Start here if you're new
what it is
It builds lunar landers, moves cislunar data, and now owns a spacecraft maker after an $800M deal.
how it gets paid
Last year Intuitive Machines made $228M in revenue. Lunar access and delivery was the main engine at $104M, or 46% of sales.
what just happened
Latest quarter revenue on the order of ~$57M ($228M ÷ 4)—not $164M quarterly (that would overshoot the full year). EPS about -$0.38.
At a glance
B balance sheet — gets the job done, barely
-$4.63 FY2024 EPS (GAAP · aligns with KPI row)
$228M FY2024 revenue (per segment bridge)
loss-making — ignore bogus positive operating margin %
2.7 beta
xvary composite: 47/100 — below average
What they do
It builds lunar landers, moves cislunar data, and now owns a spacecraft maker after an $800M deal.
You are not buying a normal industrial company. You are buying one of a select few firms servicing NASA and commercial payload customers, with 435 employees doing the job. The $800M Lanteris deal adds a spacecraft maker, so you get hardware and mission services from one shop.
How they make money
$228M
annual revenue
Lunar access and delivery
$104M
Mission operations and payload services
$44M
Cislunar data and communications
$40M
Spacecraft manufacturing
$40M
The products that matter
payload delivery to the moon
Nova-C Lunar Lander
IM-3 mission · first half of 2026
this is the flagship proof point. the IM-3 mission is scheduled for the first half of 2026, and the stock is treating that timing like a referendum on the whole lunar thesis.
binary catalyst
largest disclosed revenue line
Lunar access & delivery
$104M lunar access · ~46% (segment bridge)
Largest line in the four-row bridge below is lunar access and delivery at $104M. The recent orbital-transfer contract shows execution beyond headlines.
largest segment
lunar data and communications infrastructure
Lunar Data & Infrastructure
$40M cislunar data · ~18%
Cislunar data and communications is $40M in the bridge—earlier-stage recurring narrative vs the larger lunar delivery line.
watch the adoption curve
Key numbers
$228M
annual revenue
The whole business is smaller than one big enterprise software round. That matters because fixed costs hit harder.
-$4.63
FY2024 EPS
You are still paying for growth that does not earn money yet.
2.7
beta
The stock moves about 2.7 times the market. A calm index day is not calm here.
$365M
long-term debt
Debt is 9% of capital. That is not fatal, but it is not cheap oxygen either.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $365M (9% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LUNR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Quarterly revenue about ~$57M with EPS -$0.38—not $164M in one quarter vs $228M annual.
vs. prior year percent can look huge off small prior quarters—confirm the base period in the 10-Q. The company still loses money while scaling.
~$57M
qtr revenue (approx.)
-$0.38
eps (Q)
$228M
annual revenue
the number that mattered
Internal consistency: ~$57M quarters fit $228M TTM; $164M quarters do not.
source: company earnings report, 2025
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is IM-3 mission failure or another material delay.
high
Mission risk is not theoretical
The IM-3 Nova-C mission is scheduled for the first half of 2026. If the launch slips again or the mission underdelivers, the flagship lunar narrative takes a direct hit.
This is the most obvious way a premium multiple stops looking premium and starts looking reckless.
high
Dilution and integration have to earn their keep
The share count has expanded 360% since 2023, and that equity helped fund an $800M acquisition push. You need those assets to produce durable revenue, not just a bigger org chart.
If integration stalls, you are left with more shares, more complexity, and the same old promise.
med
Profitability is still missing
FY revenue is on the order of ~$228M while the FY -$4.63 EPS line (KPI row) implies a deep net loss versus that sales base—nowhere near self-funding. The $175M raise buys time. It does not solve the business model on its own.
If losses stay wide, more capital may be needed before shareholders see operating leverage.
med
Revenue timing can distort the story
Management already disclosed an EAC adjustment that shifted IM-3 mission revenue from 2025 into 2026. In a business this milestone-driven, timing changes can move sentiment as much as fundamentals.
That makes quarter-to-quarter reading tricky and can create sharp moves around what look like accounting changes.
You own a company with ~$228M in revenue, FY EPS near -$4.63, and a stock valued at ~11x trailing sales. The bull case needs execution to show up fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 and FY 2025 earnings
Report due March 19, 2026. You want updates on IM-3 timing, backlog conversion, and whether the loss profile is narrowing at all.
risk
IM-3 launch and mission execution
First half of 2026 is the window. This is the cleanest near-term test of whether the lunar platform is real or still mostly a slide deck with hardware.
metric
use of the $175M equity raise
Fresh capital matters only if it turns into revenue and better margins. Watch deployment, not press-release adjectives.
trend
mix shift toward orbital revenue
Orbital Services & Satellites already leads at $99.8M. If that segment keeps outrunning Lunar Access, the investment story gets less binary.
Analyst rankings
coverage
thin
standardized ranking data is limited here. in human-speak, the coverage set is still small enough that consensus signals deserve skepticism.
what matters
execution
for a company with FY EPS near -$4.63 and binary mission milestones, analyst targets matter less than whether contracts convert into revenue on schedule.
source: institutional data
Institutional activity
institutional ownership data for LUNR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive