Q2 2025 revenue was $50.3 million, up 21% year-over-year, driven primarily by CLPS, LTVS, and SNS execution (CFO).
Gross margin was negative $11.8 million, an improvement vs. negative $16.1 million in Q2 2024 (CFO).
SG&A was $16.0 million, flat vs. Q1 2025 (CFO).
Operating loss was $28.6 million vs. a loss of $27.5 million in Q2 2024 (CFO).
Adjusted EBITDA was negative $25.4 million, relatively flat to prior year (CFO).
Operating cash used was $19.3 million; CapEx was $8.1 million, resulting in negative free cash flow of $27.3 million in Q2 (CFO).
First-half 2025 free cash flow was an outflow of $14 million, a significant improvement from an outflow of $41.5 million in first-half 2024 (CFO).
Cash balance at Q2 end: $344.9 million (CFO).
Contracted backlog at Q2 end: $256.9 million vs. $272.3 million in Q1 2025 and $213 million in Q2 2024 (CFO).
Backlog includes: NSNS task order 2 ($18M), Texas Space Commission grant ($10M), and a letter contract for an Orbital Transfer Vehicle Phase 2 award ($4M). Post-Q2, the OTV contract was definitized at $9.8 million (CFO).
Backlog recognition expected: 30–35% in 2025, 40–45% in 2026, remainder thereafter (CFO).
Shares outstanding as of August 4: 178.7 million (117.8M Class A, 60.9M Class C) (CFO).
IM-2 post-mission closeout negotiations completed; $5.7 million in success payments expected in Q3 (CFO).
EAC adjustment on IM-3 reduced revenue by $10.1 million and increased costs by $9.7 million, for a total earnings reduction of $19.8 million in Q2 (CFO).
IM-3 flight readiness review targeted for May 2026; Mission 4 launch on schedule for second half of 2027 (CEO).
Received a $9.8 million Phase 2 award for orbital transfer vehicle design (CEO).
Official guidance: Full-year 2025 revenue expected near the low end of prior outlook ($275M), with opportunities supporting revenue near the midpoint; positive adjusted EBITDA expected in 2026 (CFO).
Mgmt Quotes
"Intuitive Machines is built to do the hard things first. With 2 lunar missions completed in 12 months, our story is one of perseverance, technical depth and a commitment to fielding the indispensable tech and infrastructure for space exploration." (CEO)
"We believe data transmission is the keystone for enabling space flight at scale. It's how spacecraft talk, navigate and execute autonomously." (CEO)
"Our long-term vision is to become a new space prime contractor, providing communications, navigation and control services for defense, civil and commercial markets." (CEO)
"The strategic decisions we made in the second quarter, vertical integration, facility expansion, targeted acquisition were directly tied to customer demand, contract execution and scalable service model." (CEO)
"We continue to believe we have more than sufficient capital to fund our current operations, inclusive of our facility expansion and satellite manufacturing capabilities." (CFO)