‹ Intuitive Machines
Ch 5 · The Story Behind the Numbers
Chapter 5 · Behind the Numbers
The numbers, in the company's own words.
Intuitive Machines’ latest 10-Q, in plain English — the pivot and the bet.
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✦ The bottom line
Anyone can read the revenue line. The story — what’s organic, what’s acquired, and what’s at stake — is the part Intuitive Machines lays out in its filings.
↓ the brief below
✦ Seven threads from the latest 10-Q
1
Revenue actually fell last year.
FY2025 revenue was $210 million, down 8% from $228M, as the IM-2 mission wrapped. Lumpy, mission-driven revenue is the baseline reality.
2
Then a quarter tripled — via acquisition.
Q1 2026 revenue hit $187 million, triple the year-ago $63M — but $142M of it came from the newly acquired Lanteris, not organic growth.
3
Backlog 5×’d — also via acquisition.
Contracted backlog jumped to $1.1 billion from $213M, almost entirely from absorbing Lanteris. The forward read depends on integrating it.
4
Lanteris is the whole bet.
Management frames the pivot from one-off missions to recurring space infrastructure — and Lanteris is the linchpin of that story.
5
A real cushion, real burn.
The company holds $583 million in cash but burned $56M of free cash flow in 2025. The cushion buys time to land IM-3 and integrate Lanteris.
6
Margins are razor-thin.
Just 4¢ of every revenue dollar survived direct costs in 2025 — versus 38¢ at peer Rocket Lab. Pricing power is still thin.
7
One customer is most of the business.
78% of FY2025 revenue came from a single customer (NASA) — down from 90%, but still extreme. A cancelled program would hit hard.
Source · 10-Q · Management's Discussion and Analysis · Q1 FY26 · Filed May 15, 2026
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Read the whole story
Seven threads management is telling — lumpy revenue, an acquisition-driven backlog, thin margins, and heavy customer concentration.
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Chapter 5 · BEHIND THE NUMBERS
The Story Behind the Numbers
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