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Description of our Business Intuitive Machines, Inc., collectively with its subsidiaries (the Company, IM, Intuitive Machines, we, us or our ) is a space infrastructure and services company founded in 2013 and focused on enabling sustained infrastructure and human activity beyond Earth. We believe the United States is transitioning from episodic space missions to long-duration operations and pe…
The business is unprofitable at the operating level (-41.53% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.9% YoY. Margins deteriorated 16.4pp alongside, both lines moving the wrong way.
Negative free cash flow of -$56M. The business is consuming cash, not generating it. Operating margin contracted 16.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$334M
▼ -7.9% YoY
Net Income (TTM)
-$109M
▲ +70.6% YoY
Op. Margin
-34.81%
▼ -16.4pp YoY
ROIC
-30.46%
▲ +82.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$134M
▲ +17.4% YoY
Op. Cash Flow (TTM)
-$89M
▲ +75.1% YoY
Net Debt
$195M
Cash & Equiv.
$232M
3Y CAGR: +34.7%
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