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Income Taxes (Tables)

12 Months Ended

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
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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
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