The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S.government’s budget deficit and the national debt, as well as any inability of the U.S.government to complete its budget process for any government fiscal year, and our dependence on U.S.government contracts and funding by the government for the government contracts; our failure to comply with U.S.export and import control laws and regulations and U.S.economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions (including as a result of a failure to raise the "debt ceiling”) and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any securities litigation or stockholder activism; our public securities’ potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A.
Condensed Consolidated Statements of Cash Flows(In thousands)(Unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income (loss)$975 $(118,031)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 623 414 Bad debt expense (recovery) — 1,660 Share-based compensation expense 2,844 3,926 Change in fair value of earn-out liabilities 33,369 22,597 Change in fair value of warrant liabilities (43,002) 23,964 Loss on issuance of securities — 68,676 Other 194 — Changes in operating assets and liabilities: Trade accounts receivable, net 15,418 (20,002)Contract assets 13,077 (13,357)Prepaid expenses (1,576) 305 Other assets, net 547 429 Accounts payable and accrued expenses 5,856 30,658 Accounts payable – affiliated companies 1,789 3,150 Contract liabilities – current and long-term (8,626) (15,036)Other liabilities (2,069) 4,205 Net cash provided by (used in) operating activities 19,419 (6,442)Cash flows from investing activities: Purchase of property and equipment (6,122) (1,588)Net cash used in investing activities (6,122) (1,588)Cash flows from financing activities: Warrants exercised 176,620 50,589 Redemption of warrants (66) — Repurchase of Class A Common Stock (20,700) — Proceeds from borrowings — 10,000 Repayment of loans — (10,000)Proceeds from issuance of securities — 10,000 Payment of withholding taxes from share-based awards (3,505) — Stock option exercises — 165 Net cash provided by financing activities 152,349 60,754 Net increase in cash, cash equivalents and restricted cash 165,646 52,724 Cash, cash equivalents and restricted cash at beginning of the period 209,649 4,560 Cash, cash equivalents and restricted cash at end of the period 375,295 57,284 Less: restricted cash 2,042 2,042 Cash and cash equivalents at end of the period$373,253 $55,242 INTUITIVE MACHINES, INC.
Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading "Reconciliation of GAAP to Non-GAAP Financial Measure.” The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized.
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