Intuitive Machines Q4 Results, Eyes FY26 Growth
Intuitive Machines Q4 Results show weaker revenue while guiding FY26 revenue $900 million-$1 billion on $943 million backlog, prompting investor scrutiny.
KEY TAKEAWAYS
- Reported Q4 revenue of $45 million and a net loss near $60 million.
- Guided FY26 revenue $900 million-$1 billion and positive adjusted EBITDA on a $943 million backlog.
- Closed the $800 million Lanteris acquisition to expand higher-margin services and defense exposure, creating execution risk.
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Intuitive Machines, Inc. (NASDAQ: LUNR) reported Q4 2025 results in a March 19, 2026 press release, setting FY26 revenue guidance between $900 million and $1 billion with positive adjusted EBITDA. The company cited a larger backlog following its recent acquisition of Lanteris Space Systems.
Q4 Financial Results
Intuitive Machines posted Q4 revenue of $44.8 million, driven mainly by Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services (NSNS). Gross margin for the quarter was 19%, reflecting margin improvement through 2025. Operating loss totaled $33.1 million, largely due to acquisition-related expenses, while net loss reached $59.7 million.
For the full year, revenue declined slightly to $210.1 million, with a net loss of $106.8 million. The company used $56 million in free cash flow, improving by $11.7 million from the prior year, and ended 2025 with $582.6 million in cash and equivalents. During the year, Intuitive Machines completed a $175 million strategic capital raise that limited ownership dilution to 5.6% and finalized the acquisition of KinetX.
Lanteris Acquisition, Backlog, and FY26 Guidance
Intuitive Machines closed its $800 million acquisition of Lanteris Space Systems on Jan. 13, 2026, repositioning itself as a vertically integrated space prime contractor. The combined company reported a backlog of approximately $943 million at the end of February 2026, which underpins its FY26 revenue targets.
The FY26 outlook relies on this expanded backlog, integration of Lanteris, a shift toward higher-margin services, and increased defense exposure, including NSNS indefinite-delivery/indefinite-quantity contracts. The guidance assumes successful execution on contracts such as potential NASA Lunar Terrain Vehicle Services and the next CLPS award.
The backlog had declined by $115.3 million year-over-year as of Dec. 31, 2025, due to contract performance on OMES III, CLPS, NSNS, and adjustments related to IM-2 and IM-3 work. The combined backlog post-Lanteris roughly matches the company’s near-billion-dollar FY26 revenue goal, highlighting the importance of converting scheduled and newly acquired contracts into billed revenue.
Investors will monitor Intuitive Machines’ ability to integrate acquisitions, shift its contract mix toward higher-margin services, and secure new awards to achieve its revenue and profitability forecasts for FY26.
