Intuitive Machines, Inc. (NASDAQ: LUNR) has reported its financial results for the fourth quarter and full-year ended December 31, 2025. Here are the key highlights and financial metrics from the press release:
- Business Highlights:
- Completed an $800 million acquisition of Lanteris Space Systems in Q1 2026 to be a vertically integrated next-generation space prime contractor for commercial, civil, and national security space initiatives.
- Completed the acquisition of Kinetx to expand deep space navigation and constellation management capabilities, while accelerating the delivery of secure data relay from the moon to Mars.
- Awarded contracts to support SDA Proliferated Warfighter Space Architecture Tranche 3 Tracking Layer and the Missile Defense Agency Shield IDIQ with a ceiling of $151 billion.
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Launched Echostar XXV in Q1 2026 and secured a $175 million strategic investment to advance satellite communications and in-space data processing capabilities.
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Financial Highlights:
- Achieved $44.8 million of revenue in Q4, driven primarily by commercial lunar payload services (CLPS), omnibus multidiscipline engineering services III (OMES III), and near space network services (NSNS).
- Reported a positive gross margin of 19% in Q4, representing margin improvement throughout 2025.
- Generated $56 million in free cash flow use, reflecting an $11.7 million year-over-year improvement.
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Ended February with a backlog of approximately $943 million.
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2026 Outlook:
- Anticipates full-year 2026 revenue of $900 million to $1 billion and adjusted EBITDA positive.
In addition to the GAAP financial measures, the company has included certain non-GAAP financial measures. Adjusted EBITDA, a key performance measure used by the management team, excludes results from non-operating sources and is calculated as net income (loss) excluding various items. Intuitive Machines has included adjusted EBITDA to highlight trends in the company's operating results.
The company also defined free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. Intuitive Machines views free cash flow as a meaningful indicator of liquidity and a measure of cash generated from operations that can be used for strategic initiatives.
Lastly, the company monitors its contracted backlog, which is the total estimate of revenue expected to be realized in the future as a result of performing work on awarded contracts, less the amount of revenue recognized.
Intuitive Machines, a leading space infrastructure company, aims to build spacecraft, connect networks, and operate infrastructure-as-a-service for commercial, civil, and national security customers. The company has a proven track record across the space domain, having built over 300 spacecraft, delivered over 260 kilograms of payload to the lunar surface, and provided precision navigation expertise that has guided spacecraft across the solar system. Following these announcements, the company's shares moved 10.67%, and are now trading at a price of $21.58. Check out the company's full 8-K submission here.
