Intuitive Machines ( LUNR ) reported fourth-quarter financial results on Thursday. The transcript from the company’s fourth-quarter earnings call has been provided below.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Machines ( LUNR ) fourth quarter and full year 2025 conference call. At this time all participants are in a listen only mode. After the speaker’s presentation, there will be a question and answer session. To ask a question during the session you will need to press Star one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press Star one again. Please be advised that today’s conference is being recorded. I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Please go ahead.

Stephen Zhang (Head of Investor Relations)

Good morning. Welcome to the Intuitive Machines’ fourth quarter and full year 2025 earnings call. Chief Executive Officer Steve Alkemus and Chief financial officer Pete McGrath are leading the call today. Before we begin, please note that some of the information discussed during today’s call will consist of forward looking statements setting forth our current expectations with respect to the future of our business, the economy and other events. The Company’s actual results could differ materially from those indicated in any forward looking statements due to many factors. These factors are described under Forward looking statements in the Company’s earnings press release and the company’s most recent 10K and 10Q filed with the SEC. We do not undertake any obligation to update forward looking statements. We also expect to discuss certain financial measures and information that are non GAAP measures as defined in the applicable SEC Rules and regulations. Reconciliations to the Company’s GAAP measures are included in the earnings release filed on Form 8K. Finally, we posted an earnings call presentation to our website which provides additional context on our operational and financial performance. You can find this presentation on our Investor relations page at www.intuitivemachines.com investors. Now I’ll turn the call over to Steve Alkemus

Steve Altemus (Chief Executive Officer)

Good morning everyone. 2025 was a transformational year for Intuitive Machines ( LUNR ). We began with a focus on execution and growth. As we look back and reflect, we completed our second lunar mission, expanded into national security space programs, closed the acquisition of Kinetics Aerospace and announced the acquisition of Lanteris Space Systems. Looking forward, these acquisitions significantly expand our scale, addressable market and growth opportunities. As a result, we expect 2026 revenue to approach $1 billion, nearly a 5x increase from 2025. Our combined portfolio has a diversified revenue mix with approximately 40% commercial business, 40% civil space, and 20% national security customers evolving towards a balanced portfolio across all three customer bases. Today, the United States strategic importance of the Moon continues to intensify with the President’s Executive order to lead the world in space exploration and return Americans to the moon by 2028 to do so. NASA is currently preparing for Artemis 2 while reformulating Artemis 3. In parallel, the agency has increased the cadence of robotic and human missions going to the moon to compete with China. Our strategy will continue to be moon first infrastructure and we are focused on growing the business across all space domains. LEO, GEO, Cislunar and out to Mars and beyond. Through our early missions, we established the technical foundation of the company with a mission driven model where revenue was tied to a concentrated customer base and mission outcomes were binary. Like delivering NASA payloads to the lunar surface, these early delivery missions under CLPS established one of the first commercial pathways to the moon and we believe give us a competitive advantage to future growth in the space domain. Our CLPS missions built the operational expertise required for long duration persistent infrastructure systems that will support a sustained surface operations. At the same time, Lanteris Space Systems was operating on a larger scale more established spacecraft platform market with its 300 series, 500 series and 1300 series satellite systems which operate in more mature expansive markets with consistent and predictable revenue generation. Historically, the land terrace model was straightforward. Build reliable cost effective spacecraft to accustomer specifications and hand it over for operational life which can exceed 10 years. Bringing these capabilities together, both Intuitive Machines ( LUNR ) and Lanteris creates a fundamentally different company. Today we are focused on taking proven production platforms and applying them to new growth markets. As a prime operator, our operating model is organized around three integrated capabilities. They are to build, to connect and to operate. Space infrastructure build is where we design, manufacture and deliver spacecraft, landers, satellites, surface systems, propulsion and avionics systems for government and commercial customers. This represents our business today starting later this year with IM3 or Mission 3 and our first lunar data relay satellite. Our Connect capability integrates deployed assets into communications, navigation, command control and data relay networks that enable persistent connectivity. Our near space network contract which includes data services, navigation and timing capabilities, accelerates how quickly we can reach our third capability which is to operate. This is where we provide mission operations, hosted payload services and other infrastructure based offerings like the Lunar Terrain Vehicle (LTV) services. As we look at these three capabilities, build, connect, operate, each progresses the business towards higher margin services anchored by multibillion dollar recurring revenue programs like LCBS, the TIGER Service, Mars Telecom Networked in the Near Space Network Services contract. While the always on network provides subscription based data connection, additional value comes from operating hosted payloads and sensors to create new markets for science, reconnaissance and exploration. The near term catalyst for higher margin infrastructure operations is surface mobility. The Lunar Terrain Vehicle program is structured as a long duration service where the provider builds, delivers and operates the vehicle on the surface over many years. When selected, the vehicle will become a mobility infrastructure asset on the Moon connected to our space data network, generating recurring revenue for NASA and commercial customers over time. Moving forward, the company sees growth opportunities from an operator’s perspective. These opportunities include tracking and data relay satellite services, Mars telecom network services and the missile defense shield program, while also adapting the 1300 series spacecraft bus for Space Force for highly maneuverable satellites and evolving our satellite platforms for applications in the burgeoning orbital data center market. To support these growth opportunities, last month we completed $175 million strategic equity investment to advance communications data processing networks including extending flight proven satellite platforms. Intuitive Machines ( LUNR ) intends to invest in expanding its Near Space Network service and establish a solar system Internet. Through investments in the Lanteris platforms and specifically the 1300 series, the company believes it can grow market share in geostationary orbit, expand capability around the Moon, extend capability to Mars, and support emerging high power on orbit data processing and edge computing. Now I’ll hand off to Pete McGrath, our CFO for further comments on our financials.

Pete McGrath (Chief Financial Officer)

Pete thank you Steve, and thanks to everyone joining us today. As Steve mentioned, we made strategic moves last year to transform Intuitive Machines ( LUNR ) to become the next generation Space prime, providing delivery data and infrastructure services emphasizing growth in communications, navigation and space data network for defense, civil and commercial markets. The decision to acquire Lanteris positions the company for sustainable long term growth. As a reminder, we closed the Lanteris acquisition on January 13th of this year. Therefore the 2025 financials do not include Lanteris Q4 financials do include the impact of Kinetics which was completed on October 1st of last year. Before reviewing the quarter, I want to highlight earlier this month we were awarded a multi year contract as part of the Space Development Agency’s Tranche 3 tracking layer which expands our role supporting the national security Space architecture. This award reinforces our diversification and market expansion into national security programs supporting sustained long term growth in backlog and revenue. Back to the quarter. Q4 2025 revenue was 44.8 million driven primarily by CLPs, ALMs and NSMs execution. While Q4 revenue reflected program timing and government budget delays, we exited the year with strong contract momentum and major awards already announced in early 2026. Since year end we were awarded the SDA Tranche 3 as referenced and we expect decisions on large programs including Lunar Terrain vehicle services and NASA’s CLPS CT4 mission. OHMS (Orbital Habitation and Maintenance Services) revenue was $14.7 million in the quarter for the area excluding OHMS (Orbital Habitation and Maintenance Services), revenue was up approximately 65% year over year driven by continued growth across all key programs such as CLPS (Commercial Lunar Payload Services), the Lunar Terrain Vehicle (LTV) work we were doing and NSNs Q4 gross margin came in strong at 8.5 million which represents a 19% positive gross margin. The gross margin improvement was driven primarily by higher margin services revenue such as NS&S (Near Space Network Services) (Near Space Network Services) and S as well as continued cost reductions across our fixed price contracts. Q4 was also our first quarter with kinetics and as previously discussed, Kinetics historically generates approximately 14% positive EBITDA and even higher gross margins. SGA was 40.2 million in a quarter including 10.8 million of acquisition related transaction costs associated with the Lanteris acquisition. We also increased Internal Research and Development (IRAD) investment to align with our long term growth strategy, excluding these costs. Underlying operating expenses remained consistent with prior quarters as we continued investing in program execution and infrastructure to support growth. Operating loss for the quarter was 33.1 million versus a loss of 13.4 million in the fourth quarter of 2024, driven primarily by acquisition related transaction expenses as well as continued investment in program execution and infrastructure to support the company’s growth. Adjusted EBITDA was negative 19.1 million in the quarter compared to negative 11.2 million last year driven primarily by growth investments I just mentioned on operating cash used was 7.3 million in the quarter. The capital expenditures of 15.6 million primarily for our first NS&S (Near Space Network Services) satellite, resulting in a negative free cash flow of 22.9 million in the quarter. For the year, free cash flow was negative 56 million, an 11.7 million improvement versus 2024. Free cash flow improved year over year despite higher capital investment in the NS&S constellation. This improvement was driven by $43.3 million less operating cash used, partially offset by $31.5 million increase in capital expenditures. We ended the year with cash balance of $583 million which includes $15 million of cash outflow for the acquisition of Kinetics. Since year end, $403 million of the cash was used for the acquisition of Lanteris along with additional postposed reconciliations.

Operator

Thank you. And a quick reminder before we start the Q and A, please limit yourself to one question only. Again, if you’d like to ask a question, please press Star one on your keypad to raise your hand and enter the queue. And if you’d like to withdraw your question or your question has been answered, please press Star one again. And we will take our first question from Josh Sullivan from Jones Trading.

Jones Trading Analyst

Please go ahead. Hey, good morning. Good morning. Good morning, Josh. Yeah, I just wanted to key in on the Lanteris integration. You know, where are you guys ahead of schedule? You know, where are the hurdles and what’s been the customer response?

Steve Altemus (Chief Executive Officer)

Yeah, the integration of Lanteris with Intuitive Machines ( LUNR ) is going very well, Josh. The customers are all excited about the opportunities that the business combination creates. And so far, you know, the company, we’re working on a transition Service agreement with Vantor, the parent, to carve out things like the it, the accounting system, the payroll system and make sure that those systems are fully up and running so that the business can stand alone and be merged with Intuitive Machines ( LUNR ). And all that’s going well ahead of schedule. There was a plan for a nine month period of time for that transition to occur. And like I said, we’re well ahead of schedule. So I’m really excited about the combination and what the future holds for us.

Jones Trading Analyst

Great. Thank you for the time.

Operator

Thank you. Our next question comes from the line of SUY da Silva from Capital. Please go ahead.

Analyst

Good morning, Steve. Hey guys. You talked about national security growing in the mix and trying to make it sort of a third. A third, A third across the company. Can you talk about the key programs if you’ve won them or in the pipeline to help increase the national security in the mix?

Steve Altemus (Chief Executive Officer)

Yeah, we talked about the Space Development Agency’s tracking layer tranche 1, 2 and 3. 3 is the latest award with L3Harris for 18 satellites. We just announced that here recently and there’s a potential to upsize that number of satellites. In addition we have proposals in for Golden Dome to build 300 series satellites for, for those programs. And then in addition we have another orbital transfer vehicle development undergoing. We’ve been through phase one and phase two and we’re expecting award or advancement to phase three, which is we’ve been through critical design review and now we’re headed the next phase to full development of that transfer vehicle. So very, very excited about the, the potential here in national security space and some of the developments we’re doing and the proposals we have in the mix.

Analyst

Thanks, Steve. And then on calendar 2016 revenue guidance there, can you talk about the linearity perhaps Pete, you know, first half versus second half given you have backlog visibility and what would drive potential 26 upside in your guide. And just maybe you can touch on LTV and where they are in the program selection process.

Pete McGrath (Chief Financial Officer)

Okay, I’ll start the last one. Our understanding is I think they’re ready to make it an award decision on ltv. It’s just timing. We’re waiting to hear when they actually make that award. In terms of the revenue guidance, I’d say it’s pretty level throughout the year. Just note that we, when we talk about integrating Lanteris into our financials, the acquisition was closed on the 13th of January. So we lose about half a month of January in revenue from them. So you’ll have that one anomaly probably in January. But beyond that you’ll see a pretty steady state I think through the year.

Steve Altemus (Chief Executive Officer)

And in terms of upside, Suji, against the guidance there is potential for as the Artemis Program reformulation occurs: You’ve seen already the administrator call for acceleration of some of the Artemis missions and part of our near Space Network contract. If they want to restructure that and accelerate that, there might be some upside this year associated with acceleration to support the nearer term Artemis missions. Okay, thanks. Congrats on the progress. Thanks.

Operator

Thank you. Our next question comes from the line of Andrew Shepard from Cantor Fitzgerald. Please go ahead.

Cantor Fitzgerald Analyst

Hey everyone, thanks for taking our questions and congratulations on a great quarter and on the acquisition. I’ll limit myself to one question just to maybe be respectful of my peers. I’ll maybe ask a two part question, if I may. Steve, you touched on this in your prepared remarks a little bit. Maybe for those that are maybe less familiar with Lenters, just at a simplified level. What are the things that intuitive machines can do now that maybe couldn’t do previously? And the second, I guess part of the question, just coming back to the ltv, looks like we’re awaiting an imminent decision. Do we have a sense of kind of how that decision might be determined? In other words, are we expecting perhaps two award winners or a primary or a backup? Just a little more color there on the latest. Thank you.

Steve Altemus (Chief Executive Officer)

Andres, good morning. Yeah, concerning the Lunar Terrain Vehicle (LTV) in particular, Pete mentioned that briefly, I think the Artemis 2 mission and the reformulation of Artemis 3, 4, 5 and 6 was the priority for the agency. And now you’ll see, we expect you’ll see follow on procurements at the next level coming out here shortly. And so we’ve been waiting, as you know, we believe the decision’s been made. There was an opportunity for the bid, asked for one and a half awards, which means one primary award and a half of an award to have a hot backup contract, if you will. And we’ll wait and see. There’s a potential, you know, the agency likes to have competition, so there’s a potential. There’ll be two full awards and we’ll just have to wait and see. But we feel it’s imminent. That’s all the, all the, all the words we’re getting at this point. And so we’ll be standing by and waiting for the, for the good news. Now for the other question. What can IM do now with Lanteris? It’s very exciting. We think about the series of satellite buses, the production line, the capabilities that that company has, the high reliability that they have with their satellites. In orbit, we take that capability and we add it to our data relay constellation. Providing satellites in and around the Moon gives us also an opportunity to repackage the power propulsion element and offer that in different markets. For whether it’s a comm node around the Moon, whether it’s a data center kind of construct or whether it’s a nuclear propulsion platform, there’s a lot of different things that can be done. Versatility by putting the innovation that Intuitive Machines ( LUNR ) brings to all the markets with that reliable production, high quality satellites. So very excited to to get moving on the growth initiatives and across commercial, civil and national security space.

Pete McGrath (Chief Financial Officer)

Can I add, we’ve already submitted two proposals post closing that we probably would not have submitted if we had a combined company.

Cantor Fitzgerald Analyst

I see. Wonderful. Excellent. Well, thank you, Steve. Thank you, Pete. Congrats again on the quarter.

Operator

Thank you. Thank you. Our next question comes from the line of Austin Moore from Canaccord Genuity. Please go ahead.

Canaccord Genuity Analyst

Hi, good morning. I was just wondering if you could talk about some of the operational changes that have been made at Land Terrace to make the business better positioned to perform on firm fixed price contracts, just given the possibility of cost overruns during production depending on what kind of bus it is.

Steve Altemus (Chief Executive Officer)

Good morning, Austin. Yeah, the Chris Johnson, the president of Land Terrace has done a fantastic job streamlining the business, you know, making it efficient, eliminating terms and conditions in some older contracts that were onerous for the business. They’ve streamlined production, they’ve invested in the 300 series and we’ve seen that produce programs in national security space so they bid in the appropriate margins and have the right size workforce and the right size facility complement. So I’m very proud of the work they’ve done and it was an opportunity for intuitive machines to come in and acquire the business when it was on its feet, strong and producing. So the future is very bright for us as a combined business.

Operator

Great. Thanks for the caller. Thank you. Our next question comes from the line of Edison Yu from Deutsche Bank.

Deutsche Bank Analyst

Please go ahead. Hey, thank you for taking our question. There’s been a lot of talk about data centers in space. You just talked a lot about connectivity on the moon, Mars, solar system. How do you think about this type of architecture in terms of what it looks like? And are there certain technical capabilities that Linteris brings that you can perhaps highlight? Thank you.

Steve Altemus (Chief Executive Officer)

Good morning, Edison. I think there’s a lot of difference of opinion on where the actual customer base will be for on orbit data centers and what the architecture for on orbit Data centers will be, we are studying that very carefully right now. I think what Lanteris brings to the table is this power propulsion element, the most powerful power generating spacecraft ever built that has the ability to be a node in a data center. And I think if you think about data centers in particular, there’s the storage element, the transmission element and the edge computing element or the high speed computing. I think edge computing in space and making decision make, doing decision making in space is the key to the future of data centers as opposed to replacing terrestrial based data centers. I’m skeptical about large, extremely large proliferated constellations in low Earth orbit. They have their challenges both in power generation and in thermal management. And I think thinking about it with a set of large small nodes together, maybe up in the GEO belt is probably a better architecture and that’s kind of where we’re aiming at this point.

Operator

Thank you. Thank you. Our next question comes from the line of John Segman from Stifel.

Stifel Analyst

Please go ahead. Good morning Steve. Pete and Steve, thanks so much for taking my question. Congratulations on closing the acquisition in a busy couple months. One more question on ltv. Artemis restructuring was all positive for your markets, but the actual acceleration of Artemis V, which I understood is the mission that the LTV was supposed to be launched on and the delay in the award. Just can you talk about is there enough time to complete it when it is awarded or is this something that’s going to change the structure or the exact mission?

Steve Altemus (Chief Executive Officer)

Thank you. Well, we’ve seen we expected award in the November timeframe and so there’s a several month delay in the award. But really in our construct, what we proposed was a delivery on a SpaceX Falcon Heavy with a lander. It’s called Supernova. It’s our heavy cargo lander derived from our Nova Sea lander which has been to the south pole twice. So we’re kind of in our own have charge of our own destiny flying on non related Star Falcon 9. Non. Not related to Artemis directly. Right. So we’re not tied to the sequence of events for Artemis 5. We are flying independently per our architecture and that gives us an edge to move that around and, and be in control more control of the schedule. So I don’t see any significant delays to what we proposed.

Stifel Analyst

That’s fantastic. And I’ll just slip in another one that we got that I didn’t have a great answer for. We’ve seen some second thinking about the transport layer by the SDA and relying on SpaceX as constellation. Our understanding is the fracking layer however, is completely independent of that. I was hoping you could confirm that thought and explain a little bit about why the tracking layer that you participate on isn’t really in the threat of being outsourced to existing constellation.

Steve Altemus (Chief Executive Officer)

Thank you. Again, you’re correct in that the tracking layer is not affected here by this thinking and all indications from the customer are that it’s going to continue and continue to grow and be replenished as we move forward. So I don’t have any insight into those discussions internally to the government or with SpaceX, so I can’t comment on that in particular.

Operator

Thank you. Thank you. Our next question comes from the line of Michael Leshock from KeyBank Capital Markets. Please go ahead.

KeyBank Capital Markets Analyst

Hey, good morning. I wanted to ask on the space superiority executive order that was signed in December and the strong support there for establishing a lunar presence, did that pull forward any of your longer term growth initiatives? Obviously there could be some near term challenges with the government shutdown, but does the administration support for a lunar presence accelerate any initiatives or shift your focus at all?

Steve Altemus (Chief Executive Officer)

Thanks. We are working directly with NASA to look at ways to move efforts forward faster. You know, the agency is coming out with some streamlined acquisition guidelines to be able to let procurements out faster and is asking for commercial companies to figure out ways to bring investment to the table to add to the federal dollar to actually speed up development activities to accelerate our presence in space and accelerate astronauts boots on the moon. Our efforts are specifically focused on putting in the necessary infrastructure in and around the moon to enable sustained presence at the moon. So the executive order that was signed is in is complimentary to or our business is complementary to that executive order and we’re aiming to support it as best we can.

Operator

Great, thank you. Thank you. Our next question comes from the line of Ronald Epstein from Bank of America.

Bank of America Analyst

Please go ahead. Hi, good morning, this is Samantha Styro on for run today. I just wanted to ask about how you see the competitive landscape evolving given the restructuring of Artemis, increased interest from SpaceX, Blue Origin and some other players. Is it more challenging? Do you see opportunities for extended applications? Kind of any color you can give around that?

Steve Altemus (Chief Executive Officer)

Well, from what I understand about NASA’s plans for the lunar economy and space exploration, Administrator Isaacman has called for a higher cadence of missions to fly more equipment to the moon to learn about sustained presence on the moon. So there’ll be more rovers, more landers, more satellites in and around the moon as a result of this push for sustained presence on the moon. I think that’s excellent news for intuitive machines. And I think, you know, the vendor pool from CLPS 1.0, you know, will persist to CLPS 2.0. All the authorization appropriate appropriations language that we’ve seen includes the follow on clips and we’ve heard from the administrator that he’d like to see, you know, a launch a month to the moon in the future. And so calling for that kind of cadence of missions and repetitiveness really does improve reliability in our systems and allows us to, you know, grow more sustainable business. So we’re very excited about it.

Operator

Great, thank you. Thank you. Our next question comes from the line of Griffin Boss from B. Riley Securities.

B. Riley Securities Analyst

Please go ahead. Hi, good morning. Thanks for taking my question. So I just want to dig a little bit deeper into what you just mentioned there, Steve, on clips 2.0. So I know we’re patiently awaiting LTV and other contracts like CT4, RGX, others, but Cliffs 2.0 is kind of a new one on the horizon. Obviously there was an RFI out earlier this year. I’m sure Intuitive responded to that. But do you have any insight where that stands or I guess more definitively what the scale and scope of that could be, acknowledging that clips 1.0 I think was about 2.5 billion. So I don’t know if you have any insight as to if that scale for CLPS 2.0 will increase, given that increased cadence of lunar landing, that that’s a measure. As Minutes talked about,

Steve Altemus (Chief Executive Officer)

I do expect CLPS 2.0 to be larger than CLPS 1. We’ve introduced ideas in our RFI response to the agency and some white papers unsolicited to increase the cadence of missions. And we’re seeing that that’s what’s being called for. We’ve got to think through how to increase production to meet with that, meet that cadence of missions we’ve seen. We’ve requested things like block buys where you can buy several missions at a single time and that would increase production rates and increase supply chain throughput. And we’ve also introduced the concept of heavier cargo because we’re going to be bringing bigger and larger and larger elements to the surface, much like ltv. And so the call for heavier cargo is necessary and we put that input in also so larger vehicles. And what else is interesting is the move from the Science mission directorate. CLPS 1.0 was part of the Science Mission Directorate. We’ve seen that move over to the Exploration Mission Directorate. And so you’ll see more engineered systems, surface infrastructure systems being called for in CLPS 2.0 the exact dollar amount. I’m not certain what that will be as the agency figures out how it’s going to rejigger their budget. But it’s all positive is from what I’m hearing.

B. Riley Securities Analyst

That’s great color. Thank you, Steve, appreciate you taking the question. Thank you.

Operator

Our next question comes from the line of Jeff Van Ree from Craig Hollow.

Craig Hollow Analyst

Good morning. This is Good morning. This is Daniel on for Jeff just on the organic growth profile. I know you said previously Land Terrace had been running around 630 million in revenue. I don’t know if you have an updated number for full year 25, but on a combined basis can you point us to. It looks like maybe it’s around teens organic growth for 2026. Maybe just walk in our expectations for organic growth.

Pete McGrath (Chief Financial Officer)

Yeah. So by the way, we haven’t provided year end yet. We’re closing out our performance here and we should have them out near term. So that will give you the 24, 25 year end combined. But in terms of growth, you know, when we look at our guidance, you know we are, you know, we’re looking at it as a combined company now. There’s a lot more integrated capability that we’re bringing forward. So it’s a little harder to parse it out. But arguably, you know, of it, you know, you’re looking about 66% of the revenue is coming out of Land Terrace and the other 33 is coming out of us. And so that’s a rough magnitude kind of look. But we’ll get more granularity after you see the performance and as we move into visibility through the quarters.

Operator

Thank you. Our next question comes from the line of Greg Pendy from Clear Street.

Clear Street Analyst

Please go ahead. Hey guys. Hey. Thanks for taking my questions. Just a quick one here. I think you addressed, you know, the low hanging fruit on NSN given the bandwidth constraints at Deep Space Network for the initial launch and also how commercial has only grown. But could you touch on the defense side, you know, hearing a lot how the moons the ultimate high ground and how that may have that demand there for NSN may have changed from where it was a year ago given what other countries might be doing with their ambitions on the moon. Thanks.

Steve Altemus (Chief Executive Officer)

As far as international business goes, you heard us announce a strategic partnership with the Italian companies Leonardo and Tele Spazio. They have an ESA funded program called moonlight to put communications satellite and some navigation satellites around the moon for European business. We struck a partnership to tie our networks together. So the networks are larger. We’re also working initiatives with JAXA Japan to do a similar thing to kind of create a standard and to create coverage in a way that supports, you know, the Japanese market, the European market and the US market combined. So that’s very exciting for us. And we’re clearly seen as a leader here setting the tone for how these networks will evolve and be interconnected and interoperable. On a national security side. You know, space domain awareness is of critical importance and having assets in and around the moon and CIS lunar space is very important for, you know, understanding what the traffic model is around the moon and where things are moving. And so there’s been expressed interest in using our network for those reasons also.

Steve Altemus (Chief Executive Officer)

Okay, Dustin. Thank you for your questions today, everyone. You heard our strategy. And at its core it’s about building a business with greater durability and higher value over time. We’re executing on our strategy and moving from, you know, single mission based operations towards long duration infrastructure services. That’s the path we’re on and that’s how we’re thinking about the company’s future. So, and the future is bright. So thank you very much today and you’ll be hearing more from us in the future.

Operator

The meeting has now concluded. Thank you all for joining and you may now disconnect.

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