Revenue accelerated 310% year-over-year to $206.2M in Q2 2026, but gross margins contracted to 17.4% from 39.0% in the prior quarter, highlighting the volatile, project-based nature of its contract economics.
Intuitive Machines, Inc. (LUNR) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 490.12M | 210.06M | 228M | 79.52M | 85.95M | 72.55M | 44.26M |
| Revenue Growth % | 116.52% | -7.87% | 186.72% | -7.48% | 18.46% | 63.93% | - |
| Cost of Goods Sold | 356.49M | 177.25M | 190.37M | 100.47M | 75.51M | 100.31M | 42.56M |
| COGS % of Revenue | - | 84.38% | 83.5% | 126.35% | 87.86% | 138.26% | 96.16% |
| Gross Profit | 133.63M | 32.81M | 37.63M | -20.95M | 10.43M | -27.76M | 1.7M |
| Gross Margin % | 27.26% | 15.62% | 16.5% | -26.35% | 12.14% | -38.26% | 3.84% |
| Gross Profit Growth % | - | -12.81% | 279.61% | -300.81% | 137.59% | -1732.76% | - |
| Operating Expenses | 268.48M | 120.04M | 95.03M | 35.29M | 15.94M | 10.13M | 6.09M |
| OpEx % of Revenue | - | 57.15% | 41.68% | 44.37% | 18.55% | 13.96% | 13.77% |
| Selling, General & Admin | 171.47M | 92.62M | 53.26M | 32.95M | 14.87M | 9.29M | 5.51M |
| SG&A % of Revenue | - | 44.09% | 23.36% | 41.43% | 17.3% | 12.81% | 12.46% |
| Research & Development | 13.32M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 27.42M | 41.77M | 2.34M | 1.07M | 840K | 578K |
| Operating Income | -134.85M | -87.23M | -57.4M | -56.24M | -5.51M | -37.89M | -4.39M |
| Operating Margin % | -27.51% | -41.53% | -25.17% | -70.72% | -6.41% | -52.22% | -9.93% |
| Operating Income Growth % | - | -51.98% | -2.06% | -921.19% | 85.47% | -762.46% | - |
| EBITDA | -44.31M | -83.63M | -55.54M | -23.66M | 38.87M | -37.05M | -3.81M |
| EBITDA Margin % | -9.04% | -39.81% | -24.36% | -29.75% | 45.22% | -51.07% | -8.62% |
| EBITDA Growth % | 26.33% | -50.59% | -134.72% | -160.88% | 204.9% | -871.11% | - |
| D&A (Non-Cash Add-back) | 90.54M | 3.6M | 1.86M | 32.58M | 44.37M | 840K | 578K |
| EBIT | -167.56M | -98.71M | -52.35M | 15.88M | -5.59M | -35.42M | -4.39M |
| Net Interest Income | -187K | 11.1M | 180K | -823K | -836K | -224K | 73K |
| Interest Income | 13.26M | 15.27M | 180K | 0 | 0 | 0 | 73K |
| Interest Expense | 13.45M | 4.18M | 0 | 823K | 836K | 224K | 0 |
| Other Income/Expense | -46.16M | -15.65M | -289.49M | 71.3M | -921K | 2.24M | 73K |
| Pretax Income | -181.01M | -102.88M | -346.88M | 15.06M | -6.43M | -35.65M | -4.32M |
| Pretax Margin % | -36.93% | -48.98% | -152.14% | 18.94% | -7.48% | -49.13% | -9.76% |
| Income Tax | 3.96M | 3.96M | 37K | 40K | -23K | 2K | 8K |
| Effective Tax Rate % | -2.19% | -3.85% | -0.01% | 0.27% | 0.36% | -0.01% | -0.19% |
| Net Income | -130.87M | -83.29M | -283.41M | 62.8M | -6.41M | -35.65M | -4.25M |
| Net Margin % | -26.7% | -39.65% | -124.3% | 78.98% | -7.45% | -49.14% | -9.61% |
| Net Income Growth % | 48.52% | 70.61% | -551.27% | 1080.55% | 82.03% | -738.38% | - |
| Net Income (Continuing) | -184.97M | -106.85M | -346.92M | 15.02M | -6.41M | -35.65M | -4.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 567K | 951.54M | 1.01B | 181.66M | 0 | 0 | 1.35M |
| EPS (Diluted) | -0.81 | -0.70 | -4.63 | 2.37 | -0.05 | -1.97 | -0.24 |
| EPS Growth % | 65.96% | 84.88% | -295.36% | 4631.55% | 97.35% | -720.83% | - |
| EPS (Basic) | - | -0.70 | -4.63 | 3.43 | -0.05 | -1.97 | -0.24 |
| Diluted Shares Outstanding | 162.17M | 119.33M | 61.41M | 25.56M | 18.07M | 18.07M | 18.07M |
| Basic Shares Outstanding | 162.17M | 119.33M | 61.41M | 17.65M | 18.07M | 18.07M | 18.07M |
| Dividend Payout Ratio | - | - | - | 12.66% | - | - | - |
Quick answers to the most common questions about buying LUNR stock.
For fiscal year 2025, Intuitive Machines, Inc. (LUNR) reported total revenue of $210.1M. This represents a 374.6% increase compared to $44.3M in 2020.
Intuitive Machines, Inc. (LUNR) reported a net loss of $83.3M for the fiscal year ending 2025.
Intuitive Machines, Inc. (LUNR) reported an operating income of $-87.2M, resulting in an operating profit margin of -41.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Intuitive Machines, Inc. (LUNR) generated $32.8M in gross profit for the year, representing a gross profit margin of 15.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Mission execution and margin expansion
Metrics are mathematically derived from official filings.
Revenue Inflection Driven by Contract Execution
Intuitive Machines' revenue trajectory has shifted from lumpy, project-based recognition to a significant acceleration, with Q2 2026 revenue of $206.2M representing a 310% year-over-year increase, according to the company's reported financials.
The dramatic revenue growth, particularly the sequential jump from Q1 to Q2 2026, suggests the company is now executing on a larger, more consistent backlog of missions, likely tied to the NASA NSNS contract and other CLPS task orders. This marks a critical transition from a pre-revenue or low-revenue development phase to a commercial execution phase, though the sustainability of this growth rate is contingent on continued contract wins and mission success.
Gross Margin Volatility Reflects Contract Mix
Gross margins have exhibited extreme volatility, swinging from a negative -23.5% in Q2 2025 to a high of 39.0% in Q1 2026, before settling at 17.4% in Q2 2026, indicating a project-based cost structure highly sensitive to mission-specific factors.
The wide margin dispersion suggests that profitability is not yet structurally stable and is heavily influenced by the specific cost profile and milestone recognition timing of individual missions. The Q2 2026 margin compression to 17.4% from the prior quarter's 39.0% may indicate the recognition of higher-cost mission phases or less favorable contract terms on recent deliveries, highlighting the challenge of scaling profitably in a fixed-price contracting environment.
Operating Leverage Absent Amidst Scaling
Despite a 310% year-over-year revenue increase in Q2 2026, operating losses widened to -$47.1M, demonstrating a lack of operating leverage as SG&A expenses scaled to $60.3M, more than tripling from the prior year period.
The expansion of SG&A alongside revenue growth indicates that the corporate overhead required to support a larger, more complex mission portfolio is growing proportionally, if not faster, than the top line. This suggests that the path to profitability is not simply a function of revenue scale but requires a fundamental improvement in the gross margin profile and disciplined control of the expanding cost base.
SG&A Surge Outpaces Revenue Growth
SG&A expenses surged to $60.3M in Q2 2026, representing 29.2% of revenue, up from 31.8% in Q2 2025, indicating that while the ratio is slightly improving, the absolute cost of scaling the organization is substantial.
The significant increase in SG&A appears necessary to support the operational demands of a growing mission manifest, including program management, business development, and compliance functions. However, the sustained high level of these expenses as a percentage of revenue underscores the need for the company to achieve greater operational efficiency or a higher-margin revenue mix to achieve profitability.
Margin Compression Risks in Scaling Phase
The most significant analytical challenge is that the rapid revenue acceleration has not yet translated to improved operating margins, with Q2 2026 operating loss of -22.9% suggesting that current contract economics may be insufficient to cover the company's fixed cost structure.
A bearish interpretation would focus on the negative correlation between revenue growth and margin improvement, questioning whether the company is winning contracts at prices that do not adequately compensate for the risk and overhead involved. The persistent negative operating and net margins, coupled with a debt/equity ratio of 1.83, raise concerns about the long-term capital structure and the potential for future dilutive financing if profitability is not achieved before the current cash position is depleted.