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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s consolidated income tax provision consisted of the following components (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Current: |  |  |
Federal | $ | — |  |  | $ | — |
State | 33 |  |  | (16) |
Deferred: |  |  |
Federal | — |  |  | — |
State and local | 7 |  |  | (7) |
Total income tax provision (benefit) | $ | 40 |  |  | $ | (23) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the income tax provision computed at the Company’s effective tax rate is as follows (in thousands except for rates):
| Year Ended December 31,
| 2023 |  | 2022
Income/(loss) before income taxes | $ | 15,062 |  |  | $ | (6,428) |
Statutory income tax rate | 21.0 | % |  | 21.0 | %
Expected income tax expense/(benefit) | 3,163 |  |  | (1,349) |
Noncontrolling interest | 10,052 |  |  | — |
Nontaxable entity | — |  |  | 1,348 |
Fair value activity on earn-out liability | (13,913) |  |  | — |
Other permanent differences | (1,796) |  |  | — |
Research and development benefit | (611) |  |  | — |
State income tax expense | (703) |  |  | (23) |
Change in valuation allowance | 3,949 |  |  | 1 |
Other | (101) |  |  | — |
Total income tax provision (benefit) | $ | 40 |  |  | $ | (23) |
Effective tax rate | 0.27 | % |  | 0.36 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating losses | $ | 391 |  |  | $ | 165 |
Restricted stock options | 184 |  |  | — |
Property and equipment | — |  |  | 11 |
Inventory | — |  |  | 148 |
Deferred revenue | 9 |  |  | 12 |
Investment in Intuitive Machines, LLC | 67,599 |  |  | — |
Other deferred tax assets | 1,103 |  |  | — |
Total deferred tax assets | 69,286 |  |  | 336 |
Valuation allowance | (69,265) |  |  | (324) |
Net deferred tax assets | 21 |  |  | 12 |
Deferred tax liabilities: |  |  |
Section 481(a) adjustment | (21) |  |  | (5) |
Total deferred tax liabilities | (21) |  |  | (5) |
Net deferred tax asset (liability) | $ | — |  |  | $ | 7 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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