Intuitive Machines (NASDAQ:LUNR) executives used the company’s fourth-quarter and full-year 2025 earnings call to outline what Chief Executive Officer Steve Altemus described as a “transformational year,” highlighted by a second lunar mission, an expansion into national security space, the acquisition of KinetX, and the announced—and subsequently closed—acquisition of Lanteris Space Systems.
Altemus said the combination changes the company’s scale and positioning, with management now expecting 2026 revenue to approach $1 billion, compared with 2025 levels. He also described a diversified customer mix for the combined portfolio at roughly 40% commercial, 40% civil space, and 20% national security, “evolving towards a balanced portfolio across all three customer bases.”
Strategy centers on “build, connect, operate”
- Build: Designing, manufacturing, and delivering spacecraft, landers, satellites, surface systems, propulsion and avionics.
- Connect: Integrating assets into communications, navigation, command and control, and data relay networks, beginning with the company’s first lunar data relay satellite planned to launch with IM-3.
- Operate: Providing mission operations, hosted payload services, and infrastructure-based offerings such as lunar terrain vehicle services.
Altemus said the company expects these capabilities to move the business toward higher-margin services supported by recurring revenue programs, citing examples including lunar terrain vehicle services, tracking and data relay services, and Mars telecom network services.
Lanteris platforms expand reach across LEO, GEO, and lunar
Management repeatedly framed Lanteris as a more established spacecraft platform business with what Altemus called “consistent and predictable revenue generation,” including 300, 500, and 1300 Series platforms. Altemus said Lanteris historically built spacecraft to customer specifications and delivered them for long operational lives. Intuitive Machines, he said, plans to apply “proven production platforms” to new growth markets as a prime operator.
On low Earth orbit programs, Altemus highlighted work supporting the Space Development Agency’s proliferated warfighter space architecture. He said deliveries of the final 300 Series satellite buses under Tranche 1 tracking layer are underway with launch expected later this year, with work continuing on Tranche 2 and the “recently awarded” Tranche 3 tracking layer programs.
In geostationary orbit, Altemus described the 1300 Series spacecraft as a proven communications platform. He said the 1300 Series production line includes EchoStar, DISH Network, and two SiriusXM satellites, adding that EchoStar 25 “successfully launched last week” and that the team is performing on-orbit system checks before beginning broadcast services across North America. He also said SiriusXM-11 is undergoing final integration testing with shipment expected in the second quarter, while SiriusXM-12 continues in production.
Altemus also discussed NASA’s Lunar Gateway power and propulsion element (PPE), based on the 1300 Series and described as “the highest-powered solar electric propulsion spacecraft ever built.” He said NASA has invested over $1 billion in the PPE, that the system is nearly complete, and that NASA announced a successful power-up in January. He said the company expects to integrate roll-out solar arrays in the second quarter ahead of final delivery to NASA.
Near Space Network: lunar relay satellites and “internet for the solar system”
A major focus of the call was Intuitive Machines’ Near Space Network Services (NSNS) contract and the company’s plans to deploy lunar data relay satellites to support communications and navigation between the Moon and Earth. Altemus said the company is building its first lunar data relay satellite at its Texas headquarters and expects it to launch with the IM-3 mission. He said the launch is expected to start the operational task order portion of the $4.82 billion NSNS contract and that the first satellite is planned as the first of five.
Altemus said IM-3 is progressing, with robotic mechanisms delivered from the Maryland facility in the fourth quarter and lander assembly, integration, and testing underway for a mission later this year. He added that IM-4 remains on track for 2027 and that the mission plan includes flying two additional lunar data relay satellites to expand connected services under NSNS and support NASA’s Artemis IV human landing mission.
Altemus contrasted the company’s planned network with NASA’s Deep Space Network, saying deep-space communications bandwidth is limited and oversubscribed. As an example of constraints, he said NASA has indicated that live video from Artemis II will likely be transmitted at low resolution. He said Intuitive Machines is expanding ground station coverage, including a new partnership in Australia, and noted that the Australian dish successfully downlinked data from the James Webb Space Telescope. He also cited a strategic agreement with Leonardo and Telespazio to connect lunar relay systems to support European exploration missions, and said the company is also working initiatives with Japan’s JAXA.
Financial results, liquidity, backlog, and 2026 outlook
Chief Financial Officer Pete McGrath said 2025 financials do not include Lanteris, as the acquisition closed on Jan. 13, 2026. Fourth-quarter 2025 results include KinetX, which closed Oct. 1, 2025.
McGrath reported fourth-quarter 2025 revenue of $44.8 million, driven primarily by CLPS, OLMS, and NSNS execution. He said timing and government budget delays affected the quarter, but the company exited the year with “strong contract momentum” and cited major awards announced in early 2026, including a multi-year SDA Tranche 3 Tracking Layer award.
Other fourth-quarter metrics discussed included:
- OLMS revenue: $14.7 million.
- Gross margin: $8.5 million, a 19% positive gross margin, driven by higher-margin services revenue such as NSNS and cost reductions across fixed-price contracts.
- SG&A: $40.2 million, including $10.8 million of acquisition-related transaction costs tied to the Lanteris deal.
- Operating loss: $33.1 million versus a $13.4 million loss in the fourth quarter of 2024, primarily due to acquisition transaction expenses and growth investments.
- Adjusted EBITDA: negative $19.1 million versus negative $11.2 million in the prior-year quarter.
- Free cash flow: negative $22.9 million in the quarter; negative $56 million for the year, which McGrath said was an $11.7 million improvement versus 2024.
McGrath said year-end cash was $583 million, including a $15 million cash outflow for the KinetX acquisition. Since year-end, he said $403 million of cash was used for the Lanteris acquisition, with additional post-close reconciliations aligning with the $450 million cash portion of the purchase price. He also said the company completed a $175 million strategic equity investment in February, and that cash as of the end of February was $272 million. McGrath said the company believes it has sufficient liquidity to fund operations and continue investing in growth initiatives.
Backlog at year-end was $213.1 million, down from $235.9 million in the third quarter, which McGrath attributed to delayed awards during the government shutdown and appropriations process. He said approximately 60% to 65% of backlog is expected to convert to revenue in 2026. As of February month-end, McGrath said estimated combined company backlog was $943 million, including the Tranche 3 award, but excluding potential upcoming awards such as the next CLPS mission, Lunar Terrain Vehicle Services (LTV), Golden Dome, and other commercial satellites.
For 2026 guidance, McGrath projected revenue of $900 million to $1 billion, with roughly two-thirds supported by contracted backlog, and said the company is targeting positive adjusted EBITDA for the full year. He cited scale from the Lanteris acquisition, growth in higher-margin services such as NSNS and navigation, and operational efficiencies on fixed-price contracts as key drivers.
In the question-and-answer session, executives said integration efforts are progressing ahead of schedule under a transition services agreement to separate systems such as IT, accounting, and payroll. Management also said it believes an LTV award decision is imminent; executives noted the solicitation contemplated “1.5 awards,” potentially implying a primary award and a backup, though they said the agency could also decide to make two full awards.
McGrath said revenue should be “pretty level throughout the year,” with a January anomaly because the Lanteris acquisition closed mid-month. He added that there could be upside if elements of Artemis-related work under the Near Space Network contract are accelerated as NASA reformulates Artemis mission plans.
About Intuitive Machines (NASDAQ:LUNR)
Intuitive Machines is a Houston, Texas–based aerospace company specializing in commercial lunar exploration and services. The firm develops end-to-end solutions for robotic missions to the Moon, providing spacecraft design, mission management, navigation, communications, and data services under NASA’s Commercial Lunar Payload Services (CLPS) program.
Founded in 2013 by aerospace engineers Steve Altemus, Tim Crain and Kris Kimel, Intuitive Machines has grown from a small startup into one of the leading private entities pursuing lunar surface deliveries.
