**Bullish Points:**
1. Revenue increased by $148.4 million to $228.0 million, driven by the OMES III contract and lunar payload missions (IM-1, IM-2, IM-3).
2. The Company raised approximately $116.9 million in net proceeds from a public offering and private placement in December 2024.
3. The redemption of all outstanding warrants resulted in gross proceeds of $176.6 million from warrant exercises in the first quarter of 2025.
4. The Company entered into a loan and security agreement with Stifel Bank, providing a secured revolving credit facility of up to $40.0 million.
5. The Company had cash and cash equivalents of $207.6 million and working capital of $194.3 million as of December 31, 2024.
6. The issuance of 4,705,883 shares of Class A Common Stock from the exercise of Initial Series A and B Warrants.
7. The Company raised net proceeds of approximately $97.5 million from the sale and issuance of 16,521,612 shares of Class A Common Stock under the ATM Program.
8. The conversion of Series A Preferred Stock into 7,738,743 shares of Class A Common Stock.
**Bearish Points:**
1. Cost of revenue increased by $121.2 million to $190.4 million, mainly due to the OMES III contract and lunar missions.
2. General and administrative expenses increased by $18.9 million to $53.3 million, due to higher headcount, increased employee compensation, and share-based compensation expenses.
3. The Company recorded an impairment charge of $5.0 million related to construction in progress.
4. The Company recorded a net loss of $346.9 million for the year ended December 31, 2024, primarily due to changes in fair value of earn-out liabilities and warrant liabilities, and loss on issuance of securities.
5. The Company recognized a loss of approximately $47.9 million due to warrant exercises.
6. The Company recognized a loss of approximately $58.8 million due to the increase in fair value of the Conversion Series A Warrant liabilities.
**Summary:**
Intuitive Machines (LUNR) demonstrated significant revenue growth and successfully raised substantial capital through public offerings, warrant exercises, and a secured revolving credit facility. However, the company faced increased costs, higher administrative expenses, and substantial net losses due to changes in fair value of liabilities and impairment charges. The financial report reflects both positive growth in revenue and capital raising activities, as well as challenges related to increased expenses and net losses.
For more information, you can read the original text of Intuitive Machines (LUNR)'s financial report.
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