Key Highlights

  • Fourth quarter revenue reached $44.8 million, falling short of the $53.7 million Wall Street consensus
  • Operating losses expanded to $33.1 million, significantly above the $12 million loss analysts anticipated
  • Shares declined 8.3% during Thursday’s opening trading session
  • The company’s 2026 revenue outlook of $900 million to $1 billion surpassed analyst expectations of $880 million
  • Contract backlog at the end of February exceeded $943 million

Intuitive Machines had enjoyed strong momentum heading into Thursday’s earnings release. Shares had climbed 12% during the current year and surged 149% over the trailing twelve-month period. The fourth quarter financial results changed that trajectory.


LUNR Stock Card
Intuitive Machines, Inc., LUNR

The Houston space exploration firm delivered fourth quarter revenue totaling $44.8 million alongside an operating deficit of $33.1 million. Analyst forecasts had called for $53.7 million in quarterly revenue and a loss limited to $12 million. The discrepancy triggered a sharp selloff, pushing LUNR down 8.3% during morning trading hours.

The revenue shortfall stemmed from performance across major initiatives including Commercial Lunar Payload Services, Omnibus Multidiscipline Engineering Services III, and Near Space Network Services. Quarterly revenue also represented a decline compared to the corresponding period in the previous year.

Among the bright spots, Intuitive Machines achieved a 19% gross margin during the fourth quarter, demonstrating consistent progress throughout 2025. Free cash flow showed year-over-year improvement of $11.7 million, bringing full-year cash consumption to $56 million.

Forward Revenue Outlook Exceeds Wall Street Projections

Despite the quarterly performance gap, company leadership provided 2026 guidance that topped analyst models. Management expects revenue ranging from $900 million to $1 billion, with a midpoint of $950 million — substantially higher than the $880 million consensus forecast. Full-year adjusted EBITDA is projected to turn positive.

Chief Executive Steve Altemus characterized 2025 as “a transformational year,” highlighting the successful completion of the company’s second lunar landing mission, expanded presence in national security space programs, and two significant acquisitions: KinetX Aerospace and Lanteris Space Systems.

The Lanteris transaction, carrying an $800 million valuation, finalized during the first quarter of 2026. This acquisition establishes Intuitive Machines as a vertically integrated space contractor serving commercial, civil, and national security customers.

The company also brought in a $175 million strategic investment during Q1 2026 to advance satellite communications capabilities and in-space data processing technology.

By late February, the combined contract backlog reached approximately $943 million. Recent contract awards include work supporting the Space Development Agency’s Proliferated Warfighter Space Architecture and a Missile Defense Agency engagement with a total ceiling value of $151 billion.

Lunar Mission Track Record and Future Plans

Intuitive Machines achieved a historic milestone in February 2024 when its Odysseus lander executed the first successful soft landing on the lunar surface by a privately funded spacecraft. The company’s second lander, Athena, completed its mission in early 2025.

A third lunar expedition is scheduled for 2026, with NASA providing the majority of funding.

The organization maintains ongoing collaborations with NASA and the Department of Defense focused on space-based communications infrastructure. Current Wall Street projections place 2026 EBITDA at $39 million.