Intuitive Machines Inc Financials
This page shows Intuitive Machines Inc (LUNR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is building a liquidity buffer while working-capital swings and overhead expansion still dominate the business's cash economics.
Between FY2024 and FY2025, operating cash burn improved from-$57.6M to-$14.3M , a much better cash outcome than the income statement alone would suggest. Because accounts receivable dropped from$44.8M to$12.2M while the operating loss still deepened, that improvement appears tied to collections and working-capital release rather than healthier underlying profitability; ongoing reinvestment still kept free cash flow negative.
FY2025 ended with cash of
The current expense base is expanding faster than activity: SG&A reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Intuitive Machines Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Intuitive Machines Inc has an operating margin of -41.5%, meaning the company retains $-42 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -25.2% the prior year.
Intuitive Machines Inc's revenue declined 7.9% year-over-year, from $228.0M to $210.1M. This contraction results in a growth score of 100/100.
With a current ratio of 4.96, Intuitive Machines Inc holds $4.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 99/100.
While Intuitive Machines Inc generated -$14.3M in operating cash flow, capex of $41.6M consumed most of it, leaving -$56.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Intuitive Machines Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Intuitive Machines Inc generates $0.17 in operating cash flow (-$14.3M OCF vs -$83.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Intuitive Machines Inc earns $-20.9 in operating income for every $1 of interest expense (-$87.2M vs $4.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Intuitive Machines Inc generated $210.1M in revenue in fiscal year 2025. This represents a decrease of 7.9% from the prior year.
Intuitive Machines Inc's EBITDA was -$83.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 50.6% from the prior year.
Intuitive Machines Inc reported -$83.3M in net income in fiscal year 2025. This represents an increase of 70.6% from the prior year.
Intuitive Machines Inc earned $-0.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 84.2% from the prior year.
Cash & Balance Sheet
Intuitive Machines Inc generated -$56.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.4% from the prior year.
Intuitive Machines Inc held $582.6M in cash against $335.3M in long-term debt as of fiscal year 2025.
Margins & Returns
Intuitive Machines Inc's operating margin was -41.5% in fiscal year 2025, reflecting core business profitability. This is down 16.4 percentage points from the prior year.
Intuitive Machines Inc's net profit margin was -39.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 84.7 percentage points from the prior year.
Capital Allocation
Intuitive Machines Inc spent $20.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Intuitive Machines Inc invested $41.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 311.8% from the prior year.
LUNR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $186.7M+316.9% | $44.8M-14.6% | $52.4M+4.2% | $50.3M-19.5% | $62.5M+14.4% | $54.7M-6.5% | $58.5M+40.4% | $41.6M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $57.1M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$15.5M |
| R&D Expenses | $5.6M | N/A | N/A | N/A | $911K | N/A | N/A | N/A |
| SG&A Expenses | $50.7M+26.1% | $40.2M+98.2% | $20.3M+26.3% | $16.0M-0.5% | $16.1M+19.2% | $13.5M+9.9% | $12.3M+11.7% | $11.0M |
| Operating Income | -$39.2M-18.4% | -$33.1M-114.6% | -$15.4M+46.2% | -$28.6M-184.2% | -$10.1M+24.8% | -$13.4M+2.4% | -$13.7M+50.1% | -$27.5M |
| Interest Expense | $4.9M | N/A | $1.3M | N/A | $26K | N/A | $13K | N/A |
| Income Tax | $2K-99.9% | $4.0M+79040.0% | $5K | $0 | $0+100.0% | -$13K-126.0% | $50K | $0 |
| Net Income | -$37.4M+6.2% | -$39.9M-482.8% | -$6.8M+72.8% | -$25.2M-121.0% | -$11.4M+92.4% | -$149.2M-169.3% | -$55.4M-396.7% | $18.7M |
| EPS (Diluted) | $-0.25 | N/A | $-0.06+72.7% | $-0.22-100.0% | $-0.11 | N/A | $-0.83-376.7% | $0.30 |
LUNR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7B+126.9% | $757.2M+0.5% | $753.5M+58.4% | $475.6M-4.9% | $500.0M+40.7% | $355.4M+58.1% | $224.8M+60.4% | $140.1M |
| Current Assets | $505.3M-18.3% | $618.8M-7.1% | $666.0M+67.9% | $396.8M-8.0% | $431.3M+47.1% | $293.2M+74.2% | $168.3M+102.5% | $83.1M |
| Cash & Equivalents | $231.6M-60.2% | $582.6M-6.3% | $622.0M+80.3% | $344.9M-7.6% | $373.3M+79.8% | $207.6M+131.7% | $89.6M+183.3% | $31.6M |
| Inventory | $57.9M | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | $12.2M-47.7% | $23.3M-36.2% | $36.6M+24.6% | $29.3M-34.4% | $44.8M-12.8% | $51.3M+34.1% | $38.3M |
| Goodwill | $379.8M+1931.6% | $18.7M | N/A | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $2.1B+35.7% | $1.5B+30.6% | $1.2B+35.1% | $856.8M+34.5% | $636.9M-53.3% | $1.4B+89.1% | $721.6M+92.4% | $375.1M |
| Current Liabilities | $415.5M+232.8% | $124.8M+17.7% | $106.0M-1.2% | $107.3M+9.3% | $98.1M-0.7% | $98.8M+3.7% | $95.3M+12.1% | $85.0M |
| Long-Term Debt | $335.8M+0.2% | $335.3M+0.2% | $334.8M | N/A | N/A | $0 | $0 | $0 |
| Total Equity | -$334.3M+55.7% | -$755.0M-86.8% | -$404.2M-6.0% | -$381.2M-178.4% | -$136.9M+86.4% | -$1.0B-103.1% | -$496.8M-111.4% | -$235.0M |
| Retained Earnings | -$300.8M+58.3% | -$721.5M-94.6% | -$370.7M-6.6% | -$347.7M-236.2% | -$103.4M+89.6% | -$996.5M-105.9% | -$484.0M-117.8% | -$222.2M |
LUNR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$54.8M-650.8% | -$7.3M-1.6% | -$7.2M+62.7% | -$19.3M-199.2% | $19.4M+1088.2% | -$2.0M+89.0% | -$17.9M+42.7% | -$31.3M |
| Capital Expenditures | $9.9M-36.9% | $15.6M+32.5% | $11.8M+46.6% | $8.1M+31.6% | $6.1M+24.3% | $4.9M+253.9% | $1.4M-36.9% | $2.2M |
| Free Cash Flow | -$64.6M-181.8% | -$22.9M-20.8% | -$19.0M+30.5% | -$27.3M-305.4% | $13.3M+293.0% | -$6.9M+64.3% | -$19.3M+42.3% | -$33.5M |
| Investing Cash Flow | -$454.7M-1386.1% | -$30.6M-159.0% | -$11.8M-46.6% | -$8.1M-31.6% | -$6.1M-24.3% | -$4.9M-253.9% | -$1.4M+36.9% | -$2.2M |
| Financing Cash Flow | $167.4M+21296.1% | -$790K-100.3% | $296.1M+28705.2% | -$1.0M-100.7% | $152.3M+22.0% | $124.9M+61.6% | $77.3M+684.3% | $9.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A |
| Share Buybacks | $0 | $0 | $0 | $0-100.0% | $20.7M | $0 | $0 | $0 |
LUNR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -37.1% |
| Operating Margin | -21.0%+52.9pp | -73.9%-44.5pp | -29.4%+27.5pp | -56.9%-40.8pp | -16.1%+8.4pp | -24.5%-1.0pp | -23.5%+42.6pp | -66.0% |
| Net Margin | -20.0%+69.0pp | -89.0%-76.0pp | -13.1%+37.0pp | -50.0%-31.8pp | -18.2%+254.7pp | -272.9%-178.2pp | -94.7%-139.6pp | 44.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -2.2%+3.1pp | -5.3%-4.4pp | -0.9%+4.4pp | -5.3%-3.0pp | -2.3%+39.7pp | -42.0%-17.3pp | -24.6%-38.0pp | 13.3% |
| Current Ratio | 1.22-3.7 | 4.96-1.3 | 6.28+2.6 | 3.70-0.7 | 4.39+1.4 | 2.97+1.2 | 1.77+0.8 | 0.98 |
| Debt-to-Equity | -1.00-0.6 | -0.44+0.4 | -0.83+1.4 | -2.25+2.4 | -4.65-4.7 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | -34.6%+16.6pp | -51.2%-15.0pp | -36.2%+18.1pp | -54.3%-75.6pp | 21.3%+33.9pp | -12.6%+20.4pp | -33.0%+47.3pp | -80.4% |
Note: Shareholder equity is negative (-$755.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Intuitive Machines Inc's annual revenue?
Intuitive Machines Inc (LUNR) reported $210.1M in total revenue for fiscal year 2025. This represents a -7.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Intuitive Machines Inc's revenue growing?
Intuitive Machines Inc (LUNR) revenue declined by 7.9% year-over-year, from $228.0M to $210.1M in fiscal year 2025.
Is Intuitive Machines Inc profitable?
No, Intuitive Machines Inc (LUNR) reported a net income of -$83.3M in fiscal year 2025, with a net profit margin of -39.6%.
What is Intuitive Machines Inc's EBITDA?
Intuitive Machines Inc (LUNR) had EBITDA of -$83.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Intuitive Machines Inc have?
As of fiscal year 2025, Intuitive Machines Inc (LUNR) had $582.6M in cash and equivalents against $335.3M in long-term debt.
What is Intuitive Machines Inc's operating margin?
Intuitive Machines Inc (LUNR) had an operating margin of -41.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Intuitive Machines Inc's net profit margin?
Intuitive Machines Inc (LUNR) had a net profit margin of -39.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Intuitive Machines Inc's free cash flow?
Intuitive Machines Inc (LUNR) generated -$56.0M in free cash flow during fiscal year 2025. This represents a 17.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Intuitive Machines Inc's operating cash flow?
Intuitive Machines Inc (LUNR) generated -$14.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Intuitive Machines Inc's total assets?
Intuitive Machines Inc (LUNR) had $757.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Intuitive Machines Inc's capital expenditures?
Intuitive Machines Inc (LUNR) invested $41.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Intuitive Machines Inc's current ratio?
Intuitive Machines Inc (LUNR) had a current ratio of 4.96 as of fiscal year 2025, which is generally considered healthy.
What is Intuitive Machines Inc's debt-to-equity ratio?
Intuitive Machines Inc (LUNR) had a debt-to-equity ratio of -0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Intuitive Machines Inc's return on assets (ROA)?
Intuitive Machines Inc (LUNR) had a return on assets of -11.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Intuitive Machines Inc's cash runway?
Based on fiscal year 2025 data, Intuitive Machines Inc (LUNR) had $582.6M in cash against an annual operating cash burn of $14.3M. This gives an estimated cash runway of approximately 488 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Intuitive Machines Inc's debt-to-equity ratio negative or unusual?
Intuitive Machines Inc (LUNR) has negative shareholder equity of -$755.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Intuitive Machines Inc's Piotroski F-Score?
Intuitive Machines Inc (LUNR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Intuitive Machines Inc's earnings high quality?
Intuitive Machines Inc (LUNR) has an earnings quality ratio of 0.17x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Intuitive Machines Inc cover its interest payments?
Intuitive Machines Inc (LUNR) has an interest coverage ratio of -20.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Intuitive Machines Inc?
Intuitive Machines Inc (LUNR) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.