Intuitive Machines, Inc. Segments Disclosure
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenue | $ | 210,059 | $ | 228,000 | |||||||
| Less: | |||||||||||
Cost of revenue (excluding depreciation and amortization)(1) | 201,069 | 225,231 | |||||||||
| Depreciation and amortization | 3,597 | 1,859 | |||||||||
| Impairment of property and equipment | — | 5,044 | |||||||||
| General and administrative expense (excluding depreciation and amortization): | |||||||||||
Sales and marketing expense(2) | 15,812 | 3,122 | |||||||||
Other general and administrative expense(3) | 76,812 | 50,140 | |||||||||
| Total general and administrative expense (excluding depreciation and amortization) | 92,624 | 53,262 | |||||||||
| Operating loss | (87,231) | (57,396) | |||||||||
| Interest income | 15,272 | 272 | |||||||||
| Interest expense | (4,177) | (92) | |||||||||
| Change in fair value of earn-out liabilities | (33,369) | (120,124) | |||||||||
| Change in fair value of warrant liabilities | 8,384 | (77,651) | |||||||||
| Change in fair value of contingent consideration liabilities | (1,854) | — | |||||||||
| Loss on issuance of securities | — | (93,136) | |||||||||
| Other income, net | 91 | 1,242 | |||||||||
| Income tax expense | (3,962) | (37) | |||||||||
| Net loss | $ | (106,846) | $ | (346,922) | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 19, 2026 | Showing above |
| 2024 | Mar 25, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.