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Mar 31
Intuitive Machines Q1 2025 Earnings Report
Intuitive Machines reported its Q1 2025 results with $62.5 million in revenue and returned to profitability after a significant net loss in the prior year.
Key Takeaways
Intuitive Machines posted $62.5 million in revenue for Q1 2025, achieving positive net income of $975,000 and a gross margin of 11%. The company also generated $13.3 million in free cash flow, and ended the quarter with over $373 million in cash. Operational progress included key milestones for NASA contracts and strategic positioning for future lunar and defense missions.
Revenue reached $62.5 million in Q1, reflecting 14% growth versus Q4 2024.
Net income was $975,000, rebounding from a $118 million loss in Q1 2024.
Free cash flow was positive at $13.3 million, driven by milestone payments and gross margin expansion.
Ended Q1 with $373.3 million in cash, significantly strengthening the balance sheet.
Intuitive Machines
Intuitive Machines
Forward Guidance
Intuitive Machines reaffirmed its full-year 2025 revenue outlook and expects to achieve positive adjusted EBITDA run-rate by year-end, positioning for full-year profitability in 2026.
Positive Outlook
- Full-year 2025 revenue outlook remains $250–$300 million
- Anticipates positive adjusted EBITDA run-rate by end of 2025
- 2026 is expected to show full-year positive adjusted EBITDA
- Continued progress on NASA contracts and future lunar missions
- Diversification into national security and non-lunar domains
Challenges Ahead
- Backlog declined by $56 million compared to December 2024
- Ongoing losses in operating income, totaling -$10.1 million in Q1
- No non-GAAP EPS provided, limiting adjusted profitability visibility
- Significant fair value adjustments impacted reported earnings
- Slight delay in contract asset recognition impacts near-term revenue