AI Takeaway
Intuitive Machines (LUNR) reported FY2025 revenue of $210.1M (down 7.9% YoY) with a widening operating loss of $87.2M, but significantly improved its cash position to $582.6M through $446.6M in financing activities, including new long-term debt of $335.3M.
Revenue
$210.06M
-7.87% YoY
EPS (Basic)
$-0.73
++84.23% YoY
Operating Income
$-87.23M
-51.98% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue fell 7.9% YoY to $210.1M in FY2025 from $228.0M in the prior year, suggesting a contraction in contract activity or program timing shifts, even as the company continues to pursue lunar and space infrastructure opportunities.
Source: Source: 10-K Income Statement
Operating loss deepened to -$87.2M in FY2025 from -$57.4M in FY2024, a 52% deterioration, reflecting higher operating expenses outpacing revenues and indicating significant investment in infrastructure and mission capabilities.
Source: Source: 10-K Income Statement
Net loss narrowed sharply to -$83.3M from -$283.4M in FY2024 (a 70.6% improvement), largely because the prior year included substantial non-cash or one-time charges that did not recur in FY2025.
Source: Source: 10-K Income Statement
2 more insights available
Upgrade to unlockLUNR carries deeply negative stockholders' equity of -$755.0M and newly issued long-term debt of $335.3M, resulting in a debt-to-equity ratio of -0.73. This capital structure is fragile and could limit access to future financing or trigger covenant concerns.
Source: Source: 10-K Balance Sheet
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $-0.23 versus the $-0.07 analyst consensus — a -214.6% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $210.06M | $228M | -7.87% |
Operating Income | $-87.23M | $-57.4M | -51.98% |
Net Income | $-83.29M | $-283.41M | +70.61% |
EPS (Basic) | $-0.73 | $-4.63 | +84.23% |
EPS (Diluted) | $-0.73 | $-4.63 | +84.23% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $757.15M | $355.4M | +113.04% |
Current Assets | $618.81M | $293.16M | +111.08% |
Total Liabilities | $553.45M | $351.48M | +57.46% |
Current Liabilities | $124.83M | $98.83M | +26.31% |
Stockholders' Equity | $-754.96M | $-1.01B | +25.20% |
Cash & Equivalents | $582.61M | $207.61M | +180.63% |
Long-Term Debt | $335.33M | $0 | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-14.32M | $-57.59M | +75.14% |
Investing Cash Flow | $-56.58M | $-10.11M | -459.59% |
Financing Cash Flow | $446.59M | $272.79M | +63.71% |
Share Buybacks | $20.7M | $0 | — |
D&A | $3.6M | $1.86M | +93.49% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -41.5% | -25.2% | -16.35% |
Net Margin | -39.7% | — | — |
ROE | 11.0% | — | — |
ROA | -11.0% | — | — |
Current Ratio | $4.957 | — | — |
Debt to Equity | $-0.733 | — | — |
LUNR reported FY2025 revenue of $210.1M, down 7.9% YoY, with an operating loss that widened to -$87.2M. However, the net loss improved significantly to -$83.3M from -$283.4M in FY2024, and the company raised substantial cash, ending the year with $582.6M in cash and equivalents.
Intuitive Machines' revenue declined 7.9% to $210.1M in FY2025 from $228.0M in FY2024, likely reflecting timing shifts in government contract activity. The company has not yet demonstrated consistent revenue growth, which is a key concern for investors.
No, LUNR is not profitable in FY2025. The company posted an operating loss of -$87.2M and a net loss of -$83.3M, with an operating margin of -41.5%. While the net loss improved dramatically from -$283.4M in FY2024, the company remains in a pre-profitability stage.
LUNR's short-term liquidity is strong with a current ratio of 4.96 and $582.6M in cash, but its long-term financial health is concerning due to deeply negative stockholders' equity of -$755.0M and $335.3M in new long-term debt. The company continues to rely heavily on external financing to fund operations.
LUNR's cash surged 180.6% to $582.6M primarily due to $446.6M in financing activities, which included the issuance of $335.3M in new long-term debt and equity raises. This liquidity provides a meaningful runway, but the company still generated -$14.3M in operating cash flow, meaning it is not yet self-funding.