- Intuitive Machines’ Q4 revenue fell 18% year-on-year to $44.8 million, missing the $59 million analyst consensus.
- The company ended 2025 with $582.6 million in cash and cash equivalents, up significantly from $207.6 million the previous year.
- The firm aims to achieve positive adjusted earnings before interest, taxes, depreciation, and amortization in 2026.
Intuitive Machines Inc. (LUNR) said on Thursday that it anticipates $1 billion in revenue in 2026, which would represent a more than fourfold jump from its 2025 revenue of $210 million.
The company also released its fourth-quarter (Q4) earnings, recording a 18% year-on-year (YoY) drop in revenue to $44.8 million, below the analysts’ consensus estimate of $59 million, according to Fiscal AI data.
Loss For The Quarter Narrows
Net loss for the quarter narrowed to $59.6 million from a loss of $165 million last year.
Revenue was primarily driven by Intuitive’s Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services (NSNS).
The company’s focused approach to higher-margin service revenue helped improve its gross margin to 19% in the quarter, reflecting consistent margin gains throughout the year.
Intuitive Machines' stock traded over 4% lower on Thursday morning. On Stocktwits, retail sentiment around the stock remained in ‘bearish’ territory amid ‘low’ message volume levels.
Cash Flow, Backlog Growth And Outlook
Despite operating losses, Intuitive Machines saw a $11.7 million YoY improvement in free cash flow use, totaling $56 million for 2025. The company ended 2025 with $582.6 million in cash and cash equivalents, up significantly from $207.6 million the previous year.
As of the end of February, the company maintained a substantial backlog of approximately $943 million, positioning it for continued revenue generation in upcoming lunar and near-space missions.
Intuitive Machines anticipates full-year 2026 revenue of $900 million to $1 billion, along with positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Analysts estimate a revenue of $899.9 million. The company plans to continue capitalizing on NASA’s Lunar Terrain Vehicle Services and the next CLPS awards.
“Intuitive Machines intends to invest in expanding its Near Space Network Services and establish a solar system internet independent of Earth.”
-Steve Altemus, CEO, Intuitive Machines.
LUNR stock has gained over 149% in the last 12 months.
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