[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) [Company Overview & Business Model](index=1&type=section&id=Company%20Overview%20%26%20Business%20Model) Intuitive Machines is a leading diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics, having successfully soft-landed lunar landers in 2024 and 2025 - Intuitive Machines is a leading space technology and infrastructure services company[2](index=2&type=chunk) - The company is a diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics[12](index=12&type=chunk) - Successfully soft-landed Nova-C class lunar landers on the Moon in 2024 and 2025, returning the United States to the lunar surface for the first time since 1972[12](index=12&type=chunk) - Products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service[12](index=12&type=chunk) [CEO Commentary & Strategic Vision](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Vision) CEO Steve Altemus highlighted decisive execution in Q2 2025, including bringing satellite manufacturing in-house and the strategic acquisition of KinetX, with plans for continued opportunistic M&A and internal investments to accelerate growth - Executed decisively in Q2, bringing satellite manufacturing in-house for performance, schedule clarity, and integration[3](index=3&type=chunk) - Moved to acquire KinetX, a company specializing in space navigation and flight dynamics software, crucial for future network operations[3](index=3&type=chunk)[5](index=5&type=chunk) - Will remain opportunistic on strategic M&A and evaluate internal investments to accelerate growth and drive long-term shareholder value[4](index=4&type=chunk) - Intends to remain aggressive in the marketplace, particularly in data services and National Security Space markets[4](index=4&type=chunk) [Second Quarter 2025 Operational & Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Operational%20%26%20Financial%20Highlights) Q2 2025 saw significant strategic moves including the acquisition of KinetX, investment in in-house satellite production, and expansion of production footprint, with revenue growing 21% year-over-year to $50.3 million and the company ending the quarter debt-free with $345 million cash - Signed purchase agreement to acquire KinetX, positioning Intuitive Machines for Earth Orbit, Moon, and Mars constellation management[5](index=5&type=chunk) - Strategically invested in in-house satellite production to support the Near Space Network Services (NSNS) contract, aligning Mission 3 for satellite deployment in H2 2026[5](index=5&type=chunk) - Expanded production footprint at Houston Spaceport by 140,000 square feet for satellite and spacecraft production, testing, and mission operations[5](index=5&type=chunk) Q2 2025 Revenue Performance (in millions of dollars) | Metric | Q2 2025 (Millions) | Q2 Prior Year (Millions) | Change (%) | | :----- | :----------------- | :----------------------- | :--------- | | Revenue | $50.3 | $41.6 | +21% | - Awarded **$9.8 million** for a phase two contract from a National Security customer to advance the Orbital Transfer Vehicle[5](index=5&type=chunk) - Partnered with Space Forge for space-based semiconductor manufacturing and Rhodium Scientific for in-space biopharmaceutical testing, supported by a **$10 million** Texas Space Commission award for the Earth Reentry Program[5](index=5&type=chunk) - Ended Q2 debt-free with **$345 million cash**, indicating continued balance sheet strength and ample liquidity[5](index=5&type=chunk) [Outlook](index=1&type=section&id=Outlook) The company projects full-year 2025 revenue near the low-end of prior outlook, with additional opportunities potentially supporting revenue near the prior mid-point of $275 million, and positive adjusted EBITDA still expected in 2026 - Full-year 2025 revenue is projected to be near the low-end of prior outlook, with additional opportunities potentially supporting revenue near the prior mid-point of **$275 million**[6](index=6&type=chunk) - Continues to expect positive adjusted EBITDA in 2026[6](index=6&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $475.6 million from $355.4 million at December 31, 2024, primarily driven by a significant increase in cash and cash equivalents, while total liabilities decreased substantially due to the elimination of earn-out liabilities and a reduction in warrant liabilities Condensed Consolidated Balance Sheets Highlights (in thousands of dollars) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------- | :-------------- | :---------------- | :----- | | Cash and cash equivalents | $344,901 | $207,607 | +$137,294 | | Total current assets | $396,753 | $293,161 | +$103,592 | | Property and equipment, net | $40,607 | $23,364 | +$17,243 | | Total assets | $475,639 | $355,404 | +$120,235 | | Total current liabilities | $107,295 | $98,831 | +$8,464 | | Earn-out liabilities | $0 | $134,156 | -$134,156 | | Warrant liabilities | $38,809 | $68,778 | -$29,969 | | Total liabilities | $184,746 | $351,483 | -$166,737 | | Total shareholders' deficit | $(379,123) | $(1,008,034) | +$628,911 | - Significant increase in cash and cash equivalents, contributing to the overall rise in total assets[17](index=17&type=chunk) - Substantial reduction in total liabilities, primarily driven by the elimination of earn-out liabilities and a decrease in warrant liabilities[17](index=17&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, revenue increased 21% year-over-year to $50.3 million, but the company reported a net loss of $38.2 million, compared to a net income of $16.7 million in Q2 2024, largely influenced by changes in the fair value of warrant liabilities and the absence of earn-out liability changes Condensed Consolidated Statements of Operations Highlights (in thousands of dollars) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $50,313 | $41,641 | $112,837 | $114,860 | | Operating loss | $(28,640) | $(27,500) | $(38,717) | $(30,275) | | Change in fair value of earn-out liabilities | $0 | $22,109 | $(33,369) | $(488) | | Change in fair value of warrant liabilities | $(13,033) | $21,009 | $29,969 | $(2,955) | | Net income (loss) | $(38,206) | $16,655 | $(37,231) | $(101,376) | | Net income (loss) attributable to the Company | $(25,181) | $18,671 | $(36,577) | $(78,815) | - Q2 2025 revenue increased by **$8.672 million (20.8%)** year-over-year[19](index=19&type=chunk) - Reported a net loss of **$38.206 million** in Q2 2025, a significant decline from a net income of **$16.655 million** in Q2 2024[19](index=19&type=chunk) - The change in fair value of earn-out liabilities (zero in Q2 2025 vs. **$22.109 million** gain in Q2 2024) and warrant liabilities (loss of **$13.033 million** in Q2 2025 vs. gain of **$21.009 million** in Q2 2024) significantly impacted net income/loss[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $0.156 million, a substantial improvement from net cash used of $37.702 million in the prior year period, largely due to positive changes in working capital and significantly increased net cash from financing activities due to warrant exercises Condensed Consolidated Statements of Cash Flows Highlights (in thousands of dollars) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by (used in) operating activities | $156 | $(37,702) | | Net cash used in investing activities | $(14,176) | $(3,793) | | Net cash provided by financing activities | $151,314 | $70,608 | | Net increase in cash, cash equivalents and restricted cash | $137,294 | $29,113 | | Cash and cash equivalents at end of the period | $344,901 | $31,631 | - Operating cash flow improved significantly, shifting from **$37.702 million** cash used in H1 2024 to **$0.156 million** cash provided in H1 2025[21](index=21&type=chunk) - Purchases of property and equipment increased to **$14.176 million** in H1 2025, up from **$3.793 million** in H1 2024[21](index=21&type=chunk) - Net cash provided by financing activities more than doubled to **$151.314 million** in H1 2025, primarily driven by **$176.620 million** from warrant exercises[21](index=21&type=chunk) [Non-GAAP Financial Measures & Key Metrics](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Key%20Metrics) [Adjusted EBITDA Reconciliation](index=3&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was a loss of $25.368 million, comparable to Q2 2024, while the six-month period saw an increased loss of $31.978 million compared to $23.543 million in the prior year - Adjusted EBITDA is a key performance measure used by management to assess operating performance, excluding non-operating sources like interest income/expense, share-based compensation, and fair value changes[10](index=10&type=chunk) Adjusted EBITDA (in thousands of dollars) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $(38,206) | $16,655 | $(37,231) | $(101,376) | | Adjusted EBITDA | $(25,368) | $(25,108) | $(31,978) | $(23,543) | - Q2 2025 Adjusted EBITDA loss remained relatively stable year-over-year[24](index=24&type=chunk) - For the six-month period, Adjusted EBITDA loss increased from **$23.543 million** in 2024 to **$31.978 million** in 2025[24](index=24&type=chunk) [Free Cash Flow Reconciliation](index=3&type=section&id=Free%20Cash%20Flow%20Reconciliation) Free Cash Flow for the six months ended June 30, 2025, improved significantly to a negative $14.020 million, compared to a negative $41.495 million in the prior year period, driven by a positive shift in operating cash flow despite increased capital expenditures - Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment, serving as a meaningful indicator of liquidity[11](index=11&type=chunk)[25](index=25&type=chunk) Free Cash Flow (in thousands of dollars) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by (used in) operating activities | $156 | $(37,702) | | Purchases of property and equipment | $(14,176) | $(3,793) | | Free cash flow | $(14,020) | $(41,495) | - Free cash flow improved by **$27.475 million** in H1 2025 compared to H1 2024[26](index=26&type=chunk) - Free Cash Flow is a non-GAAP measure with limitations, including potential incomparability to other companies and sensitivity to capital investments and working capital fluctuations[27](index=27&type=chunk) [Backlog](index=3&type=section&id=Backlog) Contracted backlog decreased by $71.4 million to $256.909 million as of June 30, 2025, from $328.345 million at December 31, 2024, primarily due to performance on existing contracts and IM-2 mission close-out adjustments, partially offset by new awards - Contracted backlog is defined as the total estimated future revenue from awarded contracts, less previously recognized revenue[11](index=11&type=chunk) Backlog (in thousands of dollars) | Metric | June 30, 2025 | December 31, 2024 | Change | | :------ | :-------------- | :---------------- | :----- | | Backlog | $256,909 | $328,345 | $(71,436) | - The decrease in backlog was primarily due to **$112.8 million** from performance on existing contracts and **$8.4 million** from IM-2 mission close-out adjustments[28](index=28&type=chunk) - The decrease was partially offset by **$49.8 million** in new awards, including **$18.0 million** for the NSN contract, **$10.0 million** for the TSC grant, and **$7.0 million** for the OMES III contract[28](index=28&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Intuitive Machines hosted a conference call on August 7, 2025, at 8:30 am Eastern Time to discuss the Q2 2025 results, with a webcast replay available on the company's investor relations website - Conference call held on August 7, 2025, at 8:30 am Eastern Time to discuss financial results[7](index=7&type=chunk) - A live webcast and replay are available on the investors portion of the Intuitive Machines' website: https://investors.intuitivemachines.com[7](index=7&type=chunk)[8](index=8&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This press release includes forward-looking statements regarding future expectations, plans, financial performance, and industry outlook, which are subject to various risks and uncertainties and are not guarantees of future performance, with no obligation to update them unless required by applicable securities laws - The press release includes 'forward-looking statements' as defined by the Private Securities Litigation Reform Act of 1995, identified by words such as 'anticipate,' 'expect,' 'plan,' etc[13](index=13&type=chunk) - These statements cover expectations and plans related to business combinations, lunar missions, product demand, contract bids, revenue, operations, financial performance, and business strategy[13](index=13&type=chunk) - Actual results may differ materially due to various factors, including reliance on key personnel, limited operating history, competition, safety performance, cyber incidents, market failures, launch delays, customer concentration, and regulatory compliance[13](index=13&type=chunk) - Forward-looking statements are based on information available as of the presentation date, and the company does not undertake any obligation to update them, except as required by applicable securities laws[14](index=14&type=chunk) [Contacts](index=4&type=section&id=Contacts) Contact information for investor and media inquiries is provided - For investor inquiries: investors@intuitivemachines.com[15](index=15&type=chunk) - For media inquiries: press@intuitivemachines.com[15](index=15&type=chunk)

Core Insights - Intuitive Machines, Inc. reported a revenue of $50.3 million for Q2 2025, representing a 21% increase compared to Q2 2024, driven by growth across key programs [6][20] - The company ended Q2 2025 debt-free with $345 million in cash, indicating strong balance sheet strength and liquidity for future growth [6][20] - The company signed a purchase agreement to acquire KinetX, enhancing its capabilities in space navigation and flight dynamics [6][31] Financial Performance - Revenue for the first half of 2025 totaled $112.8 million, slightly down from $114.9 million in the same period of 2024 [20] - Operating loss for Q2 2025 was $28.6 million, compared to a loss of $27.5 million in Q2 2024 [20] - Net loss attributable to the company for Q2 2025 was $25.3 million, a decrease from a net income of $18.5 million in Q2 2024 [20] Strategic Initiatives - The company expanded its production footprint at Houston Spaceport by 140,000 square feet to support in-house satellite and spacecraft production [6] - Intuitive Machines is pursuing further strategic mergers and acquisitions, particularly in data services and National Security Space markets [3][6] - The company achieved a backlog of $256.9 million as of June 30, 2025, down from $328.3 million at the end of 2024, primarily due to performance on existing contracts [29][31] Outlook - Full-year 2025 revenue is projected to be near the low end of prior outlook, with expectations of reaching the prior midpoint of $275 million later in the year [7] - The company anticipates positive adjusted EBITDA in 2026, indicating a focus on improving operational performance [7]

Core Viewpoint - Intuitive Machines, Inc. has signed a definitive agreement to acquire KinetX, Inc., enhancing its capabilities in deep space navigation and flight dynamics, and marking its formal entry into this segment of space operations [1][2]. Company Overview - Intuitive Machines is a leading space technology, infrastructure, and services company focused on lunar access and space commercialization, with successful lunar missions in 2024 and 2025 [8]. - KinetX, with over 30 years of experience, specializes in deep space navigation and has supported various NASA and National Security Space missions [4][7]. Acquisition Details - The acquisition is expected to close before the end of 2025, pending customary closing conditions [2]. - KinetX's proprietary navigation software has been instrumental in supporting Intuitive Machines' lunar missions [4]. Strategic Implications - This acquisition strengthens Intuitive Machines' position as a vertically integrated provider of end-to-end systems for lunar and interplanetary missions [2]. - The integration of KinetX's software and expertise is anticipated to enhance Intuitive Machines' capabilities in delivering secure, autonomous data relay and constellation services [5][6]. Future Opportunities - The combined entity aims to lead in emerging opportunities such as NASA's Near Space Network Services and potential Mars data relay missions [6]. - KinetX's systems engineering capabilities will support key U.S. defense programs and next-generation space architectures [5].

Core Insights - Intuitive Machines, Inc. (LUNR) is expected to report its second-quarter 2025 results on August 7, prior to market opening, with a history of outperforming earnings estimates in three of the last four quarters, averaging a 57.42% earnings surprise [1]. Group 1: Revenue and Earnings Performance - The second quarter is anticipated to show strong revenue growth driven by lunar payload, data analytics, and data transmission services for NASA and commercial contractors [2]. - Successful completion of the IM-2 mission is expected to contribute to revenue, with payments anticipated in the upcoming quarter, likely resulting in higher revenues reflected in the income statement [3]. - Despite strong revenue generation and higher gross profit from efficient program execution, increased selling, general, and administrative expenses due to investments in infrastructure and technology upgrades may negatively impact earnings [4]. Group 2: Financial Estimates - The Zacks Consensus Estimate for LUNR's second-quarter sales is projected at $68.4 million, representing a 65.2% increase from the same quarter last year [5]. - The consensus estimate for loss is set at six cents per share, indicating a decline from the previous year's loss of five cents [5]. Group 3: Earnings Prediction Model - The current model does not predict a definitive earnings beat for LUNR, with an Earnings ESP of -9.09% and a Zacks Rank of 4 (Sell), suggesting lower chances of outperforming earnings expectations [6][7].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Intuitive Machines, Inc. despite higher revenues, with a focus on how actual results will compare to estimates [1] Earnings Expectations - The company is expected to report a quarterly loss of $0.06 per share, reflecting a year-over-year change of -20% [3] - Revenues are projected to be $68.42 million, representing a 65.2% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from covering analysts [4] - The Most Accurate Estimate is lower than the Zacks Consensus Estimate, leading to an Earnings ESP of -9.09%, suggesting a bearish sentiment among analysts [11] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, but its predictive power is significant mainly for positive readings [8][9] - Stocks with a positive Earnings ESP and a Zacks Rank of 1, 2, or 3 have shown a nearly 70% success rate in beating earnings expectations [9] Historical Performance - In the last reported quarter, the company was expected to post a loss of $0.10 per share but actually reported a loss of -$0.20, resulting in a surprise of -100% [12] - Over the past four quarters, the company has beaten consensus EPS estimates three times [13] Conclusion - Intuitive Machines, Inc. does not appear to be a strong candidate for an earnings beat based on current estimates and rankings, but other factors may influence stock performance [16]

Industry Overview - The space industry is experiencing strong momentum in 2025, driven by global security concerns, the need for reliable satellite communications, and increased collaboration between governments and private firms [1] - Rocket Lab USA Corporation (RKLB) and Intuitive Machines (LUNR) are notable players attracting significant investor interest [1] Rocket Lab (RKLB) Highlights - Recent Achievements: In July 2025, RKLB announced a partnership with Bollinger Shipyards to develop an ocean landing platform for its Neutron reusable rocket, scheduled for delivery in early 2026 [4] - The company completed its 68th successful Electron launch in June 2025, reinforcing its reputation in the small satellite launch market [5] - Financial Stability: As of the end of Q1 2025, RKLB held $428 million in cash and cash equivalents, with short-term debt of $20 million and long-term debt of approximately $419 million, indicating a moderate solvency position [6] - Sales projections for RKLB indicate a surge of 32.8% in 2025, with improved bottom-line estimates over the past 60 days [11][16] - Stock performance has been strong, with RKLB's stock increasing by 735.7% over the past year [19] Intuitive Machines (LUNR) Highlights - Recent Achievements: In July 2025, LUNR partnered with San Jacinto College and Rhodium Scientific to launch a training program for handling pharmaceuticals returned from orbit [9] - The company received approval for a $12 million expansion of its Houston Spaceport headquarters to build new production and testing facilities [10] - Financial Stability: LUNR ended Q1 2025 with $375 million in cash and cash equivalents and reported no notable debt, indicating a strong financial position [13] - Sales projections for LUNR expect an 18.8% rise in 2025, but EPS estimates have declined for 2025 and 2026 [11][17] - Stock performance shows LUNR increased by 195.2% over the past year, but it lags behind RKLB [19] Challenges for Rocket Lab (RKLB) - High-cost structure due to ongoing investments in new technologies and expansion efforts, which may impact profitability [7] - Development timelines for projects like Neutron may extend longer than anticipated, delaying revenue generation [8] Challenges for Intuitive Machines (LUNR) - Heavy reliance on government contracts, particularly for NASA's lunar missions, poses risks if there are delays or funding changes [14] - Early-stage nature of many commercial ventures requires significant investment and regulatory approvals, making commercial success uncertain [15] Comparative Analysis - RKLB appears to be the stronger contender in the current market, with better stock performance, improving earnings outlook, and a consistent launch record [24] - LUNR offers attractive valuation but faces challenges due to its dependence on lunar missions and downward revisions in earnings estimates [24] - LUNR is trading at a forward sales multiple of 6.17X, while RKLB's forward sales multiple is 27.35X, indicating a more attractive valuation for LUNR [20]

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, "Intuitive Machines," or the "Company"), a leading space technology and infrastructure services company, has secured a $9.8 million Phase Two government contract to advance its Orbital Transfer Vehicle ("OTV") through Critical Design Review ("CDR")—the final engineering milestone on a previously disclosed contract, before manufacturing begins. The Phase Two of the contract expands the Company's growing government portfolio an ...

Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to increase significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience in analyzing companies, particularly in the tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - The Investing Group Deep Value Returns, led by Michael, offers insights through its concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [3] - The group provides "hand-holding" support for both new and experienced investors, fostering an active and vibrant community accessible via chat [3] - Seeking FCF is associated with Michael Wiggins De Oliveira, indicating a collaborative approach in investment strategies [3]

Group 1 - Intuitive Machines, Inc. will release its financial results for Q2 2025 on August 7, 2025, before market opens [1] - A conference call to discuss the results will take place on the same day at 8:30 am ET [1][2] - The company is focused on disrupting lunar access economics and has successfully landed lunar landers in 2024 and 2025 [3] Group 2 - Intuitive Machines operates through three pillars: Delivery Services, Data Transmission Services, and Infrastructure as a Service [3] - The company aims to commercialize space technology and services [3]

Core Viewpoint - Intuitive Machines stock has shown resilience despite a downgrade from Bank of America, indicating potential investor optimism and future growth prospects [2][4][5]. Group 1: Stock Performance and Analyst Ratings - Bank of America analyst Ronald Epstein lowered the price target for Intuitive Machines stock from $16 to $10.50, resulting in an "underperform" rating [2]. - Despite the downgrade, Intuitive Machines stock increased by 1.2% initially and continued to rise, gaining 5.1% by mid-morning [2][4]. - The stock's performance this year has been bolstered by a report of positive free cash flow of $13.3 million in Q1 [5]. Group 2: Future Profitability and Cash Flow Concerns - Analysts predict that Intuitive Machines will not achieve sustained profitability until at least 2027 and consistent positive free cash flow until 2028 [6]. - Management has cautioned about potential "cash receipt lumpiness" in Q2, which may lead to negative free cash flow [5][6]. Group 3: Growth Opportunities - Intuitive Machines has secured multiple NASA contracts for lunar missions, a Near Space Network communications contract, and is developing Earth reentry vehicles for semiconductor and space pharmaceutical clients, indicating a promising future [7].