The earnings call presented a mix of achievements and challenges. Highlights included significant revenue growth, strategic NASA contracts, and the acquisition of KinetX, which positions the company well for future opportunities. However, the company faced negative gross margins, earnings reductions, and a notable operating loss, indicating financial challenges. The strategic decisions and future outlook suggest potential for improvement.

Company Guidance -

Q3 2025

During the Intuitive Machines Second Quarter 2025 Earnings Call, the company provided guidance indicating that full-year revenue is expected to be near the low end of their prior outlook, with potential to reach the midpoint, previously set at $275 million. The Q2 revenue was reported at $50.3 million, up 21% year-over-year, primarily driven by CLPS, LTVS, and SNS execution. The company also completed negotiations with NASA on the IM-2 mission, anticipating $5.7 million in success payments in Q3. Adjusted EBITDA for Q2 was negative $25.4 million, and the operating cash used was $19.3 million. The contracted backlog as of Q2 was $256.9 million, with expectations to recognize 30-35% in 2025, 40-45% in 2026, and the remainder thereafter. The guidance emphasized a strategic shift towards vertical integration in satellite manufacturing, aiming for capital efficiency and alignment with mission schedules. Intuitive Machines remains optimistic about several upcoming opportunities that could bolster revenue, including new CLPS task orders, OMS mission extensions, and the LTV Phase 2 award. The company continues to project positive adjusted EBITDA in 2026.

Revenue Growth

Q2 revenue was $50.3 million, up 21% year-over-year, driven by CLPS, LTVS, and SNS execution. Year-to-date revenue is $113.3 million.

NASA Contracts and Awards

Selection for NASA's Near Space Network services contract and a $9.8 million Phase 2 award for the orbital transfer vehicle design.

Strategic Acquisition of KinetX

Intent to acquire KinetX, enhancing capabilities in satellite constellation design, ground operations, and precision tracking of spacecraft.

Vertical Integration Initiatives

Decision to bring satellite manufacturing in-house to ensure performance, schedule clarity, and cost efficiency.

Facility Expansion

Houston City Council approved the headquarters expansion to scale government and commercial operations.

Intuitive Machines (LUNR) Earnings, Revenues Date & History

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LUNR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 12, 2025	2025 (Q3)	-0.05 / -	-0.82	―	―	―
Aug 07, 2025	2025 (Q2)	-0.01 / -0.22	0.24	-190.83% (-0.46)
May 13, 2025	2025 (Q1)	-0.08 / -0.11	-2.585	95.82% (+2.48)
Mar 24, 2025	2024 (Q4)	-0.08 / -1.74	0.38	-557.89% (-2.12)
Nov 14, 2024	2024 (Q3)	-0.12 / -0.82	0.78	-205.13% (-1.60)
Aug 13, 2024	2024 (Q2)	-0.18 / 0.24	0.875	-72.57% (-0.64)
May 14, 2024	2024 (Q1)	0.07 / -2.58	-0.46	-461.96% (-2.13)
Mar 21, 2024	2023 (Q4)	-0.68 / 0.38	0.02	1800.00% (+0.36)	―
Nov 13, 2023	2023 (Q3)	-0.24 / 0.78	-0.06	1400.00% (+0.84)
Aug 14, 2023	2023 (Q2)	-0.27 / 0.88	-0.003	29266.67% (+0.88)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LUNR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$10.50	$10.05	-4.29%
May 13, 2025	$9.50	$11.63	+22.42%
Mar 24, 2025	$7.09	$9.22	+30.04%
Nov 14, 2024	$11.76	$10.23	-13.01%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.