Intuitive Machines, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Intuitive Machines, Inc.'s SEC filings, named by the month they end. Fiscal years: Intuitive Machines, Inc.'s annual reports to the SEC.

How it makes money

The company loses $39.7 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: Intuitive Machines, Inc.'s annual reports to the SEC.

How long can the cash last?

Intuitive Machines had $367M in cash and short-term investments at the end of Jun 2026. It burned $188M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 8 quarters. Its diluted share count is up 160% from two years earlier.

From Intuitive Machines, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

How much work is already signed?

Customers had signed $815M of work Intuitive Machines has not yet delivered at the end of Jun 2026: 1.7 years of revenue at the last four quarters' pace. New orders over those four quarters were about 2.4× revenue, so the backlog grew.

Backlog: remaining performance obligations in Intuitive Machines, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Intuitive Machines sells to Columbia Sportswear Company, Nokia, Aegis Aerospace and 9 more; one customer it does not name accounts for 78% of its revenue; it names no suppliers.

 

LUNRIntuitive Machines

Customers

Unnamed customer 78%

Columbia Sportswear Company COLM

KBR KBR

Nokia NOK

Aegis Aerospace

A

ASES

AstroForge

Battelle Energy Alliance

Dymon

G

Galactic Legacy Labs

Lonestar Data Holdings

Lunar Outpost

Puli Space

+5 more

Intuitive Machines's 10-Q for the quarter to Jun 2026 gives four customers' shares of its revenue: Customer One (35%), Customer Two (28%), Customer Three (11%) and Customer Four (10%).

From Intuitive Machines, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

CCFPIinvested in Intuitive Machines · Equity purchase facilityUp to $50.0 million, subject to Exchange Cap

AArmistice Capital Master Fundinvested in Intuitive Machines · Receives warrants through warrant exercise agreement4,705,883 New Series A Warrants; $2.75 exercise price; 5.5-year term

GGhaffarian Enterprisesinvested in Intuitive Machines · Holds warrants to purchase Class A shares104,157 Preferred Investor Warrants

AAVLDevelop Lunar Terrain Vehicle

Boeing BADevelop Lunar Terrain Vehicle

FFugroDevelop Lunar Terrain Vehicle; connect ground network

MMichelinDevelop Lunar Terrain Vehicle

Northrop Grumman NOCDevelop Lunar Terrain Vehicle

RRoushDevelop Lunar Terrain Vehicle

GGoonhilly Earth StationConnect ground data network

LLeonardoInteroperable lunar communications and navigation infrastructure

TTelespazioInteroperable lunar communications and navigation infrastructure

KBR KBRExecute OMES III contract53% profits interest in OMES III joint venture

X-energy XENuclear space propulsion and surface power systems49% interest held by X-energy; 51% by filer

Changes since the previous annual report (10-K filed Mar 25, 2025)

DDymonNamed for the first time, as a customer

GGalactic Legacy LabsNamed for the first time, as a customer

Lonestar Data HoldingsNamed for the first time, as a customer

Puli SpaceNamed for the first time, as a customer

GGoonhilly Earth StationNamed for the first time, as a partner

LLeonardoNamed for the first time, as a partner

IIBXNo longer named (was a supplier)

PPTXNo longer named (was a supplier)

CCesiumAstroNo longer named (was a partner)

One major customer (unnamed)Customer, share of revenue90% → 78%

Only the companies Intuitive Machines names in its 10-K filed Mar 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 4.4x, above the peer median of 2.8x. Revenue is up 310% from a year ago.

Above the peer median of 2.8x. The market pays more per $1 of revenue than for peers.

Intuitive Machines, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $26.40, 103% above the current price; 90% of 10 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 9 analysts (90%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $13.75 to $34.25 (+149%), while LUNR went from $8.66 to $13.03 (+50%). In the past three months targets were raised once and cut 6 times. 1 upgrade and 1 downgrade over the year; the latest: Stifel moved it to Buy from Hold on Aug 14, 2026.

The day after each of these reports the stock moved −1.5% (Dec 2025, beat); −5.0% (Mar 2026, beat); +12.2% (Jun 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.05 a share, against a loss of $0.03 a year earlier, and revenue of $275M, up 515% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $1.2B, up 26% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $62M exceeds operating cash flow of −$126M, leaving free cash flow of −$188M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 5.0, no pressure to repay short-term debt; shareholder equity is below zero; it has more cash than debt.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 funds whose copy leaves LUNR out (on the exchange, not in the app yet): Mirae Asset Global Investments, Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held LUNR at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 2 cut, 1 bought new and 1 sold all. The largest of them is Mirae Asset Global Investments, 6.93M shares worth $98.7M at Sep 30, 2026, 1.6% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LUNR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors bought $883K and sold $112M of LUNR on the open market in the 12 months to Nov 12, 2026. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Stephen J Altemus (Chief Executive Officer; director), who sold $50.6M in 9 sales.

From the Form 4s filed with the SEC about Intuitive Machines, Inc. (51 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 85 other transactions (grants, option exercises, shares withheld for tax, shares sold to pay tax and other transfers). Also not counted: 1 trade by holders of more than 10% who are neither officers nor directors.