**Bullish Points:**
1. Revenue for the nine months ended September 30, 2024, increased by $124.4 million, or 254%, compared to the same period in 2023, driven by the OMES III contract execution and the successful completion of the IM-1 mission.
2. The company raised approximately $97.5 million in net proceeds from the ATM Program during the second and third quarters of 2024.
3. Backlog as of September 30, 2024, was $316.2 million, an increase of $47.6 million from December 31, 2023, due to new awards and task order modifications.
**Bearish Points:**
1. Cost of revenue for the nine months ended September 30, 2024, increased by $97.6 million, or 132%, compared to the same period in 2023, primarily due to the OMES III contract and increased costs on the IM-2 and IM-3 missions.
2. General and administrative expenses for the nine months ended September 30, 2024, increased by $11.8 million compared to the same period in 2023, driven by higher share-based compensation, employee compensation, professional services, and rent expenses.
3. The company recorded an impairment charge of approximately $5.0 million in the third quarter of 2024 related to certain assets under development that were not in compliance with contract specifications.
4. The company reported a net loss of $181.8 million for the nine months ended September 30, 2024, compared to a net income of $7.2 million for the same period in 2023, primarily due to changes in fair value of earn-out liabilities and warrant liabilities, and loss on issuance of securities.
5. Cash and cash equivalents as of September 30, 2024, were $89.6 million, with net cash used in operating activities of $55.6 million for the nine months ended September 30, 2024.
**Summary:**
Intuitive Machines (LUNR) has shown significant revenue growth and an increase in backlog, indicating strong demand and successful contract execution. However, the company faces challenges with increased costs, higher general and administrative expenses, and a substantial net loss. The impairment charge and net cash used in operating activities also highlight financial pressures. The recent capital raise provides some liquidity relief, but the overall financial health remains mixed.
For more information, you can read the original text of Intuitive Machines (LUNR)'s financial report.
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