you see that landscape as a product?

Yes. I'll tell you something. I'm very excited about that. We've opened up a center of excellence for mechanisms and robotics in Maryland up near BWI Airport in Glen Burnie. That team is exceptional and then to incorporate the Lanteris robotics team with us is just a very strong and powerful combination. We currently have Lanteris or Maxar Space Systems on our LTVS team to provide the robotic arm for the LTVS. And so we're naturally working together already. And when you think about other opportunities that are coming down from the national security space, you look at RGXX and MGO, those programs require essentially highly agile enterprise-class satellites like the 1300 series with robotic arms that can grapple and manipulate other satellites to repair them and inspect them.

So that's another offering of a new market that we putting these unique capabilities together that we can create and be very competitive with. Also, if you think about it, we teamed also on the OSAM mission. So the OMES contract and the on-orbit satellite servicing and manufacturing, Maxar built the bus out of the 1,300 series satellite for that mission. So as we fly that potentially for the Space Force, what are the follow-on OSAM-X missions that we can fly where we can reproduce that bus over and over again and deliver it for on-orbit satellite servicing and manufacturing and move towards in-space assembly, all brand-new markets that we have yet to tap into. So it's very exciting.

Thank you. And with no further questions in queue, I'd like to turn the conference back over to Steve Altemus for any closing remarks.

Well, thank you, everyone, for joining us this morning, and welcome to the Lanteris team as part of the Intuitive Machines family. We're very excited and looking forward to the future in space. Thank you very much.

This concludes today's conference call. You may now disconnect.