Intuitive Machines posts earnings miss, revenue below expectations

Intuitive Machines Inc. on Tuesday reported a quarterly loss that exceeded forecasts by $0.20 per share, while revenue fell short of analyst estimates.

The Houston-based company, which specializes in lunar lander technology, posted a loss of $0.55 per share for the period, compared with the $0.35 per share loss expected by Refinitiv IBES analysts. Revenue totaled $28.5 million, missing the $31.2 million consensus estimate.

Intuitive Machines attributed the underperformance to delays in contract milestones and higher-than-anticipated operational costs. The company, which went public in February via a $1.2 billion merger with a blank-check firm, has faced operational challenges in scaling its lunar missions.

Shares of Intuitive Machines fell 8% in extended trading following the release. The stock has declined roughly 25% since its market debut, reflecting investor concerns over execution risks in the emerging lunar economy.

Analysts at William Blair maintained a neutral rating on the stock, citing the company’s long-term potential in space logistics but warning of near-term execution risks. The firm kept a $10 price target, which implies limited upside from current levels.

Intuitive Machines is one of a handful of private companies contracted by NASA under the Commercial Lunar Payload Services program, aiming to deliver payloads to the moon’s surface. The company’s first lunar landing attempt, part of the IM-1 mission, ended in a crash in February 2024 due to a software anomaly.

Despite the setbacks, Intuitive Machines has secured additional contracts for future missions, including a $112 million award from NASA for the IM-2 mission, scheduled for launch later this year.