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Intuitive Machines Inc(LUNR-Q)

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Intuitive Machines Tumbles on Latest News

Baystreet - Thu Aug 10, 2023
Intuitive Machines, Inc. (NASDAQ: LUNR) found its stock lower Thursday. The company, a leading space exploration, infrastructure, and services company, welcomes the recent U.S. Government Accountability Office’s decision affirming NASA’s thorough evaluation of the OMES III proposals, resulting in the award of the five-year contract to Space & Technology Solutions, the DBA for Space Network Solutions LLC, a joint venture led by Intuitive Machines with KBR (NYSE: KBR).

“NASA awarding Intuitive Machines its OMES III contract affirms the Company’s experience in spacecraft development, autonomous systems, and near-space communications,” said Intuitive CEO Steve Altemus, “We look forward to a well-orchestrated transition process and the Company’s growth in the orbital services market.”

The OMES III Contract is a cost-plus-fixed-fee indefinite-delivery, indefinite-quantity contract meant to support work related to the Joint Polar Satellite System, NASA’s Exploration, and In-space Services. The single-award contract has a five-year base performance period and a maximum ordering value of $719 million.

The Houston-based Intuitive Machines is a diversified space company focused on space exploration. Intuitive Machines supplies space products and services to support sustained robotic and human exploration to the Moon, Mars, and beyond. Intuitive Machines’ products and services are offered through its four business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure.

LUNR shares dipped 34 cents, or 3.7%, to $8.80, while those for KBR shares eked up four cents to $61.11.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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