Intuitive Machines Q1 Earnings: Revenue Up 14%, IM-3 Mission Remains 'On Track,' Company Affirms FY25 Guidance

Intuitive Machines Inc LUNR reported financial results for the first quarter ahead of the market open on Tuesday. Here’s a look at the key details from the quarter.

Q1 Earnings: Intuitive Machines reported first-quarter revenue of $62.5 million, up 14% on a quarter-over-quarter basis. The company said it had a total backlog of approximately $272.34 million at quarter’s end after adding $6.5 million in new awards during the quarter.

Intuitive Machines expanded gross margin to 11% in the quarter and generated $19.4 million in operating cash and $13.3 million of free cash flow in the period. The company ended the period with $373.3 million in cash.

“The evolving federal landscape, including shifting NASA priorities, presents a clear opportunity for Intuitive Machines. We’re leveraging our track record to expand into adjacent markets like National Security Space and other non-lunar domains. This diversification builds on our core strengths and positions us as a broader infrastructure and data services provider across the space economy,” said Steve Altemus, CEO of Intuitive Machines.

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What’s Next: The company expects to recognize revenue from success payments for its IM-2 mission in the second quarter. The Intuitive Machines IM-2 was the company’s second mission under NASA’s Commercial Lunar Payload Services initiative. The company’s IM-3 mission remains on track for the first half of 2026.

Intuitive Machines affirmed its full-year 2025 revenue guidance of $250 million to $300 million versus estimates of $272.53 million, according to Benzinga Pro. The company also guided for positive run-rate adjusted EBITDA by the end of 2025 and positive adjusted EBITDA in 2026.

Intuitive Machines executives are discussing the quarter on a conference call with investors and analysts that started at 8:30 a.m. ET.

LUNR Price Action: Intuitive Machines shares were up 30.1% at $12.36 at the time of publication Tuesday, according to Benzinga Pro.

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Photo: courtesy of Intuitive Machines.