Intuitive Machines (LUNR) Q3 2025 and M&A Announcement earnings summary

Executive summary

• Announced definitive agreement to acquire Lanteris Space Systems (formerly Maxar Space Systems) for $800 million ($450M cash, $350M stock), expected to close in Q1 2026.

• Acquisition positions the company as a vertically integrated next-generation space prime, expanding capabilities across commercial, civil, and defense markets, with operations from Earth to LEO, MEO, GEO, Moon, Mars, and Deep Space.

• Integration brings proven satellite production scale, reliability, and a strong commercial focus, supporting national security and commercial missions.

• The combined entity aims to unlock diverse revenue streams, accelerate growth in high-margin space infrastructure and services, and improve positioning for current and new contract pipelines.

• Achieved two successful lunar missions (IM-1 in Feb 2024, IM-2 in Mar 2025), with IM-1 marking the first U.S. lunar landing since 1972 and IM-2 landing at the Moon's southernmost location.

Financial highlights

• Q3 2025 revenue was $52.4 million, primarily from OMES, CLPS, and NSNS programs; nine-month revenue was $165.3 million.

• Gross margin for Q3 2025 was $5.7 million (11.6%), up from 7.5% in Q3 2024.

• Q3 2025 net loss was $10 million; adjusted EBITDA was negative $13.2 million, a $12.2 million improvement from Q2 2025.

• Ended Q3 2025 with a cash balance of $622 million and working capital of $560 million.

• Combined trailing twelve months revenue exceeds $850 million as of September 30, 2025; combined backlog stands at $920 million.

Outlook and guidance

• Q4 2025 revenue expected to be in line with Q3, with year-end revenue timing impacted by potential government shutdown.

• Management expects sufficient liquidity to fund operations and business plan execution for at least the next twelve months.

• New outlook for the combined company, including updated backlog burn rates for 2026 and 2027, to be provided early next year.

• The acquisition is expected to be immediately accretive to revenue, adjusted EBITDA, and free cash flow.

• Combined company positioned to capture near-term multi-billion dollar pipeline opportunities, including key NASA and defense contracts.