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HOUSTON - Intuitive Machines, Inc. (NASDAQ:LUNR) reported first quarter revenue of $62.5 million on Tuesday, up 14% from the previous quarter, driven by growth across key programs.
The company’s stock surged 5.79% in pre-market trading after the release.
The space technology company said revenue increased due to growth in its Commercial Lunar Payload Services (CLPS), Lunar Terrain Vehicle Services (LTVS), and Near Space Network Services (NSNS) programs. Intuitive Machines noted that success payments from its IM-2 lunar mission are expected to be recognized in second quarter 2025 revenue.
"We continue to emphasize execution as we see the administration rethinking how the federal government acquires emerging technologies and services, instigates private-sector innovation, and creates long-term value," said CEO Steve Altemus.
The company expanded its gross margin to 11% or $6.7 million in Q1, marking the third consecutive quarter of positive gross margin. This was attributed to efficient program execution and a shift towards higher margin service businesses.
Intuitive Machines generated $19.4 million of positive operating cash in Q1 with $6.1 million of capital expenditures, resulting in positive free cash flow of $13.3 million. The company ended the quarter with $373.3 million in cash.
For the full year 2025, Intuitive Machines expects revenue between $250 million and $300 million. It also anticipates achieving positive run-rate adjusted EBITDA by the end of 2025 and positive adjusted EBITDA in 2026.
The company’s backlog stood at $272.3 million as of March 31, 2025, down from $328.3 million at the end of 2024 due to continued performance on existing contracts.
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