LUNR 8-K — Smart Summary

Intuitive Machines, Inc. (Nasdaq: LUNR) reported its fourth quarter and full-year 2025 financial results on March 19, 2026. Q4 2025 revenue was $44.8 million with a 19% positive gross margin. The Company also announced several strategic developments including the completed $800 million acquisition of Lanteris Space Systems and a $175 million strategic investment, both in Q1 2026.

• Q4 2025 total revenues: $44.785 million vs. $54.662 million in Q4 2024 (YoY decrease)
• Full-year 2025 total revenues: $210.059 million vs. $228.000 million in full-year 2024 (YoY decrease)
• Full-year 2025 service revenue: $207.132 million vs. $228.000 million in 2024
• Q4 2025 operating loss: $(33.095) million vs. $(13.397) million in Q4 2024
• Full-year 2025 operating loss: $(87.231) million vs. $(57.396) million in 2024
• Q4 2025 net loss: $(59.655) million vs. $(165.135) million in Q4 2024
• Full-year 2025 net loss: $(106.846) million vs. $(346.922) million in 2024
• Net loss attributable to Class A common shareholders Q4 2025: $(40.035) million vs. $(149.343) million in Q4 2024
• Net loss attributable to Class A common shareholders full-year 2025: $(83.910) million vs. $(284.309) million in 2024
• Q4 2025 gross margin: 19% positive (margin improvement throughout 2025)
• Full-year 2025 Adjusted EBITDA: $(64.243) million vs. $(41.695) million in 2024
• Q4 2025 Adjusted EBITDA: $(19.077) million vs. $(11.239) million in Q4 2024
• Full-year 2025 net cash used in operating activities: $(14.318) million vs. $(57.587) million in 2024
• Full-year 2025 free cash flow: $(55.952) million vs. $(67.698) million in 2024 (an $11.7 million YoY improvement)

• Revenue driven primarily by Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services (NSNS) in Q4 2025
• Backlog as of December 31, 2025: $213.070 million vs. $328.345 million as of December 31, 2024 (decrease of $115.3 million)
• Backlog decreases driven by contract performance of $210.1 million (OMES III $73.1 million, CLPS mission contracts $72.3 million, NSN contract $18.5 million), IM-2 mission close-out adjustments of $8.4 million, and IM-3 mission adjustments of $1.8 million
• Partially offset by $105.0 million in new awards (OMES III $33.4 million, NSN contract $18.0 million, TSC grant $10.0 million, mission rideshare contracts $7.7 million)
• Combined Company February month-end backlog of approximately $943 million

• Cash and cash equivalents as of December 31, 2025: $582.606 million vs. $207.607 million as of December 31, 2024
• Long-term debt as of December 31, 2025: $335.335 million (none as of December 31, 2024)
• Proceeds from issuance of convertible notes, net of discount: $335.513 million
• Purchase of capped call transactions: $(36.777) million
• Warrants exercised: $176.620 million
• Repurchase of Class A Common Stock: $(20.700) million
• Completed $800 million acquisition of Lanteris Space Systems in Q1 2026
• Secured $175 million strategic investment in Q1 2026
• Preferred dividends full-year 2025: $(616) thousand vs. $(896) thousand in 2024
• Distributions to noncontrolling interests: $(2.236) million

• CEO Steve Altemus
  • "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."
  • "Intuitive Machines intends to invest in expanding its Near Space Network Services and establish a solar system internet independent of Earth. Through investments in the Lanteris platforms, specifically the 1300 series, the Company believes it can grow market share in Geostationary Orbit (GEO), expand capability around the Moon, extend capability to Mars, and support emerging high-power on-orbit data processing and edge computing."

• Full-year 2026 revenue guidance: $900 million - $1 billion
• Full-year 2026 Adjusted EBITDA: positive
• Near-term upcoming awards include NASA's Lunar Terrain Vehicle Services and the next Commercial Lunar Payload Services award