Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Machines 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 you 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. Good morning. Welcome to the Intuitive Machines fourth quarter and full year 2025 earnings call. Chief Executive Officer, Steve Altemus, 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 10-K and 10-Q 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 8-K. 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 Altemus. Good morning, everyone. 2025 was a transformational year for Intuitive Machines. We began with a focus on execution and growth. We look back and reflect, we completed our second lunar mission, expanded into national security space programs, closed the acquisition of KinetX, 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 II while reformulating Artemis III. 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 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 Lanteris's model was straightforward. Build reliable, cost-effective spacecraft to a customer's specifications and hand it over for its operational life, which could exceed 10 years. Bringing these capabilities together, both Intuitive Machines 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 Three and our first lunar data relay satellite, our connect capability integrates deployed assets into communications, navigation, command and 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 services. As we look at these three capabilities, build, connect, operate, each progresses the business towards higher margin services anchored by multi-billion dollar recurring revenue programs like LTVS, the TDRS service, Mars Telecom Network service, and Fission Surface Power. With the combined power of Intuitive Machines and Lanteris, the company can now pursue opportunities as a prime for defense programs, proliferated network infrastructure, and other infrastructure operations with higher procurement win probabilities driven by our scale, our technologies, and capabilities. Our current execution is grounded in the work our teams are building today for LEO, GEO, and lunar domains. In low Earth orbit, our team continues to execute under the Space Development Agency's proliferated warfighter space architecture. Deliveries of the final 300 Series satellite buses under Tranche 1 tracking layer are underway with launch expected later this year. Work also continues on Tranche 2 and the recently awarded Tranche 3 tracking layer programs, which support proliferated constellations designed to detect and track missile launches. The 500 series platform currently supporting high-resolution Earth observation for Vantor, formerly Maxar Intelligence, is part of a NASA-selected team for the Earth Dynamics Geodetic Explorer Mission called EDGE. This award demonstrates how the 500 series spacecraft design can support commercial imaging, science missions, and national security applications. Moving outward to geostationary orbit, the 1300 series spacecraft is the industry's most proven GEO communications platform. Operating companies rely on these satellites in geostationary orbit as part of a multi-billion dollar communications market. Over the last 40 years, Lanteris has served customers as the world leader in GEO communication satellites with over 3,000 aggregate years on orbit with 99.99% operational availability. The 1300 Series production line includes EchoStar, DISH Network, and two SiriusXM satellites. EchoStar 25 successfully launched last week. Our team is currently performing the satellite's on-orbit system checks before starting high-power direct-to-home broadcast services across North America. SXM-11 is undergoing final performance and integration testing, with shipment expected in the second quarter. Production of SXM-12 continues in parallel. Satellites in this class are designed to operate for more than a decade and support services such as broadband connectivity, media distribution, aviation communications, and enterprise networks on Earth. Based on the 1300 Series and designed for NASA's Lunar Gateway station, this first-of-a-kind power and propulsion element is the highest-powered solar electric propulsion spacecraft ever built. NASA has invested over $1 billion in the PPE, and the system is nearly complete. In January, the agency announced the PPE's successful power up, confirming its ability to provide power, high-rate communications, attitude control, and the ability to maintain a maneuver between orbits. In the second quarter, we will integrate the spacecraft's roll-out solar arrays in preparation for final delivery to NASA. We have the ability to leverage this spacecraft design for future applications. At our Texas headquarters with new expertise provided from Lanteris, we're building our first lunar data relay satellite. We expect that satellite to launch with our IM-3 mission, which we believe will start the operational task orders portion of the $4.82 billion Near Space Network services contract. We expect this first of five satellites to support future lunar missions, which are all progressing through testing and integration in preparation for our next two contracted delivery missions. IM-3 is progressing well as all robotic mechanisms from our Maryland facility were delivered in the fourth quarter. Now our team is working on lander assembly, integration, and test for the mission later this year. IM-4 remains on track for 2027, and the mission plan includes flying 2 additional lunar data relay satellites. To open more connected services under the Near Space Network Services contract and recognize higher margin revenue servicing specifically NASA's Artemis four human landing mission. The lunar data relay satellites are our first connected space infrastructure assets. They are connected to Earth by our partners' global ground stations. Collectively, this forms a secure space data network, a communications navigation architecture we intend to offer as a subscription data service with recurring revenue in conjunction with pay by the minute operations. We believe most of the market understands networks being provided for Earth from space, whether it's internet, satellite radio or broadband. It's important to understand the distinction, however. We are creating a network for space from space, an internet for the solar system. Today, NASA provides that capability through the Deep Space Network. Spacecraft operators request time on that network and pay for access to communicate with their deep space missions. Deep space communications bandwidth, though, is limited and is multiple times oversubscribed. For example, NASA has indicated that live video from Artemis II will likely be transmitted at a low resolution. Intuitive Machines is working to solve that challenge. Higher data rates require our relay satellites and additional communications infrastructure operating between the Moon and Earth. On Earth, Intuitive Machines is expanding its network coverage, adding a new ground station partnership in Australia and working to upgrade additional partner facilities around the world. The Australian dish successfully downlinked data from the James Webb Space Telescope, confirming that it can operate within NASA's existing network and reduce its bandwidth constraints. For space, Intuitive Machines continues to evolve globally, signing a strategic agreement with Leonardo and Telespazio to connect our lunar relay systems together and support European exploration missions. The next phase for the company is to operate the built and connected spacecraft as long-term infrastructure. The immediate opportunity for that model is already captured 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 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 a $175 million strategic equity investment to advance communications data processing networks, including extending flight-proven satellite platforms. Intuitive Machines intends to invest in expanding its Near Space Network service and establish a Solar System internet. Through investments in the Lanteris's 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. Thank you, Steve, and thanks to everyone joining us today. As Steve mentioned, we made strategic moves last year to transform Intuitive Machines 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's acquisition on January 13th of this year. Therefore, the 2025 financials do not include Lanteris's. Q4 financials do include the impact of KinetX, which was completed on October 1 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, OLMS, and NSNS 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 CT-4 mission. OLMS revenue was $14.7 million in the quarter. For the year excluding OLMS, revenue was up approximately 65% year-over-year, driven by continued growth across all key programs such as CLPS, the 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 NSNS, as well as continued cost reductions across our fixed price contracts. Q4 was also our first quarter with KinetX, and as previously discussed, KinetX historically generates approximately 14% positive EBITDA and even higher gross margins. SG&A was $40.2 million in the quarter, including $10.8 million of acquisition-related transaction costs associated with the Lanteris acquisition. We also increased 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. Operating cash used was $7.3 million in the quarter, with capital expenditures of $15.6 million primarily for our first NSNS 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 NSNS 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 KinetX. Since year-end, $403 million of the cash was used for the acquisition of Lanteris, along with additional post-close reconciliations that align with the $450 million cash portion of the purchase price. We have a transition service agreement in place that will continue through the third quarter. As Steve mentioned in February, we completed a $175 million capital raise anchored by institutional investors to strengthen the company's balance sheet and provide capital to support the continued execution of our growth strategy. Following this capital raise and outflows related to the Lanteris acquisition, our cash balance as of the end of February was $272 million. As a reminder, this includes additional acquisition-related transaction and integration costs, as well as the start of some investment costs we outlined as part of our recent capital raise. Following the acquisition and our recent capital raise, we believe we have sufficient liquidity to fund current operations while continuing to invest in strategic growth initiatives. Backlog at year-end was $213.1 million, compared to $235.9 million in Q3 of 2025, reflecting the timing of several large program awards that were delayed by the government shutdown and appropriations process. Approximately 60%-65% of our backlog is expected to be revenue in 2026, and the remaining 35%-40% in 2027 and beyond. Q4 backlog includes $22 million of new bookings, driven primarily by OLMS, as the fourth quarter is typically where we see the largest re-up in task orders for the following year. As of February month-end, our combined company backlog is estimated at $943 million, which includes the recent award SDA Trans-3 tracking layer contract, which was originally expected in Q4, but does not yet include key upcoming awards such as the next CLPS mission, LTV, Golden Dome, and other commercial satellites. Looking ahead, we expect additional backlog growth for several large multi-year NASA and national security programs currently moving through the government procurement cycle, including NASA's Lunar Terrain Vehicle Services, the next CLPS mission, Golden Dome initiatives, and the next phase of Fission Surface Power and orbital transfer vehicle programs. We will also continue to bid on large GEO buses via the 1300 Series platform. Historically, these were roughly 1-2 new satellite buses per year, which provides a solid base for our commercial market. As part of our growth strategy, we are making investments to increase flexibility of the satellite on orbit through the introduction of digital processors, which we believe increases future market share opportunities. This, along with other investments in the 1300 Series satellite, will expand our total addressable market. As of March eleventh, our total shares outstanding are 216.8 million. With 159.4 million shares of Class A and 57.4 million shares of Class C. This includes the shares issued for both the Lanteris acquisition as well as the $175 million capital raise. Moving on to guidance. 2026 will be a transformational and record year for the company. With the acquisition of Lanteris completed in January, Intuitive Machines enters 2026 as a fundamentally stronger, more competitive, and more diversified space infrastructure company. Intuitive Machines now operates across all space domains, from lunar services to proliferating national security space architectures and commercial geo-platforms, which, when combined, significantly expands both our addressable market and revenue base. For 2026, we expect revenue in the range of $900 million-$1 billion, representing a transformational step up in scale for the company. Importantly, roughly two-thirds of our expected 2026 revenue is already supported by contracted backlog, giving us strong visibility into our outlook. On the profitability side, we expect continued margin improvement and are targeting a positive adjusted EBITDA for the full year. The primary drivers are scale from the Lanteris's acquisition, expected growth in higher margin service revenue, such as NSNS and navigation services, and continued operational efficiencies across our fixed-price contracts. Since closing the Lanteris's acquisition on January 13, we continue to finalize the combined company pro forma financial presentation. Expect to provide that additional detail shortly. Before we get to Q&A, I want to take a moment to highlight our strong financial performance in 2025. We were able to grow the top line across all our key programs while expanding gross margins, offsetting the impacts of OLMS and the government shutdown. On the cash side, we continue the trend of reducing free cash flow burn year-over-year, while simultaneously investing in growth and CapEx for our NSNS constellation. Adjusted EBITDA profitability and positive free cash flow continues to be in sight, supported by higher margin service growth. To accelerate that growth, we made very strategic and targeted acquisitions this year. These acquisitions have further diversified the business to more evenly split between civil, defense, and commercial. With the acquisition of Lanteris and strong momentum across national security, civil, and commercial markets, Intuitive Machines has entered 2026 as a more competitive and diversified space infrastructure company with size and scale. We believe this positions us to deliver record revenue, achieve positive adjusted EBITDA, and continue scaling our role in the emerging space economy. With that, operator, we are now ready for questions. Thank you. A quick reminder before we start the Q&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. If you'd like to withdraw your question or your question has been answered, please press star one again. We will take our first question from Josh Sullivan from Jones Trading. Please go ahead. Hey, good morning. Good morning. Good morning, Josh. Yeah. I just wanted to key in on the Lanteris's integration. You know, where are you guys ahead of schedule? You know, where are the hurdles and what's been the customer response? Yeah, the integration of Lanteris with Intuitive Machines is going very well, Josh. The customers are all excited about the opportunities that the business combination creates. 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. 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. I'm really excited about the combination and what the future holds for us. Great. Thank you for the time. Thank you. Our next question comes from the line of Suji DeSilva from ROTH Capital. Please go ahead. Good morning. Good morning, Steve. Good morning, Pete. Good morning, Suji DeSilva. Hi, guys. You talked about national security growing in the mix and trying to make it sort of a third across the company. Can you talk about the key programs, if you've won them or if they're in the pipeline to help increase the national security in the mix? Yeah, we talked about the Space Development Agency's tracking layer, tranche one, two, and three. Three is the latest award with L3Harris for 18 satellites. We just announced that here recently. 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 those programs. 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 we've been through critical design review, and now we're headed to the next phase to full development of that transfer vehicle. Very, very excited about the potential here in national security space and some of the developments we're doing and the proposals we have in the mix. Thanks, Steve. On calendar 2026 revenue guidance there, can you talk about the linearity, perhaps Pete, you know, first half versus second half, given you have backlog visibility? What would drive potential 2026 upside? In your guide. Just maybe you can touch on LTV and where they are in the program, selection process. Okay. I'll start the last one. Our understanding is I think they're ready to make an award decision on LTV. It's just timing. We're waiting to hear when they actually make that award. Okay. 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 thirteenth of January, so we lose about half a month of January in revenue from them. You'll have that one anomaly probably in January. Beyond that, you'll see a pretty steady state, I think, through the year. 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 wanna 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. Thank you. Our next question comes from the line of Andres Sheppard from Cantor Fitzgerald. Please go ahead. 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 Lanteris, just at a simplified level, what are the things that Intuitive Machines can do now that maybe couldn't do previously? 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 kinda how that decision might be determined? In other words, are we expecting perhaps two award winners, or a primary or backup? Just a little more color there on the latest. Thank you. Yeah. Andres, good morning. Yeah, concerning the LTV in particular, Pete's mentioned that briefly. I think the Artemis II mission and the reformulation of Artemis III, IV, V, and VI was the priority for the agency. We expect you'll see follow-on procurements at the next level coming out here shortly. We've been waiting, as you know. We believe the decision's been made. There was an opportunity for the bid asked for 1.5 awards, which means one primary award and a half of an award to have a hot backup contract, if you will. 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. We feel it's imminent. That's all the words we're getting at this point. We'll be standing by and waiting 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 kinda 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 brings to all the markets, with that reliable production, high quality satellites. Very excited to get moving on the growth initiatives and across commercial, civil, and national security space. Can I add, we've already submitted two- Excellent. We've already submitted 2 proposals post-closing that we probably would not have submitted if we had not had a combined company. I see. Wonderful. Excellent. Well, thank you, Steve. Thank you, Pete. Congrats again on the quarter. We'll pass it on. Thank you. Thank you. Our next question comes from the line of Austin Moeller from Canaccord Genuity. Please go ahead. Hi. Good morning. I was just wondering if you could talk about some of the operational changes that have been made at Lanteris 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. Morning, Austin. Yeah. The Chris Johnson, the President of Lanteris, 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. They bid in the appropriate margins and have the right size workforce and the right size facility complement. 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. The future is very bright for us as a combined business. Great. Thanks for the color. Thank you. Our next question comes from the line of Edison Yu from Deutsche Bank. 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 Lanteris brings that you can perhaps highlight? Thank you. Hey, 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. 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 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. 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. Thank you. Thank you. Our next question comes from the line of Jonathan Siegmann from Stifel. 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. Thought the 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 gonna change the structure or the exact mission? Thank you. We've seen. We expected award in the November timeframe, and so there's a several-month delay in the award. 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-C lander, which has been to the South Pole twice. We're kind of in charge of our own destiny flying on non-related Falcon 9, not related to Artemis directly, right? We're not tied to the sequence of events for Artemis V. We are flying independently per our architecture. That gives us an edge to move that around and be in control, more in control of the schedule. I don't see any significant delays to what we proposed. That's fantastic. I'll just slip in another one that we got that I didn't have a great answer for. We've seen some rethinking about the transport layer by the SDA and relying on SpaceX constellation. Our understanding is the tracking 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 under threat of being outsourced to an existing constellation. 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 gonna continue to grow and be replenished as we move forward. 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. Thank you. Thank you. Our next question comes from the line of Michael Ciarmoli from KeyBanc Capital Markets. Please go ahead. 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? 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. It's 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 astronaut 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. The executive order that was signed is complementary to our business, or our business is complementary to that executive order, and we're aiming to support it as best we can. Great. Thank you. Thank you. Our next question comes from the line of Ronald Epstein from Bank of America. Please go ahead. Hi. Good morning. This is Samantha Styron on for Ron 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. Well, from what I understand about NASA's plans for the lunar economy and space exploration, the 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. 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. I think, you know, the vendor pool from CLPS 1 will persist to CLPS 2.0. All the authorization and appropriations language that we've seen includes the follow on CLPS. We've heard from the administrator that he'd like to see, you know, a launch a month to the moon in the future. Calling for that kind of cadence of missions and repetitiveness really does improve reliability and in our systems and allows us to, you know, grow a more sustainable business. We're very excited about it. Great. Thank you. Thank you. Our next question comes from the line of Griffin Boss from B. Riley Securities. Please go ahead. Hi. Good morning. Thanks for taking my question. I just wanna dig a little bit deeper into what you just mentioned there, Steve, on CLPS 2.0. I know we're patiently awaiting, you know, LTV and other contracts like TT-4, RGX, others. CLPS 2.0 is kind of, you know, a new one on the horizon. Obviously, there was an RFI out earlier this year. I'm sure Intuitive responded to that. Do you have any insight, you know, where that stands or I guess more definitively what the scale and scope of that could be, acknowledging that CLPS 1.0 I think was about $2.5 billion. 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 Administrator Isaacman has talked about. 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. We're seeing that that's what's being called for. We've got to think through how to increase production to meet that cadence of missions. 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. We've also introduced the concept of heavier cargo because we're gonna be bringing bigger and larger and larger elements to the surface, much like LTV. The call for heavier cargo is necessary, and we put that input in also. Larger vehicles. What's 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. 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 gonna rejigger their budget. It's all positive is from what I'm hearing. That's great color. Thank you, Steve. Appreciate you taking the question. Thank you. Our next question comes from the line of Jeff Van Rhee from Craig-Hallum. Please go ahead. Good morning. This is Daniel on for Jeff. Just on the organic growth profile, I know you said previously Lanteris had been running around $630 million in revenue. I don't know if you have an updated number for full year 2025, 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 us through our expectations for organic growth. Yeah. 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. That'll give you the 2024, 2025 year-end combined. 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. Arguably, you know, of it, you know, you're looking about 66% of the revenue is coming out of Lanteris and the other 33% is coming out of us. That's a rough magnitude kind of look. We'll get more granularity after you see the performance and as we move into visibility through the quarters. Okay. Thanks, Pete. Thank you. Our next question comes from the line of Greg Pendy from Clear Street. Please go ahead. Hey, guys. Hey, thanks for taking my question. 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. Could you touch on the defense side? You know, hearing a lot, how the moon's the ultimate high ground and how 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. As far as international business goes, you heard us announce a strategic partnership with the Italian companies, Leonardo and Telespazio. 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 kinda create a standard and to create coverage in a way that supports, you know, the Japanese market, the European market, and the U.S. market combined. That's very exciting for us. 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 cislunar space is very important for, you know, understanding what the traffic model is around the Moon and where things are moving. There's been expressed interest in using our network for those reasons also. That's very helpful. Thanks a lot. Thank you. Okay. That concludes the Q&A portion of this call. I'll hand it back over to Steve Altemus for any closing remarks. 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. And the future is bright. Thank you very much today, and you'll be hearing more from us in the future.