Slide 1: Investor Update
INVESTOR UPDATE March 19, 2026 SiriusXM 11 | 1300 Series Satellite 1 Intuitive Machines | Q4 2025 Financial Update IM
Slide 2: Disclaimer and Forward Looking Statements
DISCLAIMER AND FORWARD LOOKING STATEMENTS This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation government shutdowns or extended continuing resolution and our dependence on U.S. government contracts and the Reform Act of 1995, as amended. The
Slide 3: Highlights: Transformational Acquisitions Completed
HIGHLIGHTS TRANSFORMATIONAL ACQUISITIONS COMPLETED Closed KinetX and Lanteris Space Systems acquisitions since Q4, redefining the Company as a next-generation space prime contractor. ECHOSTAR XXV: LAUNCHED 1300 Series broadband satellite operators are performing functional checkouts before the satel
Slide 4: Highlights: Growth-Defining Finish to 2025
HIGHLIGHTS GROWTH-DEFINING FINISH TO 2025 Full-year 2026 Revenue Outlook $900M - $1B $943M BACKLOG* ~5x YoY vs 2025 AS OF FEB 28, 2026 SDA TRANCHE 3 CONSTELLATION Selected to build and deliver 18 advanced spacecraft platforms to help enable next-generation space-based missile tracking capabilities.
Slide 5: We Are a Space Infrastructure Company
WE ARE A SPACE INFRASTRUCTURE COMPANY WE BUILD SPACECRAFT TODAY AND CONNECT NETWORKS TOMORROW TO OPERATE PERSISTENT SPACE INFRASTRUCTURE FOR OUR NATION AND CUSTOMERS BUILD CONNECT OPERATE We design, manufacture, and We integrate deployed assets We provide mission operations, deliver spacecraft, land
Slide 6: Transformational Evolution
TRANSFORMATIONAL EVOLUTION SINGLE MISSION SUSTAINED OPERATION OF MISSION EXECUTION & PUBLIC LUNAR DELIVERY SPACE INFRASTRUCTURE MARKET GROWTH OPPORTUNITY AND DATA 2022 2024 2025 2025 2026 Validated ground & mission First commercial Southernmost lunar Acquired KinetX, the only Acquired Lanteris Space
Slide 7: Build: Low-Earth Orbit
LOW-EARTH ORBIT BUILD • 12 of 16 Tranche 1 satellites delivered to customer MISSILE DETECTION with final delivery in the coming days. AND TRACKING • Selected to support SDA Tranche 3 architecture 300 Series Platform with 18 satellite platforms. • 500 series platform currently supporting Earth SCIENT
Slide 8: 300 Series: Modular, Scalable & Cost-Effective LEO Constellations
300 SERIES MODULAR, SCALABLE & COST-EFFECTIVE LEO CONSTELLATIONS 8 Intuitive Machines | Q4 2025 Financial Update IM
Slide 9: 500 Series: Resilient & High-Performance Mission Class
500 SERIES RESILIENT & HIGH-PERFORMANCE MISSION CLASS 9 Intuitive Machines | Q4 2025 Financial Update IM
Slide 10: Build: Geostationary Orbit
GEOSTATIONARY ORBIT BUILD ECHOSTAR XXV SXM-11 SXM-12 Launched Final Testing In Production EchoStar XXV | 1300 Series Satellite SiriusXM 11 | 1300 Series Satellite 10 Intuitive Machines | Q4 2025 Financial Update IM
Slide 11: 1300 Series: The Industry's Most Proven GEO Platform
1300 SERIES BUILD GEOSTATIONARY ORBIT THE INDUSTRY’S MOST PROVEN GEO PLATFORM Recent Missions • GOES Weather Missions • NASA JPL Psyche Asteroid • SXM-8 for SiriusXM • EchoStarXXV for EchoStar • Intelsat 40e for Intelsat • Star One D1 for Embratel Star One • MTSAT-1R GEO Infrared Imaging • Telstar 1
Slide 12: Build: Lunar
LUNAR BUILD • Successful test to confirm PPE is able to provide power, high-rate communications, attitude control, and the ability to maintain and maneuver between orbits. Power & Propulsion Element • IM-3 robotic mechanisms Power & Propulsion Element completed and the CLPS mission remains on track
Slide 13: Connect: Space Data Network
SPACE DATA NETWORK CONNECT WE ARE CREATING A SPACE DATA NETWORK FOR SPACE FROM SPACE, AN INTERNET FOR THE SOLAR SYSTEM. *Contracted through NASA Near Space Network Services 13 Intuitive Machines | Q4 2025 Financial Update IM
Slide 14: Connect: Ground
GROUND CONNECT Expanding our network coverage; Added new ground station partnership in Australia and working to upgrade additional partner facilities around the world. Goonhilly Earth Station Ltd. MSU Space Science Center Space Ops New Zealand South African National Space Agency Commonwealth IM Part
Slide 15: Connect: Lunar Data Relay
LUNAR DATA RELAY CONNECT SIGNED A STRATEGIC AGREEMENT WITH LEONARDO AND TELESPAZIO TO CONNECT LUNAR DATA RELAY SYSTEMS TO SUPPORT EUROPEAN MISSIONS 15 Intuitive Machines | Q4 2025 Financial Update IM
Slide 16: Operate: Infrastructure-as-a-Service (LTV Award Pending)
INFRASTRUCTURE-AS-A-SERVICE OPERATE INFRASTRUCTURE-BASED OFFERING: LTV AWARD PENDING 16 Intuitive Machines | Q4 2025 Financial Update IM
Slide 17: Operate: Currently Operating Navigation Services
INFRASTRUCTURE-AS-A-SERVICE OPERATE CURRENTLY OPERATING NAVIGATION SERVICES 6.2+ BILLION MILES FROM EARTH NASA NEW HORIZONS MISSION 17 Intuitive Machines | Q4 2025 Financial Update IM
Slide 18: Operate: Progressing Toward Build Phase for Orbital Transfer Vehicle
INFRASTRUCTURE-AS-A-SERVICE OPERATE PROGRESSING TOWARD BUILD PHASE FOR ORBITAL TRANSFER VEHICLE CUSTOMER 18 Intuitive Machines | Q4 2025 Financial Update IM
Slide 19: Financials: Revenue
REVENUE FINANCIALS Revenue driven primarily by CLPS, OMES, and NSNS execution $44.8 MILLION $210.1 MILLION Revenue in Q4 2025 Revenue in FY 2025 While Q4 revenue reflected program timing, government budget, and shutdown delays, we exited the year REVENUE with strong contract momentum $60 M driven by
Slide 20: Operating Profit / Loss & Adj EBITDA
OPERATING PROFIT / LOSS & ADJ EBITDA FINANCIALS Q4 gross margin came in strong at $8.5M, which represents 19% positive gross margin ($33.1) MILLION ($19.1) MILLION Operating Loss in Q4 2025 Adj. EBITDA* in Q4 2025 SG&A was $40.2M in the quarter, including $10.8M of acquisition- related transaction a
Slide 21: Financials: Backlog
BACKLOG FINANCIALS Impacted by timing of several large program awards that were delayed by the government shutdown and appropriations process $213.1 MILLION $943 MILLION Approximately 60-65% of our Backlog* as of December 31, 2025 Backlog* as of February 28, 2026 backlog is expected to be revenue in
Slide 22: Financials: Cash Balance
CASH BALANCE FINANCIALS Q4 operating cash ($7.3M), capex of ($15.6M), free cash flow* of ($22.9M) Full year 2025, free cash flow* of ($56.0M), an $11.7M improvement versus 2024 driven by lower $582.6 MILLION $272.1 MILLION operating cash use. Free cash flow Cash balance as of December 31, 2025 Cash
Slide 23: 2026 Outlook
2026 OUTLOOK FULL-YEAR 2026 REVENUE OF $900 MILLION - $1 BILLION FULL-YEAR 2026 ADJUSTED EBITDA* POSITIVE *Reconciliations of the differences between non-GAAP financial measures and their most directly comparable GAAP financial measures are available at www.investors.intuitivemachines.com in the lat