“With this acquisition, Intuitive Machines is positioned to become the next-generation space prime, applying our demonstrated agility and innovation with Lanteris' unmatched satellite production, scale and proven space flight reliability.” (CEO, prepared)
“This acquisition will be immediately accretive to revenue, adjusted EBITDA and free cash flow.” (CFO, prepared)
“We believe this acquisition accelerates Intuitive Machines' transition into a company that can design, manufacture, deliver and operate missions across the entire space domain from earth orbit to lunar orbit and ultimately to Mars and Deep Space.” (CEO, prepared)
“The new Intuitive machines will combine rapid innovation and precision spacecraft production to meet the growing demand for responsive, high-reliability space infrastructure and services.” (CEO, prepared)
Prepared Metrics
Metric
Value
Speaker/Context
Q3 2025 Revenue
$52.4M
CFO, prepared
Q3 Gross Margin
$5.7M
CFO, prepared
Q3 Net Loss
$10M
CFO, prepared
Q3 Adjusted EBITDA
-$13.2M
CFO, prepared
Q3 Ending Backlog
$235.9M
CFO, prepared
Q3 Ending Cash Balance
$622M
CFO, prepared
Lanteris Acquisition Price
$800M
CEO/CFO, prepared
Acquisition Cash Consideration
$450M
CFO, prepared
Acquisition Stock Consideration
$350M
CFO, prepared
Combined Entity Pro Forma Revenue (TTM)
>$850M
CFO, prepared
Combined Entity Pro Forma Backlog
$920M
CFO, prepared
Q&A Batch (1-5 of 9)
Q1 — Austin Moeller
Topic: Lanteris acquisition strategy and margin profile
Key points:
Lanteris has completed past programs with cost-control struggles; those are "off the books."
Lanteris invested in the 300 Series satellite serving SDA Tranche 1 and Tranche 2.
Lanteris' on-orbit availability is 99.9%, described as "market-leading."
Power propulsion element for NASA's Artemis program is "essentially complete and ready to ship."
Mgmt stance: Bullish — sees Lanteris momentum as positive; services model is higher-margin, and Lanteris' manufacturing feeds own data networks (near space, Mars data relay).
Q2 — Xin Yu
Topic: Lanteris growth profile and backlog breakdown
Key points:
Lanteris' current revenue mix: ~25% defense, ~25% civil, ~50% commercial.
Backlog mix expected to shift toward defense/national security as new awards come in.
New addressable markets: SDA Tranche 3 tracking layer, TDRS replacement, Mars data relay, alternate GPS.
Mgmt stance: Bullish — combination unlocks diverse revenue streams and new markets not currently on the books.
Q3 — Josh Sullivan
Topic: Scaling data opportunities with Lanteris
Key points:
Intuitive Machines has three pillars: delivery services (transportation to moon), data services (global ground segment, data relay network, PNT around moon), infrastructure as a service (LTV contract pending).
Data services expansion includes TDRS, deep space network commercialization, Mars data relay, SDA tracking layers, and Golden Dome.
Intuitive Machines plans to bid on Artemis 3 human landing system with Lanteris and other team members.
Mgmt stance: Bullish — coupling Lanteris' reliable satellites with IM's capabilities positions the company to prime Golden Dome and SDA opportunities.
Q4 — Jonathan Siegmann
Topic: NASA Artemis program evolution and facility plans
Key points:
CLPS contract continues; CT4 solicitation timing uncertain due to government shutdown.
LTVS demonstration mission expected to be awarded; solicitation "ready to award" but timing affected by shutdown.
Intuitive Machines will bid on reposted Artemis 3 human landing system.
Near Space Network services contract continues to support Artemis and other agencies.
Lanteris facilities in Palo Alto/San Jose; Houston builds Nova-C (2 missions), Nova-D (LTV), LTV, first 3 NSNS constellation satellites; plans to build larger satellites for 4th/5th constellation satellites as Mars data relay precursors.
Mgmt stance: Bullish — future bright with NASA and national security opportunities; facility complement enables larger satellite production.
Q5 — Alexander Christian Preston
Topic: Capital position and Lanteris cash generation
Key points:
Quarter-end cash ~$620 million; deployed $450 million for Lanteris.
Lanteris is a "cash-generating business."
Current balance sheet capital sufficient to fund combined operations.
Management remains opportunistic for additional M&A, which would drive additional cash needs.
Mgmt stance: Neutral — adequate capital for operations; no immediate need for incremental financing, but open to opportunistic M&A.