Intuitive Machines Inc (LUNR) financial statements: income statement, balance sheet and cash flow

Intuitive Machines Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Intuitive Machines Inc reported revenue of $210.1M and net income of ($106.8M) (+69.2% year on year).

Income statement

Intuitive Machines Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Service revenue	$207.1M	—	—	—
Grant revenue	$2.9M	—	—	—
Total revenues	$210.1M	—	—	—
Cost of revenue (excluding depreciation and amortization)	$201.1M	$225.2M	$100.5M	—
Depreciation and amortization	$3.6M	—	—	—
Impairment of property and equipment	$0	$5.0M	$964.0K	—
General and administrative expense (excluding depreciation and amortization)	$92.6M	$53.3M	$32.9M	—
Total operating expenses	$297.3M	$285.4M	$135.8M	—
Operating loss	($87.2M)	($57.4M)	($56.2M)	($5.0M)
Interest income	$15.3M	—	—	$4.8M
Interest expense	($4.2M)	—	—	—
Change in fair value of earn-out liabilities	($33.4M)	—	—	—
Change in fair value of warrant liabilities	$8.4M	($77.7M)	$15.4M	—
Change in fair value of contingent consideration liabilities	($1.9M)	($120.1M)	$66.3M	—
Loss on issuance of securities	$0	($93.1M)	($6.7M)	—
Other income, net	$91.0K	$1.2M	($483.0K)	—
Total other expense, net	($15.7M)	($289.5M)	$71.3M	—
Loss before income taxes	($102.9M)	($346.9M)	$15.1M	—
Income tax expense	($4.0M)	($37.0K)	($40.0K)	—
Net loss	($106.8M)	($346.9M)	$15.0M	—
Net loss attributable to redeemable noncontrolling interest	($25.1M)	($67.0M)	($42.0M)	—
Net income attributable to noncontrolling interest	$1.5M	$3.5M	—	—
Net loss attributable to the Company	($83.3M)	($283.4M)	—	($190.4K)
Less: Preferred dividends	($616.0K)	($896.0K)	($2.3M)	—
Net income (loss) attributable to Class A common shareholders - basic	($83.9M)	($284.3M)	$60.5M	—
Net income (loss) attributable to Class A common shareholders - diluted	($83.9M)	($284.3M)	$60.5M	—
Net income (loss) per Class A common share - basic (in dollars per share)	-$0.73	-$4.63	$3.43	$0.00
Net income (loss) per Class A common share - diluted (in dollars per share)	-$0.73	-$4.63	$2.46	—
Weighted average shares outstanding - basic (in shares)	115.4M	61.4M	17.6M	41.2M
Weighted average shares outstanding - diluted (in shares)	115.4M	61.4M	25.6M	—

Intuitive Machines Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue	$203.4M	$183.6M	$51.0M	$50.3M
Grant revenue	$2.8M	$3.1M	$1.4M	—
Total revenue	$206.2M	$186.7M	$52.4M	—
Cost of goods and service, excluding depreciation, depletion, and amortization	$170.3M	$153.5M	$46.8M	$62.2M
Cost of grant revenue (excluding depreciation and amortization)	$2.8M	$3.1M	—	—
Total cost of revenues	$170.3M	—	—	—
Depreciation and amortization	$14.9M	$13.0M	—	—
Research and development	$7.7M	$5.6M	—	—
General and administrative expense (excluding depreciation and amortization)	$60.3M	$50.7M	$20.3M	$16.0M
Total operating expenses	$253.3M	$225.9M	$67.9M	$79.0M
Operating loss	($47.1M)	($39.2M)	($15.4M)	($28.6M)
Interest income	$1.5M	$1.4M	$4.8M	—
Interest expense	($4.5M)	($4.9M)	($1.3M)	—
Change in fair value of earn-out liabilities	$0	$0	—	—
Change in fair value of warrant liabilities	($11.6M)	($9.4M)	$1.9M	($13.0M)
Change in fair value of contingent consideration liabilities	($890.0K)	($521.0K)	$0	$0
Other income (expense), net	($178.0K)	$72.0K	$25.0K	$39.0K
Total other income (expense), net	($15.7M)	($13.3M)	$5.5M	($9.6M)
Loss before income taxes	($62.8M)	($52.5M)	($10.0M)	($38.2M)
Income tax expense	($8.0K)	($2.0K)	($5.0K)	$0
Net loss	($62.8M)	($52.5M)	($10.0M)	($38.2M)
Net loss attributable to redeemable noncontrolling interest	($16.8M)	($15.5M)	($3.4M)	($13.4M)
Net income attributable to noncontrolling interest	$385.0K	$343.0K	$327.0K	$383.0K
Net loss attributable to the Company	($46.4M)	($37.4M)	($6.8M)	($25.2M)
Less: Preferred dividends	($167.0K)	($162.0K)	($158.0K)	($151.0K)
Net loss attributable to Class A common shareholders - basic	($46.6M)	($37.5M)	($7.0M)	($25.3M)
Net loss attributable to Class A common shareholders - diluted	($46.6M)	($37.5M)	($7.0M)	($25.3M)
Net loss per share of Class A common stock - basic (in dollars per share)	-$0.29	-$0.25	-$0.06	-$0.22
Net loss per share of Class A common stock - diluted (in dollars per share)	-$0.29	-$0.25	-$0.06	-$0.22
Weighted average shares outstanding - basic (in shares)	162.2M	147.9M	117.8M	117.4M
Weighted average shares outstanding - diluted (in shares)	162.2M	147.9M	117.8M	117.4M

Balance sheet

Intuitive Machines Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$582.6M	$207.6M	$4.5M	$14.9K
Restricted cash	$2.7M	$2.0M	$62.0K	—
Trade accounts receivable, net of allowance for credit losses of $3,295 and $0, respectively	$12.2M	$44.8M	$16.9M	—
Contract assets	$12.2M	$34.6M	$6.5M	—
Prepaid and other current assets	$9.0M	$4.2M	$3.7M	—
Total current assets	$618.8M	$293.2M	$31.6M	$350.8K
Property and equipment, net	$68.5M	$23.4M	$18.3M	—
Intangible assets, net	$13.0M	—	—	—
Goodwill	$18.7M	—	—	—
Operating lease right-of-use assets	$36.8M	$38.8M	$35.9M	—
Finance lease right-of-use assets	$94.0K	$114.0K	$95.0K	—
Other assets	$1.3M	—	—	—
Total assets	$757.2M	$355.4M	$85.9M	$334.9M
Accounts payable and accrued expenses	$23.9M	$20.1M	$20.3M	—
Contract liabilities, current	$57.4M	$65.2M	$45.5M	—
Operating lease liabilities, current	$10.5M	$2.0M	$4.8M	—
Finance lease liabilities, current	$48.0K	$37.0K	$25.0K	—
Other current liabilities	$33.0M	$11.5M	$4.7M	$625.0K
Total current liabilities	$124.8M	$98.8M	$83.4M	$4.4M
Long-term debt	$335.3M	$0	$0	—
Contract liabilities, non-current	$6.3M	$14.3M	$0	—
Operating lease liabilities, non-current	$26.3M	$35.3M	$30.6M	—
Finance lease liabilities, non-current	$20.0K	$63.0K	$67.0K	—
Earn-out liabilities	$0	$134.2M	$14.0M	—
Warrant liabilities	$60.4M	$68.8M	$11.3M	—
Other long-term liabilities	$240.0K	$62.0K	$4.0K	—
Total liabilities	$553.5M	$351.5M	$139.3M	$4.4M
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding	6.6M	6.0M	28.2M	320.7M
Redeemable noncontrolling interests	$951.5M	$1.0B	$181.7M	—
Common stock	$18.0K	$16.0K	$9.0K	$139
Treasury stock, at cost, 2,191,080 shares	-33.5M	-12.8M	-12.8M	—
Paid-in capital	$0	$0	$0	$10.3M
Accumulated deficit	($721.5M)	($996.5M)	($250.5M)	($505.9K)
Total shareholders’ deficit attributable to the Company	($755.0M)	($1.0B)	($263.3M)	$9.8M
Noncontrolling interests	$517.0K	$1.2M	—	—
Total shareholders’ deficit	($754.4M)	($1.0B)	—	—
Total liabilities, mezzanine equity and shareholders’ deficit	$757.2M	$355.4M	$85.9M	$334.9M

Intuitive Machines Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$367.4M	$231.6M	$622.0M	$344.9M
Restricted cash	$11.7M	$11.7M	$2.0M	$2.0M
Trade and other receivables, net of allowance for credit losses of $3,652 and $3,295, respectively	$119.7M	$105.8M	—	—
Contract assets	$51.0M	$48.0M	$10.2M	$8.4M
Inventory, net	$59.9M	$57.9M	—	—
Advances to suppliers	$32.6M	$25.9M	—	—
Prepaid and other current assets	$20.6M	$24.3M	$8.5M	$4.8M
Total current assets	$662.8M	$505.3M	$666.0M	$396.8M
Orbital receivables, non-current	$209.8M	$217.5M	—	—
Property and equipment, net	$264.6M	$244.2M	$49.5M	$40.6M
Intangible assets, net	$297.1M	$304.1M	—	—
Goodwill	$379.2M	$379.8M	—	—
Operating lease right-of-use assets	$72.7M	$66.0M	$36.7M	$37.7M
Finance lease right-of-use assets	$78.0K	$86.0K	$102.0K	$110.0K
Other assets	$935.0K	$843.0K	$1.2M	$507.0K
Total assets	$1.9B	$1.7B	$753.5M	$475.6M
Accounts payable and accrued expenses	$67.5M	$91.7M	$17.9M	$26.4M
Contract liabilities, current	$215.5M	$205.6M	$66.2M	$68.4M
Operating lease liabilities, current	$25.1M	$27.7M	$6.3M	$2.1M
Finance lease liabilities, current	$27.0K	$33.0K	$42.0K	$41.0K
Other current liabilities	$91.7M	$90.4M	$15.6M	$10.3M
Total current liabilities	$399.8M	$415.5M	$106.0M	$107.3M
Long-term debt, net	$336.4M	$335.8M	$334.8M	—
Contract liabilities, non-current	$4.1M	$2.7M	$1.6M	$3.2M
Pension and other postretirement benefits	$48.7M	$52.0M	—	—
Operating lease liabilities, non-current	$68.3M	$62.8M	$30.1M	$35.1M
Finance lease liabilities, non-current	$19.0K	$24.0K	$38.0K	$49.0K
Warrant liabilities	$81.4M	$69.8M	$36.9M	$38.8M
Other non-current liabilities	$37.0M	$48.1M	$239.0K	$242.0K
Total liabilities	$975.8M	$986.8M	$509.7M	$184.7M
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding	6.9M	6.8M	6.5M	6.3M
Redeemable noncontrolling interests	$1.2B	$1.1B	$640.7M	$663.7M
Common stock	$23.0K	$22.0K	$18.0K	$18.0K
Treasury stock, at cost, 2,191,080 shares	-33.5M	-33.5M	-33.5M	-33.5M
Paid-in capital	$0	$0	$0	$0
Accumulated deficit	($257.1M)	($300.8M)	($370.7M)	($347.7M)
Total shareholders’ deficit attributable to the Company	($290.6M)	($334.3M)	($404.2M)	($381.2M)
Noncontrolling interests	$567.0K	$860.0K	$892.0K	$2.1M
Total shareholders’ deficit	($290.1M)	($333.4M)	($403.3M)	($379.1M)
Total liabilities, mezzanine equity and shareholders’ deficit	$1.9B	$1.7B	$753.5M	$475.6M

Cash flow statement

Intuitive Machines Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($106.8M)	($346.9M)	$15.0M	($190.4K)
Depreciation and amortization	$3.6M	$1.9M	$1.4M	—
Bad debt expense	$3.4M	$440.0K	($836.0K)	—
Impairment of property and equipment	$0	$5.0M	$964.0K	—
Amortization of debt discount and issuance costs	$982.0K	—	—	—
Share-based compensation expense	$8.6M	$8.8M	$4.3M	—
Change in fair value of earn-out liabilities	$33.4M	—	—	—
Change in fair value of warrant liabilities	($8.4M)	$77.7M	($15.4M)	—
Change in fair value of contingent consideration liabilities	$1.9M	$120.1M	($66.3M)	—
Loss on issuance of securities	$0	$93.1M	$6.7M	—
Deferred income taxes	$3.9M	$0	$7.0K	—
Other	$308.0K	$58.0K	$43.0K	—
Trade accounts receivable, net	$30.3M	($28.3M)	($14.7M)	—
Contract assets	$22.4M	($28.1M)	$490.0K	—
Prepaid expenses	($6.0M)	($481.0K)	($1.4M)	$465.7K
Other assets, net	$2.5M	$1.3M	$1.2M	—
Accounts payable and accrued expenses	($2.1M)	($1.2M)	$14.1M	—
Accounts payable – affiliated companies	($1.0M)	($3.0M)	$3.0M	—
Contract liabilities – current and long-term	($15.8M)	$38.1M	($13.3M)	—
Other liabilities	$14.5M	$3.9M	$17.2M	—
Net cash used in operating activities	($14.3M)	($57.6M)	($45.3M)	($969.7K)
Purchase of property and equipment	($41.6M)	($10.1M)	($29.9M)	—
Purchase of intangible assets	($63.0K)	—	—	—
Acquisition of businesses, net of cash acquired	($14.9M)	—	—	—
Net cash used in investing activities	($56.6M)	($10.1M)	($29.9M)	—
Proceeds from issuance of convertible notes, net of discount	$335.5M	—	—	—
Purchase of capped call transactions	($36.8M)	—	—	—
Payment of debt issuance costs	($929.0K)	—	—	—
Proceeds from issuance of securities	$0	$233.4M	$20.0M	—
Transaction costs	$0	($9.4M)	($9.4M)	—
Warrants exercised	$176.6M	$61.3M	$16.1M	—
Redemption of warrants	($66.0K)	—	—	—
Repurchase of Class A Common Stock	($20.7M)	—	—	—
Proceeds from borrowings	$0	$10.0M	$0	—
Repayment of loans	$0	($18.0M)	($12.0M)	—
Stock option exercises	$0	$300.0K	—	—
Distributions to noncontrolling interests	($2.2M)	($2.3M)	$686.0K	—
Payment of withholding taxes from share-based awards	($4.8M)	($2.5M)	—	—
Net cash provided by financing activities	$446.6M	$272.8M	$53.9M	$625.0K
Net increase in cash, cash equivalents and restricted cash	$375.7M	$205.1M	($21.3M)	—
Cash, cash equivalents and restricted cash at beginning of the period	$209.6M	$4.6M	$25.8M	$359.6K
Cash, cash equivalents and restricted cash at end of the period	$585.3M	$209.6M	$4.6M	—
Less: restricted cash	$2.7M	$2.0M	$62.0K	—
Cash and cash equivalents at end of the period	$582.6M	$207.6M	$4.5M	—
Cash paid for interest	$0	$408.0K	$1.9M	—

Intuitive Machines Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($115.4M)	($52.5M)	($47.2M)	($37.2M)
Depreciation and amortization	$28.0M	$13.0M	$2.2M	$1.4M
Provision for credit losses	$357.0K	$357.0K	$135.0K	$135.0K
Amortization of debt discount and issuance costs	$786.0K	$277.0K	$243.0K	—
Share-based compensation expense	$19.3M	$8.8M	$6.8M	$5.4M
Change in fair value of earn-out liabilities	$0	$0	—	—
Change in fair value of warrant liabilities	$21.0M	$9.4M	($31.9M)	($30.0M)
Change in fair value of contingent consideration liabilities	$1.4M	$521.0K	$33.4M	$33.4M
Other	($3.8M)	($1.9M)	$177.0K	$177.0K
Trade and other receivables, net	($13.4M)	$1.3M	$21.3M	$8.0M
Inventory, net	($3.8M)	($1.7M)	—	—
Contract assets	($15.6M)	($12.6M)	$24.4M	$26.2M
Prepaid expenses	($20.7M)	($17.7M)	($5.5M)	($1.1M)
Orbital receivables, net	$16.1M	$7.7M	—	—
Other assets, net	($3.7M)	$3.0M	$2.0M	$1.1M
Accounts payable and accrued expenses	$397.0K	$26.5M	($3.9M)	$305.0K
Accounts payable – affiliated companies	$1.1M	$682.0K	($524.0K)	$1.6M
Contract liabilities – current and long-term	($5.8M)	($17.1M)	($11.7M)	($7.9M)
Pension and other postretirement benefits	($6.1M)	($2.8M)	—	—
Other liabilities	($12.3M)	($17.3M)	$3.2M	($1.2M)
Net cash provided by (used in) operating activities	($111.9M)	($54.8M)	($7.0M)	$156.0K
Purchase of property and equipment	($33.9M)	($9.9M)	($26.0M)	($14.2M)
Acquisition of businesses, net of cash acquired	($447.1M)	($444.8M)	—	—
Net cash used in investing activities	($481.0M)	($454.7M)	($26.0M)	($14.2M)
Proceeds from issuance of securities	$413.8M	$175.0M	$0	$0
Warrants exercised	$0	$0	$176.6M	$176.6M
Redemption of warrants	$0	$0	($66.0K)	($66.0K)
Transaction costs related to the issuance of securities	($11.7M)	($7.5M)	—	—
Repurchase of Class A Common Stock	$0	$0	($20.7M)	($20.7M)
Settlement of securitization facility	($13.6M)	—	—	—
Payment of withholding taxes from share-based awards	($1.2M)	($1.0K)	($4.8M)	($4.5M)
Distributions to noncontrolling interests	($678.0K)	—	($1.5M)	$0
Net cash provided by financing activities	$386.6M	$167.4M	$447.4M	$151.3M
Net increase (decrease) in cash, cash equivalents and restricted cash	($206.3M)	($342.0M)	$414.4M	$137.3M
Cash, cash equivalents and restricted cash at beginning of the period	$585.3M	$585.3M	$209.6M	$209.6M
Cash, cash equivalents and restricted cash at end of the period	$379.0M	$243.4M	$624.0M	$346.9M
Less: restricted cash	$11.7M	$11.7M	$2.0M	$2.0M
Cash and cash equivalents at end of the period	$367.4M	$231.6M	$622.0M	$344.9M
Cash paid for interest	$53.0K	$23.0K	$0	$0
Cash paid for income taxes	$8.0K	$70.0K	$5.0K	$0
Accrued capital expenditures	$11.4M	$10.1M	$2.3M	$4.4M
Class A Common Stock issued in acquisition, at fair value	$404.0M	$404.0M	—	—
Issuance of Class C Common Stock related to earn-out awards (Note 16)	$0	$0	—	—
Preferred dividends	($329.0K)	($162.0K)	($456.0K)	($298.0K)

Intuitive Machines Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.