Intuitive Machines reported Q4 2025 revenue of $44.8 million, missing Wall Street expectations near $54–55 million, while EPS of -$0.04 beat consensus of about -$0.08 per share. Full-year 2025 revenue reached $210.1 million, with improving gross margin but a wider net loss. Shares fell roughly 6% in pre-market trading after the release.
About Intuitive Machines
Intuitive Machines, Inc. (Nasdaq: LUNR) is a space technology and infrastructure company focused on lunar missions, satellite systems, and space-based communications for commercial, civil, and national security customers. Founded in 2013 and headquartered in Houston, Texas, the company designs and operates spacecraft, near-space networks, and mission services spanning the Earth–Moon system and beyond. In 2025, Intuitive Machines generated $210.1 million in revenue, primarily from service contracts including NASA’s Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services (NSNS).
The company has built over 300 spacecraft to date and delivered more than 260 kilograms of payload to the lunar surface, underlining its role as an integrated “build-connect-operate” space infrastructure provider. As of the Q4 2025 call, the market valued Intuitive Machines at roughly $3.3 billion, reflecting expectations for rapid growth tied to its nearly $943 million combined backlog and aggressive 2026 revenue guidance of $900 million to $1 billion. The firm does not pay a dividend and remains in an investment and scaling phase, prioritizing growth and margin expansion over near-term profitability.
Top Financial Highlights
- Q4 2025 revenue was $44.8 million, driven mainly by CLPS, OMES III, and NSNS contracts.
- Full-year 2025 revenue totaled $210.1 million, compared with $228.0 million in 2024, reflecting program timing and contract mix.
- Q4 2025 gross margin was 19%, or $8.5 million, marking continued improvement toward profitability.
- Q4 2025 operating loss widened to $33.1 million, up from $13.4 million in Q4 2024, driven by higher general and administrative costs and acquisition-related items.
- Full-year 2025 operating loss was $87.2 million, compared with $57.4 million in 2024.
- Q4 2025 net loss attributable to the company was $39.9 million, versus $149.2 million a year earlier, helped by smaller fair‑value and financing charges.
- Full-year 2025 net loss attributable to the company improved to $83.3 million from $283.4 million in 2024.
- Q4 2025 Adjusted EBITDA was -$19.1 million, compared with -$11.2 million in Q4 2024, reflecting heavier investment and integration spend.
- Full-year 2025 Adjusted EBITDA came in at -$64.2 million, versus -$41.7 million in 2024.
- 2025 free cash flow usage was $56.0 million, an improvement of $11.7 million year over year, reflecting more disciplined working capital and operating cash use.
- Cash and cash equivalents at December 31, 2025 were $582.6 million, up from $207.6 million a year earlier, supported by convertible notes and warrant exercises.
- Contracted backlog at December 31, 2025 was $213.1 million, down from $328.3 million as the company executed key contracts; combined company backlog including recent acquisitions stood near $943 million as of February month‑end.
- Segment revenue in 2025 was led by CLPS missions (about $72.3 million), OMES III (about $73.1 million), and NSNS (about $18.5 million), with additional contributions from other mission, rideshare, and grant awards.
- Management guided for $900 million–$1.0 billion in 2026 revenue and positive Adjusted EBITDA for the full year, implying roughly 5× top-line growth versus 2025.
Beat or Miss?
| Metric | Reported (Q4 2025) | Estimated / Consensus | Difference / Analysis |
| Revenue | $44.8 million | ~$53.8–54.7 million | Miss of roughly $9–10 million; program timing and government delays weighed on sales. |
| EPS (diluted) | -$0.04 | -$0.08 | Beat by $0.04 per share; narrower loss than Street expectations. |
| Gross Margin (percentage) | 19% | N/A | Indicates improving unit economics despite the growth phase. |
| Adjusted EBITDA | -$19.1 million | N/A | Negative but consistent with heavy investment and acquisition integration. |
| 2026 Revenue Guidance | $900M–$1B | N/A | Implies ~5× 2025 revenue, signaling aggressive growth outlook. |
What Leadership Is Saying
“2025 was a transformational year for Intuitive Machines. We completed our second lunar mission, expanded into national security space programs, closed the acquisition of KinetX Aerospace, and announced the acquisition of Lanteris Space Systems. These acquisitions significantly expand our scale, addressable market, and growth opportunities.” — Steve Altemus, CEO
“Disciplined capital management combined with higher‑margin service revenue growth throughout 2025 resulted in $56 million free cash flow use, an $11.7 million year‑over‑year improvement, and supports our path to positive adjusted EBITDA as we scale toward our 2026 revenue target of $900 million to $1 billion.” — Senior finance leadership (CFO commentary as presented in the release and related materials)
Historical Performance
YoY Company Comparison (Q4 2025 vs. Q4 2024)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $44.8 million | $54.7 million | About -18% (driven by program timing and delays). |
| Net Income (Loss) | -59.7 million | -165.1 million | Improvement of ~64% in net loss. |
| Operating Expenses | $77.9 million | $68.1 million | Increase of ~14%, reflecting higher G&A and integration costs. |
YoY Full-Year Comparison (FY 2025 vs. FY 2024)
| Category | FY 2025 | FY 2024 | Change (%) |
| Revenue | $210.1 million | $228.0 million | About -7.8%, mainly on contract phasing. |
| Net Income (Loss) | -106.8 million | -346.9 million | Net loss improved by ~69%. |
| Operating Expenses | $297.3 million | $285.4 million | Up ~4%, reflecting investment and acquisitions. |
Historical Performance of Key Competitors
Below is an indicative YoY snapshot for space‑infrastructure peers to contextualize Intuitive Machines’ trajectory using latest publicly available 2025 figures where disclosed (values are approximate and for directional comparison only).
| Category | Intuitive Machines FY 2025 | Intuitive Machines FY 2024 | Change (%) | Peer Space Infra Co. A FY 2025* | Peer Space Infra Co. A FY 2024* | Change (%)* |
| Revenue | $210.1M | $228.0M | -7.80% | N/A (not disclosed in this release) | N/A | N/A |
| Net Income (Loss) | -106.8M | -346.9M | 69.20% | N/A | N/A | N/A |
| Operating Exp. | $297.3M | $285.4M | 4.10% | N/A | N/A | N/A |
*Specific, directly comparable quarterly 2025 data for major listed competitors is not provided in Intuitive Machines’ materials and varies by peer disclosure; therefore, competitor cells are marked N/A based solely on this dataset.
How the Market Reacted
Following the Q4 and full‑year 2025 earnings release, Intuitive Machines’ stock fell about 5.8% in pre‑market trading, reflecting investor concern over the revenue miss and widened operating loss despite improving net loss and strong long‑term guidance. The negative reaction underscores skepticism about execution risk around the ambitious 2026 revenue target of $900 million–$1 billion and the integration of recent acquisitions. At the same time, the company’s expanding backlog, improved free cash flow usage, and path to positive adjusted EBITDA provide a constructive medium‑term narrative that some investors may view as bullish if management delivers on its outlook.
