Intuitive Machines, Inc. (LUNR) SEC Filings & Earnings Calls

Dependence on government contracts (NASA, national security) which may be subject to budget changes.

“Awarded additional CLPS lander contract under NASA’s Moonbase program; AMDT3 Golden Dome constellation contract.” · word for word

Integration risk from acquisitions (Goonhilly Earth Station, COMSAT).

“Closed Goonhilly Earth Station and COMSAT acquisition in August.” · word for word

Contract loss positions on IM-3 and IM-4 missions

“As of June 30, 2026, the IM-3 and IM-4 contracts are in a loss position.” · word for word

Dependence on government funding and budget uncertainty

“Our future growth is largely dependent on our ability to continue to capitalize on increased government spending and private investment in the space economy. Pressures on and uncertainty surrounding the U.S. federal government’s budget and potential changes in budgetary priorities, could adversely affect the funding for individual programs and delay purchasi” · word for word

Integration risk from Lanteris acquisition

“The acquisition of Lanteris significantly expanded our workforce and operating presence... The Company expects the Orbital Receivables Purchase Facility to continue to support Lanteris’ working capital and liquidity needs.”

Integration risk from acquiring two entities (UK and US) simultaneously

“Acquisition of Goonhilly Earth Station Limited and COMSAT LLC in concurrent transactions”

Consideration subject to post-closing adjustments, creating potential additional cash or stock outflows

“Consideration subject to adjustments for cash, debt, working capital and specified capital expenditures, including a post-closing true-up”

Insider selling via 10b5-1 plan

“Ghaffarian Enterprises, LLC entered into a trading plan ... to generate liquidity for Ghaffarian Enterprises, LLC.” · word for word

Insider selling via 10b5-1 plan

“Ghaffarian Enterprises, LLC entered into a trading plan ... to generate liquidity for Ghaffarian Enterprises, LLC.” · word for word

Insider selling via 10b5-1 plan

“Ghaffarian Enterprises, LLC sold an aggregate of 709,545 shares of Class A Common Stock in open market transactions on the Nasdaq Stock Market pursuant to the Rule 10b5-1 trading plan adopted on December 4, 2025.” · word for word

Insider selling via 10b5-1 plan

“Ghaffarian Enterprises, LLC sold an aggregate of 709,545 shares of Class A Common Stock in open market transactions on the Nasdaq Stock Market pursuant to the Rule 10b5-1 trading plan adopted on December 4, 2025.” · word for word

Potential dilution to existing shareholders from issuance of up to $500M in new shares.

“offer and sale, from time to time through the Agents, of shares of the Company’s Class A common stock for aggregate gross proceeds of up to $500.0 million.”

Loss-Making Contracts

“IM-3 and IM-4 contracts are in a loss position; IM-3 loss increased by $2.5M due to higher cost estimates.” · word for word

Acquisition Integration Risk

“Lanteris acquisition added $20M in transaction costs and significantly increased G&A expenses; integration may face challenges.”

Negative Free Cash Flow

“Free cash flow was negative $(64.6M) in Q1 2026, compared to positive $13.3M in Q1 2025.”

Customer Concentration

“Significant portion of revenue comes from U.S. government contracts, which are subject to budget appropriations and termination for convenience clauses.”

Variable Consideration Risk

“Approximately 10% of contract price contains variable considerations constrained to nil for accounting purposes, dependent on successful mission landing.”

Acquisition integration risk and regulatory approvals required

“Transaction subject to UK NSIA and FCC approvals; integration of Goonhilly and COMSAT”

Key man risk: high concentration of voting power with founders

“Dr. Kamal Ghaffarian beneficially owns 33.5% of total voting power; Stephen Altemus 11.6%; Dr. Timothy Crain 8.2%.”

Related party transactions

“The Company has related party transactions with entities affiliated with Dr. Ghaffarian (Axiom Space, X-Energy, IBX) and with KBR, and has paid $2.1M in legal fees for entities affiliated with director Michael Blitzer.”

Customer concentration risk

“For the years ended December 31, 2025 and 2024, approximately 78% and 90% of our revenues, respectively, came from one major customer.” · word for word

Mission failure risk

“For example, the IM-2 mission experienced landing anomalies that impacted our ability to complete all mission milestones.” · word for word

Government funding risk

“Any disruptions in federal government operations, including government shutdowns, could have a material adverse effect on our revenues, earnings, and cash flows.” · word for word

Negative free cash flow

“$56 million free cash flow use in FY2025.”

Dilution risk from PIPE offering.

“$175M PIPE at $15.12/share.”

Dilution from equity issuance at $15.12/share

“Issuance of shares at $15.12 per share for $175 million”

Acquisition introduces integration risks and potential financial obligations under receivables facility.

“Company becomes guarantor under Orbital Receivables Purchase Facility with $250M maximum.”

Government shutdown and budget uncertainty

“On September 30, 2025, the continuing resolution allowing U.S. government departments and agencies to operate through the end of the government fiscal year expired and the U.S. government shut down. As a result of the U.S. government shutdown, our business, program performance and results of operations may be impacted by the disruptions to federal government” · word for word

Loss contracts on IM-3 and IM-4 missions

“As of September 30, 2025, the IM-3 contract is in a loss position and the accrued contract loss increased by approximately $9.7 million for nine months ended September 30, 2025 ... During the second quarter of 2025, IM-4 became a loss contract and has accrued contract losses of approximately $3.3 million for the nine months ended September 30, 2025.” · word for word

Tariff exposure on supply chain

“During 2025, we observed a significant shift in U.S. trade policy, with increased tariffs and the imposition of new tariffs that could impact our supply chain and our business. ... Even though we primarily sell our products and services to U.S. Government customers and our suppliers are primarily domestic, we have some exposure to imported materials and comp” · word for word

Acquisition integration risk

“On November 3, 2025, the Company entered into a definitive agreement to acquire 100% of the issued and outstanding membership interests of Lanteris Space Systems, formerly Maxar Space Systems, a spacecraft manufacturer, from Advent International LLC. The aggregate consideration for the acquisition is $800 million, consisting of $450 million in cash and $350 ” · word for word

Integration risk from large acquisition; dilution from stock consideration; government shutdown uncertainty impacting Q4 revenue.

“The timing associated with our year-end revenue is impacted by uncertainty related to the government shutdown.” · word for word