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Sentiment · FY2025 Q4
Intuitive Machines used its Q3 2025 update to announce a definitive agreement to acquire Lanteris Space Systems (formerly Maxar Space Systems) for $800 million -- $450 million in cash and $350 million in stock -- a transformative deal management framed as immediately accretive to revenue, adjusted EBITDA and free cash flow and expected to close in Q1. Reported third-quarter revenue was $52.4 million, down from a year earlier as government-shutdown uncertainty and program timing weighed on the top line, while gross margin of $5.7 million and a net loss of $10 million (adjusted EBITDA negative $13.2 million) marked sequential improvement over an EAC-heavy Q2. Management guided Q4 revenue in line with Q3, citing the shutdown's impact on year-end revenue, and deferred a full outlook for the combined 2026 company to early next year, a soft near-term signal that tracks the full year below its previously communicated path. Backlog closed at $235.9 million and the company ended the quarter with $622 million of cash after an August $345 million convertible note offering, positioning it to fund the combination. Strategically the quarter recast Intuitive Machines as a next-generation space prime targeting national-security programs such as Golden Dome and the Space Development Agency layered architecture alongside its lunar and NASA franchises.
Competitive Dynamics | Innovation & R&D | Revenue Growth | M&A | Product Launch | Demand | Regulation Policy | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 2 | 1 | 4 | 1 | 4 | ||
| 2025Q1 | 2 | 1 | 2 | 1 | 1 | 2 | 1 | |
| 2025Q2 | 5 | 2 | 2 | 2 | 2 | 1 | 1 | |
| 2025Q3 | 8 | 3 | 4 | 4 | 2 | 5 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | |
|---|---|---|---|---|
| Competitive Dynamics | 2 | 5 | 8 | |
| Innovation & R&D | 4 | 1 | 2 | 3 |
| Revenue Growth | 2 | 2 | 2 | 4 |
| M&A | 1 | 1 | 2 | 4 |
| Product Launch | 4 | 1 | 2 | |
| Demand | 2 | 5 | ||
| Regulation Policy | 1 | 2 | 1 | 2 |
| Guidance Reliability | 4 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $55M | +80.1% | $-1.72 | -541.0% | -18.3% | -270.2% | $-7M |
| FY2025 Q1 | $63M | -14.4% | $-0.11 | +95.9% | -16.1% | -18.2% | $13M |
| FY2025 Q2 | $50M | +21.5% | $-0.24 | -182.8% | -56.9% | -76.7% |
| $-27M |
| FY2025 Q3 | $52M | -10.3% | $-0.06 | +91.4% | -29.4% | -13.0% | $-19M |
| FY2025 Q4 | $45M | -18.6% | $-0.34 | +80.2% | -73.9% | -89.4% | $-23M |
| FY2026 Q1 | $187M | +198.7% | $-0.25 | -127.3% | -21.0% | -20.1% | $-65M |
| FY2026 Q2 | $206M | +309.8% | $-0.29 | -20.8% | -22.9% | -22.5% | $-84M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What LUNR and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the Space Development Agency Tranche 1 and Tranche 2 awards for L3Harris in 2022 and 2024”
Read-through for L3Harris: its Space Development Agency Tranche 1 (2022) and Tranche 2 (2024) tracking-layer awards are served by Lanteris' 300 Series spacecraft, and management hopes to keep partnering with L3Harris on future SDA tracking-layer opportunities.
“Intuitive Machines has entered into a definitive agreement to acquire Lanteris Space Systems, formerly known as Maxar Space Systems from Advent in a transaction priced at $800 million”
Intuitive Machines agreed to acquire Lanteris (formerly Maxar Space Systems) from Advent for $800 million ($450M cash, $350M stock), a transformative deal management calls immediately accretive to revenue, adjusted EBITDA and free cash flow and expects to close in Q1.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Suji Desilva | ROTH Capital Partners | 9 (0%) |
| Edison Yu | Deutsche Bank | 6 (0%) |
| Josh Sullivan | JonesTrading |
| 6 (0%) |
| Andres Sheppard | Cantor Fitzgerald | 6 (0%) |
| Austin Moeller | Canaccord Genuity | 6 (17%) |
| Greg Pendy | Clear Street | 5 (20%) |
| Griffin Boss | B. Riley Securities | 5 (20%) |
| Jonathan Siegmann | Stifel | 4 (25%) |
| Alex Preston | Bank of America | 4 (0%) |
| Ron Epstein | Bank of America | 3 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| ROTH Capital Partners | 1 | 9 (0%) |
| Bank of America | 2 | 7 (14%) |
| JonesTrading | 1 | 6 (0%) |
| B. Riley Securities | 2 | 6 (17%) |
| Deutsche Bank | 1 | 6 (0%) |
| Cantor Fitzgerald | 1 | 6 (0%) |
| Canaccord Genuity | 1 | 6 (17%) |
| Stifel | 2 | 5 (20%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LUNR Intuitive Machines, Inc. | 2 | -10.3% | |
| ACHR Archer Aviation Inc. | 5 | n/a | |
| AXON Axon Enterprise Inc. | 8 | +30.6% | |
| BA The Boeing Company | 8 | +30.4% | |
| GD General Dynamics | 8 | +10.6% | |
| GE GE Aerospace | 9 | +24.2% | |
| HII Huntington Ingalls Industries | 9 | +16.1% | |
| LHX L3Harris | 8 | +6.9% | |
| LMT Lockheed Martin | 8 | +8.8% | |
| NOC Northrop Grumman | 8 | +4.3% | |
| RKLB Rocket Lab USA, Inc. | 8 | +48.0% | |
| RTX RTX Corporation | 9 | +11.9% | |
| SPCX Space Exploration Technologies Corp. | · | n/a | |
| TDG TransDigm Group | 9 | +11.5% | |
| TXT Textron | 7 | +5.1% |