Intuitive Machines, Inc. (Nasdaq: LUNR) is a space technology and infrastructure services company that specializes in lunar access and exploration missions. The company aims to disrupt lunar access economics and offers a portfolio of services encompassing delivery, data transmission, and infrastructure. Intuitive Machines announced its financial results for the first quarter of 2025, revealing a stable upward trend in its performance metrics.

In the first quarter of 2025, Intuitive Machines reported revenues of $62.5 million, a 14% increase compared to $54.9 million in the fourth quarter of 2024. This growth was primarily driven by advancements within the Commercial Lunar Payload Services (CLPS), Lunar Terrain Vehicle Services (LTVS), and Near Space Network Services (NSNS) programs.

The gross profit for the quarter reached $6.7 million, translating to a gross margin of 11%, marking the third consecutive quarter of positive gross margins. The operating loss decreased to $10.1 million from a loss of $13.4 million in the previous quarter. The negative adjusted EBITDA stood at $6.6 million, representing an improvement of $4.6 million sequentially.

Intuitive Machines generated significant cash flow, reporting $19.4 million from operating activities, with capital expenditures amounting to $6.1 million. This resulted in a positive free cash flow of $13.3 million for the quarter. The company ended Q1 with a substantial cash balance of $373.3 million, boosted by the completion of a warrant redemption that brought in $148 million.

Contracted backlog decreased to $272.3 million at the end of the first quarter, down from $328.3 million in Q4 2024. The company expects to recognize approximately 45% to 50% of this backlog in 2025. Guidance for full-year 2025 expects revenues in the range of $250 million to $300 million, alongside a prediction for positive run-rate adjusted EBITDA by Q4 2025.

Intuitive Machines anticipates further progress and contract awards throughout the year, particularly in the CLPS, LTV, and NSNS sectors as the company builds on its competitive advantage in delivering technology with speed and at attractive price points.