Intuitive Machines Inc. (NASDAQ:LUNR) 
Intuitive Machines, Inc. is an American space exploration company headquartered in Houston, Texas. It was founded in 2013 by Stephen Altemus, Kam Ghaffarian, and Tim Crain, to provide lunar surface access, lunar orbit delivery, and communication from lunar distance.
Website: https://www.intuitivemachines.com/
Founded: 2013
Sector: REAL ESTATE & CONSTRUCTION
Industry: BLANK CHECKS
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At a glance:
- First Commercial Lunar Lander Success: Achieved the first-ever commercial lunar landing with its Odysseus lander (IM-1 mission), a historic milestone for private space exploration and the U.S. return to the Moon, despite the lander tipping on its side.
- Core Business Tied to NASA CLPS Program: Heavily reliant on contracts from NASA's Commercial Lunar Payload Services (CLPS) initiative, positioning the company as a key enabler for scientific and commercial activities on the lunar surface.
- Early-Stage, Capital-Intensive Growth Company: Operates with significant upfront costs for R&D and mission execution, resulting in negative free cash flow as it invests in future capabilities and expands its mission pipeline within the nascent lunar economy.
- Expanding Mission Pipeline and Lunar Services: Has secured contracts for multiple follow-on missions (IM-2, IM-3) under CLPS, aiming to demonstrate enhanced capabilities and broaden its offerings for lunar data, logistics, and infrastructure development.
Bull Thesis:
- Pioneer Status in Commercial Lunar Exploration: Intuitive Machines has successfully completed the first private lunar landing (IM-1 mission), establishing itself as a leading and proven provider of lunar delivery services. This achievement provides significant credibility and a competitive advantage for securing future contracts and partnerships in the burgeoning lunar economy.
- Robust NASA CLPS Contract Pipeline: The company benefits from significant and recurring contracts under NASA's Commercial Lunar Payload Services (CLPS) program. These contracts provide a stable revenue foundation, validate its technical capabilities, and position it as a key partner for government-backed lunar exploration initiatives.
- Diversified Lunar Services Portfolio: Beyond landers, Intuitive Machines is developing capabilities in lunar data services, mobility (e.g., lunar rovers), and infrastructure. This diversification creates multiple potential revenue streams and reduces reliance on a single product line as the overall lunar economy expands and matures.
- Expanding Global Lunar Economy: The overall market for lunar exploration, resource utilization, and sustained human presence is projected to grow substantially in the coming decades. Driven by international space agencies and private ventures, this provides a large and increasing addressable market for Intuitive Machines' specialized offerings.
Bear Thesis:
- Persistent Negative Free Cash Flow and Profitability Concerns: Despite successful missions, Intuitive Machines continues to report significant operating losses and negative free cash flow. This indicates a long and uncertain path to sustainable profitability and self-sufficiency, requiring ongoing capital raises.
- High Dependence on Government Contracts: A substantial portion of the company's current and projected revenue is tied to NASA's CLPS program. Any changes in government funding, priorities, or contract awards, or the emergence of new preferred vendors, could severely impact its financial performance and growth trajectory.
- Inherent Risks of Space Operations and Mission Failures: Space missions are inherently complex, high-risk endeavors. Future mission failures, significant delays, or unexpected technical challenges could lead to substantial financial losses, severe reputational damage, and a loss of customer and investor confidence.
- Intensifying Competition in Lunar Services: The commercial lunar market is attracting increasing competition from well-funded private companies (e.g., Astrobotic, Blue Origin, SpaceX) and international entities. This growing competition could pressure pricing, reduce market share, and increase the cost of innovation.
- Potential for Shareholder Dilution: Given its current cash burn and capital-intensive nature of space exploration, Intuitive Machines may need to raise additional capital through equity offerings in the future. Such actions would likely lead to dilution for existing shareholders.
Main Competitors:
- Astrobotic Technology (Peregrine Lander, Griffin Lander), A direct competitor in the commercial lunar lander market, particularly for NASA's Commercial Lunar Payload Services (CLPS) program. Astrobotic develops and operates its own lunar landers (Peregrine and Griffin) and rovers, vying for the same payload delivery and lunar exploration contracts as Intuitive Machines.
- Firefly Aerospace (Blue Ghost Lander, Alpha Rocket), Another key competitor in the CLPS program, Firefly Aerospace is developing its Blue Ghost lunar lander for payload delivery to the Moon. They also have their own launch vehicle (Alpha), which could offer integrated launch and landing services, potentially providing a cost advantage or broader offering compared to companies reliant solely on third-party launchers.
- ispace, Inc. ($9348 (TYO)) (HAKUTO-R Lander, Lunar Rovers), A global competitor based in Japan, ispace is actively pursuing commercial lunar exploration missions with its HAKUTO-R lander series. They compete for international and commercial payload delivery contracts, lunar data services, and the development of lunar infrastructure, offering similar services to Intuitive Machines on a global scale.
- Blue Origin (Blue Moon Lander, New Glenn Rocket), While often focused on larger-scale missions, Blue Origin is a significant long-term competitor in the broader lunar economy. Their Blue Moon lander is designed for substantial cargo and human-rated missions, potentially competing for larger government and commercial lunar infrastructure contracts that might otherwise be pursued by Intuitive Machines as it scales.
Moat:
Intuitive Machines operates in the nascent but rapidly growing commercial lunar economy, primarily driven by government programs like NASA's CLPS. Their primary moat stems from being the first private company to successfully land a spacecraft on the Moon (IM-1 mission), providing invaluable flight heritage, operational experience, and credibility. This success validates their Nova-C lander technology and mission capabilities. Competition is intense and multi-faceted: direct competitors like Astrobotic and Firefly vie for the same CLPS contracts, emphasizing reliability, cost-effectiveness, and payload capacity. Global players like ispace expand the competitive landscape internationally. Furthermore, larger aerospace companies like Blue Origin and disruptive forces like SpaceX (with Starship) represent long-term strategic competition for future, larger-scale lunar infrastructure and human exploration missions, potentially altering the market dynamics for smaller landers.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | ||||||||||||||||
service revenue | 43,308,000 | 50,987,000 | ||||||||||||||
grant revenue | 1,477,000 | 1,450,000 | ||||||||||||||
total revenues | 44,785,000 | 52,437,000 | 50,313,000 | 62,524,000 | 54,662,000 | 58,478,000 | 41,408,000 | 73,068,000 | 30,561,000 | 12,731,000 | 17,993,000 | 18,236,000 | ||||
yoy | -18.07% | -10.33% | 21.51% | -14.43% | 78.86% | 359.34% | 130.13% | 300.68% | ||||||||
qoq | -14.59% | 4.22% | -19.53% | 14.38% | -6.53% | 41.22% | -43.33% | 139.09% | 140.05% | -29.24% | -1.33% | |||||
operating expenses: | ||||||||||||||||
cost of revenue | 31,242,000 | 41,033,000 | 56,047,000 | 49,577,000 | 46,228,000 | 45,873,000 | 57,102,000 | 60,911,000 | 29,097,000 | 25,768,000 | 22,481,000 | 23,126,000 | ||||
cost of revenue (excluding depreciation) - affiliated companies | 4,691,750 | 5,736,000 | 6,109,000 | 6,270,000 | 7,755,000 | 8,484,000 | ||||||||||
depreciation | 547,500 | 815,000 | 752,000 | 623,000 | 540,000 | 482,000 | 423,000 | 414,000 | 432,000 | 329,000 | 319,000 | 296,000 | ||||
impairment of property and equipment | 5,044,000 | |||||||||||||||
general and administrative expense | 40,176,000 | 20,272,000 | 16,045,000 | 16,131,000 | 13,536,000 | 12,319,000 | 12,057,000 | 17,143,000 | 5,940,000 | 9,853,000 | 8,376,000 | 8,777,000 | ||||
total operating expenses | 77,880,000 | 67,856,000 | 78,953,000 | 72,601,000 | 68,059,000 | 72,202,000 | 69,582,000 | 78,468,000 | 36,433,000 | 35,950,000 | 31,176,000 | 32,199,000 | ||||
operating income | -33,095,000 | -15,419,000 | -28,640,000 | -10,077,000 | -13,397,000 | -13,724,000 | -28,174,000 | -5,400,000 | -5,872,000 | -23,219,000 | -13,183,000 | -13,963,000 | ||||
yoy | 147.03% | 12.35% | 1.65% | 86.61% | 128.15% | -40.89% | 113.71% | -61.33% | ||||||||
qoq | 114.64% | -46.16% | 184.21% | -24.78% | -2.38% | -51.29% | 421.74% | -8.04% | -74.71% | 76.13% | -5.59% | |||||
operating margin % | -73.90% | -29.40% | -56.92% | -16.12% | -24.51% | -23.47% | -68.04% | -7.39% | -19.21% | -182.38% | -73.27% | -76.57% | NaN% | NaN% | NaN% | NaN% |
other income, net: | ||||||||||||||||
interest income | 5,520,000 | 4,833,000 | 3,428,000 | 1,393,000 | 149,000 | 31,000 | 20,000 | 2,846,977 | 1,491,055 | 200 | ||||||
interest expense | -2,735,000 | -1,344,000 | -20,000 | -42,000 | -228,000 | -274,000 | -279,000 | |||||||||
change in fair value of earn-out liabilities | -33,369,000 | -86,308,000 | -33,328,000 | 22,109,000 | -22,597,000 | 5,186,000 | 36,036,000 | 28,756,000 | -3,726,000 | |||||||
change in fair value of warrant liabilities | -23,535,000 | 1,950,000 | -13,033,000 | 43,002,000 | -41,010,000 | -33,686,000 | 21,009,000 | -23,964,000 | 5,176,000 | 10,259,000 | ||||||
loss on issuance of securities | -25,056,000 | -68,676,000 | -6,729,000 | |||||||||||||
other income | 1,000 | 25,000 | 39,000 | 26,000 | 474,000 | 346,000 | 421,000 | 1,000 | -104,000 | -418,000 | -50,000 | 89,000 | ||||
total other income | 1,737,500 | 5,464,000 | -9,566,000 | 11,052,000 | -151,751,000 | -66,637,000 | 44,155,000 | 10,216,000 | 38,920,000 | 28,432,000 | -6,269,000 | 2,846,977 | 1,491,055 | 200 | ||
income before income taxes | -55,698,000 | -9,955,000 | -38,206,000 | 975,000 | -165,148,000 | -80,361,000 | 15,981,000 | -120,656,000 | 4,344,000 | 15,701,000 | 15,249,000 | -20,232,000 | ||||
income tax expense | -3,957,000 | -5,000 | 13,000 | -50,000 | -3,215,000 | |||||||||||
net income | -59,655,000 | -9,960,000 | -38,206,000 | 975,000 | -165,135,000 | -80,411,000 | 15,981,000 | -120,656,000 | 4,596,000 | 15,096,000 | 18,777,000 | -23,447,000 | 759,615 | -520,888 | -21,537 | |
yoy | -63.88% | -87.61% | -339.07% | -100.81% | -3693.02% | -632.66% | -14.89% | 414.59% | 505.04% | -2998.13% | 108768.46% | |||||
qoq | 498.95% | -73.93% | -4018.56% | -100.59% | 105.36% | -603.17% | -113.25% | -2725.24% | -69.55% | -19.60% | -180.08% | -3186.70% | -245.83% | |||
net income margin % | -133.20% | -18.99% | -75.94% | 1.56% | -302.10% | -137.51% | 38.59% | -165.13% | 15.04% | 118.58% | 104.36% | -128.58% | Infinity% | -Infinity% | NaN% | -Infinity% |
net income attributable to redeemable noncontrolling interest | -20,115,000 | -3,445,000 | -13,408,000 | 11,909,000 | -17,003,000 | -25,679,000 | -3,088,000 | -23,291,000 | -4,396,000 | -18,555,000 | -10,744,000 | -8,336,000 | ||||
net income attributable to noncontrolling interest | 335,000 | 327,000 | 383,000 | 462,000 | 1,066,000 | 668,000 | 789,000 | 972,000 | ||||||||
net loss attributable to the company | -39,875,000 | -6,842,000 | -11,396,000 | -98,337,000 | -9,360,000 | |||||||||||
less: preferred dividends | -160,000 | -158,000 | -151,000 | -147,000 | -145,000 | -143,000 | -137,000 | -471,000 | ||||||||
net loss attributable to class a common shareholders | -40,035,000 | -7,000,000 | -11,543,000 | -98,808,000 | -9,688,000 | |||||||||||
net income per share | -0.35 | -0.06 | -0.22 | -0.11 | -2.08 | -0.83 | 0.33 | -2.7 | 0.23 | 1.89 | 1.84 | |||||
weighted-average common shares outstanding | ||||||||||||||||
weighted-average shares outstanding - basic and diluted | 115,426,620 | 117,815,856 | 107,081,918 | 36,612,270 | 15,224,378 | |||||||||||
gain on issuance of securities | 596,000 | |||||||||||||||
net income attributable to the company | -25,181,000 | -149,198,000 | -55,400,000 | 18,280,000 | 8,992,000 | 33,651,000 | 29,521,000 | |||||||||
net income attributable to class a common shareholders | -25,332,000 | -149,343,000 | -55,543,000 | 18,143,000 | 8,306,000 | 32,977,000 | 28,866,000 | |||||||||
weighted-average shares outstanding - basic | 117,434,775 | 61,410,250 | 67,072,014 | 55,093,365 | 17,648,050 | 17,411,217 | 15,705,265 | |||||||||
weighted-average shares outstanding - diluted | 117,434,775 | 61,410,250 | 67,072,014 | 62,275,592 | 25,564,313 | 26,126,245 | 19,383,601 | |||||||||
change in fair value of safe agreements | -2,353,000 | |||||||||||||||
net loss attributable to intuitive machines, llc prior to the business combination | -5,751,000 | |||||||||||||||
income tax benefit | 252,000 | -605,000 | 3,528,000 | |||||||||||||
other expense, net: | ||||||||||||||||
total other expense | -115,256,000 | |||||||||||||||
net income for the period february 13, 2023 through september 30, 2023 | 4,044,250 | 15,096,000 | ||||||||||||||
less: cumulative preferred dividends | -686,000 | -674,000 | -655,000 | -328,000 | ||||||||||||
net income for the period february 13, 2023 through june 30, 2023 | 18,777,000 | |||||||||||||||
net loss for the period february 13, 2023 through march 31, 2023 | -17,696,000 | |||||||||||||||
net loss per class a common share - basic and diluted | -0.64 | |||||||||||||||
formation and operating costs | 2,087,362 | 2,011,943 | 21,737 | |||||||||||||
income from operations | -2,087,362 | -2,011,943 | -21,737 | |||||||||||||
issuance cost of over-allotment | ||||||||||||||||
basic and diluted weighted-average shares outstanding of class a ordinary shares | 32,975,000 | 32,975,000 | 9,322,714 | |||||||||||||
basic and diluted net loss per share, class a ordinary shares | -0.005 | -0.01 | ||||||||||||||
basic and diluted weighted-average shares outstanding of class b ordinary shares | 8,243,750 | 8,243,750 | 7,485,546 | |||||||||||||
basic and diluted net loss per share, class b ordinary shares | -0.005 | -0.01 | ||||||||||||||
balance as of december 31, 2021 | -6,856,761 | 1,386,989 | ||||||||||||||
balance as of march 31, 2022 | 2,060,937.5 | 1,386,989 | ||||||||||||||
remeasurement of class a ordinary shares subject to possible redemption | ||||||||||||||||
balance as of june 30, 2022 | 2,060,937.5 | 1,386,989 | ||||||||||||||
balance as of september 30, 2022 | 2,060,937.5 | 1,386,989 | ||||||||||||||
balance as of january 27, 2021 | ||||||||||||||||
issuance of class b ordinary share to initial shareholders | 2,156,250 | |||||||||||||||
balance as of march 31, 2021 | 2,156,250 | |||||||||||||||
balance as of june 30, 2021 | 2,156,250 | |||||||||||||||
sale of 6,845,000 private placement warrants, net of offering costs | ||||||||||||||||
capital contribution for sale of class b shares to anchor investors | ||||||||||||||||
sale of 1,386,989 units not subject to redemption, net of underwriter discount and offering costs | 1,386,989 | |||||||||||||||
allocated proceeds to public warrants, net of underwriter discount and offering costs | ||||||||||||||||
fair value of over-allotment at issuance | ||||||||||||||||
remeasurement of class a ordinary shares subject to redemption | ||||||||||||||||
balance as of september 30, 2021 | 2,156,250 | 1,386,989 | 1,386,989 | |||||||||||||
weighted-average shares outstanding of class a ordinary shares | 2,282,609 | |||||||||||||||
weighted-average shares outstanding of class b ordinary shares | 7,500,000 | |||||||||||||||
sale of 30,000,000 units, net of underwriting discount and offering expenses | 30,000,000 | |||||||||||||||
sale of 6,250,000 private placement warrants | ||||||||||||||||
class a ordinary shares subject to possible redemption | -28,613,011 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets | ||||||||||||||||||
cash and cash equivalents | 582,606,000 | 621,975,000 | 344,901,000 | 373,253,000 | 207,607,000 | 89,605,000 | 31,631,000 | 55,242,000 | 4,498,000 | 40,652,000 | 39,087,000 | 46,801,000 | ||||||
restricted cash | 2,733,000 | 2,042,000 | 2,042,000 | 2,042,000 | 2,042,000 | 2,042,000 | 2,042,000 | 2,042,000 | 62,000 | 62,000 | 62,000 | 62,000 | ||||||
trade accounts receivable, net of allowance for credit losses of 3,295 and 0, respectively | 12,193,000 | |||||||||||||||||
contract assets | 12,236,000 | 10,175,000 | 8,438,000 | 21,515,000 | 34,592,000 | 21,572,000 | 7,324,000 | 19,846,000 | 6,489,000 | 2,005,000 | 4,707,000 | 11,706,000 | ||||||
prepaid and other current assets | 9,046,000 | 8,466,000 | 4,801,000 | 5,160,000 | 4,161,000 | 3,736,000 | 3,852,000 | 3,375,000 | 3,681,000 | 3,716,000 | 4,399,000 | 4,726,000 | ||||||
total current assets | 618,814,000 | 665,984,000 | 396,753,000 | 431,312,000 | 293,161,000 | 168,267,000 | 83,111,000 | 115,728,000 | 31,611,000 | 48,888,000 | 50,524,000 | 65,603,000 | 350,820 | 477,289 | 489,043 | 675,167 | 835,142 | 1,113,717 |
property and equipment | 68,550,000 | 49,470,000 | 40,607,000 | 29,793,000 | 23,364,000 | 17,170,000 | 21,305,000 | 19,523,000 | 18,349,000 | 17,503,000 | 40,761,000 | 29,445,000 | ||||||
intangible assets | 12,968,000 | |||||||||||||||||
goodwill | 18,697,000 | |||||||||||||||||
operating lease right-of-use assets | 36,755,000 | 36,741,000 | 37,662,000 | 38,215,000 | 38,765,000 | 39,240,000 | 35,577,000 | 35,402,000 | 35,853,000 | 36,575,000 | 4,471,000 | 4,651,000 | ||||||
finance lease right-of-use assets | 94,000 | 102,000 | 110,000 | 118,000 | 114,000 | 121,000 | 128,000 | 118,000 | 95,000 | |||||||||
other assets | 1,276,000 | 1,233,000 | 507,000 | 576,000 | ||||||||||||||
total assets | 757,154,000 | 753,530,000 | 475,639,000 | 500,014,000 | 355,404,000 | 224,798,000 | 140,121,000 | 170,771,000 | 85,908,000 | 102,973,000 | 95,763,000 | 99,706,000 | 334,940,408 | 332,219,900 | 330,843,945 | 330,673,683 | 330,916,972 | 301,553,137 |
liabilities, mezzanine equity and shareholders’ deficit | ||||||||||||||||||
current liabilities | ||||||||||||||||||
accounts payable and accrued expenses | 22,199,000 | 15,719,000 | 22,096,000 | 24,135,000 | 17,350,000 | 18,965,000 | 23,917,000 | 47,429,000 | 16,771,000 | |||||||||
accounts payable - affiliated companies | 1,723,000 | 2,226,000 | 4,308,000 | 4,539,000 | 2,750,000 | 6,024,000 | 5,749,000 | 7,904,000 | 3,493,000 | 1,060,000 | 1,002,000 | 612,000 | ||||||
contract liabilities, current | 57,368,000 | 66,158,000 | 68,426,000 | 57,931,000 | 65,184,000 | 54,805,000 | 40,550,000 | 28,729,000 | 45,511,000 | 49,679,000 | 40,654,000 | 50,069,000 | ||||||
operating lease liabilities, current | 10,466,000 | 6,252,000 | 2,119,000 | 2,087,000 | 2,021,000 | 3,120,000 | 3,025,000 | 3,857,000 | 4,833,000 | 6,249,000 | 765,000 | 757,000 | ||||||
finance lease liabilities, current | 48,000 | 42,000 | 41,000 | 40,000 | 37,000 | 36,000 | 36,000 | 32,000 | 25,000 | |||||||||
other current liabilities | 33,028,000 | 15,624,000 | 10,305,000 | 9,416,000 | 11,489,000 | 12,364,000 | 8,733,000 | 8,862,000 | 4,747,000 | 14,262,000 | 30,134,000 | 22,257,000 | ||||||
total current liabilities | 124,832,000 | 106,021,000 | 107,295,000 | 98,148,000 | 98,831,000 | 95,314,000 | 85,010,000 | 104,813,000 | 83,380,000 | 100,907,000 | 108,583,000 | 108,056,000 | 4,433,297 | 2,472,404 | 575,561 | 296,619 | 219,453 | 91,500 |
long-term debt | 335,335,000 | 334,827,000 | 3,868,000 | |||||||||||||||
contract liabilities, non-current | 6,341,000 | 1,636,000 | 3,215,000 | 12,960,000 | 14,334,000 | 879,000 | 3,316,000 | 3,610,000 | 566,000 | 635,000 | ||||||||
operating lease liabilities, non-current | 26,290,000 | 30,081,000 | 35,136,000 | 35,198,000 | 35,259,000 | 35,313,000 | 31,293,000 | 31,260,000 | 30,550,000 | 25,782,000 | 4,742,000 | 4,903,000 | ||||||
finance lease liabilities, non-current | 20,000 | 38,000 | 49,000 | 61,000 | 63,000 | 74,000 | 84,000 | 80,000 | 67,000 | |||||||||
earn-out liabilities | 134,156,000 | 47,848,000 | 14,520,000 | 36,629,000 | 14,032,000 | 19,218,000 | 55,254,000 | 103,385,000 | ||||||||||
warrant liabilities | 60,394,000 | 36,859,000 | 38,809,000 | 25,776,000 | 68,778,000 | 49,795,000 | 16,109,000 | 38,312,000 | 11,294,000 | 16,471,000 | ||||||||
other long-term liabilities | 240,000 | 239,000 | 242,000 | 257,000 | 62,000 | 112,000 | 158,000 | 4,000 | 4,000 | 4,000 | 3,000 | 4,000 | ||||||
total liabilities | 553,452,000 | 509,701,000 | 184,746,000 | 172,400,000 | 351,483,000 | 229,335,000 | 150,490,000 | 214,708,000 | 139,327,000 | 162,948,000 | 168,582,000 | 220,851,000 | 4,433,297 | 14,013,654 | 12,116,811 | 11,837,869 | 11,760,703 | 10,591,500 |
commitments and contingencies | ||||||||||||||||||
mezzanine equity | ||||||||||||||||||
series a preferred stock subject to possible redemption, 0.0001 par value... | 6,613,000 | 6,451,000 | 6,291,000 | 6,139,000 | 5,990,000 | 5,843,000 | 5,698,000 | 5,560,000 | 28,201,000 | 27,506,000 | 26,823,000 | 26,155,000 | ||||||
redeemable noncontrolling interests | 951,536,000 | 640,660,000 | 663,725,000 | 456,698,000 | 1,005,965,000 | 484,973,000 | 218,160,000 | 443,181,000 | 181,662,000 | 258,733,000 | 578,630,000 | 736,028,000 | ||||||
shareholders’ deficit | ||||||||||||||||||
class a common stock, 0.0001 par value... | 12,000 | 12,000 | 12,000 | 12,000 | 10,000 | 8,000 | 6,000 | 5,000 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||
class b common stock, 0.0001 par value... | ||||||||||||||||||
class c common stock, 0.0001 par value... | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 6,000 | ||||||
treasury stock | -33,525,000 | -33,525,000 | -33,525,000 | -33,525,000 | -12,825,000 | -12,825,000 | -12,825,000 | -12,825,000 | -12,825,000 | -12,825,000 | -12,825,000 | -12,825,000 | ||||||
paid-in capital | ||||||||||||||||||
accumulated deficit | -721,457,000 | -370,667,000 | -347,689,000 | -103,406,000 | -996,453,000 | -483,998,000 | -222,203,000 | -480,837,000 | -250,466,000 | -333,398,000 | -665,456,000 | -870,511,000 | -505,919 | -1,265,534 | -744,646 | -635,966 | -315,511 | -41,425 |
total shareholders’ deficit attributable to the company | -754,964,000 | -404,174,000 | -381,196,000 | -136,913,000 | -1,009,262,000 | -496,809,000 | -235,015,000 | -493,650,000 | ||||||||||
noncontrolling interests | 517,000 | 892,000 | 2,073,000 | 1,690,000 | 1,228,000 | 1,456,000 | 788,000 | 972,000 | ||||||||||
total shareholders’ deficit | -754,447,000 | -403,282,000 | -379,123,000 | -135,223,000 | -1,008,034,000 | -495,353,000 | -234,227,000 | -492,678,000 | -263,282,000 | -346,214,000 | -678,272,000 | -883,328,000 | ||||||
total liabilities, mezzanine equity and shareholders’ deficit | 757,154,000 | 753,530,000 | 475,639,000 | 500,014,000 | 355,404,000 | 224,798,000 | 140,121,000 | 170,771,000 | 85,908,000 | 102,973,000 | 95,763,000 | 99,706,000 | ||||||
trade accounts receivable | 23,326,000 | 36,571,000 | 29,342,000 | 44,759,000 | ||||||||||||||
current maturities of long-term debt | 3,000,000 | 8,000,000 | 8,000,000 | 19,982,000 | 19,975,000 | 16,099,000 | ||||||||||||
trade accounts receivable, net of allowance for expected credit losses of 440 and 0, respectively | 51,312,000 | 38,262,000 | ||||||||||||||||
trade accounts receivable, net of allowance for expected credit losses of 1,660 and 0, respectively | 35,223,000 | |||||||||||||||||
trade accounts receivable, net of allowance for expected credit losses of 0 and 836, respectively | 16,881,000 | 2,453,000 | ||||||||||||||||
deferred income taxes | 7,000 | 7,000 | 7,000 | |||||||||||||||
simple agreements for future equity | ||||||||||||||||||
common units | ||||||||||||||||||
liabilities, mezzanine equity and shareholders’ equity | ||||||||||||||||||
accounts payable | 9,675,000 | 16,053,000 | 18,262,000 | |||||||||||||||
shareholders’ equity | ||||||||||||||||||
trade accounts receivable, net of allowance for expected credit losses of 960 and 836, respectively | 2,269,000 | |||||||||||||||||
trade accounts receivable, net of allowance for expected credit losses of 836 and 836, respectively | 2,308,000 | |||||||||||||||||
assets: | ||||||||||||||||||
cash | 14,932 | 19,442 | 2,632 | 163,783 | 359,610 | 636,787 | ||||||||||||
prepaid expenses | 335,888 | 457,847 | 486,411 | 511,384 | 475,532 | 476,930 | ||||||||||||
prepaid expenses – noncurrent portion | 103,346 | 215,304 | 326,032 | 439,220 | ||||||||||||||
marketable securities held in trust account | 334,589,588 | 331,742,611 | 330,251,556 | 329,783,212 | 329,755,798 | |||||||||||||
liabilities, redeemable ordinary shares and shareholders’ equity | ||||||||||||||||||
accrued offering costs and expenses | 3,695,849 | 2,237,404 | 548,061 | 296,619 | 218,421 | 87,000 | ||||||||||||
due to related party | 112,448 | 110,000 | 27,500 | 1,032 | 4,500 | |||||||||||||
working capital loan | 625,000 | 125,000 | ||||||||||||||||
deferred underwriting fee | 11,541,250 | 11,541,250 | 11,541,250 | 11,541,250 | 10,500,000 | |||||||||||||
class a ordinary share subject to possible redemption, 31,588,011 shares at redemption value | 320,719,698 | 317,872,721 | 316,381,666 | 315,880,110 | 315,880,110 | |||||||||||||
shareholders’ equity: | ||||||||||||||||||
preference shares, 0.0001 par value... | ||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 139 | 139 | 139 | 139 | 139 | 139 | ||||||||||||
class b ordinary shares, 0.0001 par value... | 825 | 825 | 825 | 825 | 825 | 863 | ||||||||||||
additional paid-in capital | 10,292,368 | 1,598,095 | 3,089,150 | 3,590,706 | 3,590,706 | 4,871,950 | ||||||||||||
total shareholders’ equity | 9,787,413 | 333,525 | 2,345,468 | 2,955,704 | 3,276,159 | |||||||||||||
total liabilities, redeemable ordinary shares and shareholders’ equity | 334,940,408 | 332,219,900 | 330,843,945 | |||||||||||||||
liabilities and shareholders’ equity | ||||||||||||||||||
total liabilities and shareholders’ equity | 330,673,683 | 330,916,972 | ||||||||||||||||
cash held in trust account | 300,000,200 | |||||||||||||||||
liabilities and shareholder’s equity | ||||||||||||||||||
class a ordinary share subject to possible redemption, 28,613,011 shares at redemption value at 10.00 | 286,130,110 | |||||||||||||||||
shareholder’s equity: | ||||||||||||||||||
total shareholder’s equity | 4,831,527 | |||||||||||||||||
total liabilities and shareholder’s equity | 301,553,137 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-06-30 | 2022-03-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||
net loss | -59,655,000 | -9,960,000 | 15,981,000 | -120,656,000 | 18,777,000 | -23,447,000 | ||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||
depreciation and amortization | ||||||||||||||||
bad debt expense | 3,296,000 | 0 | 0 | 0 | -1,220,000 | 1,660,000 | ||||||||||
impairment of property and equipment | 0 | |||||||||||||||
amortization of debt discount and issuance costs | 739,000 | |||||||||||||||
share-based compensation expense | 1,829,000 | 1,416,000 | 2,520,000 | 2,844,000 | 1,618,000 | 1,285,000 | 1,969,000 | 3,926,000 | 1,525,000 | 1,556,000 | 985,000 | 207,000 | ||||
change in fair value of earn-out liabilities | 0 | 0 | 0 | 33,369,000 | 86,308,000 | 33,328,000 | -22,109,000 | 22,597,000 | -5,186,000 | -36,036,000 | -28,756,000 | 3,726,000 | ||||
change in fair value of warrant liabilities | 23,535,000 | -1,950,000 | 13,033,000 | -43,002,000 | 41,010,000 | 33,686,000 | -21,009,000 | 23,964,000 | -5,176,000 | |||||||
change in fair value of contingent consideration liabilities | ||||||||||||||||
loss on issuance of securities | 25,056,000 | 0 | -596,000 | 68,676,000 | 0 | |||||||||||
deferred income taxes | ||||||||||||||||
other | 131,000 | 0 | -17,000 | 194,000 | -50,000 | -46,000 | 18,000 | 7,000 | -564,000 | 582,000 | ||||||
changes in operating assets and liabilities: | ||||||||||||||||
trade accounts receivable | 9,035,000 | 13,246,000 | -7,365,000 | 15,418,000 | 6,552,000 | -13,050,000 | -1,819,000 | -20,002,000 | -14,429,000 | 777,000 | -85,000 | -1,006,000 | ||||
contract assets | -2,028,000 | -1,737,000 | 13,077,000 | 13,077,000 | -13,019,000 | -14,249,000 | 12,523,000 | -13,357,000 | -4,484,000 | 2,702,000 | 6,999,000 | -4,727,000 | ||||
prepaid expenses | -473,000 | -4,362,000 | 445,000 | -1,576,000 | -426,000 | 117,000 | -477,000 | 305,000 | 36,000 | 683,000 | 631,000 | -2,785,000 | ||||
other assets | 466,000 | 930,000 | 560,000 | 547,000 | 482,000 | 608,000 | -185,000 | 429,000 | 626,000 | 181,000 | 180,000 | 178,000 | 110,728 | |||
accounts payable and accrued expenses | 1,839,000 | -4,245,000 | -5,551,000 | 5,856,000 | -3,422,000 | -4,951,000 | -23,513,000 | 30,658,000 | ||||||||
accounts payable – affiliated companies | -503,000 | -2,082,000 | -231,000 | 1,789,000 | -3,274,000 | -2,019,000 | -2,154,000 | 4,411,000 | 2,432,000 | 59,000 | 389,000 | 170,000 | ||||
contract liabilities – current and long-term | -4,085,000 | -3,848,000 | 750,000 | -8,626,000 | 23,833,000 | 15,958,000 | 11,528,000 | -13,172,000 | -4,735,000 | 9,592,000 | -10,050,000 | -8,140,000 | ||||
other liabilities | 11,346,000 | 4,385,000 | 851,000 | -2,069,000 | -2,038,000 | 2,999,000 | -756,000 | 3,705,000 | -6,068,000 | 8,763,000 | 7,564,000 | 6,933,000 | ||||
net cash from operating activities | -7,295,000 | -7,179,000 | -19,263,000 | 19,419,000 | -1,965,000 | -17,920,000 | -31,260,000 | -6,442,000 | -22,346,000 | -7,159,000 | 2,892,000 | -18,666,000 | -504,510 | -356,978 | -195,827 | |
capital expenditures | -15,647,000 | -11,811,000 | -8,054,000 | -6,122,000 | -4,926,000 | -1,392,000 | -2,205,000 | -1,588,000 | -2,243,000 | -7,468,000 | -11,635,000 | -8,565,000 | 0 | 0 | 0 | |
free cash flows | -22,942,000 | -18,990,000 | -27,317,000 | 13,297,000 | -6,891,000 | -19,312,000 | -33,465,000 | -8,030,000 | -24,589,000 | -14,627,000 | -8,743,000 | -27,231,000 | -504,510 | -356,978 | -195,827 | |
cash flows from investing activities: | ||||||||||||||||
purchase of property and equipment | -15,647,000 | -11,811,000 | -8,054,000 | -6,122,000 | -4,926,000 | -1,392,000 | -2,205,000 | -1,588,000 | -2,243,000 | -7,468,000 | -11,635,000 | -8,565,000 | ||||
purchase of intangible assets | ||||||||||||||||
acquisition of businesses, net of cash acquired | ||||||||||||||||
net cash from investing activities | -30,593,000 | -11,811,000 | -8,054,000 | -6,122,000 | -4,926,000 | -1,392,000 | -2,205,000 | -1,588,000 | -2,243,000 | -7,468,000 | -11,635,000 | -8,565,000 | ||||
cash flows from financing activities: | ||||||||||||||||
proceeds from issuance of convertible notes, net of discount | 0 | |||||||||||||||
purchase of capped call transactions | 0 | |||||||||||||||
payment of debt issuance costs | 0 | |||||||||||||||
proceeds from issuance of securities | 125,457,000 | 80,454,000 | 17,481,000 | 10,000,000 | 0 | |||||||||||
transaction costs | -8,933,000 | 0 | 0 | 0 | -8,589,000 | -782,000 | ||||||||||
warrants exercised | 0 | 0 | 0 | 176,620,000 | 9,901,000 | 0 | 771,000 | 50,589,000 | 0 | 0 | 13,881,000 | 2,243,000 | ||||
redemption of warrants | 0 | 0 | 0 | -66,000 | ||||||||||||
repurchase of class a common stock | 0 | 0 | 0 | -20,700,000 | ||||||||||||
proceeds from borrowings | 0 | 0 | 0 | 10,000,000 | ||||||||||||
repayment of loans | 0 | -3,000,000 | -5,000,000 | -10,000,000 | ||||||||||||
stock option exercises | 0 | 0 | 135,000 | 165,000 | ||||||||||||
distributions to noncontrolling interests | -710,000 | |||||||||||||||
payment of withholding taxes from share-based awards | -80,000 | -217,000 | -1,035,000 | -3,505,000 | -238,000 | -168,000 | ||||||||||
net cash from financing activities | -790,000 | 296,064,000 | -1,035,000 | 152,349,000 | 124,893,000 | 77,286,000 | 9,854,000 | 60,754,000 | -11,565,000 | 16,192,000 | 1,029,000 | 48,268,000 | 500,000 | |||
net increase in cash, cash equivalents and restricted cash | -38,678,000 | 277,074,000 | -28,352,000 | 165,646,000 | 118,002,000 | 57,974,000 | -23,611,000 | 52,724,000 | 1,565,000 | -7,714,000 | 21,037,000 | |||||
cash, cash equivalents and restricted cash at beginning of the period | 0 | 0 | 0 | 209,649,000 | 0 | 0 | 0 | 4,560,000 | 0 | 0 | 0 | 25,826,000 | ||||
cash, cash equivalents and restricted cash at end of the period | -38,678,000 | 277,074,000 | -28,352,000 | 375,295,000 | 118,002,000 | 57,974,000 | -23,611,000 | 57,284,000 | -36,154,000 | 1,565,000 | -7,714,000 | 46,863,000 | ||||
less: restricted cash | 691,000 | 0 | 0 | 2,042,000 | 0 | 0 | 0 | 2,042,000 | 0 | 0 | 0 | 62,000 | ||||
cash and cash equivalents at end of the period | -39,369,000 | 277,074,000 | -28,352,000 | 373,253,000 | 118,002,000 | 57,974,000 | -23,611,000 | 55,242,000 | -36,154,000 | 1,565,000 | -7,714,000 | 46,801,000 | ||||
depreciation | 815,000 | 752,000 | 623,000 | 540,000 | 482,000 | 423,000 | 414,000 | 432,000 | 329,000 | 319,000 | 296,000 | |||||
accounts receivable - affiliated companies | -30,000 | |||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||||
cash paid for interest | 0 | 37,000 | 159,000 | 212,000 | 508,000 | 464,000 | ||||||||||
cash paid for taxes | 66,000 | 336,000 | 3,000 | 25,000 | 9,000 | |||||||||||
accrued capital expenditures | -2,133,000 | 3,512,000 | 930,000 | |||||||||||||
noncash operating activities: | ||||||||||||||||
right-of-use assets obtained in exchange for new operating liabilities | ||||||||||||||||
right-of-use assets reduced due to lease modifications | ||||||||||||||||
noncash financing activities: | ||||||||||||||||
issuance of class c common stock related to earn-out awards | 0 | 0 | 167,525,000 | |||||||||||||
conversion of series a preferred stock | 0 | 0 | 0 | 23,120,000 | ||||||||||||
preferred dividends | -158,000 | -151,000 | -147,000 | -145,000 | -143,000 | -137,000 | -471,000 | -655,000 | -328,000 | |||||||
net income | 975,000 | -165,135,000 | 4,596,000 | 759,615 | -429,135 | -320,455 | ||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
change in fair value of safe agreements | 0 | 0 | 0 | 2,353,000 | ||||||||||||
proceeds from business combination | 0 | 0 | 0 | 8,055,000 | ||||||||||||
proceeds from issuance of series a preferred stock | 0 | |||||||||||||||
member distributions | 0 | -3,689,000 | ||||||||||||||
forward purchase agreement termination | 0 | 0 | 0 | 12,730,000 | ||||||||||||
contributions from (distributions to) noncontrolling interests | -1,294,000 | |||||||||||||||
safe agreements | ||||||||||||||||
class a common stock related to cef | ||||||||||||||||
class a common stock related to equity facility | ||||||||||||||||
distribution to noncontrolling interests | ||||||||||||||||
bad debt (recoveries) expense | ||||||||||||||||
loss on disposal of property and equipment | ||||||||||||||||
net costs of stock option exercises | -55,000 | |||||||||||||||
investment from non-controlling interests | 490,000 | |||||||||||||||
net decrease in cash, cash equivalents and restricted cash | ||||||||||||||||
recoveries of bad debt expense | ||||||||||||||||
accounts payable | -6,378,000 | 6,379,000 | 6,994,000 | |||||||||||||
proceeds from series a preferred stock | 0 | 26,000,000 | ||||||||||||||
proceeds from stock option exercises | ||||||||||||||||
proceeds from issuance of units | 22,000 | |||||||||||||||
formation cost paid by sponsor in exchange of issuance of class b ordinary shares | ||||||||||||||||
operating expense paid by promissory note - related party | ||||||||||||||||
change in fair value of over-allotment | ||||||||||||||||
issuance cost of over-allotment | ||||||||||||||||
interest earned on marketable securities held in trust account | -2,846,977 | -495,758 | -27,414 | |||||||||||||
prepaid assets | 121,959 | 211,807 | -35,852 | |||||||||||||
due to related party | 2,448 | 26,468 | -1,032 | |||||||||||||
accrued offering costs and expenses | 1,458,445 | 329,640 | 78,198 | |||||||||||||
investment of cash in trust account | ||||||||||||||||
proceeds from issuance of private placement warrants | ||||||||||||||||
proceeds from sale of units, net of underwriting discount | ||||||||||||||||
payment of promissory note – related party | ||||||||||||||||
proceeds from working capital loan | 500,000 | |||||||||||||||
payment of offering costs | ||||||||||||||||
net change in cash and cash equivalents | ||||||||||||||||
cash and cash equivalents – beginning | ||||||||||||||||
cash and cash equivalents– ending | ||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||
offering costs paid by sponsor in exchange for issuance of class b ordinary shares | ||||||||||||||||
offering costs paid by promissory note - related party | ||||||||||||||||
capital contribution for excess fair value of class b shares sold by the sponsor to anchor investors determined to be offering cost | ||||||||||||||||
deferred underwriting commissions payable charged to additional paid in capital | ||||||||||||||||
remeasurement of class a ordinary shares subject to possible redemption | ||||||||||||||||
reduction of deferred underwriting fee | ||||||||||||||||
accrued offering costs | ||||||||||||||||
operating costs paid by related party | ||||||||||||||||
changes in current assets and liabilities: | ||||||||||||||||
net change in cash | -356,978 | -195,827 | ||||||||||||||
cash, beginning of the period | 359,610 | 359,610 | ||||||||||||||
cash, end of the period | 2,632 | 163,783 | ||||||||||||||
supplemental disclosure of non-cash financing activities: | ||||||||||||||||
re-measurement of class a ordinary shares subject to possible redemption | 501,556 | |||||||||||||||
● | ||||||||||||||||
basic and diluted net income per share: | ||||||||||||||||
numerator: | ||||||||||||||||
allocation of net income | -86,944 | -256,364 | -5,025 | |||||||||||||
denominator: | ||||||||||||||||
basic and diluted weighted-average shares outstanding | 32,975,000 | 32,975,000 | ||||||||||||||
basic and diluted net income per share | -0.01 | |||||||||||||||
weighted-average shares outstanding | 2,282,609 |