Intuitive Machines, Inc.

Listed Company

LUNRCIK 0001844452NasdaqNon-AcceleratedEmerging GrowthSearch, Detection, Navigation, Guidance, Aeronautical SysDelawareFY ends Dec 31

Period

FY 2025

Revenue

$210.06M

Net Income

$-83.29M

Total Assets

$757.15M

Equity

$-754.96M

Shares Out

84.17M

Op. Cash Flow

$-14.32M

Business

Intuitive Machines, Inc. is a space technology, infrastructure, and services company that develops and operates systems to enable lunar and cislunar access and operations. It offers delivery services using proprietary Nova landers and propulsion systems, data transmission services via its Lunar Data Network and relay satellites, and infrastructure-as-a-service including lunar mobility (LTV/Moon RACER) and power solutions (Fission Surface Power). Its business is organized around three pillars—Delivery Services, Data Transmission Services, and Infrastructure as a Service—and it serves U.S. government customers (including NASA and DoD), commercial payload customers, international space agencies, and partners through launch providers, ground stations, and a global partner network.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Service revenue	207	228	—	—	—
Grant revenue	3	0	—	—	—
Total revenues	210	228	—	—	—
Depreciation and amortization	4	2	—	—	—
Impairment of property and equipment	0	5	1	0	—
General and administrative expense (excluding depreciation and amortization)	93	53	34	15	—
Total operating expenses	297	285	141	91	—
Operating loss	−87	−57	−61	−6	−491,341
Interest income	15	272,000	—	5	5,798
Interest expense	−4	−92,000	—	—	—
Change in fair value of earn-out liabilities	−33	−120	—	—	—
Change in fair value of warrant liabilities	8	−78	15	0	—
Change in fair value of contingent consideration liabilities	−2	0	66	0	—
Loss on issuance of securities	0	−93	−7	0	—
Other income, net	91,000	1	−483,000	6,000	—
Total other expense, net	−16	−289	71	−921,000	—
Loss before income taxes	−103	−347	10	−6	—
Income tax expense	−4	−37,000	−40,000	23,000	—
Net loss	−107	−347	10	−6	—
Net loss attributable to redeemable noncontrolling interest	−25	−67	−45	—	—
Net income attributable to noncontrolling interest	2	3	0	—	—
Net loss attributable to the Company	−83	−283	62	−190,408	−315,511
Less: Preferred dividends	−616,000	−896,000	−2	0	—
Net income (loss) attributable to Class A common shareholders - basic	−84	−284	59	0	—
Net income (loss) attributable to Class A common shareholders - diluted	−84	−284	59	0	—
Net income (loss) per Class A common share - basic (in dollars per share)	−0.73	−4.63	3.37	—	−0.02
Net income (loss) per Class A common share - diluted (in dollars per share)	−0.73	−4.63	2.42	—	—
Weighted average shares outstanding - basic (in shares)	115	61	18	—	9
Weighted average shares outstanding - diluted (in shares)	115	61	26	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	583	208	4	26	359,610
Restricted cash	3	2	62,000	62,000	—
Trade accounts receivable, net of allowance for credit losses of $3,295 and $0, respectively	12	45	17	1	—
Contract assets	12	35	7	7	—
Prepaid and other current assets	9	4	3	7	—
Total current assets	619	293	32	41	835,142
Property and equipment, net	69	23	18	21	—
Intangible assets, net	13	0	—	—	—
Goodwill	19	0	—	—	—
Operating lease right-of-use assets	37	39	36	5	—
Finance lease right-of-use assets	94,000	114,000	95,000	0	—
Other assets	1	0	—	—	—
Total assets	757	355	86	67	331
Contract liabilities, current	57	65	41	57	—
Operating lease liabilities, current	10	2	5	725,000	—
Finance lease liabilities, current	48,000	37,000	25,000	0	—
Other current liabilities	33	11	5	15	—
Total current liabilities	125	99	82	95	219,453
Long-term debt	335	0	0	4	—
Contract liabilities, non-current	6	14	0	2	—
Operating lease liabilities, non-current	26	35	31	5	—
Finance lease liabilities, non-current	20,000	63,000	67,000	0	—
Earn-out liabilities	0	134	—	—	—
Warrant liabilities	60	69	11	—	—
Other long-term liabilities	240,000	62,000	4,000	0	—
Total liabilities	553	351	137	125	12
Commitments and contingencies (Note 15)	—	—	—	—	—
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding	7	6	28	0	316
Redeemable noncontrolling interests	952	1,006	182	0	—
Treasury stock, at cost, 2,191,080 shares	−34	−13	−13	0	—
Paid-in capital	0	0	0	15	4
Accumulated deficit	−721	−996	−249	−73	−315,511
Total shareholders deficit attributable to the Company	−755	−1,009	−261	−51	−52
Noncontrolling interests	517,000	1	0	—	—
Total shareholders deficit	−754	−1,008	−261	—	—
Total liabilities, mezzanine equity and shareholders deficit	757	355	86	67	331

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Bad debt expense	3	440,000	−836,000	836,000	—
Amortization of debt discount and issuance costs	982,000	0	—	—	—
Share-based compensation expense	9	9	4	624,000	—
Deferred income taxes	4	0	7,000	−7,000	—
Other	308,000	58,000	43,000	13,000	—
Trade accounts receivable, net	30	−28	−15	1	—
Contract assets	22	−28	490,000	−5	—
Prepaid expenses	−6	−481,000	−1	−6	−475,532
Other assets, net	3	1	1	−3	−326,032
Accounts payable and accrued expenses	−2	−1	14	3	—
Accounts payable affiliated companies	−1	−3	4	225,000	—
Contract liabilities current and long-term	−16	38	−10	−1	—
Other liabilities	15	4	17	15	—
Net cash used in operating activities	−14	−58	−45	784,000	−1
Purchase of property and equipment	−42	−10	−30	−16	—
Purchase of intangible assets	−63,000	0	—	—	—
Acquisition of businesses, net of cash acquired	−15	0	—	—	—
Net cash used in investing activities	−57	−10	−30	−16	−330
Proceeds from issuance of convertible notes, net of discount	336	0	—	—	—
Purchase of capped call transactions	−37	0	—	—	—
Payment of debt issuance costs	−929,000	0	—	—	—
Proceeds from issuance of securities	0	233	20	6,000	—
Transaction costs	0	−9	−9	0	—
Warrants exercised	177	61	16	0	—
Redemption of warrants	−66,000	0	—	—	—
Repurchase of Class A Common Stock	−21	0	—	—	—
Proceeds from borrowings	0	10	0	8	—
Repayment of loans	0	−18	−12	−108,000	—
Stock option exercises	0	300,000	0	—	—
Distributions to noncontrolling interests	−2	−2	686,000	0	—
Payment of withholding taxes from share-based awards	−5	−3	−348,000	—	—
Net cash provided by financing activities	447	273	54	12	331
Net increase in cash, cash equivalents and restricted cash	376	205	−21	−4	—
Cash paid for interest	0	408,000	2	1	—
Cash paid for income taxes, net of income tax refunds	35,000	613,000	35,000	0	—
Accrued capital expenditures	7	2	0	−38,000	—
Class A Common Stock issued in acquisition, at fair value	12	0	—	—	13,612
Contingent consideration assumed at acquisition, Class A Common Stock	3	0	—	—	—
Conversion of Series A preferred stock (Note 10)	0	23	0	—	—
Preferred dividends	−616,000	−896,000	−2	—	—

Filings

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