Intuitive Machines (LUNR) Q2 2025 earnings summary

Executive summary

• Achieved two lunar missions in 12 months, including the first U.S. lunar surface landing since 1972 and a south pole landing in March 2025, demonstrating technical depth and operational capability in space exploration.

• Q2 2025 revenue reached $50.3 million, up 21% year-over-year, driven by growth in key programs and strategic vertical integration.

• Announced acquisition of KinetX for $30 million to enhance deep space navigation and constellation management.

• Expanded facilities in Houston and signed a lease for a spaceport facility to support increased manufacturing and operations.

• Formalized a strategic partnership with Goonhilly Earth Station for global ground segment data transmission opportunities.

Financial highlights

• Q2 2025 revenue was $50.3 million, up 21% year-over-year, with gross margin negative $11.8 million, an improvement from negative $16.1 million in Q2 2024.

• Operating loss for Q2 2025 was $28.6 million; adjusted EBITDA was negative $25.4 million, flat year-over-year.

• Net loss attributable to common shareholders was $25.3 million for Q2 2025.

• Free cash flow for H1 2025 was negative $14 million, improved from negative $41.5 million in H1 2024.

• Ended Q2 with a cash balance of $344.9 million, supporting ongoing and future growth initiatives.

Outlook and guidance

• Full-year 2025 revenue expected near the low end of prior outlook, with potential to reach midpoint ($275 million) depending on new awards.

• Positive adjusted EBITDA now expected in 2026, not Q4 2025, due to EAC adjustments and schedule alignment.

• Management expects cash and equivalents to be sufficient for at least 12 months from the reporting date.