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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Intuitive Machines (LUNR) investor relations material
Intuitive Machines Q3 2025 and M&A Announcement earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 and M&A Announcement earnings summary4 Nov, 2025
Executive summary
Announced definitive agreement to acquire Lanteris (Lantera) Space Systems for $800 million ($450M cash, $350M stock), expected to close in Q1 2026, positioning the company as a vertically integrated space prime across commercial, civil, and defense markets.
Combined entity expands operations from Earth to LEO, MEO, GEO, Moon, Mars, and Deep Space, enhancing delivery, data, and infrastructure capabilities.
Lanteris brings over 65 years of experience, 300+ spacecraft delivered, and 99.99% on-orbit availability, with leadership in commercial communication satellites, spacecraft, subsystems, and robotics.
Integration aims to accelerate task orders, broaden delivery capacity, unlock high-margin revenue streams, and drive revenue growth through high-value synergies.
Achieved two successful lunar missions (IM-1, IM-2), completed KinetX acquisition, and awarded new government contracts, expanding capabilities in satellite manufacturing and deep space navigation.
Financial highlights
Q3 2025 revenue was $52.4 million, primarily from OMS, CLIPS, and NSNS programs; nine-month revenue was $165.3 million.
Q3 2025 net loss was $10 million; adjusted EBITDA was negative $13.2 million, a $12.2 million improvement from Q2 2025.
Combined trailing twelve months (TTM) revenue exceeds $850 million as of September 30, 2025; Lanteris alone reported ~$630 million TTM revenue.
Combined backlog stands at $920 million as of September 30, 2025; Lanteris backlog was $685 million.
Cash and cash equivalents at September 30, 2025 were $622 million, with working capital of $560 million.
Outlook and guidance
Q4 2025 revenue expected to be in line with Q3 due to government shutdown uncertainty.
New outlook for the combined company will be provided early next year.
Acquisition expected to be immediately accretive to revenue, adjusted EBITDA, and free cash flow, with financial transformation through diversification and stability.
Management expects sufficient liquidity to fund operations and business plan execution for at least the next twelve months.
Expects to recognize 20% of backlog in Q4 2025, 45-50% in 2026, and the remainder thereafter.
How will IM amplify Lanteris' growth momentum?
Identify new markets unlocked by this deal.
Future M&A strategy post-Lanteris deal?
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Next Intuitive Machines earnings date
Q4 202520 Mar, 2026
Next Intuitive Machines earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Intuitive Machines Inc is an American company specializing in space exploration and related services. The company focuses on developing products and services that enable robotic and human exploration beyond Earth, specifically targeting the Moon, Mars, and beyond. Intuitive Machines is known for its expertise in guidance, navigation, and control (GNC), additive manufacturing, engine development, and communications systems. The company is actively involved in completing its lunar program, which aims to provide access to the lunar surface, delivery to lunar orbit, and communications capabilities at lunar distances. The company is headquartered in Houston, Texas, and its shares are listed on the Nasdaq.
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