LUNR Intuitive Machines, Inc.

Overview and Growth

In fiscal 2025, Intuitive Machines, Inc. recorded $210.06M of revenue, net loss of $83.29M, and an operating cash outflow of $14.32M. Revenue of $210.06M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $228.00M in fiscal 2024, revenue decreased 7.9%, a top-line contraction that reduced operating scale. Diluted earnings per share were -$0.73, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 115.43M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $757.15M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.28x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced a $87.23M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 41.5%, showing the shortfall after operating costs. The bottom-line result was a net loss of $83.29M after operating, financing, tax, and other recognized items. Net margin was -39.7%, reflecting a loss equal to 39.7% of reported revenue. EBITDA was negative $83.63M, showing a deficit before interest, taxes, depreciation, and amortization. The pretax result was a loss of $102.88M, establishing the deficit before tax effects. The pretax loss equaled 49.0% of revenue, measuring the pre-tax deficit against sales. Income tax expense totaled $3.96M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 11.0% of period-end assets, showing the deficit relative to the asset base. Compared with a $283.41M net loss in fiscal 2024, the current loss improved to $83.29M.

Liquidity and Capital Structure

Total assets were $757.15M, supported by $553.45M of liabilities and -$754.45M of shareholder equity. Equity was negative at -$754.45M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. At period end, current assets of $618.81M compared with current liabilities of $124.83M, defining the company’s short-term resource position. The current ratio was 4.96x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $582.61M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 466.7%, excluding receivables and other current assets. Borrowings totaled $335.33M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-assets relationship was 44.3%, comparing borrowing with the total asset balance. Book equity represented -99.6% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 73.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 76.9%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $355.40M in fiscal 2024, the current asset base moved 113.0% and finished higher. The reported cash balance changed 180.6% from $207.61M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $14.32M, showing that operations absorbed cash during the period. The company spent $41.63M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $55.95M cash deficit after capital spending. Free-cash-flow margin was -26.6%, reflecting a cash deficit equal to 26.6% of revenue after capital spending. The cash deficit after capital spending represented 7.4% of the period-end asset base. Compared with a $57.59M operating cash outflow in fiscal 2024, the current outflow improved to $14.32M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.