Free cash flow remains deeply negative at -$64.6 million in 2026Q1, reflecting the intense capital requirements of lunar mission development and a tightening liquidity cushion as the current ratio dropped to 1.22.
| Cash from Operations | -88.5M | -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 % | -554.96% | 75.14% | -27.18% | -5875.38% | 104.73% | -303.29% | - |
| Net Income | -123.02M | -106.85M | -343.43M | 10.14M | -6.41M | -35.65M | -4.33M |
| Depreciation & Amortization | 16.02M | 3.6M | 1.86M | 1.38M | 1.07M | 840K | 578K |
| Stock-Based Compensation | 14.61M | 8.61M | 8.8M | 4.27M | 624K | 318K | 0 |
| Deferred Taxes | 0 | 3.93M | 0 | 7K | -7K | 0 | 0 |
| Other Non-Cash Items | 53.58M | 31.56M | 326.84M | -72.43M | 946K | -2.33M | 0 |
| Working Capital Changes | -12.36M | 44.84M | -51.66M | 11.36M | 4.55M | 20.25M | 11.9M |
| Change in Receivables | 20.55M | 52.72M | -56.42M | -14.25M | -3.88M | 2.74M | 171K |
| Change in Inventory | -1.73M | 0 | 0 | 0 | 0 | 0 | 704K |
| Change in Payables | 16.39M | -3.13M | 0 | 18.53M | 3.65M | -9.08M | 10.33M |
| Cash from Investing | -505.11M | -56.58M | -10.11M | -29.91M | -16.41M | -3.18M | -2.55M |
| Capital Expenditures | -45.39M | -41.63M | -10.11M | -29.91M | -16.41M | -3.18M | -2.55M |
| CapEx % of Revenue | 13.58% | 19.82% | 4.43% | 37.61% | 19.09% | 4.38% | 5.77% |
| Acquisitions | -444.78M | -14.88M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -14.95M | -63K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 461.69M | 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) | 167.45M | 155.85M | -2.53M | 26M | 6K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -7.95M | 0 | 0 | 0 |
| Share Repurchases | 0 | -20.7M | -2.53M | 0 | 0 | 0 | 0 |
| Other Financing | -41.27M | -44.78M | 283.32M | 47.88M | 4.25M | 13M | 0 |
| Net Change in Cash | -131.93M | 375.69M | 205.09M | -21.27M | -3.52M | 5.36M | 7.26M |
| Free Cash Flow | -133.96M | -56.02M | -67.7M | -75.19M | -15.62M | -19.74M | 5.6M |
| FCF Margin % | -40.07% | -26.67% | -29.69% | -94.55% | -18.18% | -27.21% | 12.64% |
| FCF Growth % | -188.88% | 17.26% | 9.96% | -381.34% | 20.88% | -452.82% | - |
| FCF per Share | -0.91 | -0.47 | -1.10 | -2.94 | -0.86 | -1.09 | 0.31 |
| FCF Conversion (FCF/Net Income) | 1.09x | 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 | -31K | 35K | 0 | 35K | 0 | 0 | 11K |
NASA budget dependency concentration
As reported in recent financial statements, the company's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of 1.46 highlighting that accounting profits—or losses—are poor proxies for the actual cash consumption required to sustain current lunar mission development and operational scaling.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital swings are significantly distorting the perceived quality of earnings. Investors should monitor this divergence, as it indicates that the company's reported bottom line is heavily influenced by accounting treatments rather than the underlying cash-generating capacity of its aerospace contracts.
Based on the company's reported figures, free cash flow remains deeply negative, reaching a low of -$64.6 million in 2026Q1, which underscores the substantial capital intensity required to maintain its current trajectory of lunar access services and infrastructure development within the competitive aerospace sector.
The consistent negative FCF margins suggest that the company is currently in a capital-intensive growth phase where cash outflows for operations and infrastructure far outpace revenue inflows. This trend warrants further investigation into whether future mission milestones can realistically bridge the gap between current cash burn and self-sustaining operational profitability.
According to recent SEC filings, the company's capital expenditures have fluctuated significantly, peaking at 34.9% of revenue in 2025Q4, which reflects the heavy investment in specialized hardware and testing facilities necessary to support its proprietary lunar descent and landing technologies.
The variability in CapEx/Revenue ratios suggests that capital spending is tied to specific mission cycles rather than a steady-state maintenance requirement. This implies that the company's asset base is still in a formative stage, requiring ongoing, lumpy investments that could continue to pressure liquidity until the infrastructure reaches a more mature, revenue-generating state.
As detailed in the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $24.4 million inflow in 2025Q1 to a $32.8 million outflow in 2026Q1, illustrating the inherent difficulty in managing cash cycles tied to milestone-based government contract payments.
The sensitivity of cash flow to working capital movements suggests that the company's liquidity is highly dependent on the timing of NASA contract payments and the management of project-related payables. Investors should monitor these fluctuations closely, as they may indicate potential bottlenecks in the cash conversion cycle that could necessitate additional financing if milestones are delayed.
Based on reported figures, the company's capital deployment has been characterized by significant acquisition activity, notably the $444.8 million outflow in 2026Q1, which contrasts sharply with its ongoing operational cash burn and suggests a strategy focused on inorganic growth to secure long-term competitive positioning.
The substantial allocation of capital toward acquisitions appears to be a high-stakes effort to consolidate capabilities, though it significantly reduces the cash runway available for core operations. This deployment strategy may indicate management's belief that building scale through acquisition is essential to survive the current negative-margin environment, though it introduces significant integration and execution risks.
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.