Intuitive Machines (LUNR) financial statements
Intuitive Machines reported revenue of $207M in fiscal 2025, up 33.5% a year over 3 years.
Net income was -$83M and the operating margin -42.1%, against -7.7% in 2022.
Free cash flow was -$56M, and the company returned $21M in net buybacks.
The diluted share count rose 352% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Intuitive Machines's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $87M | $80M | $228M | $207M |
| Cost of revenue | $76M | $100M | — | — |
| Gross profit | $12M | -$21M | — | — |
| Selling, general and admin | $16M | $34M | $53M | $93M |
| Operating income | -$7M | -$61M | -$57M | -$87M |
| Interest expense | — | — | $92,000 | $4M |
| Pre-tax income | -$8M | $10M | -$347M | -$103M |
| Income tax | -$23,000 | $40,000 | $37,000 | $4M |
| Net income | -$190,408 | $62M | -$283M | -$83M |
| EPS (diluted) | — | $2.42 | -$4.63 | -$0.73 |
| Diluted shares | — | 26M | 61M | 115M |
| Gross margin | 13.3% | -26.3% | — | — |
| Operating margin | -7.7% | -76.8% | -25.2% | -42.1% |
| Net margin | -0.2% | 77.6% | -124.3% | -40.2% |
Balance sheet
Fiscal years, from Intuitive Machines's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $14,932 | $4M | $208M | $583M |
| Receivables | $1M | $17M | $45M | $12M |
| Inventory | — | — | — | $0 |
| Total current assets | $41M | $32M | $293M | $619M |
| Property, plant and equipment | $21M | $18M | $23M | $69M |
| Goodwill | — | — | $0 | $19M |
| Total assets | $67M | $86M | $355M | $757M |
| Total current liabilities | $86M | $82M | $99M | $125M |
| Long-term debt | $4M | $0 | $0 | $335M |
| Total liabilities | $118M | $137M | $351M | $553M |
| Shareholders' equity | -$51M | -$261M | -$1.0B | -$755M |
| Net debt | $20M | $4M | -$208M | -$247M |
Cash flow
Fiscal years, from Intuitive Machines's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $784,000 | -$45M | -$58M | -$14M |
| Capital spending | $16M | $30M | $10M | $42M |
| Free cash flow | -$16M | -$75M | -$68M | -$56M |
| Stock-based compensation | $624,000 | $4M | $9M | $9M |
| Dividends paid | $0 | $8M | $0 | — |
| Share buybacks (net) | — | — | $0 | -$21M |
| Net borrowing | $8M | -$12M | -$8M | $0 |
| Free cash flow margin | -17.9% | -94.5% | -29.7% | -27.0% |
| Dividends per share | — | $0.31 | — | — |
Questions
What was Intuitive Machines's revenue in 2025?
$207M in fiscal 2025, from its 10-K filing.
How much free cash flow does Intuitive Machines generate?
-$56M in fiscal 2025 (operating cash flow minus capital spending).
From Intuitive Machines's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.