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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Other Current Liabilities

As of September 30, 2024 and December 31, 2023, other current liabilities consisted of the following (in thousands):

			September 30, 2024						December 31, 2023
Payroll accruals			10,314						2,553
Income tax payable			59						20
Professional fees accruals			1,064						832
Commercial insurance financing			255						493
Commitment shares liability (see Note 7)			—						755
Other accrued liabilities			672						94
Other current liabilities			$	12,364					$	4,747

Schedule of Error Corrections on the Consolidated Balance Sheet and Consolidated Statement of Operations

The effect of the corrections on the consolidated balance sheets at December 31, 2023, September 30, 2023, and December 31, 2022 are as follows (in thousands):

			December 31, 2023
Revised Balance Sheet Amounts:			As Previously Reported						Adjustments						As Corrected
Accounts payable - affiliated companies			$	3,493					$	2,293					$	5,786
Contract liabilities, current			$	45,511					$	(4,140)					$	41,371
Total current liabilities			$	83,380					$	(1,847)					$	81,533
Total liabilities			$	139,327					$	(1,847)					$	137,480
Accumulated deficit			$	(250,466)					$	1,847					$	(248,619)
Total shareholders’ deficit			$	(263,282)					$	1,847					$	(261,435)

			September 30, 2023
Revised Balance Sheet Amounts:			As Previously Reported						Adjustments						As Corrected
Accounts payable - affiliated companies			$	1,060					$	1,853					$	2,913
Contract liabilities, current			$	49,679					$	(5,105)					$	44,574
Total current liabilities			$	100,907					$	(3,252)					$	97,655
Contract liabilities, non-current			$	566					$	(214)					$	352
Total liabilities			$	162,948					$	(3,466)					$	159,482
Accumulated deficit			$	(333,398)					$	3,466					$	(329,932)
Total shareholders’ deficit			$	(346,214)					$	3,466					$	(342,748)

			December 31, 2022
Revised Balance Sheet Amounts:			As Previously Reported						Adjustments						As Corrected
Accounts payable - affiliated companies			$	442					$	904					$	1,346
Contract liabilities, current			$	56,656					$	(10,015)					$	46,641
Total current liabilities			$	95,180					$	(9,111)					$	86,069
Contract liabilities, non-current			$	2,188					$	2,383					$	4,571
Total liabilities			$	124,623					$	(6,728)					$	117,895
Accumulated deficit			$	(72,587)					$	6,728					$	(65,859)
Total shareholders’ deficit			$	(57,619)					$	6,728					$	(50,891)

The effect of the corrections on the consolidated statement of operations for the fiscal years ended December 31, 2023 and 2022 are as follows (in thousands, except per share amounts):

			Year Ended December 31, 2023
Revised Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Revenue			$	79,521					$	30					$	79,551
Cost of revenue (excluding depreciation)			$	97,523					$	3,521					$	101,044
Cost of revenue (excluding depreciation) - affiliated companies			$	2,949					$	—					$	2,949
General and administrative expense (excluding depreciation)			$	32,946					$	1,391					$	34,337
Total operating expenses			$	135,758					$	4,912					$	140,670
Operating loss			$	(56,237)					$	(4,882)					$	(61,119)
Income before income taxes			$	15,062					$	(4,882)					$	10,180
Net income			$	15,022					$	(4,882)					$	10,140
Net loss attributable to Intuitive Machines, LLC prior to the Business Combination			$	(5,751)					$	(730)					$	(6,481)
Net income (post Business Combination)			$	20,773					$	(4,152)					$	16,621
Net loss attributable to redeemable noncontrolling interest			$	(42,031)					$	(3,110)					$	(45,141)
Net income attributable to the Company			$	62,804					$	(1,042)					$	61,762
Net income attributable to Class A common shareholders			$	60,461					$	(1,042)					$	59,419
Net income per share:
Net income per share of Class A common stock - basic			$	3.43					$	(0.06)					$	3.37
Net income per share of Class A common stock - diluted			$	2.46					$	(0.04)					$	2.42

			Year Ended December 31, 2022
Revised Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Revenue			$	85,946					$	1,166					$	87,112
Cost of revenue (excluding depreciation)			$	75,513					$	1,475					$	76,988
General and administrative expense (excluding depreciation)			$	14,868					$	903					$	15,771
Total operating expenses			$	91,453					$	2,378					$	93,831
Operating loss			$	(5,507)					$	(1,212)					$	(6,719)
Loss before income taxes			$	(6,428)					$	(1,212)					$	(7,640)
Net loss			$	(6,405)					$	(1,212)					$	(7,617)
Net loss attributable to Intuitive Machines, LLC prior to the Business Combination			$	(6,405)					$	(1,212)					$	(7,617)

The effect of the corrections on the condensed consolidated statement of operations for the three months ended March 31, 2024 and 2023 are as follows (in thousands, except per share amounts):

			Three Months Ended March 31, 2024
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Revenue			$	73,068					$	151					$	73,219
Cost of revenue (excluding depreciation)			$	51,552					$	(1,712)					$	49,840
Cost of revenue (excluding depreciation) - affiliated companies			$	9,359					$	—					$	9,359
General and administrative expense (excluding depreciation)			$	17,143					$	(762)					$	16,381
Total operating expenses			$	78,468					$	(2,474)					$	75,994
Operating loss			$	(5,400)					$	2,625					$	(2,775)
Loss before income taxes			$	(120,656)					$	2,625					$	(118,031)
Net loss			$	(120,656)					$	2,625					$	(118,031)
Net loss (post Business Combination)			$	(120,656)					$	2,625					$	(118,031)
Net loss attributable to redeemable noncontrolling interest			$	(23,291)					$	1,774					$	(21,517)
Net loss attributable to the Company			$	(98,337)					$	851					$	(97,486)
Net loss attributable to Class A common shareholders			$	(98,808)					$	851					$	(97,957)
Net loss per share:
Net loss per share of Class A common stock - basic and diluted			$	(2.70)					$	0.02					$	(2.68)

			Three Months Ended March 31, 2023
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Cost of revenue (excluding depreciation)			$	23,126					$	1,006					$	24,132
General and administrative expense (excluding depreciation)			$	8,777					$	487					$	9,264
Total operating expenses			$	32,199					$	1,493					$	33,692
Operating loss			$	(13,963)					$	(1,493)					$	(15,456)
Loss before income taxes			$	(20,232)					$	(1,493)					$	(21,725)
Net loss			$	(23,447)					$	(1,493)					$	(24,940)
Net loss attributable to Intuitive Machines, LLC prior to the Business Combination			$	(5,751)					$	(730)					$	(6,481)
Net loss (post Business Combination)			$	(17,696)					$	(763)					$	(18,459)
Net loss attributable to redeemable noncontrolling interest			$	(8,336)					$	(618)					$	(8,954)
Net loss attributable to the Company			$	(9,360)					$	(145)					$	(9,505)
Net loss attributable to Class A common shareholders			$	(9,688)					$	(145)					$	(9,833)
Net loss per share:
Net loss per share of Class A common stock - basic and diluted			$	(0.64)					$	(0.01)					$	(0.65)

The effect of the corrections on the condensed consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands, except per share amounts):

			Three Months Ended June 30, 2024
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Revenue			$	41,408					$	233					$	41,641
Cost of revenue (excluding depreciation)			$	47,838					$	590					$	48,428
Cost of revenue (excluding depreciation) - affiliated companies			$	9,264					$	—					$	9,264
General and administrative expense (excluding depreciation)			$	12,057					$	(1,031)					$	11,026
Total operating expenses			$	69,582					$	(441)					$	69,141
Operating loss			$	(28,174)					$	674					$	(27,500)
Income before income taxes			$	15,981					$	674					$	16,655
Net income			$	15,981					$	674					$	16,655
Net income (post Business Combination)			$	15,981					$	674					$	16,655
Net loss attributable to redeemable noncontrolling interest			$	(3,088)					$	283					$	(2,805)
Net income attributable to the Company			$	18,280					$	391					$	18,671
Net income attributable to Class A common shareholders			$	18,143					$	391					$	18,534
Net income per share:
Net income per share of Class A common stock - basic			$	0.33					$	0.01					$	0.34
Net income per share of Class A common stock - diluted			$	0.29					$	0.01					$	0.30

			Three Months Ended June 30, 2023
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Cost of revenue (excluding depreciation)			$	22,481					$	582					$	23,063
General and administrative expense (excluding depreciation)			$	8,376					$	403					$	8,779
Total operating expenses			$	31,176					$	985					$	32,161
Operating loss			$	(13,183)					$	(985)					$	(14,168)
Income before income taxes			$	15,249					$	(985)					$	14,264
Net income			$	18,777					$	(985)					$	17,792
Net income (post Business Combination)			$	18,777					$	(985)					$	17,792
Net loss attributable to redeemable noncontrolling interest			$	(10,744)					$	(1,001)					$	(11,745)
Net income attributable to the Company			$	29,521					$	16					$	29,537
Net income attributable to Class A common shareholders			$	28,866					$	16					$	28,882
Net income per share:
Net income per share of Class A common stock - basic			$	1.84					$	—					$	1.84
Net income per share of Class A common stock - diluted			$	1.52					$	—					$	1.52

			Six Months Ended June 30, 2024
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Revenue			$	114,476					$	384					$	114,860
Cost of revenue (excluding depreciation)			$	99,390					$	(1,122)					$	98,268
Cost of revenue (excluding depreciation) - affiliated companies			$	18,623					$	—					$	18,623
General and administrative expense (excluding depreciation)			$	29,200					$	(1,793)					$	27,407
Total operating expenses			$	148,050					$	(2,915)					$	145,135
Operating loss			$	(33,574)					$	3,299					$	(30,275)
Loss before income taxes			$	(104,675)					$	3,299					$	(101,376)
Net loss			$	(104,675)					$	3,299					$	(101,376)
Net loss (post Business Combination)			$	(104,675)					$	3,299					$	(101,376)
Net loss attributable to redeemable noncontrolling interest			$	(26,379)					$	2,057					$	(24,322)
Net loss attributable to the Company			$	(80,057)					$	1,242					$	(78,815)
Net loss attributable to Class A common shareholders			$	(80,665)					$	1,242					$	(79,423)
Net loss per share:
Net loss per share of Class A common stock - basic and diluted			$	(1.76)					$	0.03					$	(1.73)

			Six Months Ended June 30, 2023
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Cost of revenue (excluding depreciation)			$	45,607					$	1,588					$	47,195
General and administrative expense (excluding depreciation)			$	17,153					$	890					$	18,043
Total operating expenses			$	63,375					$	2,478					$	65,853
Operating loss			$	(27,146)					$	(2,478)					$	(29,624)
Loss before income taxes			$	(4,983)					$	(2,478)					$	(7,461)
Net loss			$	(4,670)					$	(2,478)					$	(7,148)
Net loss attributable to Intuitive Machines, LLC prior to the Business Combination			$	(5,751)					$	(730)					$	(6,481)
Net income (loss) (post Business Combination)			$	1,081					$	(1,748)					$	(667)
Net loss attributable to redeemable noncontrolling interest			$	(19,080)					$	(1,619)					$	(20,699)
Net income attributable to the Company			$	20,161					$	(129)					$	20,032
Net income attributable to Class A common shareholders			$	19,178					$	(129)					$	19,049
Net income per share:
Net income per share of Class A common stock - basic			$	1.23					$	—					$	1.23
Net income per share of Class A common stock - diluted			$	0.83					$	—					$	0.83

The effect of the corrections on the condensed consolidated statement of operations for the three and nine months ended September 30, 2023 are as follows (in thousands, except per share amounts):

			Three Months Ended September 30, 2023
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Cost of revenue (excluding depreciation)			$	25,768					$	725					$	26,493
General and administrative expense (excluding depreciation)			$	9,853					$	60					$	9,913
Total operating expenses			$	35,950					$	785					$	36,735
Operating loss			$	(23,219)					$	(785)					$	(24,004)
Income before income taxes			$	15,701					$	(785)					$	14,916
Net income			$	15,096					$	(785)					$	14,311
Net income (post Business Combination)			$	15,096					$	(785)					$	14,311
Net loss attributable to redeemable noncontrolling interest			$	(18,555)					$	(437)					$	(18,992)
Net income attributable to the Company			$	33,651					$	(348)					$	33,303
Net income attributable to Class A common shareholders			$	32,977					$	(348)					$	32,629
Net income per share:
Net income per share of Class A common stock - basic			$	1.89					$	(0.02)					$	1.87
Net income per share of Class A common stock - diluted			$	1.29					$	(0.02)					$	1.27

			Nine Months Ended September 30, 2023
Revised Condensed Consolidated Statement of Operations Amounts:			As Previously Reported						Adjustments						As Corrected
Cost of revenue (excluding depreciation)			$	71,375					$	2,313					$	73,688
General and administrative expense (excluding depreciation)			$	27,006					$	950					$	27,956
Total operating expenses			$	99,325					$	3,263					$	102,588
Operating loss			$	(50,365)					$	(3,263)					$	(53,628)
Income before income taxes			$	10,718					$	(3,263)					$	7,455
Net income			$	10,426					$	(3,263)					$	7,163
Net loss attributable to Intuitive Machines, LLC prior to the Business Combination			$	(5,751)					$	(730)					$	(6,481)
Net income (post Business Combination)			$	16,177					$	(2,533)					$	13,644
Net loss attributable to redeemable noncontrolling interest			$	(37,635)					$	(2,056)					$	(39,691)
Net income attributable to the Company			$	53,812					$	(477)					$	53,335
Net income attributable to Class A common shareholders			$	52,155					$	(477)					$	51,678
Net income per share:
Net income per share of Class A common stock - basic			$	3.20					$	(0.03)					$	3.17
Net income per share of Class A common stock - diluted			$	2.16					$	(0.02)					$	2.14

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Tabular disclosure of other current liabilities.

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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
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