Intuitive Machines, Inc.

Intuitive Machines, Inc. (LUNR) reported FY 2025 total revenues of $210.1 million, down 7.9% YoY from $228.0 million in 2024, driven by service revenue of $207.1 million and grant revenue of $2.9 million. Operating expenses rose to $297.3 million from $285.4 million, resulting in an operating loss of $87.2 million, wider than the prior year's $57.4 million loss, primarily due to higher general and administrative expenses at $92.6 million. Net loss improved significantly to $106.8 million from $346.9 million, aided by other income including $15.3 million interest income and changes in fair value of liabilities. Net loss attributable to Class A common shareholders was $83.9 million or -$0.73 per share, versus $284.3 million or -$4.63 per share in 2024. Balance sheet strengthened with cash and equivalents at $582.6 million, up from $207.6 million, total assets $757.2 million. Operating cash use was $14.3 million, offset by $446.6 million financing inflows, yielding $375.7 million net cash increase. Acquisitions of KinetX and subsequent Lanteris enhance space infrastructure capabilities, positioning for growth in lunar and deep-space operations amid strong liquidity of $494.0 million working capital.

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