Intuitive Machines Inc (NASDAQ: LUNR) reported fourth quarter revenue of $44.8 million and full-year 2025 revenue of $210.1 million, according to financial results released March 19. The space infrastructure company achieved a 19% positive gross margin in Q4, marking improvement throughout 2025.

The company completed several major transactions in 2025, including the $800 million acquisition of Lanteris Space Systems in Q1 2026 and the acquisition of KinetX Aerospace to expand deep space navigation capabilities. Intuitive Machines also secured a $175 million strategic investment in Q1 2026.

For 2026, the company projects full-year revenue of $900 million to $1 billion and expects to achieve positive adjusted EBITDA. Combined company backlog reached approximately $943 million as of February 2026.

The company reported notable contract wins including support for the Space Development Agency's Proliferated Warfighter Space Architecture tranche 3 tracking layer and a Missile Defense Agency SHIELD contract with a $151 billion ceiling. Intuitive Machines also launched EchoStar XXV in Q1 2026.

Free cash flow use improved to $56 million in 2025, an $11.7 million year-over-year improvement compared to 2024. The company ended 2025 with $582.6 million in cash and cash equivalents.

CEO Steve Altemus stated that 2025 was "transformational" for the company, citing the completion of a second lunar mission, expansion into national security space programs, and strategic acquisitions that expand the company's addressable market.