Intuitive Machines is charging forward with their plans for a second moon mission, set to launch before the end of this year. During an earnings call on Thursday, executives revealed that the lunar lander design only required “minor adjustments” in order to stay on schedule.
The company made history earlier in the year when they successfully landed a spacecraft on the moon’s surface, becoming the first commercial company to do so. While the mission, known as IM-1, encountered some hiccups (namely, the lander tipping over on the surface), it ultimately proved the capabilities of the lander’s core components, engine, and subsystems.
The same type of lander, called Nova-C, will be used for the second mission later this year. One of the most crucial aspects of the IM-2 mission is delivering NASA payloads that will search for water ice on the lunar South Pole. This valuable resource could potentially be converted into propulsion for rockets or used to support a permanent lunar astronaut habitat.
During the earnings call, CEO Steve Altemus expressed confidence that the team only needed to make “a handful of adjustments” for the second lander. “We don’t anticipate any schedule delays based on these changes,” he stated. “They are relatively simple adjustments.”
One of the adjustments that will be implemented is improvements to the laser rangefinder switch system. This navigational subsystem helps determine key variables like altitude and horizontal velocity. During the first mission, it was discovered that the laser rangefinders were not functioning due to a simple error: engineers forgot to turn on a physical switch before the launch. Despite this setback, they were able to successfully land the spacecraft through quick thinking.
The second mission may be impacted by the fact that NASA has not yet finalized the landing site. The current plan is for it to be located near the South Pole on a ridge close to the Shackleton crater. Previous data from the Lunar Orbiter spacecraft has indicated the potential presence of ice below the surface.
Intuitive Machines ended the fourth quarter of 2023 with $30.6 million in revenue and a cash balance of only $4.5 million. However, this number received a significant boost when an institutional investor exercised $50.6 million in warrants and the company secured a strategic equity investment of $10 million.
As of March 1st, the company’s cash balance has grown to almost $55 million – the largest it has been since going public in February 2023.
In addition to the second moon mission, 2024 is shaping up to be a crucial year for Intuitive Machines. The company is eagerly awaiting the decision on NASA awards, which could potentially be highly lucrative. This includes the award for the Lunar Terrain Vehicle, which is set to be announced in early next month. They are also vying for the next lunar lander contract under NASA’s Commercial Lunar Payload Services program.
