Intuitive Machines Inc. shares were up 16% in premarket trades after the space-exploration company reported better-than-expected third-quarter revenue and narrowed its full-year outlook.
Revenue for the three months ending Sept. 30 was $58.5 million, up from $12.7 million in the same period last year, above the FactSet consensus of $50.9 million. The company's $173.3 million of revenue year-to-date is more than double the revenue figure for all of 2023, Intuitive Machines said.
The company reported a net loss of $55.5 million, contrasting with a profit of $32.6 million in the prior year's quarter. Intuitive Machines did not provide a loss per share number.
Intuitive Machines also reported a record backlog of $316.2 million, which it attributed primarily to its fourth award under NASA's next Commercial Lunar Payload Services program. The backlog does not yet include the full $150 million of initial task orders for NASA's Near Space Network data services contract, the company added. Intuitive Machines was recently awarded the NASA Near Space Network contract for communication and navigation services for missions in the near-space region, which extends from Earth's surface to beyond the Moon. The contract has a maximum potential value of $4.82 billion.
The Houston-based company, which made history earlier this year when its Odysseus lander became the first commercial lander to successfully land on the moon's surface, also narrowed its full-year revenue outlook for 2024. Intuitive Machines now expects full-year revenue of $215 million to $235 million, compared with its prior guidance of $210 million to $240 million.
Intuitive Machines shares are up 360.3% in 2024, outpacing the S&P 500 index's SPX gain of 25.5%.
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