Intuitive Machines Stock Slips On Narrowed Guidance, Despite Four-Fold Increase In Q3 Revenue: Retail Ignores The Pessimism

Shares of Intuitive Machines Inc. ($LUNR) dropped by as much as 9% at Thursday’s open after the space exploration company lowered its full-year revenue forecast. 

This came despite a strong performance in the third quarter, where the company reported a four-fold increase in revenue compared to the same period last year.

Intuitive Machines stock jumped 16% in Thursday’s pre-market session, fueled by the company's earnings beat. However, the positive momentum reversed and the stock tumbled leading to a halt in trading as the market opened.

For the third quarter, Intuitive Machines posted $58.5 million in revenue, up significantly from $12.7 million in the same quarter last year, and exceeding Wall Street’s expectations of $50.89 million, according to Stocktwits data.

Despite the revenue growth, the company reported a net loss of $55.5 million, a sharp contrast to the $32.6 million profit it posted in the same quarter of the previous year.

The Houston-based company also revised its 2024 full-year revenue forecast. Intuitive Machines now expects revenue to fall between $215 million and $235 million, slightly lower than its previous guidance range of $210 million to $240 million.

Retail investors on Stocktwits are holding onto the stock believing in its long-term growth, with only a small percentage avoiding the company due to ‘high risk’.

Intuitive Machines made history earlier this year when its Odysseus lander became the first commercial player to successfully touchdown on the moon’s surface. 

However, the company announced a delay in its next moon mission to February 2025 from January during the third-quarter earnings call. 

Retail sentiment around the stock has gone deeper into the ‘extremely bullish’ territory with an uptick in chatter to ‘extremely high’ on Thursday morning. 

CEO Steve Altemus also rebutted market concerns that Elon Musk’s SpaceX Starship may eat into Intuitive Machines’ market share, during the third quarter earnings call. 

“Altemus sees Starship as complementary to Intuitive Machines' efforts. While Starship could handle heavy and large-scale cargo missions, Intuitive Machines will focus on regular, smaller-scale deliveries, enhancing the frequency and diversity of lunar missions,” he said. 

The company’s stock has nearly quadrupled in value this year with gains of 372% so far. 

For updates and corrections email newsroom@stocktwits.com.

Read more: Top 5 S&P 500 Stocks With The Greatest Activity Spike On Stocktwits Ahead Of Thursday

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