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LUNR

Intuitive Machines, Inc.

LUNR

Intuitive Machines, Inc. • NASDAQ
$9.50 ▲ 2.26% (+0.21)
Market Cap $1.70 B
52w High $24.95
52w Low $6.13
Dividend Yield 0%
P/E -3.86
Volume 1.75M
Outstanding Shares 107.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $52.437M ▲ $26.823M ▲ $-9.95M ▲ -18.975% ▲ $-0.06 ▲ $-7.796M ▲
Q2-2025 $50.313M ▼ $16.797M ▼ $-38.589M ▼ -76.698% ▼ $-0.24 ▼ $-27.888M ▼
Q1-2025 $62.524M ▲ $23.024M ▼ $-11.396M ▲ -18.227% ▲ $-0.11 ▼ $-9.454M ▲
Q4-2024 $55.046M ▼ $47.559M ▲ $-148.709M ▼ -270.154% ▼ $0.22 ▲ $-12.857M ▼
Q3-2024 $58.478M $17.845M $-55.543M -94.981% $-0.69 $-8.198M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $621.975M ▲ $753.53M ▲ $509.701M ▲ $-397.723M ▼
Q2-2025 $346.943M ▼ $475.639M ▼ $184.746M ▲ $-374.905M ▼
Q1-2025 $373.253M ▲ $500.014M ▲ $172.4M ▼ $-130.774M ▲
Q4-2024 $207.607M ▲ $355.404M ▲ $351.483M ▲ $-1.003B ▼
Q3-2024 $89.605M $224.798M $229.335M $-490.966M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.96M ▲ $-7.179M ▲ $-11.811M ▼ $296.064M ▲ $277.074M ▲ $-18.99M ▲
Q2-2025 $-38.206M ▼ $-19.263M ▼ $-8.054M ▼ $-1.035M ▼ $-28.352M ▼ $-27.317M ▼
Q1-2025 $975K ▲ $19.419M ▲ $-6.122M ▼ $152.349M ▲ $165.646M ▲ $13.297M ▲
Q4-2024 $-165.135M ▼ $-1.965M ▲ $-4.926M ▼ $124.893M ▲ $118.002M ▲ $-6.891M ▲
Q3-2024 $-80.411M $-17.92M $-1.392M $77.286M $57.974M $-19.312M

Revenue by Products

Product Q1-2025Q2-2025
Reportable Segment
Reportable Segment
 $60.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement The business is still very early-stage. Revenue has grown noticeably from a very small base, but it remains modest and heavily tied to a few large projects. Profitability is not yet stable: margins swing around, with one year showing a brief profit likely helped by one‑off items, followed by a return to meaningful losses. The cost base, including engineering and mission costs, still outweighs revenues, so the company is operating at a clear loss and results are likely to stay lumpy as missions succeed or slip.

Balance Sheet

Balance Sheet The balance sheet shows a young company that has recently added more assets, especially cash, but still carries a thin financial cushion. Book equity is negative, which means past losses and obligations more than offset the accounting value of what the company owns. Debt itself is not enormous, but the combination of negative equity and ongoing losses signals financial fragility. The company’s ability to grow into its capital structure depends heavily on turning its contract pipeline into profitable, repeatable work.

Cash Flow

Cash Flow Cash is consistently flowing out of the business rather than in. Operating activities consume cash as the company pays for people, materials, testing, and mission preparations ahead of revenue recognition. Investment in equipment and facilities is rising but still measured, adding further pressure on free cash flow. The cash balance has improved recently, giving the company some runway, but the model is not yet self‑funding and remains dependent on new contracts, milestones, or external financing over time.

Competitive Edge

Competitive Edge Within the small but strategic niche of lunar services, Intuitive Machines has carved out a strong early position. It has flown a high‑profile mission, developed its own lander and propulsion technology, and secured important NASA work, which brings both credibility and visibility. Vertical integration and a growing backlog support its standing. At the same time, the overall market is young, customers are concentrated around government space programs, and capable rivals exist, so its edge will depend on continued flawless execution and maintaining key agency relationships.

Innovation and R&D

Innovation and R&D Innovation is the heart of the company. It is pushing multiple frontiers at once: lunar landers, proprietary engines, a lunar communications and navigation network, autonomous landing systems, and small “hopper” vehicles for hard‑to‑reach areas, with heavier landers, nuclear power systems, and Earth‑reentry capabilities in development. This creates real technological differentiation and potential future revenue streams, but it also means high development costs, technical risk, and long lead times before some projects may translate into steady cash generation.

Summary

Intuitive Machines is a high‑innovation, high‑risk aerospace company building core infrastructure for a future lunar economy. Operationally and financially, it is still in the build‑out phase: revenues are growing but small and volatile, losses are significant, cash burn is ongoing, and the balance sheet is thin with negative equity. Strategically, it has impressive assets—flight heritage, NASA contracts, proprietary technology, and an ambitious roadmap that could give it a lasting role in lunar exploration and infrastructure. The investment profile is therefore inherently speculative and highly sensitive to execution on missions, contract delivery, and continued access to funding, with outcomes likely to be very uneven from year to year.

NEWS

November 4, 2025 · 6:00 AM UTC

Intuitive Machines to Acquire Lanteris Space Systems, Creating the Next-Generation Commercial, Civil, and National Security Space Prime

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October 30, 2025 · 5:00 PM UTC

Intuitive Machines Secures $8.2 Million AFRL Contract Extension to Advance In-Space Nuclear Power Technology

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October 7, 2025 · 9:00 AM UTC

Intuitive Machines Receives CMMI Maturity Level 3 Rating for Software Development

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October 1, 2025 · 9:14 AM UTC

Intuitive Machines Completes KinetX Acquisition

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