Intuitive Machines (NASDAQ:LUNR) reported its fourth-quarter and full-year 2025 financial results on March 19, 2026, marking a pivotal shift from a specialized lunar lander developer to a diversified space infrastructure powerhouse.
The company reported fourth-quarter revenue of $44.8 million with a gross margin of 19%.
While the company utilized $56 million in free cash flow during the quarter, this represented an $11.7 million year-over-year improvement, reflecting increased operational efficiencies as its mission cadence accelerates.
The defining highlight of the report was the company's massive expansion through strategic M&A and contract wins.
Intuitive Machines entered 2026 with a combined February backlog of approximately $943 million, driven by its central role in NASA’s Artemis program and growing commercial demand for lunar data services.
This momentum was further catalyzed by the completion of the KinetX acquisition and the blockbuster $800 million acquisition of Lanteris in the first quarter of 2026, a move that significantly expands the company's satellite communications and orbital service capabilities.
Technically and operationally, the company reached several high-profile milestones in late 2025 and early 2026, including the successful launch of EchoStar XXV.
These successes, combined with a recent $175 million strategic investment, have fortified the balance sheet for large-scale execution.
Looking ahead, Intuitive Machines issued a robust outlook for fiscal 2026, projecting total revenue between $900 million and $1 billion.
Most significantly for investors, management expects to achieve positive adjusted EBITDA for the full year.