Q1 2025 revenue was $62.5 million, up 14% sequentially over Q4 2024, driven by CLPS, LTVS, and NSNS execution (CFO).
OMES revenue was $21.7 million in Q1, impacted by the OSAM project (CFO).
Gross profit was $6.7 million (vs. $0.7 million in Q4 2024), the third consecutive quarter of positive gross margins (CFO).
SG&A was $16.1 million (vs. $16.4 million in Q1 2024 and $13.5 million in Q4 2024); the sequential increase was due to annual incentive compensation and stock compensation (CFO).
Operating loss was $10.1 million (vs. a loss of $13.4 million in Q4 2024), driven by higher gross profits (CFO).
Adjusted EBITDA was negative $6.6 million, an improvement of $4.6 million vs. Q4 2024; trending toward run-rate positive by year-end (CFO).
Operating cash generated $19.4 million; CapEx was $6.1 million, resulting in positive free cash flow of $13.3 million — the first time in company history (CFO).
Cash balance at quarter-end was $373.3 million, boosted by $148 million from warrant redemption; no outstanding $11.50 strike price warrants remain (CFO).
Contracted backlog was $272.3 million (vs. $328.3 million in Q4 2024); 45–50% expected to be recognized in 2025, 25–30% in 2026 (CFO).
Subsequent to Q1: NSNS Task Order 2 for $18 million, Texas Space Commission grant for $10 million, and a letter contract for an orbital transfer vehicle with a not-to-exceed $3 million (CFO).
Official Guidance:
Full-year 2025 revenue range: $250 million to $300 million (CFO).
Positive run-rate adjusted EBITDA by Q4 2025; positive adjusted EBITDA for 2026 (CFO).
Mgmt Quotes:
(CEO) “We now have first-hand operational data from that region, and we're using it to harden our systems and inform how the industry approaches this part of the moon.”
(CEO) “We've added dissimilar and redundant altimeters to the sensor suite, and they're going through more rigorous and extreme flight-like testing than we've done before.”
(CEO) “IM-2 gave us data that nobody else has. We're using it to build a better system and applying those lessons directly to IM-3, which remains on schedule.”
(CFO) “We continue to believe we have more than sufficient capital to fund our current operations.”
(CFO) “Overall, this was another strong quarter for Intuitive Machines. We ended the first quarter with a significant cash balance, no debt and the flexibility to consider both organic and inorganic growth opportunities.”
Topic: IM-3 mission cost impact and LTVS contract structure
Key points:
IM-3: no schedule impact, slight cost increase from buying additional sensors (altimeters, lighting, terrain database).
LTVS: NASA draft RFP includes option to select one vendor for demo mission, plus an option to carry another vendor through critical design review (~1 year extension).
Mgmt stance: Neutral – acknowledges cost increase but emphasizes program health and back-to-back mission cadence within a year.
Q7 — Greg Pendy
Topic: NSN competitive landscape and international collaboration
Key points:
European companies are entering lunar data relay/ground station market; current discussions focus on standards and interoperability.
Market is fledgling; international work is collaborative, not competitive.
Mgmt stance: Bullish – sees room for multiple successes (“rising tide lifts all boats”).
Q8 — Suji Desilva
Topic: Business segments (three pillars) and higher-margin service mix
Key points:
Three pillars: delivery services (rideshares, landers, orbit transfer), data services (NSNS: relay, PNT), infrastructure as a service (LTV, fission surface power).
Higher-margin business driven by NSNS: builds capital assets owned by company, sold as service (like Globalstar/Iridium model).
Adjusted EBITDA positive by end of 2025; free cash flow still lumpy due to milestone timing.
Mgmt stance: Bullish – higher-margin services are core to long-term EBITDA and FCF generation.
Q9 — Josh Sullivan
Topic: Organic growth vs. M&A, reentry vehicle opportunity
Key points:
CLPS 2.0 expected to extend fixed-price delivery model across NASA and other agencies; heavy cargo deliveries for Artemis reformulation.
M&A aligned with three pillars to fill capability gaps (ground/data network, infrastructure).
Reentry capability is proprietary to Intuitive Machines; partnered with Rhodium Scientific for biologics/pharmaceutical lab outfitting.
Reentry targets commercial and DoD customers; microgravity lab is highly responsive to market needs.
Mgmt stance: Bullish – speed to market, price affordability, and technical capability position company to benefit from Artemis reformulation.