Intuitive Machines 10-Q 季度報告 （截至 2026 年 3 月 31 日，2026 財年第一季）

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
(Mark One)

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
OR

¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______
Commission file number 001-40823
____________________________
INTUITIVE MACHINES, INC.
(Exact name of registrant as specified in its charter)
____________________________

Delaware36-5056189
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

13467 Columbia Shuttle Street
Houston, Texas
77059
(Address of Principal Executive Offices)(Zip Code)

(281) 520-3703
Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share
LUNR
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer
o
Accelerated filer
o

Non-accelerated filer
x
Smaller reporting company
o

Emerging growth company
x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

As of May 7, 2026, the Registrant had 160,452,309 shares of Class A common stock, $0.0001 par value per share, 0 shares of Class B common stock, $0.0001 par value per share, and 56,568,640 shares of Class C common stock, $0.0001 par value per share, outstanding. 

INTUITIVE MACHINES, INC.
Table of Contents

Page
Part I – Financial Information
1

Item 1. Financial Statements
1

Unaudited Condensed Consolidated Balance Sheets
2

Unaudited Condensed Consolidated Statements of Operations
3

Unaudited Condensed Consolidated Statements of Mezzanine Equity
4

Unaudited Condensed Consolidated Statements of Shareholders’ Deficit
5

Unaudited Condensed Consolidated Statements of Cash Flows
6

Notes to Unaudited Condensed Consolidated Financial Statements
7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 
36

Item 3. Quantitative and Qualitative Disclosures About Market Risk
51

Item 4. Controls and Procedures
52

Part II – Other Information 
53

Item 1. Legal Proceedings
53

Item 1A. Risk Factors
53

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
53

Item 3. Defaults Upon Senior Securities
53

Item 4. Mine Safety Disclosures
53

Item 5. Other Information
53

Item 6. Exhibits
54

Signatures
55

Each of the terms the “Company,” “Intuitive Machines,” “IM,” “we,” “us,” or “our” and similar terms used herein refer collectively to Intuitive Machines, Inc. (formerly known as Inflection Point Acquisition Corp or “IPAX”) and its consolidated subsidiaries, unless otherwise stated.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to statements regarding our expectations and plans relating to our missions to the Moon and other projects, including the expected timing thereof and our progress and preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding protests of government contracts awarded to us; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long term sustainable shareholder value; and our expectations on revenue and cash generation. These forward-looking statements reflect our predictions, projections or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this Quarterly Report:

•our reliance upon the efforts of our key personnel and Board of Directors (the “Board”) to be successful;
•as part of growing our business, we have made and may continue to make acquisitions. Any acquisitions, partnerships or joint ventures into which we enter subject to integration risks and could disrupt our operations; 
•our failure to manage our growth effectively and failure to win new contracts;
•our ability to generate a sustainable order rate for the satellite and space operations and develop new technologies to meet the needs of our customers or potential new customers;
•our customer concentration;
•our limited operating history;
•competition from existing or new companies;
•disruptions in U.S. government operations and funding, including government shutdowns;
•unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities;
•failure of the market for commercial spaceflight to achieve the growth potential we expect;
•any delayed launches, launch failures, failure of landers to conduct all mission milestones, failure of our satellites to reach their planned orbital locations, failure of lunar landers to reach their planned locations, significant increases in the costs related to the launches of satellites and lunar landers, and insufficient capacity available from satellite developers and launch service providers;
•risks associated with commercial spaceflight, including any accident on launch or during the journey into space;
•risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations;
•our reliance on a limited number of suppliers for certain materials and supplied components, including a single launch service provider for our lunar missions; 
•failure of our products to operate in the expected manner or defects in our sub-systems;
•the future revenue and operating results of the satellite integrated build capability are dependent on our ability to generate a sustainable order rate for the satellite and space operations and develop new technologies to meet the needs of our customers or potential new customers;

•counterparty risks on customer contracts and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations;
•failure to successfully defend protest from other bidders for government contracts;
•failure to comply with various laws and regulations relating to various aspects of our business, uncertainty in the regulatory environment and any changes in the funding levels of various governmental entities with which we do business;
•our failure to protect the confidentiality of our trade secrets and unpatented know how;
•our failure to comply with the terms of third-party open source software our systems utilize;
•our ability to maintain an effective system of internal control over financial reporting, and to address and remediate any material weaknesses in our internal control over financial reporting;
•we may use artificial intelligence (“AI”) in our business or systems, and challenges with properly managing its use could result in competitive and reputational harm;
•the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year that may result in government shutdowns or extended continuing resolution and our dependence on U.S. government contracts and the available funding or changing funding priorities by the U.S. government; 
•our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations;
•uncertain macro-economic and U.S. domestic and foreign political conditions and elevated inflation and interest rates;
•uncertain impacts of geopolitical conflicts, including the ongoing wars in Ukraine, Israel, Iran or other global conflicts;
•our history of losses and failure to achieve profitability in the future or failure of our business to generate sufficient funds to continue operations; 
•the cost and potential outcomes of pending and any future litigation;
•our public securities’ potential liquidity and trading; 
•the sufficiency and anticipated use of our existing capital resources to fund our future operating expenses and capital expenditure requirements and needs for additional financing in light of our recent acquisitions; and
•other factors detailed under the section titled Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report on Form 10-K”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report and in our subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”).

These forward-looking statements are based on information available as of the date of this Quarterly Report and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. We intend the forward-looking statements contained in this Quarterly Report to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, the (“Exchange Act”).

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Available Information

Our website address is www.intuitivemachines.com. The contents of, or information accessible through, our website are not incorporated by reference herein and are not part of this quarterly report. We make our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports, as well as beneficial ownership filings available free of charge on our website under the “Investors” section as soon as reasonably practical after we file such reports with, or furnish such reports to, the SEC.

We may use our website as a distribution channel of material information about us. Financial and other important information regarding the Company is routinely posted on and accessible through the Investors section of our website at www.intuitivemachines.com. 

Part I – Financial Information

Item 1. Financial Statements
1

INTUITIVE MACHINES, INC.
Condensed Consolidated Balance Sheets
(in thousands, except share data and par value)
(Unaudited)
March 31,
2026December 31,
2025

ASSETS
Current assets
Cash and cash equivalents$231,624 $582,606 
Restricted cash11,741 2,733 
Trade and other receivables, net of allowance for credit losses of $3,652 and $3,295, respectively
105,788 12,193 

Contract assets
48,022 12,236 
Inventory, net57,873 — 
Advances to suppliers
25,896 3,353 
Prepaid and other current assets24,334 5,693 
Total current assets505,278 618,814 
Orbital receivables, non-current217,518 — 
Property and equipment, net244,220 68,550 
Intangible assets, net304,130 12,968 
Goodwill379,840 18,697 
Operating lease right-of-use assets66,032 36,755 
Finance lease right-of-use assets86 94 

Other assets843 1,276 
Total assets$1,717,947 $757,154 
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued expenses$89,335 $22,199 
Accounts payable - affiliated companies2,405 1,723 

Contract liabilities, current205,575 57,368 
Operating lease liabilities, current27,698 10,466 
Finance lease liabilities, current33 48 
Other current liabilities90,416 33,028 
Total current liabilities415,462 124,832 
Long-term debt, net335,844 335,335 
Contract liabilities, non-current2,731 6,341 
Pension and other postretirement benefits52,030 — 
Operating lease liabilities, non-current62,793 26,290 
Finance lease liabilities, non-current24 20 

Warrant liabilities69,816 60,394 
Other non-current liabilities48,092 240 
Total liabilities986,792 553,452 
Commitments and contingencies (Note 18)

MEZZANINE EQUITY
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding
6,776 6,613 
Redeemable noncontrolling interests1,057,816 951,536 
SHAREHOLDERS’ DEFICIT

Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 162,010,801 and 123,472,960 shares issued, and 159,819,721 and 121,281,880 outstanding
16 12 
Class B common stock, $0.0001 par value, 100,000,000 shares authorized, 0 shares issued and outstanding
— — 
Class C common stock, $0.0001 par value, 100,000,000 shares authorized, 56,994,367 and 58,628,185 shares issued and outstanding
6 6 
Treasury stock, at cost, 2,191,080 shares
(33,525)(33,525)
Paid-in capital— — 
Accumulated deficit
(300,794)(721,457)

Total shareholders’ deficit attributable to the Company(334,297)(754,964)
Noncontrolling interests 860 517 
Total shareholders’ deficit(333,437)(754,447)
Total liabilities, mezzanine equity and shareholders’ deficit$1,717,947 $757,154 

The accompanying notes are an integral part of these condensed consolidated financial statements
2

 INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)

Three Months Ended March 31,
20262025
Revenues:
Product revenue
$141,554 $— 
Service revenue42,076 62,524 
Grant revenue
3,100 — 
Total revenues
186,730 62,524 
Operating expenses:
Cost of product revenue (excluding depreciation and amortization)113,913 — 
Cost of service revenue (excluding depreciation and amortization)33,660 48,925 
Cost of grant revenue (excluding depreciation and amortization)3,101 — 
Cost of service revenue (excluding depreciation and amortization) - affiliated companies5,949 6,922 
Depreciation and amortization13,048 623 

Research and development5,589 911 
General and administrative expense (excluding depreciation and amortization)50,671 15,220 
Total operating expenses225,931 72,601 
Operating loss(39,201)(10,077)
Other income (expense), net:
Interest income1,431 1,419 
Interest expense(4,885)(26)
Change in fair value of earn-out liabilities— (33,369)
Change in fair value of warrant liabilities(9,422)43,002 
Change in fair value of contingent consideration liabilities(521)— 

Other income, net72 26 
Total other income (expense), net(13,325)11,052 
Income (loss) before income taxes(52,526)975 
Income tax expense(2)— 
Net income (loss)(52,528)975 
Net income (loss) attributable to redeemable noncontrolling interest(15,484)11,909 
Net income attributable to noncontrolling interest343 462 
Net loss attributable to the Company(37,387)(11,396)
Less: Preferred dividends(162)(147)
Net loss attributable to Class A common shareholders$(37,549)$(11,543)

Net loss per share

Net loss per share of Class A common stock - basic and diluted$(0.25)$(0.11)

Weighted-average common shares outstanding
Weighted average shares outstanding - basic and diluted147,878,006107,081,918

The accompanying notes are an integral part of these condensed consolidated financial statements
3

INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of Mezzanine Equity
(In thousands except per share data)
(Unaudited)

Three Months Ended March 31, 2026
Series A Preferred StockRedeemable Noncontrolling Interest
SharesAmount
Balance, December 31, 20255,000$6,613 $951,536 

Cumulative preferred dividends—162 — 
Accretion of preferred stock discount—1 — 

Subsequent remeasurement of redeemable noncontrolling interests—— 121,764 
Net loss attributable to redeemable noncontrolling interests—— (15,484)
Balance, March 31, 20265,000$6,776 $1,057,816 

Three Months Ended March 31, 2025
Series A Preferred StockRedeemable Noncontrolling Interest
SharesAmount
Balance, December 31, 20245,000 $5,990 $1,005,965 

Cumulative preferred dividends—147 — 
Accretion of preferred stock discount—2 — 

Subsequent remeasurement of redeemable noncontrolling interests—— (561,176)
Net income attributable to redeemable noncontrolling interests—— 11,909 
Balance, March 31, 20255,000$6,139 $456,698 

The accompanying notes are an integral part of these condensed consolidated financial statements
4

INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of Shareholders’ Deficit
(In thousands except per share data)
(Unaudited)

Three Months Ended March 31, 2026
Common Stock
Class ACommon Stock
Class CTreasury StockPaid-in 
CapitalAccumulated 
DeficitShareholders’ Deficit attributable to the CompanyNCITotal Shareholders’ Deficit
SharesAmountSharesAmount
Balance, December 31, 2025123,472,960$12 58,628,185$6 $(33,525)$— $(721,457)$(754,964)$517 $(754,447)
Share-based compensation expense—— —— — 8,842 — 8,842 — 8,842 

Cumulative preferred dividends—— —— — (162)— (162)— (162)
Accretion of preferred stock discount—— —— — (1)— (1)— (1)

Acquisition of Lanteris and related adjustments (Notes 3)22,991,0282 —— — 403,687 — 403,689 — 403,689 

Class A common stock issued related to contingency consideration release (Notes 3 and 16)13,336— —— — — — — — — 
Class A common stock issued related to Securities Purchase Agreement (Note 12)11,574,0691 —— — 167,449 — 167,450 — 167,450 

Class A common stock issued related to RSU and RSS awards2,325,5901 —— — (1)— — — — 

Class A common stock issued for Class C shares canceled1,633,818— (1,633,818)— — — — — — — 

Subsequent remeasurement of redeemable noncontrolling interests—— — — — (579,814)458,050 (121,764)— (121,764)

Net income attributable to noncontrolling interest—— — — — — — — 343 343 
Net loss attributable to the Company—— — — — — (37,387)(37,387)— (37,387)
Balance, March 31, 2026162,010,801$16 56,994,367$6 $(33,525)$— $(300,794)$(334,297)$860 $(333,437)

Three Months Ended March 31, 2025
Common Stock
Class ACommon Stock
Class CTreasury StockPaid-in 
CapitalAccumulated 
DeficitShareholders’ Deficit attributable to the CompanyNCITotal Shareholders’ Deficit
SharesAmountSharesAmount
Balance, December 31, 2024101,859,000$10 55,394,533$6 $(12,825)$— $(996,453)$(1,009,262)$1,228 $(1,008,034)
Share-based compensation expense—— —— — 2,844 — 2,844 — 2,844 

Cumulative preferred dividends—— —— — (147)— (147)— (147)
Accretion of preferred stock discount—— —— — (2)— (2)— (2)
Class A common stock issued for warrants exercised, net of redemption cost15,358,2292 —— —176,552 — 176,554 — 176,554 
Repurchase of Class A common stock—— —— (20,700)— — (20,700)— (20,700)

Class A common stock issued for stock options exercised18,790— —— — (69)— (69)— (69)
Class A common stock issued for vested RSUs and PSUs500,580— —— — (3,436)— (3,436)— (3,436)

Class A common stock issued for Class C shares canceled1,592,729(1,592,729)— — — — — — 

Issuance of Class C common stock related to earn-out awards (Note 16)—— 7,500,000— — 167,525 — 167,525 — 167,525 

Subsequent remeasurement of redeemable noncontrolling interests—— —— — (343,267)904,443 561,176 — 561,176 
Net income attributable to noncontrolling interest—— —— — — — — 462 462 
Net loss attributable to the Company—— —— — — (11,396)(11,396)— (11,396)
Balance, March 31, 2025119,329,328$12 61,301,804$6 $(33,525)$— $(103,406)$(136,913)$1,690 $(135,223)

The accompanying notes are an integral part of these condensed consolidated financial statements
5

INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
20262025
Cash flows from operating activities:
Net income (loss)$(52,528)$975 
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization13,048 623 
Bad debt expense357 — 

Amortization of debt discount and issuance costs277 — 
Share-based compensation expense8,842 2,844 

Change in fair value of earn-out liabilities— 33,369 
Change in fair value of warrant liabilities9,422 (43,002)
Change in fair value of contingent consideration liabilities521 — 

Other(1,927)194 
Changes in operating assets and liabilities:
Trade and other receivables, net1,275 15,418 

Inventory, net(1,726)— 
Contract assets(12,642)13,077 
Prepaid expenses(17,685)(1,576)
Orbital receivables, net7,689 — 
Other assets, net3,012 547 
Accounts payable and accrued expenses26,483 5,856 
Accounts payable – affiliated companies682 1,789 
Contract liabilities – current and long-term(17,119)(8,626)
Securitization liabilities(2,692)— 
Pension and other postretirement benefits(2,763)— 
Other liabilities(17,294)(2,069)
Net cash provided by (used in) operating activities(54,768)19,419 
Cash flows from investing activities:
Purchase of property and equipment(9,876)(6,122)

Acquisition of businesses, net of cash acquired(444,779)— 
Net cash used in investing activities(454,655)(6,122)
Cash flows from financing activities:

Warrants exercised— 176,620 
Redemption of warrants— (66)

Transaction costs related to the issuance of securities(7,550)— 

Repurchase of Class A Common Stock— (20,700)

Proceeds from issuance of securities175,000 — 

Payment of withholding taxes from share-based awards(1)(3,505)

Net cash provided by financing activities167,449 152,349 
Net increase (decrease) in cash, cash equivalents and restricted cash(341,974)165,646 
Cash, cash equivalents and restricted cash at beginning of the period585,339 209,649 
Cash, cash equivalents and restricted cash at end of the period243,365 375,295 
Less: restricted cash11,741 2,042 
Cash and cash equivalents at end of the period$231,624 $373,253 

Supplemental disclosure of cash flow information
Cash paid for interest$23 $— 
Cash paid for taxes$70 $66 
Accrued capital expenditures$10,092 $930 

Noncash investing activities:
Class A Common Stock issued in acquisition, at fair value$403,952 $— 

Noncash financing activities:

Issuance of Class C Common Stock related to earn-out awards (Note 16)$— $167,525 

Preferred dividends$(162)$(147)

The accompanying notes are an integral part of these condensed consolidated financial statements
6

INTUITIVE MACHINES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BUSINESS DESCRIPTION

Intuitive Machines, Inc. (formerly known as Inflection Point Acquisition Corp. or “IPAX”), collectively with its subsidiaries (the “Company,” “IM,” “Intuitive Machines,” “we,” “us” or “our”) is a space technology, infrastructure, and services company that is contributing to the establishment of cislunar infrastructure and commerce. Cislunar encompasses objects in orbit in the Earth-Moon system and on the Lunar surface. We are focused on establishing the lunar infrastructure and basis for commerce to inform and sustain human presence off Earth. We believe our business is well positioned for continued growth and expansion as we scale these services. Our vision is that our infrastructure services enable our customers to focus on their unique contributions to create a thriving, diverse cislunar economy and expand the commercial space exploration marketplace. IM is currently headquartered in Houston, Texas.

Intuitive Machines, Inc. was a blank check company originally incorporated on January 27, 2021 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On September 24, 2021, IPAX consummated an initial public offering, after which its securities began trading on the Nasdaq Stock Market LLC (the “Nasdaq”). 

IPAX Business Combination

On September 16, 2022, IPAX entered into a certain Business Combination Agreement (the “Business Combination Agreement”) by and between IPAX and Intuitive Machines, LLC, a Delaware limited liability company (formerly, a Texas limited liability company). On February 10, 2023, IPAX filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and certificate of corporate domestication with the Secretary of State of the State of Delaware, pursuant to which IPAX was domesticated and continues as a Delaware corporation, changing its name to “Intuitive Machines, Inc.” 

On February 13, 2023 (the “Closing Date”), Intuitive Machines, Inc. and Intuitive Machines, LLC consummated the previously announced business combination (the “Business Combination”) and related transactions (the “Transactions”) contemplated by the Business Combination Agreement. As a result of the Transactions, all of the issued and outstanding common units of Intuitive Machines, LLC were converted into common stock of Intuitive Machines, Inc. using an exchange ratio of 0.5562 shares of Intuitive Machines, Inc. common stock per each unit of Intuitive Machines, LLC Common Unit. In addition, Intuitive Machines, LLC’s share-based compensation plan and related share-based compensation awards were exchanged or converted, as applicable, into common stock of Intuitive Machines, Inc.

In connection with the Transactions, the Company was reorganized into an umbrella partnership C corporation (or “Up-C”) structure, in which substantially all of the assets and business of the Company are held by Intuitive Machines, LLC and continue to operate through Intuitive Machines, LLC and its subsidiaries. Intuitive Machines, Inc. is a holding company whose only material asset is its equity ownership interests of Intuitive Machines, LLC. While Intuitive Machines, LLC became a subsidiary of Intuitive Machines, Inc. and Intuitive Machines, Inc. was appointed as its managing member, Intuitive Machines, LLC was deemed to be the acquirer i