LUNRNasdaqSearch, Detection, Navigation, Guidance, Aeronautical SysUS GAAP · USD

Intuitive Machines, Inc.

Intuitive Machines, Inc. designs, builds, and operates spacecraft systems for lunar and cislunar missions, with a business centered on lunar delivery, data transmission, and space infrastructure. The company combines in-house engineering, manufacturing, and mission operations to sell fixed-price and other contract-based services to government and commercial customers. It is also extending its platform into adjacent space and defense applications such as reentry technologies, federal engineering services, and low-power systems.

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Revenue210m USD
−7.9 %y/y
Operating profit (EBIT)-87.2m USD
−52.0 %y/y
EBIT margin-41.5%
−16.4 ppy/y
Net income-83.3m USD
+70.6 %y/y
Free cash flow-56.0m USD
+17.4 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1000100200300m USD2021: EBIT -0.49 m USD20212022: 86 m USD2022: EBIT -5.5 m USD20222023: 80 m USD2023: EBIT -61 m USD20232024: 228 m USD2024: EBIT -57 m USD20242025: 210 m USD2025: EBIT -87 m USD2025210-87
RevenueOperating profit (EBIT)
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Business

Share of revenue
Lunar access and delivery services55 %

Mission contracts to transport payloads to the Moon and support lunar surface operations.

Cislunar data and communications15 %

Services that collect, transmit, and support data networks for lunar and cislunar missions.

Space systems engineering and manufacturing20 %

In-house design, build, integration, and testing of landers, satellites, spacecraft, and subsystems.

Government engineering and adjacent programs10 %

Engineering services and development work for NASA centers, AFRL, and other government customers.

Customers

The company sells primarily to U.S. government agencies and government-adjacent programs, especially NASA and the U.S. Department of Defense, where lunar access and cislunar capabilities are strategic priorities. It also pursues commercial and partner-led mission opportunities that can reuse its lander, software, and data infrastructure across multiple missions. Customer demand is driven by mission success, technical reliability, and the ability to deliver integrated space systems under fixed-price or cost-reimbursable contracts.

NASA and civil space agencies

Buys lunar payload delivery, mission operations, and cislunar data services for lunar exploration programs.

U.S. defense and national security customers

Buys cislunar awareness, low-power systems, and mission technologies tied to strategic space operations.

Commercial space mission partners

Buys spacecraft, lander, and integration capabilities for lunar and deep-space missions.

Federal engineering and research customers

Buys engineering services, prototyping, and specialized development work at NASA centers and AFRL.

Strategy

The company is focused on scaling from one-off lunar missions toward repeatable revenue from lunar access, data transmission, and infrastructure services. Management is investing in vertical integration, faster design-to-manufacture cycles, and in-house testing to improve mission reliability and margins while expanding into adjacent markets. Recent disclosures also show a willingness to use acquisitions and partnerships to add technologies, customers, and sales channels, including the planned Lanteris Space Systems acquisition.

Expand repeatable lunar and cislunar service revenueMedium term

The company wants to move beyond mission-by-mission work into longer-duration customer relationships and long-tail revenue streams.

Improve manufacturing efficiency and marginsShort term

Higher utilization and better production execution are needed to scale the business without eroding gross margin.

Broaden the platform into adjacent marketsMedium term

Adjacent defense and federal engineering work can diversify revenue and reuse core technologies across more programs.

Use M&A to add scale and capabilitiesMedium term

Acquisitions can bring new products, talent, and sales channels, but must be integrated without disrupting core programs.

Geography

Business is overwhelmingly U.S.-centric because the company serves NASA, the U.S. DoD, and other federal customers, and its tax and contracting disclosures are tied to the United States. The company’s operational footprint is also U.S.-based, with work performed under domestic government programs and engineering facilities supporting design, manufacturing, and testing. Geography matters mainly through U.S. federal budget timing, shutdown risk, and regulatory/contracting exposure rather than international revenue diversification.

Risks

The business is highly exposed to U.S. federal contracting cycles, including shutdowns, delayed awards, and payment timing issues that can disrupt mission schedules and cash flow. Execution risk is also elevated because the company builds complex space systems under fixed-price and long-term contracts, where cost overruns, supply-chain issues, or mission failures can quickly compress margins. Acquisitions, joint ventures, and derivative-related financing structures add integration and financial reporting complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →U.S. federal government shutdown and funding delays1Acquisition and joint venture integration risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. U.S. federal government shutdown and funding delaysImpact: HighLikelihood: High

    NASA and other agency programs may pause task orders, stop work, or delay payments when federal funding is interrupted.

    ExposureNASAU.S. DoDFederal programs
  2. Fixed-price contract execution riskImpact: High

    Most historical revenue comes from long-term mission contracts, so cost growth or schedule slippage can reduce profitability.

    Exposure: Lunar payload delivery and mission contracts

  3. Acquisition and joint venture integration riskImpact: MediumLikelihood: Medium

    New deals can consume management time, require approvals, and create unknown liabilities or financing needs.

    ExposureLanteris acquisitionOMES III JV
  4. Manufacturing and supply-chain disruptionImpact: Medium

    The company relies on complex components, launch services, and in-house production that can be affected by quality issues or shortages.

    ExposureSpacecraftLandersSubsystems
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Accounting

Judgemental items
Revenue recognition on long-term contracts

Revenue is recognized as work is performed, so estimate changes can create cumulative catch-up adjustments.

Impact: Quarterly revenue and gross margin can move materially with estimate revisions

Variable consideration and loss contract provisions

Management must estimate total consideration and total costs, and record losses when expected costs exceed revenue.

Impact: Can accelerate expense recognition and reduce reported profitability

Derivative liability accounting for warrants

Warrants issued in financing transactions may be marked to fair value through earnings.

Impact: Creates non-cash volatility in other income (expense)

Lease and purchase obligations

Long-dated facility leases and vendor commitments affect future cash outflows.

Impact: Important for liquidity analysis and capital planning

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Last updated: 24/09/2026