LUNR

Intuitive Machines is a speculative lunar/space-infrastructure play whose 2025 numbers got worse, not better, on the metrics that matter for a pre-profit growth story. Revenue fell 9.2% YoY to $207M while operating losses widened 52% to -$87.2M, and operating margin sits at -42.1%. Management is doubling capex (+312% to $41.6M) and explicitly says it must 'make significant investments' and 'demonstrate reliability through a successful lunar landing' before growth can re-accelerate — i.e., the company is asking investors to fund execution risk while top-line is going backwards.

The balance sheet is the one bright spot: $583M cash (+181%) gives ample runway, but it is paired with $335M long-term debt and stockholders' equity of -$755M (a liabilities/equity ratio that is mathematically negative because of the accumulated -$721M deficit from the SPAC reverse-recap). The KinetX ($31.3M) and Lanteris (Maxar Space Systems, Jan 2026) acquisitions are strategically logical but signal that organic growth alone won't carry the story — and Stifel had to waive covenants and halt borrowing to permit the Lanteris deal, which is not a sign of lender enthusiasm.