Al Root

Space technology company Intuitive Machines reported weaker-than-expected fourth-quarter sales. The stock, after an incredible run, is down in early trading.

Thursday morning, Intuitive Machines reported an operating loss of $33.1 million on $44.8 million in sales. Wall Street was looking for a $12 million loss from $53.7 million in sales, according to FactSet.

Shares were down 8.3% in early trading, while S&P 500 and Dow Jones Industrial Average were down 0.7% and 0.6%, respectively.

It's a miss, but guidance for 2026 looks strong. The company expects sales of $900 million to $1 billion and positive full-year adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda.

Wall Street currently projects sales of $880 million and Ebitda of $39 million.

"2025 was a transformational year for Intuitive Machines. We completed our second lunar mission, expanded into national security space programs, closed the acquisition of KinetX Aerospace, and announced the acquisition of Lanteris Space Systems," said Intuitive Machines CEO Steve Altemus in a news release. "These acquisitions significantly expand our scale, addressable market, and growth opportunities."

The company ended February with a backlog of more than $900 million.

Intuitive made news when its Odysseus spacecraft landed on the moon in February 2024. Odysseus was the first privately funded lander to make a soft landing on the lunar surface. That's no easy feat. There is no air on the moon, so parachutes aren't helpful. And the entire process happened autonomously. Intuitive's second lander, Athena, went to the moon in early 2025.

In 2026, Intuitive will attempt another moon landing, funded mainly by NASA, while also working with the agency and the Defense Department on space-based communications.

Coming into Thursday trading, Intuitive's stock was up 12% year to date and 149% over the past 12 months. Investors have been excited about the growing commercial space economy.

Write to Al Root at allen.root@dowjones.com

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March 19, 2026 10:16 ET (14:16 GMT)

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