Intuitive Machines, Inc. reported a total revenue of $52.4 million for the third quarter of 2025, a decrease of 10% compared to $58.5 million in the same period of 2024. For the nine months ending September 30, 2025, revenue was $165.3 million, down from $173.3 million year-over-year. The decline in revenue was primarily attributed to a significant reduction in earnings from the OMES III contract, which saw a decrease of approximately $56.6 million due to the cancellation of certain task orders by NASA. However, the company noted an increase in revenue from its Commercial Lunar Payload Services (CLPS) contracts, which rose by $23.3 million, and from the Near Space Network Services (NSNS) contract, which contributed an additional $14.3 million.
Operating expenses for the third quarter of 2025 totaled $67.9 million, down from $72.2 million in the prior year, reflecting a decrease in costs associated with the OMES III and LTV contracts. The company reported an operating loss of $15.4 million for the quarter, compared to a loss of $13.7 million in the same quarter of 2024. The net loss attributable to the company was $7.0 million, a significant improvement from a net loss of $55.4 million in the prior year. This improvement was largely driven by favorable changes in the fair value of warrant liabilities and earn-out liabilities, which contributed positively to other income.
In terms of strategic developments, Intuitive Machines announced the acquisition of Lanteris Space Holdings LLC for $800 million, which is expected to close in the first quarter of 2026. This acquisition aims to enhance the company's capabilities in satellite manufacturing and expand its service offerings in the space exploration sector. Additionally, the company completed the acquisition of KinetX, Inc. for approximately $31.1 million, further strengthening its position in deep space navigation and systems engineering.
Operationally, Intuitive Machines reported a backlog of $235.9 million as of September 30, 2025, a decrease from $328.3 million at the end of 2024. The backlog reflects the total estimated revenue from awarded contracts, with approximately 20% expected to be recognized over the remainder of 2025. The company continues to focus on expanding its lunar mission operations, having successfully completed its IM-1 and IM-2 missions, and is actively pursuing additional contracts to bolster its revenue streams.
Looking ahead, Intuitive Machines remains optimistic about its growth prospects, bolstered by its strong cash position of $622 million as of September 30, 2025, and the liquidity provided by its recent issuance of convertible notes. The company anticipates that its strategic acquisitions and ongoing projects will position it favorably in the expanding cislunar economy, despite potential challenges posed by macroeconomic conditions and government budget uncertainties.
About Intuitive Machines, Inc.
Intuitive Machines is a space technology company specializing in lunar exploration infrastructure and services. It provides delivery, data transmission, and autonomous infrastructure solutions for government and commercial customers, including NASA and defense agencies. The company develops lunar landers, communication networks, and mobility systems to support sustainable lunar and deep space operations, aiming to establish a thriving cislunar economy.
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