Free cash flow burn intensified to -$83.9M in Q2 2026, representing a -40.7% FCF margin, as the capital-intensive ramp-up of mission cadence consumed more cash than the reported revenue growth generated.
Intuitive Machines, Inc. (LUNR) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -129.04M | -14.32M | -57.59M | -45.28M | 784K | -16.57M | 8.15M |
| Operating CF Margin % | - | -6.82% | -25.26% | -56.94% | 0.91% | -22.84% | 18.42% |
| Operating CF Growth % | -803.79% | 75.14% | -27.18% | -5875.38% | 104.73% | -303.29% | - |
| Net Income | -130.87M | -106.85M | -346.92M | 10.14M | -6.41M | -35.65M | -4.33M |
| Depreciation & Amortization | 30.2M | 3.6M | 1.86M | 1.38M | 1.07M | 840K | 578K |
| Stock-Based Compensation | 22.58M | 8.61M | 8.8M | 4.27M | 624K | 318K | 0 |
| Deferred Taxes | 0 | 3.93M | 0 | 7K | -7K | 0 | 0 |
| Other Non-Cash Items | 51.56M | 31.56M | 296.45M | -72.43M | 946K | -2.33M | 0 |
| Working Capital Changes | -48.4M | 44.84M | -17.77M | 11.36M | 4.55M | 20.25M | 11.9M |
| Change in Receivables | 200K | 52.72M | -56.42M | -14.25M | -3.88M | 2.74M | 171K |
| Change in Inventory | -3.79M | 0 | 0 | 0 | 0 | 0 | 704K |
| Change in Payables | -3.91M | -3.13M | -4.26M | 18.53M | 3.65M | -9.08M | 10.33M |
| Cash from Investing | -523.41M | -56.58M | -10.11M | -29.91M | -16.41M | -3.18M | -2.55M |
| Capital Expenditures | -61.4M | -41.63M | -10.11M | -29.91M | -16.41M | -3.18M | -2.55M |
| CapEx % of Revenue | 12.53% | 19.82% | 4.43% | 37.61% | 19.09% | 4.38% | 5.77% |
| Acquisitions | -447.06M | -14.88M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -14.95M | -63K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 684.53M | 446.59M | 272.79M | 53.92M | 12.1M | 25.11M | 1.66M |
| Debt Issued (Net) | 335.51M | 335.51M | -8M | -12M | 7.84M | 12.11M | 1.66M |
| Equity Issued (Net) | 406.22M | 155.85M | 61.56M | 26M | 6K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -7.95M | 0 | 0 | 0 |
| Share Repurchases | 0 | -20.7M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -57.2M | -44.78M | 219.23M | 47.88M | 4.25M | 13M | 0 |
| Net Change in Cash | 32.08M | 375.69M | 205.09M | -21.27M | -3.52M | 5.36M | 7.26M |
| Free Cash Flow | -190.51M | -56.02M | -67.7M | -75.19M | -15.62M | -19.74M | 5.6M |
| FCF Margin % | -38.87% | -26.67% | -29.69% | -94.55% | -18.18% | -27.21% | 12.64% |
| FCF Growth % | -373.62% | 17.26% | 9.96% | -381.34% | 20.88% | -452.82% | - |
| FCF per Share | -1.17 | -0.47 | -1.10 | -2.94 | -0.86 | -1.09 | 0.31 |
| FCF Conversion (FCF/Net Income) | 1.46x | 0.17x | 0.20x | -0.72x | -0.12x | 0.46x | -1.92x |
| Interest Paid | 0 | 0 | 408K | 1.92M | 1.01M | 230K | 0 |
| Taxes Paid | 35K | 35K | 613K | 35K | 0 | 0 | 11K |
Quick answers to the most common questions about buying LUNR stock.
Intuitive Machines, Inc. (LUNR) generated $-14.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intuitive Machines, Inc. (LUNR) reported negative free cash flow of $56.0M in 2025, indicating capital requirements exceeded cash from operations.
Intuitive Machines, Inc. (LUNR) spent $41.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Intuitive Machines, Inc. (LUNR) spent $20.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Mission execution and margin expansion
Metrics are mathematically derived from official filings.
Negative Cash Conversion Amidst Scaling
Operating cash flow has consistently trailed net losses, with the OCF/NI ratio averaging 0.32 over the last ten quarters, indicating that reported losses are not fully capturing the cash consumption required to execute missions and scale operations.
The persistent gap between net income and operating cash flow suggests that non-cash items like depreciation and stock-based compensation are not sufficient to offset the working capital investments and cash costs of mission execution. This pattern implies that the company's growth is currently funded by external capital rather than internal cash generation, a critical dynamic for investors to monitor as the business scales.
FCF Burn Intensifies with Revenue Growth
Free cash flow has deteriorated significantly, with the FCF margin worsening from -11.0% in Q1 2024 to -40.7% in Q2 2026, demonstrating that the recent revenue acceleration has been accompanied by a proportional, if not greater, increase in cash consumption.
The negative FCF trajectory is driven by both operating losses and a sharp increase in capital expenditures, which rose from $1.6M in Q1 2024 to $24.1M in Q2 2026. This indicates that the company is investing heavily in infrastructure and mission hardware ahead of revenue recognition, creating a significant cash burn that will require continued access to capital markets.
Capital Intensity Rises with Mission Cadence
Capital expenditures have surged to 11.7% of revenue in Q2 2026, up from just 2.2% in Q1 2024, reflecting a shift from a low-capital R&D phase to a higher-capital execution phase as the company ramps up its lunar mission schedule.
The increasing capital intensity suggests that a growing portion of the company's cash outflows is directed toward tangible assets like spacecraft and ground systems, which will require future depreciation and maintenance. This trend, combined with the project-based revenue model, creates a risk that capital investments may not be fully recovered if subsequent missions are delayed or fail.
Working Capital Swings Mask Operational Cash Needs
Working capital changes have been highly volatile, swinging from a $24.4M source in Q1 2025 to a $33.5M use in Q2 2026, indicating that the timing of contract payments and milestone recognition creates significant short-term cash flow variability.
The large working capital outflows in recent quarters suggest that the company is funding mission execution ahead of receiving customer payments, a common dynamic in government contracting but one that amplifies the cash burn during periods of rapid growth. This volatility makes it difficult to predict near-term cash flow from operations based solely on revenue trends.
Cash Preservation Dominates Deployment Strategy
With no dividends or share repurchases and a recent $444.8M acquisition in Q1 2026, the company's capital deployment is focused entirely on preserving liquidity and making strategic investments to secure its position in the lunar economy.
The absence of shareholder returns and the significant acquisition spend indicate that management is prioritizing long-term strategic positioning over short-term capital returns. The $582M cash balance provides a runway, but the sustained negative FCF suggests that future capital raises may be necessary unless the business can achieve positive cash conversion.
Cash Flow Obscures Mission Timing and Contract Economics
The cash flow statement does not fully capture the economic reality of percentage-of-completion accounting, where revenue is recognized based on progress while cash receipts are tied to milestone payments, creating a potential disconnect between reported performance and actual liquidity.
Investors should be aware that the large working capital swings and negative OCF may partly reflect the timing of government contract payments rather than operational inefficiency. Furthermore, the significant stock-based compensation, which averaged $4.3M per quarter over the last year, is a non-cash expense that reduces net income but does not impact operating cash flow, potentially overstating the cash burn relative to economic losses.