Intuitive Machines
ConvictionModerate
Government-contract-led space prime: cost-plus/fixed-price NASA CLPS & OMES task orders, Near Space Network Services (NSNS) comms, and (post-Lanteris) recurring satellite-bus production for national-security primes (L3Harris, SDA). Lumpy milestone revenue transitioning toward a recurring manufacturing + services backlog model.
Revenue
$186.7M Q1 FY26 / $210.1M FY25fact, Q1 FY26 & FY25 releaseRev growthfact
+199% YoY Q1 FY26vs $62.5M Q1 FY25); FY25 −7.9% YoY (vs $228.0M FY24Gross margin
~9.7% TTMfact, est. from market data); Q1 FY26 gross margin not separately disclosed — low/transitional as Lanteris bus work rampsOp marginfact
−21.0% Q1 FY26−$39.2M op loss / $186.7M rev) ; ~−34.8% TTMCapex intensityfact
~5.3% Q1 FY26$9.9M capex / $186.7M revMarket cap
~$4.4–4.6BJune 24, 2026; price ~$20.95 × ~159.4M sh) — fact, varies by source/date; ~$5.1B on June 8Price · 1-year trend
real · weekly$17.02+57% 1yUSD
52-week range
$8 – $46
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityModerate
Space / launch economics
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-19. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’23
$80M
FY’24
$228M+187%
FY’25
$207M-9%
Margins & balance sheet — FY’25
Operating margin-42.1%
Net margin-40.2%
Net debt$104M
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence