Intuitive Machines Stock Jumps To 2-Month High On Q1 Revenue Beat, First Ever Quarterly Positive Free Cash Flow

Shares of Intuitive Machines (LUNR) surged as much as 29% on Tuesday, reaching a two-month high, after the company reported quarterly results that surpassed Wall Street expectations, recorded its first quarter of positive free cash flow, and reaffirmed its 2025 guidance.

Intuitive Machines posted a $10.1 million operating loss on revenue of $62.5 million for the first quarter (Q1). Analysts surveyed by Koyfin had expected a loss of $11.2 million on revenue of $63.4 million. 

In the same period last year, the company reported a narrower loss of $2.8 million on higher revenue of $73.2 million.

The quarter also marked a key financial milestone, with the company generating $13.3 million in free cash flow, its first positive reading since going public.

“Financially, we remain strong with sequential revenue growth, positive free cash flow for the first time in the company’s history, and moving steadily towards EBITDA profitability,” said CEO Steve Altemus.

He explained that the company remains focused on execution as federal agencies reevaluate how they engage with emerging technologies and public-private partnerships. 

“We believe Intuitive Machines brings proven performance and speed to market across LTVS, NSNS, and CLPS,” Altemus said, referring to lunar transportation, navigation systems, and commercial lunar payload services. 

He added that innovation continues to help the company deliver value to government clients.

The space services company reaffirmed full-year revenue guidance of $250 million to $300 million, with Wall Street expecting $272 million. In 2024, Intuitive reported a revenue of $228 million.

CFO Erik McGrath said the company continues to target a positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) run rate by the fourth quarter (Q4) of 2025, and expects full-year profitability on an adjusted basis in 2026.

The company will need to continue to win awards from NASA and others to reach that milestone.

Altemus emphasized improving federal alignment, citing President Donald Trump’s latest budget request and bipartisan congressional support for expanded space and defense programs. He also noted a $150 billion House reconciliation package to boost Department of Defense initiatives.

During the earnings call, the CEO also outlined technical upgrades for the upcoming IM-3 mission, including "dissimilar and redundant altimeters," an "additional lighting independent sensor," and an expanded "terrain crater database for enhanced navigation."

Despite Tuesday’s surge, Intuitive’s stock is down 35% this year. The shares have nearly doubled in value over the past 12 months. 

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