📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Intuitive Machines, Inc. operates as a space infrastructure and services company in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding LUNR

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Cathie Wood ARK Investment Management	2.66M	$49.3M	0.38%	Mar 2026
Jim Simons Renaissance Technologies LLC	1.93M	$35.9M	0.06%	Mar 2026
Steve Cohen Point72 Asset Management	1.24M	$23.0M	0.03%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management confidently detailed strategic decisions (vertical integration, KinetX acquisition, facility expansion) and provided specific figures on revenue impact, backlog, and guidance, while acknowledging near-term headwinds such as the EAC adjustment and lowered revenue expectation.

Q3 2025

Confident Specific

The CEO repeatedly described the acquisition as 'transformative' and 'the next step' in becoming a 'next-generation space prime,' citing specific figures like $800 million transaction, 300+ spacecraft delivered, 99.99% on-orbit availability, and combined revenue over $850 million. The tone is assured and forward-looking, with no hedging on the deal's benefits or the company's trajectory.

Q4 2025

Confident Specific

Management repeatedly used phrases like 'transformational year', 'fundamentally stronger', 'record revenue' and gave concrete guidance ($900M-$1B revenue, positive adjusted EBITDA). They cited specific milestones (Lanteris acquisition, SDA Tranche 3 award) and detailed three-part strategy (build, connect, operate).

Q1 2026 latest

Confident Specific

Management repeatedly called the quarter 'record' in revenue, gross margin, and backlog, and highlighted positive Adjusted EBITDA. Specific figures ($187M revenue, $1.1B backlog, $2.7M EBITDA) reinforce conviction.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call: record revenue, positive EBITDA, and a $1.1B backlog demonstrate execution and demand. The diversification across commercial, civil, and national security segments, combined with the NASA Ignition tailwind, positions the company for sustained growth. However, negative free cash flow and elevated SG&A are near-term drags. Key catalysts to watch in the coming weeks are the LTV award decision (May 22), CS-8 CLPS mission award (mid-June), and additional task orders under Andromeda. Investors should monitor backlog conversion into revenue and whether the company can sustain margin expansion while scaling satellite production.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Intuitive Machines posts record Q1 revenue of $187M, backlog hits $1.1B

Revenue & Profitability

Q1 2026 revenue was a record $186.7 million, approximately 3x Q1 2025. Gross profit rose to $30.1 million from $6.7 million. Adjusted EBITDA was positive $2.7 million versus a loss of $6.6 million in the prior year. Operating loss was $39.2 million, driven by acquisition-related costs and investments. The company ended the quarter with $232 million in cash and record backlog of $1.1 billion.

Outlook

Management highlighted NASA's Ignition initiative as a major driver, with an expected $20 billion across first two phases for moon-based infrastructure, including increases in CLPS 1.0 and a new $6 billion CLPS 2.0 IDIQ. The shift toward sustained lunar operations and national security demand (e.g., Andromeda, SDA) creates a need for persistent communications, navigation, and delivery services. The company expects additional large awards in coming weeks.

Growth Drivers

Key growth levers include: (1) national security contracts like Andromeda ($6.24B IDIQ) and SDA Tranche 3; (2) NASA Ignition programs including CLPS missions (CS-8, LTV, CLPS 2.0); (3) commercial satellite manufacturing (SiriusXM-11, EchoStar 25); (4) expansion of lunar relay services (NSNS constellation); and (5) C-band clearing and TDRSS opportunities. Backlog of $1.1B provides multi-year visibility.

Balance Sheet & CapEx

Capital expenditures were $9.9 million in Q1, primarily for the NSNS satellite constellation. Management expects CapEx to grow as they build out the five-satellite lunar constellation and ground segment. R&D spending was $5.6 million, focused on software-defined satellite architecture and cislunar communications. The company also invested in inventory pre-buy at Lanteris for a commercial opportunity.

Margins

Gross margin improved significantly, with gross profit of $30.1 million versus $6.7 million a year ago, driven by higher-margin service revenues (NSNS) and Lanteris contribution. SG&A of $50.7 million included $20 million in one-time acquisition costs; management expects SG&A to normalize materially as integration winds down. Adjusted EBITDA turned positive at $2.7 million, and full-year positive Adj EBITDA is expected.

Key Risks

Risks mentioned include: (1) timing and outcome of large government contract awards (LTV, CS-8, AMDT 3); (2) execution on satellite production and lunar missions (IM-3, IM-4); (3) integration of acquisitions (Lanteris, Goonhilly); (4) cash flow volatility due to one-time costs and CapEx; and (5) reliance on government funding programs. Forward-looking statements caution about actual results differing.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q1 2026 Q1 2026 2026-05-14

Record Q1 revenue and backlog driven by diversified growth, Lanteris acquisition, and major contract wins. Positive Adjusted EBITDA achieved; outlook maintained with strong visibility from backlog and upcoming NASA and national security awards.

Q4 2025 Q4 2025 2026-03-19

2025 saw transformational growth with major acquisitions, expanded national security and commercial space programs, and improved margins. 2026 revenue is projected at $900M–$1B, with positive adjusted EBITDA targeted and strong backlog supporting growth.

Q3 2025 Q3 2025 and M&A Announcement 2025-11-04

Entered agreement to acquire Lantera for $800M, transforming into a vertically integrated space prime. Q3 revenue was $52.4M with improved margins, and the combined company expects over $850M in revenue and $920M backlog post-acquisition. Integration will unlock new markets and higher-margin service opportunities.

Q2 2025 Q2 2025 2025-08-07

Q2 revenue rose 21% year-over-year to $50.3 million, driven by key NASA contracts and strategic vertical integration. Facility expansion, the KinetX acquisition, and a robust pipeline position the company for long-term growth, with positive adjusted EBITDA now expected in 2026.

Q1 2025 Q1 2025 2025-05-13

Q1 2025 delivered 14% sequential revenue growth, positive free cash flow, and improved margins, driven by CLPS, LTVS, and NSNS programs. Strong cash position and new contract wins support guidance for $250–$300 million in 2025 revenue and positive adjusted EBITDA by year-end.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.