Intuitive Machines Misses Q4 2025 Revenue Target

Space tech firm reports $44.8 million in Q4 revenue, below expectations, despite improved earnings and growth outlook

Mar. 22, 2026 at 6:09pm

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Intuitive Machines, a Houston-based space technology and infrastructure company, reported Q4 2025 revenue of $44.8 million, missing Wall Street expectations near $54-55 million, while earnings per share of -$0.04 beat consensus of about -$0.08 per share. The company's full-year 2025 revenue reached $210.1 million, with improving gross margin but a wider net loss. Shares fell roughly 6% in pre-market trading after the release.

Why it matters

Intuitive Machines is a key player in the growing commercial space industry, providing services and infrastructure for lunar missions, satellite systems, and space-based communications. The Q4 revenue miss, despite improved profitability, raises questions about the company's ability to execute on its ambitious 2026 revenue guidance of $900 million to $1 billion, which implies roughly 5x growth over 2025 levels.

The details

Intuitive Machines reported Q4 2025 revenue of $44.8 million, driven mainly by its Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services (NSNS) contracts. Full-year 2025 revenue totaled $210.1 million, compared with $228.0 million in 2024, reflecting program timing and contract mix. Q4 2025 gross margin was 19%, or $8.5 million, marking continued improvement toward profitability. However, Q4 2025 operating loss widened to $33.1 million, up from $13.4 million in Q4 2024, driven by higher general and administrative costs and acquisition-related items.

  • Intuitive Machines reported Q4 2025 results on March 22, 2026.
  • The company's full-year 2025 revenue totaled $210.1 million, compared with $228.0 million in 2024.

The players

Intuitive Machines, Inc.

A space technology and infrastructure company focused on lunar missions, satellite systems, and space-based communications for commercial, civil, and national security customers.

Steve Altemus

CEO of Intuitive Machines.

Senior finance leadership

Provided commentary on the company's financial performance and outlook.

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What they’re saying

“2025 was a transformational year for Intuitive Machines. We completed our second lunar mission, expanded into national security space programs, closed the acquisition of KinetX Aerospace, and announced the acquisition of Lanteris Space Systems. These acquisitions significantly expand our scale, addressable market, and growth opportunities.”

— Steve Altemus, CEO

“Disciplined capital management combined with higher‑margin service revenue growth throughout 2025 resulted in $56 million free cash flow use, an $11.7 million year‑over‑year improvement, and supports our path to positive adjusted EBITDA as we scale toward our 2026 revenue target of $900 million to $1 billion.”

— Senior finance leadership, CFO commentary

What’s next

The company's ambitious 2026 revenue guidance of $900 million to $1 billion will be closely watched by investors as Intuitive Machines works to integrate its recent acquisitions and execute on its growth plans.

The takeaway

Intuitive Machines' Q4 2025 revenue miss, despite improved profitability, highlights the execution risks the company faces as it aims to rapidly scale its business. However, the company's expanding backlog, improved free cash flow, and path to positive adjusted EBITDA provide a constructive medium-term narrative that some investors may view as bullish if management delivers on its outlook.