Intuitive Machines Reports $50.3 Million Revenue in Q2 2025, 21% Increase Year-Over-Year

Intuitive Machines, Inc. reported a revenue of $50.3 million for the second quarter of 2025, marking a 21% increase from $41.6 million in the same period of 2024. For the first half of 2025, the company generated $112.8 million in revenue, slightly down from $114.9 million in the prior year. The increase in quarterly revenue was primarily attributed to growth in contracts related to NASA's Commercial Lunar Payload Services (CLPS) and new projects, including the Near Space Network (NSN) contract. However, the overall revenue for the six-month period decreased due to a significant drop in revenue from the OMES III contract, which saw a reduction of $39.6 million following NASA's cancellation of certain task orders.

Operating expenses for the second quarter of 2025 rose to $79.0 million, up from $69.1 million in the previous year, driven by increased costs associated with CLPS mission contracts and general administrative expenses. The company reported an operating loss of $28.6 million for the quarter, compared to a loss of $27.5 million in the same quarter of 2024. The net loss attributable to the company was $25.2 million, a significant decline from a net income of $18.7 million in the prior year, largely due to unfavorable changes in the fair value of earn-out and warrant liabilities.

In terms of operational developments, Intuitive Machines has made significant strides in its lunar missions, successfully completing its IM-1 mission in February 2024 and the IM-2 mission in March 2025. The company has a backlog of $256.9 million as of June 30, 2025, which is expected to be recognized as revenue over the next few years. The backlog decreased from $328.3 million at the end of 2024, primarily due to performance on existing contracts and adjustments related to the IM-2 mission close-out.

Strategically, Intuitive Machines is expanding its operations with plans to acquire KinetX, Inc., a deep space navigation company, for $30 million, which is expected to enhance its capabilities in data transmission services. Additionally, the company is investing at least $12 million to expand its Lunar Production and Operations Center in Houston, Texas, to support its growing lunar lander assembly and other projects. The company also executed a sublease for additional office and production space at the Houston Spaceport, further solidifying its operational footprint.

Looking ahead, Intuitive Machines anticipates continued growth driven by its expanding portfolio of lunar missions and contracts. The company remains focused on improving its profit margins and scaling its operations, despite facing challenges such as inflation and macroeconomic pressures. Management believes that the cash and cash equivalents of $344.9 million as of June 30, 2025, will be sufficient to fund its short-term liquidity needs and support its business plan for the next twelve months.