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Intuitive Machines (LUNR) investor relations material
Intuitive Machines Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved two lunar missions in twelve months, including the first U.S. lunar landing since 1972 and a south pole landing, advancing end-to-end space infrastructure and securing NASA's Near Space Network Services contract.
Brought satellite manufacturing in-house, expanded Houston facilities by 140,000 sq. ft., and signed a lease for a new spaceport to support increased operations.
Announced acquisition of KinetX/Kinetics for $30M to enhance deep space navigation, constellation management, and data transmission capabilities.
Awarded $9.8M national security contract for Orbital Transfer Vehicle and $10M Texas Space Commission grant for Earth reentry vehicle development.
Formalized partnership with Goonhilly Earth Station for global ground segment data transmission and submitted joint NASA proposal.
Financial highlights
Q2 2025 revenue was $50.3M, up 21% year-over-year; six-month revenue was $112.8M, down 2% due to NASA OMES III contract cancellation.
Operating loss for Q2 was $28.6M; net loss attributable to common shareholders was $25.3M, compared to net income of $18.5M in Q2 2024.
Adjusted EBITDA for Q2 was negative $25.4M, flat year-over-year; free cash flow for the first half was negative $14.0M, improved from $41.5M outflow in 2024.
Gross margin improved to negative $11.8M from negative $16.1M in Q2 2024.
Ended Q2 with $344.9M in cash and equivalents, up from $31.6M a year ago, and working capital of $289.5M.
Outlook and guidance
Full-year 2025 revenue expected near the low end of prior outlook, with potential to reach $275M if additional opportunities materialize.
Positive adjusted EBITDA now expected in 2026, not Q4 2025, due to EAC adjustments.
Management expects cash and equivalents to be sufficient for at least 12 months from the reporting date.
IM-2 closeout and success milestone payments expected in Q3 2025.
Focus remains on expanding lunar/data programs, winning new contracts, and scaling mission cadence.
Assess impact of satellite delivery alignment.
Explain the drivers behind backlog decrease.
How will KinetX acquisition impact IM's network?
KinetX: What does NASA certification imply?
Impact of satellite vertical integration on IM-3?
What is the long-term strategic pillar emphasis?
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Next Intuitive Machines earnings date
Q3 202513 Nov, 2025
Next Intuitive Machines earnings date
Q3 202513 Nov, 2025
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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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