Key Highlights
- Fourth-quarter revenue totaled $44.8 million, falling short of the $53.7 million Wall Street consensus
- The company recorded an operating loss of $33.1 million, significantly exceeding the anticipated $12 million shortfall
- Shares declined by as much as 8.3% during Thursday’s morning session
- Forward-looking revenue guidance for 2026 of $900 million to $1 billion surpassed analyst projections of $880 million
- Combined contract backlog reached over $943 million as of late February
Shares of Intuitive Machines had delivered impressive gains leading up to Thursday’s session. The space exploration company’s stock had climbed 12% since the start of the year and surged 149% over the trailing twelve months. That momentum hit a wall when fourth-quarter results were released.
Intuitive Machines, Inc., LUNR
The Texas-headquartered aerospace firm reported fourth-quarter revenue of $44.8 million alongside an operating deficit of $33.1 million. Analysts had anticipated revenue of $53.7 million with a more modest loss of $12 million. The substantial variance triggered a sharp selloff, sending LUNR down as much as 8.3% during early trading hours.
The revenue shortfall stemmed primarily from its flagship initiatives — the Commercial Lunar Payload Services program, Omnibus Multidiscipline Engineering Services III contract, and Near Space Network Services division. Quarterly revenue also retreated compared to the corresponding period in the previous year.
In a bright spot, Intuitive Machines achieved a 19% gross margin during the fourth quarter, reflecting steady margin enhancement throughout 2025. The company also saw free cash flow improve by $11.7 million on a year-over-year basis, though total cash usage for the full year reached $56 million.
Forward Guidance Surpasses Expectations
Despite the quarterly disappointment, company leadership provided 2026 revenue guidance that exceeded Wall Street’s forecasts. Management anticipates revenue between $900 million and $1 billion, with a $950 million midpoint — comfortably above the $880 million consensus estimate. The company also expects to achieve positive adjusted EBITDA for the full year.
Chief Executive Steve Altemus characterized 2025 as “a transformational year,” highlighting the successful completion of the company’s second lunar landing mission, expansion into national security aerospace programs, and the acquisition of two strategic companies: KinetX Aerospace and Lanteris Space Systems.
The Lanteris acquisition, carrying an $800 million price tag, was finalized during the first quarter of 2026. This transaction establishes Intuitive Machines as a fully integrated space contractor serving commercial, civil government, and national security customers.
The organization also obtained a $175 million strategic capital injection in the first quarter of 2026 to advance satellite communications capabilities and in-space data processing technologies.
By the conclusion of February, the consolidated contract backlog reached approximately $943 million. Notable contract awards include support services for the Space Development Agency’s Proliferated Warfighter Space Architecture and a Missile Defense Agency agreement with a maximum value of $151 billion.
Pair of Lunar Landings Completed, Third Mission on Horizon
Intuitive Machines achieved a historic milestone in February 2024 when its Odysseus spacecraft became the first commercial vehicle to execute a soft landing on the lunar surface. The company’s second lander, Athena, successfully touched down in early 2025.
A third moon mission is scheduled for 2026, with funding provided predominantly by NASA.
The aerospace company continues to collaborate with NASA and the Department of Defense on orbital communications infrastructure projects. Current Wall Street consensus calls for EBITDA of $39 million in 2026.
