Intuitive Machines (LUNR) Q4 2025 earnings summary

Executive summary

• Completed acquisitions of KinetX and Lanteris Space Systems, transforming into a next-generation space prime contractor and expanding scale and addressable market.

• Achieved a record $943 million backlog as of February 2026, with significant contract wins including SDA Tranche 3 and expanded national security programs.

• Launched EchoStar XXV and advanced multiple satellite and lunar missions, expanding operational capabilities and spacecraft fleet to over 100 in orbit.

• Strategic focus on building, connecting, and operating space infrastructure, with new capabilities in lunar data relay, GEO communications, and national security programs.

• Integration of Lanteris is ahead of schedule, enabling new proposals and operational efficiencies.

Financial highlights

• Q4 2025 revenue was $44.8 million, primarily from CLPS, OLMS, OMES III, and NSNS programs.

• Q4 gross margin was $8.5 million (19%), driven by higher margin services and cost reductions.

• Operating loss for Q4 was $33.1 million; adjusted EBITDA for Q4 was negative $19.1 million.

• Free cash flow for 2025 was negative $56 million, an $11.7 million improvement year-over-year.

• Year-end 2025 cash balance was $582.6 million; after Lanteris acquisition and capital raise, cash at February-end was $272 million.

Outlook and guidance

• 2026 revenue is expected to reach $900 million–$1 billion, nearly 5x 2025, with two-thirds already supported by contracted backlog.

• Targeting positive adjusted EBITDA for 2026, driven by scale from Lanteris, higher margin services, and operational efficiencies.

• Approximately 60–65% of backlog expected to convert to revenue in 2026.

• Backlog at February-end estimated at $943 million, with further growth expected from large NASA and national security awards.