Timothy Price Crain II, the Senior Vice President and Chief Growth Officer at Intuitive Machines, Inc. (NASDAQ:LUNR), recently sold 400,000 shares of the company's Class A Common Stock. The shares were sold at an average price of $12.1039, totaling approximately $4.84 million. This transaction was conducted as part of a pre-established Rule 10b5-1 trading plan. The sale leaves Crain with 362,810 shares of Class A Common Stock following the transaction.
Additionally, Crain executed several other transactions, including the acquisition of 400,000 shares of Class A Common Stock through the redemption of Common Units, which do not have a specified price. Simultaneously, 400,000 shares of Class C Common Stock were disposed of, as these are automatically canceled upon the redemption of Common Units.
In other recent news, Intuitive Machines reported a significant year-over-year revenue increase in Q3 2024, soaring to $58.5 million, marking a 359% rise. The company also announced a record cash balance of $89.6 million and a substantial backlog valued at $316.2 million. These developments are largely attributed to lunar delivery missions and the recently acquired Near Space Network Services (NSNS) contract, potentially worth up to $4.82 billion over the next decade.
Operating loss decreased to $13.7 million from $24.0 million, despite a $5 million impairment. The company also reported a gross profit for the quarter of $4.1 million, a stark contrast to the $13.8 million loss last year. Full-year revenue guidance was narrowed to $215 million to $235 million, with expectations to hit the midpoint.
In terms of future expectations, management expressed confidence in liquidity through at least the end of 2024 and remains open to opportunistic capital additions. Emphasis was placed on the regular cadence of lunar missions necessary for sustained human presence on the Moon. These are some of the recent developments at Intuitive Machines.
InvestingPro Insights
Intuitive Machines, Inc. (NASDAQ:LUNR) has been experiencing significant market attention, as evidenced by its recent stock performance. According to InvestingPro data, LUNR has shown a strong return over the last month, with a 26.61% price total return, and an even more impressive 151.97% return over the last three months. This aligns with the timing of Timothy Price Crain II's substantial stock sale, suggesting he may be capitalizing on the stock's recent momentum.
The company's market capitalization stands at $1.51 billion, reflecting investor optimism about its future prospects. This optimism is further supported by an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. Indeed, LUNR's revenue growth for the last twelve months as of Q2 2024 was a robust 86.74%, with quarterly revenue growth in Q2 2024 reaching an impressive 130.13%.
However, it's important to note that despite strong top-line growth, LUNR is not currently profitable. The company reported a negative gross profit margin of -9.58% for the last twelve months, and an InvestingPro Tip warns that it suffers from weak gross profit margins. This financial situation may explain why another InvestingPro Tip suggests that analysts do not anticipate the company will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for LUNR, providing a deeper understanding of the company's financial health and market position.
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