Intuitive Machines, Inc.

Q4 2025 Earnings Call — March 19, 2026

take our first question from Josh Sullivan from Jones Trading. Please go ahead. Hey, good morning. Good morning. Good morning, Josh. Yeah. I just wanted to key in on the Lanteris integration. You know, where are you guys ahead of schedule? You know, where are the hurdles? And what's been the customer response? Yeah, 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, you know, the company – We're working on a transition service agreement with Vantor, the parent, to carve out things like the IT, 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 nine-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. Great. Thank you for your time.

Thank you.

Our next question comes from the line of Sui De Silva from Capital. Please go ahead. Good morning. Good morning, Steve. Good morning, Sui. Good morning. Hey, guys. You talked about national security growing in the mix and trying to make it sort of a third, a third, a third across the company. Can you talk about the key programs, if you've won them, or if they're in the pipeline, to help increase the national security in the mix? Yeah, we talked about the Space Development Agency's tracking layer, tranche one, two, and three. Three is the latest award with L3Harris for 18 satellites. We just announced that here recently, and there's a potential to upsize 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 one and phase two, and we're expecting award or advancement to phase three, which is the We've been through critical design review, and now we're headed the next phase to 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. Thanks, Steve. And then on calendar 26, your revenue guidance there, can you talk about the linearity, perhaps, Pete, you know, first half versus second half, given you have backlog visibility, and what would drive potential 26 upside potentials? 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 they're ready to make an award decision on LTV. It's just timing. We're waiting to hear when they actually make that award. In terms of the revenue guidance, I'd say it's pretty level throughout the year. Just note that when we talk about integrating land tariffs 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 one 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 already the administrator call for acceleration of of 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 nearer-term Artemis missions. Okay, thanks. Congrats on the progress. Thanks.

Thank you.

Our next question comes from the line of Andrew Shepard from Cantor Fitzgerald. Please go ahead. Hey, everyone. Thanks for taking our questions, and 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 Lantaris, 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, 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 two award winners or a primary or a backup? Just a little more color there on the latest. Thank you. Yeah, Andres, good morning. Yeah, concerning the LTV in particular, Pete mentioned that briefly. I think the Artemis II mission and the reformulation of Artemis III, IV, V, and VI 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's been made. There was an opportunity for the bid asked for one and a half awards, which means one primary award and a half of an award to have a hot backup. contract, if you will. And we'll wait and see. There's a potential, you know, the agency likes to have competition. So there's a potential there'll be two full awards and we'll just have to wait and see, but we feel it's imminent. That's all the, all the, all the words we're getting at this point. And so we'll be standing by and waiting for the, for the good news. Now for the other question, what can IM do now with Lanteris? It's a very exciting question. We think about the series of satellite buses, the production line, the capabilities that that company has, the 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.

It gives us also an opportunity to repackage the power propulsion element and offer that in different markets for satellites. whether it's a comm 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 – to get moving on the growth initiatives and across commercial, civil, and national security space. We've already submitted two proposals post-closing that we probably would not have submitted if we had a combined company. I see. Wonderful. Excellent. Well, thank you, Steve. Thank you, Pete. Congrats again on the quarter. We'll pass it on. Thank you.

Thank you.

Our next question comes from the line of Austin Moore from Canaccord Genuity. Please go ahead. Hi, good morning. I was just wondering if you could talk about some of the operational changes that have been made at Land Terrace 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. Good morning, Austin. Yeah, Chris Johnson, the president of Land Terrace, has done a fantastic job streamlining the business, making it efficient, eliminating terms and conditions in 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 size 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. Great, thanks for the call.

Thank you.

Our next question comes from the line of Edison Yu from Deutsche Bank. Please go ahead. Hey, thank you for taking our question. 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 Linteris brings that you can perhaps highlight? Thank you. Good morning, Edison. 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, the most 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 element.

I think edge computing in 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 geobelt is probably a better architecture, and that's kind of where we're aiming at this point. Thank you.

Thank you.

Our next question comes from the line of John Siegman from Stiefel. Please go ahead. Good morning, Steve, Pete, and Steve. Thanks so much for taking my question. Congratulations on closing the acquisition in a busy couple months. One more question on LTV. Artemis restructuring was all positive for your markets, but the actual acceleration of Artemis V, which I understood is the mission that 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 or the exact mission? Thank you. Well, we've seen – we expect an award in the November timeframe, 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 – uh, with a lander, uh, it's called supernova. It's our heavy cargo lander derived from our Nova sea lander, which has been to the South pole twice. Um, so we're kind of in our own, uh, have charge of our own destiny, uh, flying on, uh, non, uh, related star, uh, Falcon nine, non not related to Artemis directly. Right.

So we're not tied to the sequence of events for Artemis five. we are flying independently per our architecture. And that gives us an edge to move that around and be in 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 SDA 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 an existing constellation. Thank you again. 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. Thank you.

Thank you.

Our next question comes from the line of Michael Eshock from KeyBank Capital Markets. Please go ahead. Go ahead. Hey, good morning. 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's support for a lunar presence accelerate any initiatives or shift your focus at all? Thanks. We are working directly with NASA to look at ways to move efforts forward faster. You know, the agency is coming out with some streamlined acquisition guidelines to be able to let procurements out faster and is 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 and around the moon to enable sustained presence at the moon. So the executive order that was signed is complimentary, or our business is complimentary to that executive order, and we're aiming to support it as best we can. Great. Thank you.

Thank you.

Our next question comes from the line of Ronald Epstein from Bank of America. Please go ahead. Hi, good morning. This is Samantha Styro on for 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, Isaac Min, has called for a higher cadence of missions 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, you know, the vendor pool from CLPS 1, you know, 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 he'd like to see, you know, a launch a month to the moon in the future. And so calling for that kind of support cadence of missions 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. Great. Thank you.

Thank you.

Our next question comes from the line of Griffin Boss from B Riley Securities. Please go ahead. Good morning. Thanks for taking my question. So I just want to dig a little bit deeper into what you just mentioned there, Steve, on QLPS 2.0. So I know we're patiently awaiting LTV and other contracts like TT4, RGX, others, but QLPS 2.0 is kind of a new one on the horizon. Obviously, there was an RFI out earlier this year. I'm sure Intuitive responded to that. But Do you have any insight, you know, where that stands or I guess more definitively what the scale and scope of that could be, acknowledging 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, you know, that increased cadence of lunar landing that Dr. Mishra talked about last week. 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 of missions. And we're seeing that that's what's being called for. We've got to think through how to increase production to meet that cadence of missions.

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 budgets. But it's all positive is from what I'm hearing. That's great, Keller. Thank you, Steve. Appreciate you taking the question.

Thank you.

Our next question comes from the live Jeff Van Rie from Craig Howell. Good morning. 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 performance 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, you know, when we look at our guidance, you know, we are, you know, 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, you know, of it, you know, you're looking at about 66% of the revenue is coming out of land 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 performance and as we move into visibility through the quarters. Okay. Thanks, Pete.

Thank you.

Our next question comes from the line of Greg Pendy from Clear Street. Please go ahead. Hey, guys. Hey, thanks for taking my questions. Just a quick one here. I think you addressed, you know, 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, you know, hearing a lot how the moon's the 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. Thanks. 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 to 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, you know, 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 and where things are moving. And so there's been expressed interest in using our network for those reasons also. That's very helpful. Thanks a lot. Thank you. Okay. And that concludes the Q&A portion of this call. I'll hand it back over to Steve Altimus 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, and the future's 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.

Q3 2025 Earnings Call — November 4, 2025

Analyst Austin Muller (Canaccord): Hi. Good morning, Steve and Pete. So, just for 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?

Executive Name (Title): Lanteris is interesting. As you know, 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 were 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's essentially complete and ready to ship certainly in the near future.

Analyst Austin Muller (Canaccord): 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?

Executive Name (Title): 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 cislunar 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 the market-leading capability.

Analyst Austin Muller (Canaccord): Great. Thanks for all the details. Very exciting opportunity.

Analyst Edison Yu (Deutsche Bank): Thank you. Good morning, and congratulations on the transformative deal. Online tariffs, 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. It is a business that can grow quite healthy going forward, assuming it can win some of these contracts? What's sort of embedded in your outlook for that?

Executive Name (Title): 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 Lantaris' production scale and high reliability, we not only feed existing programs, on both the intuitive machine side and the land terrace 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'll create as taking the family of satellites that Lantaris 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 three tracking layer. We can talk about TDRS 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.

Analyst Edison Yu (Deutsche Bank): And as I said, you disclosed the backlog number, obviously, for Lantaris. Is there any way we can break that down in any deeper way, perhaps even by, you know, what programs would be the most in there in terms of customer exposure? Anything to share?

Executive Name (Title): 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 Lantaris will change that mix to increase the defense or national security portion of their portfolio.

Analyst Josh Sullivan (Jones Trading): Hey, good morning. Congratulations, Eric.

Executive Name (Title): Morning, Josh.

Analyst Josh Sullivan (Jones Trading): Steve, in the past, you've talked a lot about how IAM is a data company at its core. Can you just touch on how IAM and Lantaris here scale some of the data opportunities or just what you're thinking about there?

Executive Name (Title): Yeah, Josh, good morning. What we've said since over the past year or two is you've seen us form the company Intuitive Machines in terms of delivery services. You know, 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 relayed 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 pillar is the infrastructure service which you'll we're actually awaiting the outcome of the lunar terrain vehicle services contract and we expect that award late later in this year 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 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 Lantaris brings 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.

Analyst Josh Sullivan (Jones Trading): Got it. And then I guess, you know, due to its historical knowledge base around lunar operations and, you know, now the scale that Lantaris brings to bear, how might you be thinking about Artemis III or related tactical opportunities here?

Executive Name (Title): Yes, we actually are in a fantastic position to offer, build a team and offer solutions for the human landing system. You know, 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 Lantaris by our side and other companies joining our team. So you can expect an offering from Intuitive Machines.

Analyst Jonathan Siegman (Stiefel): Good morning. Congratulations on the transaction.

Executive Name (Title): Thanks, Jonathan.

Analyst Jonathan Siegman (Stiefel): Thanks for taking my question. 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?

Executive Name (Title): Yeah, 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 solicitation for what they call CT4. Again, the government shutdown has, you know, put a little bit of a monkey wrench in that, not sharing what the timing of that will be, whether that's supposed to be awarded by the end of the year. We do expect the LTBS demonstration mission to be awarded. From our understanding, 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 in 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 Nearspace Network Services contract.

That's a contract that not only supports the 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 in the national security space, we're exceptionally positioned to respond to opportunities that are coming out of SDA and the Golden Dome programs.

Analyst Jonathan Siegman (Stiefel): Thank you. And maybe if I could flip another one. Just in the capacity, you were successful in adding to your footprint in Houston recently, and now you will have a wider footprint with the acquisition. 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?

Executive Name (Title): Yes, it's good. The facility complement at Lantaris is incredible with three categories of satellites in their family, the 300 to 500 is a 1300 series well-oiled machine out there in Palo Alto and San Jose here in Houston. And you know, we have some serious hardware to build also. We have the Nova C for two additional missions. We have the Nova D heavy cargo mission for LTV. We have the LTV to build, and we're building the first three 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 Lantaris. So, much more capable satellites that then can prove out the capability for Mars data relay. And essentially, those satellites would be precursors to Mars data relay satellites in the future.

Analyst Alex Preston (Bank of America): Hey, guys. Good morning. Thanks for taking the question. So you noted in the release you're going to end the quarter with about $620 million in cash, deploy $450 million here. What's your comfort level given Lantaris' cash generation, or would you maybe look for incremental financing?

Executive Name (Title): Right now we have enough capital on the balance sheet to fund operations moving forward, even considering the combination with Lantaris. Lantaris is a cash-generating business, and the combination we expect continued operations with sufficient capital moving forward. Yeah. 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.

Analyst Alex Preston (Bank of America): Got it. Appreciate the color. And then maybe just a quick sort of housekeeping one. Steve, I think you talked about Lantaris' 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?

Executive Name (Title): That's by end market. So the commercial work is really the geo communications birds that they put up. That's really the 1300 series satellite, the larger satellites. The tracking data would fall into the national security.

Analyst Anand Shepherd (Cantor Fitzgerald): Hey, 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.

Executive Name (Title): Yeah, so I think if you look at the capabilities and the investment that Lantaris made in the 300-series satellite, that is a very capable satellite for a 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 Lantaris, 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.

Analyst Anand Shepherd (Cantor Fitzgerald): Got it. Thank you. 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?

Executive Name (Title): 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 Lantaris 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.

Analyst Vijay Homan (Craig Hallum): Hey, morning, guys. This is Vijay Homan on for Jeff Van Rie. Just had a quick one for you. I was kind of wondering, was Lantaris 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 Lantaris kind of the only one and sort of an opportunistic buy?

Executive Name (Title): 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 Lantaris 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.

Analyst Greg Pendy (ClearStreet): Hey, guys. Thanks for taking my question. 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?

Executive Name (Title): Well, we'll go through a standard antitrust review by the government from a regulatory standpoint. We feel that's fairly standard. That'll take, you know, 20 days to file and 30 days for the opinion from the government. We don't expect, you know, 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. You know, Lantaris 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 nine to 12 months, we'll do a full integration of two companies. We'll go through those challenges and put together a very strong company here in the coming months.

Analyst Griffin Boss (B. Reilly Securities): Hey, good morning. Thanks for taking my question. 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 Lantaris and the implications for NSNS. You talked about how potentially, I think I heard you correctly, that the fourth and fifth data relay satellite architecture might now look a little bit bigger with the addition of Lantaris's capabilities. But 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, you know, the first one going up on IM3, subsequent two going up on IM4, but maybe can you pull those forward and deploy that full five satellite constellation earlier than you might have otherwise anticipated?

Executive Name (Title): Yeah, 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 three, four 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, IM3, IM4, IM5, are spaced where we're planning to put the satellites up on those missions. If we can bring IM4 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 into translator injection and then off to the moon as soon as we can.

Analyst Griffin Boss (B. Reilly Securities): Got it. Okay, understood. Thanks for that. And then, yeah, 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, you know, 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?

Executive Name (Title): 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 one 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 deploy, 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 Brayton cycle or a Sterling cycle.

But the Jetson right now and the way we're thinking about propulsion is with a Sterling engine cycle, and so we'll test that out with AFRL. Just one note on the Fission Surface or FSP program, Maxar was, well, Lantaris was one of our partners on that in the last phase too. So we do have a long history of working with Lantaris over the last three to five years.

Analyst Suji De Silva (Roth Capital): Hi, Steve. Hi, Pete. Congrats on the transaction here. Just a clarification on Lantaris and the asset acquired versus Maxar. The revenue mix there, is there any recurring revenue or service revenue versus satellite product revenue in the acquired asset?

Executive Name (Title): The way I see it today is that it's product-based revenue, delivering the 300, 500, and 1300 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 serve 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 two 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.

Analyst Suji De Silva (Roth Capital): Okay. That helps me. Thanks. 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.

Executive Name (Title): Yeah, I'll tell you something. I'm very excited about that. You know, we've opened up a Center of Excellence for Mechanisms and Robotics in Maryland near BWI Airport in Glen Burnie. That team is exceptional. And then to incorporate the Lantaris robotics team with us, it's just a very strong and powerful combination. We currently have Lantaris or Maxar Space Systems on our LTBS team to provide the robotics arm for the LTBS. 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're 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 OMS contract, and the on-orbit satellite servicing and manufacturing, Maxar built the bus out of the 1300-series satellite for that mission.

So as we fly that potentially for the Space Force, what are the follow-on OSAMX 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.

Executive Name (Title): Looking forward to it. Thanks, Steve.

Executive Name (Title): Thanks, Suji.

Executive Name (Title): Thank you. And with no further questions in queue, I'd like to turn the conference back over to Steve Ultimis for any closing remarks.

Executive Name (Title): Well, thank you, everyone, for joining us this morning. And welcome to the Lantaris 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.