NASDAQ$LUNR
Intuitive Machines Inc · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Intuitive Machines reported its Q1 2025 results with $62.5 million in revenue and returned to profitability after a significant net loss in the prior year.
Intuitive Machines posted $62.5 million in revenue for Q1 2025, achieving positive net income of $975,000 and a gross margin of 11%. The company also generated $13.3 million in free cash flow, and ended the quarter with over $373 million in cash. Operational progress included key milestones for NASA contracts and strategic positioning for future lunar and defense missions.
- Revenue reached $62.5 million in Q1, reflecting 14% growth versus Q4 2024.
- Net income was $975,000, rebounding from a $118 million loss in Q1 2024.
- Free cash flow was positive at $13.3 million, driven by milestone payments and gross margin expansion.
- Ended Q1 with $373.3 million in cash, significantly strengthening the balance sheet.
Headline financials
Revenue & EPS history
Intuitive Machines · Revenue · Quarterly
$62.5M
Revenue by segment
Intuitive Machines · $184M total across 3 segments · Q1 2026
- Civil$71.7M—39.0%
- Commercial$61.1M—33.3%
- National Security$50.9M—27.7%
Forward guidance
Intuitive Machines reaffirmed its full-year 2025 revenue outlook and expects to achieve positive adjusted EBITDA run-rate by year-end, positioning for full-year profitability in 2026.
Tailwinds
- Full-year 2025 revenue outlook remains $250–$300 million
- Anticipates positive adjusted EBITDA run-rate by end of 2025
- 2026 is expected to show full-year positive adjusted EBITDA
- Continued progress on NASA contracts and future lunar missions
- Diversification into national security and non-lunar domains
Headwinds
- Backlog declined by $56 million compared to December 2024
- Ongoing losses in operating income, totaling -$10.1 million in Q1
- No non-GAAP EPS provided, limiting adjusted profitability visibility
- Significant fair value adjustments impacted reported earnings
- Slight delay in contract asset recognition impacts near-term revenue
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q1 2025
+2.3%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+2.1%
Avg return
30 days after
67%
10 / 15 earnings
Positive
+22.4%
Q1 2025
Best reaction
-17.1%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.6% | -8.8% | -25.3% | |
| Q4 2025 | +4.5% | -1.0% | +52.3% | |
| Q3 2025 | +10.3% | +1.2% | +38.2% | |
| Q2 2025 | -4.3% | -0.4% | -19.1% | |
| Q1 2025 | +22.4% | +30.1% | +14.6% | |
| Q4 2024 | -0.2% | -12.5% | -9.1% | |
| Q3 2024 | +5.7% | +6.8% | -0.6% | |
| Q2 2024 | -3.5% | +6.5% | +53.2% | |
| Q1 2024 | -14.0% | -15.3% | -33.6% | |
| Q4 2023 | +14.1% | +27.2% | -7.2% | |
| Q3 2023 | +6.7% | +4.9% | +1.8% | |
| Q2 2023 | -17.1% | -41.3% | -50.2% | |
| Q1 2023 | +7.2% | +3.9% | +15.7% | |
| Q1 2022 | +0.1% | +0.1% | +0.9% | |
| Q4 2021 | +0.3% | +0.3% | -0.2% |
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