Intuitive Machines (LUNR) Q1 2025 earnings summary

Executive summary

• Achieved $62.5 million in Q1 2025 revenue, a 14% increase over Q4, driven by growth in CLPS, LTVS, and NSNS programs, and marked by the southernmost lunar landing in history with IM-2.

• Expanded customer base with new government contracts, including a $10 million Texas Space Commission grant and a phase two OTV contract.

• Completed key milestones for NASA contracts, advanced LTV development, and progressed next-generation technologies such as low-power nuclear propulsion and stealth satellites.

• Ended Q1 with $373.3 million in cash after warrant redemption, streamlining the capital structure and raising $176.6 million in gross proceeds.

• Revenue primarily from NASA and commercial payload contracts, with four CLPS awards and new contracts for lunar and cislunar infrastructure.

Financial highlights

• Q1 2025 revenue: $62.5 million, up 14% sequentially from Q4 2024, with gross margin expanding to 11% ($6.7 million), and positive free cash flow of $13.3 million.

• Operating loss improved to ($6.6) million in Q1 2025, with adjusted EBITDA at ($6.6) million, and net income of $1.0 million due to favorable warrant liability revaluation.

• Cash and cash equivalents at March 31, 2025 were $373.3 million, with working capital of $333.2 million.

• Backlog at March 31, 2025 was $272.3 million, with 45–50% expected to be recognized in 2025 and 22% year-over-year growth.

• No outstanding $11.50 strike price warrants remain; $40 million credit facility remains untapped.

Outlook and guidance

• Full-year 2025 revenue projected at $250–$300 million, with positive run-rate adjusted EBITDA targeted by year-end 2025 and sustained positive adjusted EBITDA in 2026.

• Management expects cash and equivalents to be sufficient to fund operations and business plan execution for at least 12 months from the reporting date.

• Major contract awards anticipated in the second half of 2025 and first half of 2026, including CLPS, LTV, and NSNS.

• Free cash flow is expected to remain lumpy through 2025, with consistent positive free cash flow projected for 2026.

• No material impact expected from recent U.S. trade policy changes or inflation on 2025 results, but macroeconomic and policy risks are being monitored.