Intuitive Machines, Inc. · NASDAQ:LUNR
Intuitive Machines — Q2 2025 Earnings Presentation
27 slides from Intuitive Machines's earnings presentation, Aug 7, 2025
Slide 1: Investor Update
INVESTOR UPDATE August 7, 2025
Slide 2: Today's Presenters
TODAY’S PRESENTERS Steve Altemus CO-FOUNDER, PRESIDENT & CHIEF EXECUTIVE OFFICER Pete McGrath CHIEF FINANCIAL OFFICER
Slide 3: Disclaimer & Forward Looking Statement
Disclaimer & Forward Looking Statement This presentation (and oral statements made regarding the subjects of this presentation) includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters
Slide 4: Disclaimer & Forward Looking Statement
Disclaimer & Forward Looking Statement These forward-looking statements are based on information available as of the date of this presentation and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements sh
Slide 5: Execution Highlights
EXECUTION HIGHLIGHTS DELIVERY INFRASTRUCTURE FINANCIALS DATA NSNS Execution IM-3 Moon Racer Lunar $9.8 million national Terrain Vehicle security customer Spaceport Expansion IM-4 award On-Orbit Satellite Vertical Integration Orbital Transfer Assembly & $257 million backlog Manufacturing KinetX Acqui
Slide 6: Data Transmission
SECTION DATA TRANSMISSION
Slide 7: Data Transmission Vision
DATA TRANSMISSION VISION PRESENT $4.82B Near Space Network Vertical Ground Station Spaceport Expansion KinetX Acquisition Services Contract Integration Partnership NEAR Internal Investment Opportunistic M&A First Lunar Data Relay Satellite Deployment MEDIUM Tracking Data Relay Satellite System Repla
Slide 8: Near Space Network Services Highlights
NEAR SPACE NETWORK SERVICES Subcategory 1.2 DTE Geostationary (“GEO”) to Cislunar DTE Services, offering enhanced data HIGHLIGHTS transmission capabilities and autonomous operations. Subcategory 1.3 xCislunar DTE Services, addressing mission needs for highly elliptical orbits and deep space operatio
Slide 9: Vertical Integration Spacecraft Production
VERTICAL INTEGRATION SPACECRAFT PRODUCTION Houston Spaceport Headquarters Expansion HQ Expansion • 16,500-square-foot spacecraft development and production space • 8,000-square-foot warehouse and storage facility New Facility Lease • 116,000-square-foot facility • Pre-equipped with manufacturing and
Slide 10: NSNS Satellite Production
NSNS SATELLITE PRODUCTION Schedule Confidence, Cost Control, and IP Safeguarding • Continuing CLPS-model production, taking a government-backed program and building scalable business—investing contract dollars internally. • Aligning IM-3 mission with satellite readiness to reduce launch costs—now ta
Slide 11: Strategic Acquisition
STRATEGIC ACQUISITION • Intuitive Machines signed a definitive agreement to acquire KinetX Inc., for $30 million, to expand the company’s capabilities in satellite constellation design, ground operations, and precision tracking spacecraft. • KinetX has over a dozen mission credits—including Intuitiv
Slide 12: Goonhilly Earth Station Ltd. Strategic Partnership
GOONHILLY EARTH STATION LTD. STRATEGIC PARTNERSHIP • Formalized a strategic partnership with Goonhilly Earth Station to explore new global opportunities for ground segment data transmission. • Submitting a joint response to NASA for the commercialization of the Madrid Deep Space Communications Compl
Slide 13: Delivery
Render Depicting Intuitive Machines’ OTV Design Section DELIVERY
Slide 14: Orbital Transfer Vehicle and Stealth Satellite
ORBITAL TRANSFER VEHICLE • Received $9.8 million Phase Two award to complete the OTV design, the final step before manufacturing. Render Depicting Intuitive Machines’ OTV Design STEALTH SATELLITE • Continued executing on our sole-source stealth nuclear-powered satellite development for AFRL. • Compl
Slide 15: Partnered for Commercial Progress
PARTNERED FOR COMMERCIAL PROGRESS BIOTECHNOLOGY HANDLING MATERIAL Render Depicting Intuitive Machines’ Stealth Satellite Design EARTH REENTRY SEMICONDUCTOR • Finalized Texas Space Commission contract awarding Intuitive Machines up to $10 million to initiate development of a precision Earth reentry v
Slide 16: Third Lunar Mission and Fourth Lunar Mission
THIRD LUNAR MISSION • Completed procurements of new navigation sensors and continued performance testing of the optical and laser navigation system. • Targeting May 2026 for flight readiness review, which is the last review prior to shipping to the launch site. FOURTH LUNAR MISSION • Completed procu
Slide 17: Infrastructure
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Slide 18: Moon Racer Team Preparing for Award Decision
MOON RACER TEAM PREPARING FOR AWARD Render Depicting Intuitive Machines’ LTV Design DECISION LUNAR TERRAIN VEHICLE • Finalizing our proposal for NASA’s next phase of the LTV program, which will award a contract to build, fly, and operate the vehicle. • Expecting NASA award decision in 2H 2025. If se
Slide 19: OSAM-1 Advocacy and Momentum
OSAM-1 ADVOCACY AND MOMENTUM Throughout the quarter, we continued advocating for NASA’s OSAM-1 mission under the OMES III contract. In the latest FY 2026 Defense Appropriations markup, Congress directed NASA and the U.S. Space Force to submit a funding profile and plan to launch OSAM-1 by 2028—signa
Slide 20: Financials
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Slide 21: Q2 Financial Highlights
Q2 FINANCIAL HIGHLIGHTS National Security Customer Award Awarded $9.8 million in the days following Q2 for a phase two contract from a National Security customer to advance Intuitive Machines’ Orbital Transfer Vehicle through Critical Design Review $257 Million Backlog Q2 backlog includes orders for
Slide 22: Revenue
REVENUE Revenue driven primarily by CLPS, LTVS, and NSNS execution $50.3 million +21% Includes a $10.1M Estimate at Revenue in Q2 2025 YoY Increase Completion or EAC impact driven by our strategic decision to shift satellite manufacturing capital from external procurements to REVENUE internal invest
Slide 23: Operating Profit / Loss & Adj EBITDA
OPERATING PROFIT / Gross margin was ($11.8) million in Q2 2025, an improvement versus LOSS & ADJ EBITDA ($16.1) million in Q2 2024 Estimate at Completion was a ($28.6) million ($25.4) million reduction of $10.1 million to revenue Operating Loss Adj EBITDA* and a cost increase of $9.7 million for in
Slide 24: Backlog
BACKLOG Only $30.5M of initial $150M of NSNS recognized in backlog as of Q2 $256.9 million +21% Q2 includes an additional task order Backlog* as of YoY Increase for NSNS, and a grant from the Texas June 30, 2025 Space Commission for our earth re- entry vehicle Q2 2025 backlog: 30% to 35% to be BACKL
Slide 25: Cash Balance
CASH BALANCE Q2 operating cash ($19.3M), capex of ($8.1M), free cash flow* of ($27.3M) Negative operating cash came in as $344.9 million $300M+ increase expected due to the timing of Cash Balance as of vs. Q2 2024 milestone payments. Q1 free cash flow June 30, 2025 was positive $13.3 million and was
Slide 26: Outlook
OUTLOOK Full-year 2025 revenue is projected to be near the low- end of prior outlook, with additional opportunities in the latter part of the year that supports revenue near the prior mid-point of $275 million. Continue to expect positive adjusted EBITDA in 2026. *Reconciliations of the differences
Slide 27: SECTION
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