Revenue growth accelerated to 198.7% in 2026Q1, though this is offset by an operating loss of $39.2 million and volatile gross margins that have fluctuated between -37.9% and 68.1% historically.
| Sales/Revenue | 334.26M | 210.06M | 228M | 79.52M | 85.95M | 72.55M | 44.26M |
| Revenue Growth % | 53.72% | -7.87% | 186.72% | -7.48% | 18.46% | 63.93% | - |
| Cost of Goods Sold | 248.34M | 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 | 85.92M | 32.81M | 37.63M | -20.95M | 10.43M | -27.76M | 1.7M |
| Gross Margin % | 25.7% | 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 | 202.28M | 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 | 127.16M | 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 | 5.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.35M | 27.42M | 41.77M | 2.34M | 1.07M | 840K | 578K |
| Operating Income | -116.36M | -87.23M | -57.4M | -56.24M | -5.51M | -37.89M | -4.39M |
| Operating Margin % | -34.81% | -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 | -100.33M | -83.63M | -55.54M | -23.66M | 38.87M | -37.05M | -3.81M |
| EBITDA Margin % | -30.02% | -39.81% | -24.36% | -29.75% | 45.22% | -51.07% | -8.62% |
| EBITDA Growth % | -67.21% | -50.59% | -134.72% | -160.88% | 204.9% | -871.11% | - |
| D&A (Non-Cash Add-back) | 16.02M | 3.6M | 1.86M | 32.58M | 44.37M | 840K | 578K |
| EBIT | -109.55M | -87.23M | -52.35M | 15.88M | -5.59M | -37.89M | -4.39M |
| Net Interest Income | 6.25M | 11.1M | 180K | -823K | -836K | -224K | 73K |
| Interest Income | 15.21M | 15.27M | 180K | 0 | 0 | 0 | 73K |
| Interest Expense | 8.96M | 4.18M | 0 | 823K | 836K | 224K | 0 |
| Other Income/Expense | -40.03M | -15.65M | -289.49M | 71.3M | -921K | 2.24M | 73K |
| Pretax Income | -156.38M | -102.88M | -346.88M | 15.06M | -6.43M | -35.65M | -4.32M |
| Pretax Margin % | -46.78% | -48.98% | -152.14% | 18.94% | -7.48% | -49.13% | -9.76% |
| Income Tax | 3.95M | 3.96M | 37K | 40K | -23K | 2K | 8K |
| Effective Tax Rate % | -2.53% | -3.85% | -0.01% | 0.27% | 0.36% | -0.01% | -0.19% |
| Net Income | -123.02M | -83.29M | -283.41M | 62.8M | -6.41M | -35.65M | -4.25M |
| Net Margin % | -36.8% | -39.65% | -124.3% | 78.98% | -7.45% | -49.14% | -9.61% |
| Net Income Growth % | 37.67% | 70.61% | -551.27% | 1080.55% | 82.03% | -738.38% | - |
| Net Income (Continuing) | -160.34M | -106.85M | -346.92M | 15.02M | -6.41M | -35.65M | -4.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.06B | 951.54M | 1.01B | 181.66M | 0 | 0 | 1.35M |
| EPS (Diluted) | -0.83 | -0.70 | -4.63 | 2.37 | -0.05 | -1.97 | -0.24 |
| EPS Growth % | 60.12% | 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 | 147.88M | 119.33M | 61.41M | 25.56M | 18.07M | 18.07M | 18.07M |
| Basic Shares Outstanding | 147.88M | 119.33M | 61.41M | 17.65M | 18.07M | 18.07M | 18.07M |
| Dividend Payout Ratio | - | - | - | 12.66% | - | - | - |
NASA budget dependency concentration
As indicated by the 2026Q1 financial results, Intuitive Machines achieved a significant revenue acceleration of 198.7% year-over-year, largely reflecting the successful recognition of project-based milestones within its core Lunar Access Services segment as the company scales its operational delivery of government-contracted lunar missions.
The dramatic top-line expansion suggests that the company is successfully converting its backlog into recognized revenue, though the lumpy nature of these milestones makes quarter-over-quarter growth highly volatile. Investors should monitor whether this trajectory can be sustained beyond current NASA-funded cycles or if future growth will require a broader commercial customer base.
Based on reported income statements, gross margins have fluctuated wildly, ranging from a negative 37.9% in 2024Q2 to a peak of 68.1% in 2024Q4, illustrating the inherent difficulty in maintaining consistent profitability while managing the high-cost, iterative hardware development cycles required for lunar landing missions.
The inconsistency in gross margins appears to be a function of project-specific cost overruns and the accounting treatment of milestone completions. Until the company shifts toward a more predictable service-based revenue model, these margin swings will likely continue to obscure the underlying profitability of the core business.
According to the latest quarterly data, the company reported an operating loss of $39.2 million in 2026Q1, demonstrating that despite significant revenue growth, operating expenses are scaling in tandem, preventing the realization of meaningful operating leverage at this stage of the company's industrial lifecycle.
The persistent negative operating margin suggests that the current revenue base is insufficient to absorb the heavy corporate and engineering overhead required to maintain flight readiness. Achieving positive operating leverage will likely require a substantial increase in recurring data services revenue to dilute the fixed costs of the engineering workforce.
As detailed in the income statement, SG&A expenses have risen to $50.7 million in 2026Q1, highlighting a structural cost base that remains elevated as the company invests in the specialized labor and infrastructure necessary to support its expanding portfolio of government-funded lunar access and data contracts.
The company's cost structure is heavily weighted toward human capital and external launch services, creating a rigid expense profile that is difficult to adjust in the short term. Management's ability to control these costs while scaling mission frequency will be the primary determinant of whether the firm can reach cash-flow neutrality.
While the 198.7% revenue growth in 2026Q1 appears impressive, a critical analysis of the income statement suggests that the reliance on percentage-of-completion accounting may mask underlying operational inefficiencies, as evidenced by the continued negative net margins and the persistent cash burn observed across multiple reporting periods.
Short-term revenue spikes may be driven by accounting milestones rather than sustainable commercial demand, warranting caution regarding the quality of earnings. If future mission success rates decline or NASA funding priorities shift, the company may face significant challenges in maintaining its current valuation without further dilutive financing.
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.