Intuitive Machines, Inc. (NASDAQ: LUNR) has reported its financial results for the first quarter ending March 31, 2025. The company achieved several notable milestones and financial achievements during this period.
In the first quarter of 2025, Intuitive Machines generated $62.5 million in revenue, marking a 14% increase compared to the previous quarter. This growth was primarily driven by success across key programs, including the Lunar Terrain Vehicle Services (LTVS), Near Space Network Services (NSNS), and Commercial Lunar Payload Services (CLPS).
The company also expanded its gross margin to 11% or $6.7 million in the first quarter, representing the third consecutive quarter of positive gross margin. This improvement was attributed to efficient program execution and a shift towards higher-margin service businesses.
Furthermore, Intuitive Machines reported positive operating cash flow of $19.4 million in the first quarter, with $6.1 million of capital expenditures, resulting in positive free cash flow of $13.3 million. The positive cash flow was primarily driven by the timing of milestone payments and gross margin expansion.
Ending the first quarter with $373.3 million in cash, following the completion of the warrant redemption process, Intuitive Machines streamlined its capital structure and significantly reduced overhang from derivative securities.
Looking ahead to the full-year 2025, the company provided a revenue outlook of $250 * $300 million. Additionally, Intuitive Machines aims to achieve a positive run-rate adjusted EBITDA by the end of 2025, with positive adjusted EBITDA expected in 2026.
Intuitive Machines' CEO, Steve Altemus, highlighted the evolving federal landscape and shifting NASA priorities as presenting clear opportunities for the company. Altemus emphasized the company's plan to leverage its track record to expand into adjacent markets such as national security space and other non-lunar domains, positioning Intuitive Machines as a broader infrastructure and data services provider across the space economy.
The company also provided information about its key business metrics and non-GAAP financial measures, including adjusted EBITDA and free cash flow, to provide insights into its operating performance and liquidity.
Intuitive Machines' achievements in the first quarter of 2025 reflect its continued growth and success across multiple programs, setting the stage for a promising outlook for the rest of the year and beyond. Today the company's shares have moved 2.81% to a price of $9.50. For more information, read the company's full 8-K submission here.
