Here are the 10-Q quarterly reports from Intuitive Machines, Inc. Warrants (LUNRW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow LUNRW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LUNRW filings page.
Q2 FY25 snapshot (ended 30 Jun 25) – Intuitive Machines (Nasdaq: LUNR)
Revenue climbed 21% YoY to $50.3 m, but mission cost overruns kept gross margin negative and operating loss at $28.6 m. Non-cash fair-value swings on warrants/earn-outs drove a net loss of $38.2 m (-$0.22 per basic share) versus a prior-year profit.
Six-month view: Sales slipped 2% to $112.8 m; net loss to common holders narrowed to $36.6 m (-$0.33) from -$78.8 m as 2024 included a $68 m securities charge.
Balance sheet strength: Cash & equivalents rose to $344.9 m (up $137 m YTD) after $176.6 m of warrant exercises; total liabilities fell 47% to $184.7 m as $134 m of earn-out liabilities vested and warrant liability declined $30 m. Shareholders’ deficit improved to -$381 m from -$1.01 bn, though redeemable NCI remains high at $664 m.
Cash flow & liquidity: Operating cash flow swung to a $0.2 m inflow (vs. -$37.7 m). Capex increased to $14.2 m; a new undrawn $40 m revolver augments liquidity.
Operational notes: NASA provided 85% of Q2 revenue, highlighting concentration risk. Contract-loss provisions rose $22 m, mainly on IM-3 and IM-4 missions; IM-3 launch now expected 2H 26.