Intuitive Machines, Inc. Q4 FY2025 earnings call

2025 was transformational for Intuitive Machines, completing second lunar mission, expanding into national security space, acquiring Kinetic Ferrospace and Lanteris Space Systems. Strategy is moon-first infrastructure, focused on build, connect, operate space infrastructure. Build involves designing, manufacturing, etc. for customers. Connect integrates deployed assets into networks. Operate provides mission operations, etc. Current execution in LEO, GEO, and Lunar Domains. Lanteris had larger scale spacecraft platform market. Intuitive Machines and Lanteris combined create different company. Completed $175 million strategic equity investment. Awarded multi-year contract as part of Space Development Agency's Tranche 3 tracking layer.

Q4 2025 revenue was $44.8 million, driven primarily by CLPS, ALMS, and NS&S execution. OMS revenue was $14.7 million in the quarter. For the year excluding OMS, revenue was up approximately 65% year over year. Q4 gross margin was $8.5 million, a 19% positive gross margin. Operating loss for the quarter was $33.1 million. Adjusted EBITDA was negative $19.1 million in the quarter. Operating cash used was $7.3 million in the quarter, with capital expenditures of $15.6 million, resulting in a negative free cash flow of $22.9 million in the quarter. Backlog at year end was $213.1 million. For 2026, expected revenue is in the range of $900 million to $1 billion, with roughly two-thirds of 2026 revenue already supported by contracted backlog, and targeting positive adjusted EBITDA for the full year.

2026 revenue expected to approach $1 billion, nearly 5X increase from 2025. Roughly two-thirds of 2026 revenue already supported by contracted backlog. Targeting positive adjusted EBITDA for full year 2026. Drivers include scale from Lanteris acquisition, growth and higher margin service revenue, and operational efficiencies.

Q: Josh Sullivan from Jones Trading asked about Lanteris integration, where ahead of schedule, hurdles, and customer response.

A: Integration going well, customers excited, transition service agreement with Vantor ahead of schedule.

Q: Sui De Silva from Capital asked about key national security programs.

A: Talked about Space Development Agency's tracking layer, Golden Dome, and orbital transfer vehicle development.

Q: Andrew Shepard from Cantor Fitzgerald asked about what Intuitive Machines can do now with Lanteris and LTV decision.

A: Lanteris brings satellite bus capabilities, LTV decision imminent with potential for one primary and backup.

Q: Austin Moore from Canaccord Genuity asked about operational changes at Lanteris.

A: Chris Johnson streamlined business, invested in 300 series.

Q: Edison Yu from Deutsche Bank asked about data centers in space.

A: Studying architecture, Lanteris brings power propulsion element.

Q: John Siegman from Stiefel asked about LTV and SDA transport layer.

A: LTV award expected, tracking layer not affected by SDA's second thinking.

Q: Michael Eshock from KeyBank Capital Markets asked about Space Superiority Executive Order.

A: Working with NASA to move efforts forward faster.

Q: Ronald Epstein from Bank of America asked about competitive landscape.

A: More missions to moon, good for Intuitive Machines.

Q: Griffin Boss from B Riley Securities asked about CLPS 2.0.

A: CLPS 2.0 expected larger, with ideas to increase cadence.

Q: Daniel from Jeff Van Rie asked about organic growth profile.

A: Combined company, harder to parse, but rough magnitude with 66% from Lanteris.

Q: Greg Pendy from Clear Street asked about defense side of NSN.

A: Strategic partnerships with international companies, national security importance.