Intuitive Machines (LUNR) Q3 2025 and M&A Announcement earnings summary

Executive summary

• Announced definitive agreement to acquire Lanteris Space Systems (formerly Maxar Space Systems) for $800 million ($450M cash, $350M stock), expected to close in Q1 2026.

• Acquisition creates a vertically integrated next-generation space prime, expanding capabilities in communications, navigation, and space data networking for defense, civil, and commercial markets.

• Combined operations span Earth, 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.

• Integration aims to accelerate task orders, broaden mission delivery, and unlock high-margin revenue streams.

Financial highlights

• Q3 2025 revenue was $52.4 million, primarily from OMES, CLPS, and NSNS programs.

• Q3 2025 net loss was $10 million; Adjusted EBITDA was negative $13.2 million, a $12.2 million improvement from Q2 2025.

• Cash and cash equivalents at September 30, 2025 were $622 million, with working capital of $560 million.

• Combined trailing twelve months 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.

Outlook and guidance

• Q4 2025 revenue expected to be in line with Q3, with year-end revenue timing impacted by potential government shutdown.

• Management expects sufficient liquidity to fund operations and business plan execution for at least the next twelve months.

• 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.

• Combined entity positioned to capture multi-billion dollar pipeline opportunities, including key NASA and defense contracts.