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Item 1. Business

2026-03-19 compared with 2025-03-25 · 187 added, 164 removed, 75 unchanged (82% of the section changed)

Intuitive Machines, Inc.

(formerly known as Inflection Point Acquisition Corp.

or “IPAX”), collectively with its subsidiaries (the “Company,” “IM,” “Intuitive Machines,” “we,” “us” or “our”) is a space technology, infrastructure, and services company.

We were founded in 2013 as Intuitive Machine, LLC and incorporated in February 2023 following the consummation of the Business Combination (as defined herein Note 1) of Intuitive Machines, Inc.

and Intuitive Machines, LLC.

As a space technology, infrastructure, and services company, we are contributing to the establishment of cislunar infrastructure and helping to develop cislunar and deep space commerce.

Cislunar encompasses objects in orbit in the Earth-Moon system and on the Lunar surface, while deep space exploration is space beyond the Moon, including Mars.

We believe we have a leading position in the development of technology platforms operating in three core pillars —delivery services, data transmission services, and infrastructure as a service— as described below under Our Business Strategy .

We are focused on establishing the lunar infrastructure associated with each of the three pillars, which provides the basis for commerce to inform and sustain human presence off Earth.

Our vision is that our infrastructure services enable our customers to focus on their unique contributions to create a thriving, diverse cislunar economy and expand the commercial space exploration marketplace to the Lunar surface and beyond.

The United States (“U.S.”) government has indicated that returning to the moon is of strategic importance to the U.S.

and we believe it will continue to have bipartisan support as we enter the next generation space race with the People’s Republic of China (“China”) .

We believe that space is the next economic frontier, with the moon being the next stepping stone, and the increased demand from governments, intelligence agencies, commercial industries, and private individuals has created multiple opportunities for long-term growth.

We intend to participate in expanding the cislunar economy through a steady cadence of missions, with the intent of offering reduced cost of access and operations while providing reliable missions on a defined schedule.

We are one of a select few companies servicing NASA and a worldwide set of commercial payload customers.

We believe we have a strong position, as evidenced by four Commercial Lunar Payload Services (“CLPS”) awards to date as of December 31, 2024.

On February 22, 2024, our Nova-C lander became the first U.S.

vehicle to softly land on the lunar surface since 1972, utilizing our Nova-C Guidance, Navigation and Control (“GN&C”) and Propulsion systems, both of which were designed and are produced in-house.

Our IM-1 Nova-C lander carried approximately 100 kilograms of science experiment and technology demonstration payloads, including the first CLPS payload, to a landing site closer to the lunar south pole than any previous mission.

We operated on the lunar surface beyond the CLPS required mission duration and downloaded over 500 MB of payload customer data on our commercial Lunar Data Network.

In March 2025, our IM-2 mission landed at the southernmost location of the moon, 5 degrees from the south pole.

While in transit, our space to ground communications brought down over 8GB of data from space over our network;

delivered 3 rideshare customers to trans lunar injection orbit and assisted them with ground tracking and communication;

and demonstrated precision autonomous orbit operations circling the moon for 39 orbits over a 72 hour period.

While on the surface, we demonstrated the ability to manage power in thermal conditions on the south pole surface and in a crater.

With the challenge of not being able to recharge the IM-2 lander solar panels post landing, the mission was still able to complete several mission and payload milestones, including downloading 500 MB of payload customer data from the lunar surface.

See Our Business Strategy for a description of our additional lunar missions, lunar relay communications, lunar vicinity navigation, and autonomous surface rover operations.

Space Force (“Space Force”) has recently begun to turn its attention to the cislunar space, as noted in the Mitchell Institute paper “Securing Cislunar Space and the First Island Off the Coast of Earth.” As the leading CLPS provider and the first company to have successfully landed and operated on the Moon, we believe we are at the forefront of NASA's push for a sustainable return to the lunar surface, while simultaneously driving critical early conversations with the U.S.

Department of Defense (“U.S.

DoD”) and Space Force to secure the Moon and cislunar space to ensure peaceful and strategic operations in this emerging domain.

Description of our Business

Intuitive Machines, Inc., collectively with its subsidiaries (the “Company,” “IM,” “Intuitive Machines,” “we,” “us” or “our”) is a space infrastructure and services company founded in 2013 and focused on enabling sustained infrastructure and human activity beyond Earth.

We believe the United States is transitioning from episodic space missions to long-duration operations and persistent presence, and we are building the systems and services required to support this evolution across civil, national security, and commercial markets.

We build spacecraft, connect space-based networks, and operate infrastructure as-a-service that support operations across low Earth orbit (“LEO”), geostationary orbit (“GEO”), cislunar space, and deep-space.

Our strategy is to evolve space activity from single-mission execution toward continuously operating infrastructure by combining spacecraft delivery with network connectivity and long-term operations.

We believe this approach positions us to support enduring government requirements while enabling the development of a commercial space economy.

On September 16, 2022, Inflection Point Acquisition Corp.

(“IPAX”) entered into a business combination agreement with Intuitive Machines, LLC.

On February 10, 2023, IPAX domesticated into a Delaware corporation and changed its name to “Intuitive Machines, Inc.” in connection with the domestication, Intuitive Machines, Inc.

became a holding company whose principal assets are the Intuitive Machines, LLC Common Units.

On October 1, 2025, the Company completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX, Inc (“KinetX”).

On January 13, 2026, the Company completed the acquisition of 100% of the issued and outstanding membership interests of Lanteris Space Holdings LLC (“Lanteris”).

For further description of these recent acquisitions, see Part II.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – “Recent Developments”.

Our Business Strategy

We are a leading space technology, infrastructure, and services company committed to fundamentally disrupting lunar access economics.

Our innovative approach focuses on three core pillars (as described below) designed to meet the growing demand for lunar services and establish a robust lunar economy.

• Delivery Services provides for the transportation and delivery of payloads, such as, satellites, scientific instruments and cargo to various destinations in space, in addition to rideshare delivery and lunar surface access.

• Data Transmission Services offerings include the collection, processing, and interpretation of space-based data, utilizing AI applications, such as, command, control, communications, reconnaissance and prospecting.

• Infrastructure as a Service delivers space assets performing tasks and making decisions without human intervention that are designed to perform essential functions, such as, navigation, maintenance, scientific data collection, and system health monitoring.

We integrate these fundamental pillars to not only enable access to the Moon but also lay the foundation for a thriving cislunar and deep space economy.

We believe our delivery, data transmission, and infrastructure capabilities uniquely position us to drive innovation, create long-tail revenue streams, and ultimately support humanity’s push to establish profitable industries in space.

We expect to achieve leading time to market across these core pillars driven by our short design to manufacture process, enabled through vertical integration and rapid iterative testing.

We leverage technologies developed for our three core service pillars to expand into adjacent markets where these capabilities provide a competitive advantage.

See Our Services and Solutions below for a detail discussion of our core pillars.

From Missions to Infrastructure

Historically, space activity has relied on custom systems designed for finite missions.

Our strategy is to build systems that can be deployed as missions, connected into broader networks, and operated as shared infrastructure over extended lifecycles.

We believe this transition from missions to infrastructure is central to achieving sustained presence in space and to unlocking recurring service opportunities.

Our operating model is organized around three integrated capabilities:

• Build — designing, manufacturing, and delivering spacecraft, landers, satellites, surface systems, propulsion, and avionics for government and commercial customers;

• Connect — integrating deployed assets into communications, navigation, command and control, and data relay networks that enable persistent connectivity;

• Operate — providing mission operations, hosted payload services, data services, navigation and timing capabilities, and other infrastructure-based offerings.

We believe that operating deployed systems as infrastructure, rather than concluding at delivery, creates opportunities for longer-duration contracts, recurring revenue, and margin expansion over time.

Moon-First Strategy

We are initially focused on the Moon and cislunar space, where U.S.

civil and national security policy, funding, and urgency are converging.

The Moon is increasingly recognized as a strategic operating environment, supporting exploration, science, national security objectives, and future commercial activity.

Operating at the Moon requires end-to-end, flight-proven capability across precision landing, deep-space communications, navigation, surface operations, and autonomous mission management.

Our lunar missions under NASA’s Commercial Lunar Payload Services (“CLPS”) initiative required us to develop integrated systems.

We believe this capability positions us to operate persistently in one of the most demanding environments in space.

We further believe that demonstrating sustained operations at the Moon establishes a technical and operational foundation that can be applied inward to Earth orbit and outward to Mars.

While future opportunities depend on customer demand and funding, we view lunar operations as a proving ground for scalable space infrastructure.

Growth Through Operations and Services

While building and delivering spacecraft remains an important component of our business, our longer-term strategy emphasizes operating infrastructure and providing services enabled by connected assets.

These services include data relay, communications, navigation and timing, mission operations, and hosted payload support for multiple users.

We believe that transitioning from milestone-based mission delivery to service-based offerings may support more predictable, recurring revenue and higher margins over time.

The timing, scale, and profitability of these services depend on successful mission execution, customer adoption, and continued demand across civil, defense, and commercial markets.

We believe that the Lanteris acquisition will help accelerate these growth opportunities.

Total Addressable Market

The Company’s total addressable market spans the full space value chain and includes:

• Earth-based ground stations and mission operations infrastructure

• Satellites operating in LEO, GEO and cislunar space

• Cislunar and lunar-orbit communications and navigation systems and space stations

• Lunar landers delivering payloads, cargo, and infrastructure

• Lunar surface infrastructure, including mobility systems, power systems and autonomous operations

• Space robotic systems

• Future deep-space missions extending to Mars and beyond

We believe the Build-Connect-Operate business strategy enables participation across this entire value chain.

Our Customers and Partners

We are an integral partner to our customers and partners.

We execute on our commitments and develop solutions for our customers’ toughest challenges.

We execute on our commitments and develop end-to-end mission solutions for our commercial, civil and national security customers.

Our customers include, but are not limited to:

We are partnered with NASA and service NASA through four missions to date under their CLPS contract program.

We work to provide NASA with access to the lunar surface as well as cislunar data for science, technology, and infrastructure.

Our IM-1 mission landed 9 degrees from the lunar South pole in March 2024.

In March 2025, our IM-2 mission landed at the southernmost location of the moon, 5 degrees from the south pole.

With the challenge of not being able to recharge the IM-2 lander solar panels post landing, the mission was still able to complete several mission and payload milestones.

We are also one of three prime contractors for NASA developing designs for a Lunar Terrain Vehicle, that includes the Nova-D lander.

We were one of two awardees for NASA's Near Space Network Direct-To-Earth data services to the lunar vicinity (1.2) and beyond the lunar vicinity (1.3).

We were also the sole awardee for the Near Space Network's data relay services (2.2), which will provide a constellation of satellites around the Moon to provide communications and navigation services.

We are partnered with and service NASA by building power and propulsion spacecraft, connected data services, operating mobility infrastructure, lunar cargo delivery and other Artemis-related contracts.

In 2019, NASA awarded us a contract to develop and construct the power and propulsion element for the agency’s lunar Gateway (the contract was awarded to Lanteris prior to the consummation of the Lanteris acquisition (as further discussed herein)).

Through strategic acquisition, Intuitive Machines is providing advanced deep-space navigation services for multiple NASA Artemis-related missions.

We are one of two awardees for NASA’s Near Space Network Direct-to-Earth data services to the lunar vicinity (1.2) and beyond the lunar vicinity (1.3).

We are also the sole awardee for the Near Space Network’s data relay services (2.2), which will provide a constellation of satellites around the Moon to provide communications and navigation services.

Intuitive Machines is one of three prime contractors for NASA’s developing Lunar Terrain Vehicle contract, that includes building the company’s heavy cargo lunar lander spacecraft.

Through the agency’s CLPS initiative, Intuitive Machines has secured four lunar surface cargo delivery contracts.

The first of four CLPS contracts delivered cargo to the Moon’s south pole in 2024 and the second mission was in 2025.

• National Security Space.

We offer our cislunar service capability to customers in the National Security Space (“NSS”) sector, as well as in civil and commercial space.

Customer needs for transportation, data transmission, and infrastructure services are similar in these sectors and we are actively pursuing opportunities with NSS customers.

The Space Forces’ requirement to ensure freedom of action in space is driving their initial focus on cislunar Space Domain Awareness sensors and xGEO Position Navigation and Timing solutions as a result of the ongoing efforts by the U.S.

and China to return to the lunar surface in a sustainable manner.

Intuitive Machines continues to support the Space Development Agency (SDA) Proliferated Warfighter Space Architecture (PWSA).

The PWSA consists of hundreds of optically linked small satellites in LEO, delivering rapid capability to warfighters.

In 2022, our subsidiary was selected to build 16 satellite buses for its customer, L3Harris Technologies (L3Harris), which will be used to detect and track missile threats in real time using infrared sensors.

Since 2022, we have begun delivery of these satellite buses in connection with SDA’s Tranche 1 Tracking Layer program (the contract was awarded to Lanteris prior to the consummation of the Lanteris acquisition).

In 2024, we were selected for 18 additional spacecraft platforms and

associated support for SDA’s Tranche 2 Tracking Layer program, building on its existing contract for the Tranche 1 Tracking Layer, awarded in 2022 (the contract was awarded to Lanteris prior to the consummation of the Lanteris acquisition).

In 2025, Intuitive Machines received an indefinite delivery/indefinite quantity (IDIQ) contract from the Missile Defense Agency for the Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) program.

The SHIELD award positions Intuitive Machines to bid on future tasks and services that support the expansive U.S.

defense initiative, which covers a broad range of work to strengthen defense against threats from land, sea, air, cyberspace, and space.

Department of Defense.

In 2023, we won our first significant award with the U.S.

DoD Air Force Research Laboratory, the $9.5 million JETSON Low Power contract.

DoD Air Force Research Laboratory, the JETSON Low Power contract to design a stealth-like satellite, followed by the JETSON Stirling Technology Space Research Experiment (“START”) contract.

• State Governments.

Many state governments are investing in space economy development, recognizing this as an emerging market with opportunities for growth for their constituents.

With facilities in Texas, Arizona, and Maryland, we are actively engaged in partnering with state governments to expand our capabilities for economic growth.

Our domestic customers for our first 3 missions include customers such as Columbia Sportswear Company, Nokia Corporation, Aegis Aerospace, Inc., and AstroForge.

With facilities in Texas, California, Arizona, Maryland, and Colorado we are actively engaged in partnering with state governments to expand our capabilities for economic growth.

Our lunar cargo delivery missions include commercial customers including, Columbia Sportswear Company, Nokia Corporation, Aegis Aerospace, AstroForge, Jeff Koons, International Lunar Observatory Association, Galactic Legacy Labs, Lonestar Data Holdings and Lunar Outpost.

The Company, through its recently acquired subsidiary, Lanteris, is a world leader in commercial GEO communication satellites and a global leader in commercial satellite manufacturing.

With over three decades of on-orbit performance, the 1300-class spacecraft platform is the world’s most popular GEO satellite with over 95 spacecraft still operational and in service.

Key platform features include a scalable, lightweight and high-strength structure, fuel-efficient attitude and station-keeping subsystems.

A growing application for commercial geostationary communication satellites is the delivery of data-centric applications, such as consumer broadband, in-flight communication, maritime and 4G/5G cellular backhaul, via high-capacity spot beam satellites commonly referred to as high-throughput satellites (“HTS”).

Lanteris introduced the first HTS satellite in 2005, which used the 1300-class bus.

Lanteris built JUPITER 3, a transformational Ultra High Density Satellite, for Hughes Network Systems to be designated EchoStar XXIV.

This satellite is the world’s largest commercial communications satellite built in the U.S.

and powers Hughes Network Systems’ consumer, enterprise, and aeronautical services across the Americas.

In addition, Lanteris manufactured a constellation of advanced high-resolution Earth-imaging satellites for Vantor Inc., using its 500-class spacecraft platform.

International

Our global customers include national space agencies in Europe and Asia.

Our largest international customer awarded us a contract for $16.8 million to provide lunar rover services.

Our partnerships are integral to our growth strategy.

Under Delivery Services we partner with satellite communication companies, including Goonhilly to support our ground services and lunar missions.

For Data Transmission Services we support our LDN network with various partners, including CesiumAstro and CSIRO.

In addition, under Infrastructure as a Service, our Moon Reusable Autonomous Crewed Exploration Rover (“RACER”) is being developed for the LTV contract through a global partnership team including, AVL, Boeing, Fugro, Michelin, Northrop Grumman, and Roush.

Our lunar cargo delivery international customers include, Dymon Corporation, Puli Space, and German Aerospace Center.

In addition, we also build geostationary satellites for numerous international telecommunications customers.

Our global-reaching partnerships are integral to our Build-Connect-Operate business strategy.

Intuitive Machines is developing its Lunar Terrain Vehicle for NASA through its global partnership team including, AVL, Boeing, CSIRO, Fugro, Michelin, Northrop Grumman, and Roush.

The Company has connected its ground data network with partners including CSIRO, Goonhilly Earth Station Ltd., and FUGRO.

In addition, in December 2025, the Company signed a strategic cooperation agreement to advance interoperable infrastructures and provide communications and navigation services in support of lunar exploration with international partners, Leonardo, and Telespazio.

Our Services and Solutions

Delivery Services

We utilize our proprietary lunar lander vehicles to service CLPS contracts by flying NASA scientific equipment and commercial payloads to the lunar surface and supporting mission operations.

With four CLPS contracts awarded to date, we are pioneering lunar access.

We are also scaling our lander capabilities to support larger payloads, including heavy cargo-class infrastructure delivery for projects like the Lunar Terrain Vehicle (“LTV”), ensuring a reliable path for sustained human and robotic exploration of the Moon.

We deliver experiments and technology demonstrations for both NASA and commercial customers, including deployment of the PRIME-1 drill to test for water ice and our Hopper, a drone to test the Nokia LTE network in space.

During our IM-2 mission, we were able to conduct science with the PRIME-1 drill, and performed testing on the Nokia LTE network in space.

Due to IM-2 mission’s landing anomalies, some payloads, such as the Micro-Nova Hopper was not deployed.

The workhorse of the Nova-C lander is the VR900 liquid oxygen (LOX)/liquid methane (LCH 4 ) engine, which is a fully additively manufactured (3D printed) rocket engine, which we design, manufacture, and test in-house at Intuitive Machines’ Lunar Production and Operation Center (LPOC).

Building off the solid framework of our Nova-C lander systems and structure s, we have designed a scalable production path for the development and construction of additional space vehicles.

The Nova-D lander in development, intends to incorporate technologies developed for the Nova-C, and will have multiple variations built to support projected payload capa cities of 500-2500 kilograms.

The Nova-D has completed System Definition Review (SDR) and Preliminary Technical Reviews (PTRs).

Our largest land er, the Nova-M, w ill use VR3500 engines to carry approximately 5,000-7,500 kilograms of payload to the lunar surface.

Nova-M is a future development effort.

These options are designed to afford flexibility for our customers as we pioneer a thriving, diverse lunar economy and enable a permanent presence on the Moon.

Importantly, they are also all based on the same flight-proven LOX/Methane technology, which is designed and manufactured in-house.

In August 2024, NASA awarded Intuitive Machines a $116.9 million contract to deliver six science and technology payloads, including one European Space Agency-led drill suite to the Moon’s South Pole.

This award leverages the Company’s lunar delivery, data transmission, and autonomous operation capabilities to explore the region targeted for sustained human operations.

As part of NASA’s CLPS initiative, this marks the Company’s fourth contract award, IM-4, to deliver science and technology payloads and return valuable data while autonomously operating on the surface of the Moon.

As of December 31, 2024, the contracted value of our Delivery Services pillar includes $430.2 million of NASA CLPS and Tipping Point contracts, $52.4 million of commercial payloads, and $36.3 million of rideshares contracted on IM-2, IM-3 and IM-4.

In addition, as of December 31, 2024, we have $1.6 million in commercial sponsorships and content sales, which provides us with another source of revenue outside of our core operations.

Our three NASA lunar missions are contracted to fly on SpaceX’s Falcon 9.

Revenue streams from delivery services are expected to include transportation and delivery of payloads (satellites, scientific instruments, and cargo) to various destinations in space, including rapid in-space mobility solutions enabled by our proprietary engine technology.

Data Transmission Services

We believe that our Data Transmission Services offering is made up of a validated and complete lunar communications solution.

Our Lunar Data Network (“LDN”) consists of our Nova Control Center (“NCC”), our existing global collection of dishes called the Lunar Telemetry, Tracking and Communications Network (“LTN”), and a constellation of Lunar Data Network Satellites to be deployed as part of our NSN 2.2 contract award .

In September 2024, NASA awarded Intuitive Machines the sole NSN contract for communication and navigation services for missions in the near space region, which extends from Earth’s surface to beyond the Moon (NSN 2.2).

The NSN contract is a firm-fixed-price, multiple award, Indefinite-Delivery/Indefinite-Quantity (“IDIQ”) task order contract, with a base period of five years with an additional five-year option, with a maximum potential value of $4.82 billion.

The initial NSN contract award includes incrementally funded task orders totaling $150.0 million over the next 3 years.

awardee of the initial tranche of NSN contracts, we are deploying a constellation of lunar relay satellites to provide continuous cislunar communication and navigation services.

This capability supports NASA’s Artemis missions while introducing a scalable, pay-by-the-minute data service model, enabling enhanced video, telemetry, and autonomous navigation.

Our strategy leverages the additional performance capacity of our lunar landers to deploy satellites at marginal costs, creating a robust and cost-effective lunar communication infrastructure that forms the data backbone of our cislunar operations.

We believe providing these lunar data and navigation services to NASA, NSS, and commercial/international customers will be an increasingly important priority.

In December 2024, NASA awarded Intuitive Machines NSN contracts for DTE services for the lunar vicinity (NSN 1.2) and beyond the lunar vicinity (NSN 1.3).

These contracts allow use of terrestrial ground stations to support science missions in lunar orbit, on the lunar surface, or beyond the Moon.

Our network is secured by layered levels of protection including advanced architecture, enterprise-level endpoint and antivirus protection, and Splunk advanced Security Information & Event Management (“SIEM”) control.

Our Network Control Center (“NCC”) is located at our headquarters in Houston, Texas and was built from the ground up.

NCC enables collaboration, innovation and seamless operations, in this 24-hour facility that was designed to provide tracking, telemetry and communications support for cislunar space and the surface of the Moon.

Once established and deployed, the data transmission services are expected to include and support NASA, U.S.

national security, international, and commercial data needs.

We will collect, transmit, and monetize data buys from data collected in-transit to the moon, in a variety of cislunar orbits, and on the surface of the moon for our future missions.

Infrastructure as a Service

Our Infrastructure as a Service pillar delivers essential systems and platforms to enable sustainable lunar exploration and commercial activity.

By focusing on mobility, energy, and operational capabilities, we are creating the foundational infrastructure needed to support NASA’s Artemis campaign and commercial endeavors on the Moon.

Key areas of focus include the LTV, its commercialization potential, and the Fission Surface Power (“FSP”) initiative, all designed to build a thriving and sustainable lunar economy.

During 2024, NASA awarded Intuitive Machines $30.8 million for the LTV contract to support the agency’s Artemis Campaign as a prime contractor, leading the development of the Moon RACER, within NASA’s $4.6 billion LTV Services project.

Designed to operate in extreme lunar conditions, including the Moon's South Pole, the LTV features advanced autonomous driving, power management, and communications systems.

Engineered with input from Apollo-era astronauts, the Moon RACER combines modern technology with practical design elements like ergonomic controls and dual-side operability to optimize performance for Artemis astronauts.

Delivered by our Nova-D cargo-class lunar lander, the LTV enhances crewed and robotic exploration capabilities by enabling the transport of scientific equipment, infrastructure, and lunar resources across vast distances.

Beyond NASA’s Artemis program, we are driving the commercialization of the LTV to support diverse lunar infrastructure needs.

The LTV is designed to manage a network of modular trailers that can support various applications, such as regolith harvesting, resource mining, biomanufacturing, and power generation.

This innovative operational model mirrors Earth’s semi-truck and trailer logistics system, providing scalable and flexible mobility solutions on the Moon.

Our LTV Commercialization Committee is actively engaging with science and business stakeholders to refine use cases, develop operational requirements, and determine pricing strategies for these services.

By offering commercial mobility solutions, we aim to enable lunar businesses to thrive and extend the value of the LTV far beyond Artemis missions.

To address the critical need for reliable, continuous power on the Moon, we have collaborated with X-energy through the IX, LLC joint venture (further described in Note 15 - Variable Interest Entities) to develop a FSP system.

This IX team was awarded a $5 million Phase 1 contract by NASA and the Department of Energy, and the IM-led team is maturing the design to support NASA’s fission reactor future and evolving needs to provide sustainable energy for lunar habitats, research stations, and autonomous operations.

Integrated with our landers and lunar infrastructure, the FSP system is pivotal for supporting long-duration missions in harsh lunar environments, including 14-day lunar nights.

In August 2024, the IX team was awarded a $2.9 million follow-on contract (Phase 1A) to continue to mature the design and conduct technology demonstrations to validate heat transfer to support energy generation.

Leveraging our expertise in spacecraft design and lunar operations, Intuitive Machines is developing a reliable power source that not only supports NASA’s Artemis program but also lays the groundwork for future Mars exploration and commercial power needs.

By delivering mobility, power, and operational capabilities as services, Intuitive Machines is enabling a new era of exploration and sustainable economic growth, establishing the Moon as a thriving hub for science, commerce, and human expansion.

Adjacent and Opportunistic Market Opportunities

Due to Intuitive Machines’ unique technology platforms and engineering expertise, we are also pursuing and executing on business opportunities outside the three core pillars for customers aligned with our talent and product offerings.

This includes work on the JETSON Low Power project for the Air Force Research Laboratory (AFRL), the development of scalable reentry technologies, and federal engineering services contracts at various NASA centers.

In the $9.5 million JETSON Low Power project, we are helping AFRL develop the architecture and technology for deploying and maintaining a network of navigation beacons in cislunar space that require little-to-no support once delivered to their orbits.

This includes a new radioisotope power generator that gives IM invaluable experience with nuclear power systems that can be applied to future lunar surface infrastructure, such as NASA’s FSP program.

We have also made significant progress to date in federal services contracts.

Our federal service contracts provide us access to one of our key customers, NASA, allows us to develop technologies important for the cislunar economy, and provides a skilled labor force which can support our three core pillars.

In 2023, we were awarded as the prime contractor by NASA on the OMES III contract, with a focus on spacecraft mechanisms and robotics.

In addition in 2024, we were also selected as an awardee under the One Acquisition Solution for Integrated Services Plus Multi-Agency Contract (“OASIS+”).

We are a space infrastructure and services company focused on enabling sustained infrastructure and human activity beyond Earth.

We design, build, integrate, and operate space systems and infrastructure supporting civil, national security, and commercial customers across LEO, GEO, cislunar space, and deep space.

Our strategy is to evolve space activity from discrete, mission-specific systems toward continuously operating infrastructure by combining spacecraft delivery, persistent connectivity, and long-duration operations.

We organize our business around an integrated Build–Connect–Operate operating model, which reflects how our systems are developed, deployed, and, where applicable, operated over time.

While many of our current contracts remain mission-based and milestone-driven, we design systems with the intent to support extended operations and future service opportunities as deployed assets become connected and operational infrastructure.

Spacecraft, Satellites, and Surface Systems

Build encompasses the design, manufacture, integration, testing, and delivery of spacecraft, satellites, landers, surface systems, and related technologies.

These activities are primarily conducted under government and commercial contracts that provide funding to develop and deploy space systems that may serve as long-lived assets.

Our build capabilities include flight-proven spacecraft platforms, high-rate satellite manufacturing, propulsion and power systems, avionics, autonomy software, and systems engineering supporting operations in LEO, GEO, cislunar orbit, interplanetary, and deep-space.

Representative Programs and Contracts

• NASA CLPS missions, including our IM-3 and IM-4 lunar delivery missions

• NASA Lunar Terrain Vehicle (“LTV”) system and heavy cargo lunar lander development and demonstration missions

• NASA Gateway Power and Propulsion Element (“PPE”) satellite development

• Fission Surface Power (“FSP”) system development activities

National Security Space:

• Space Development Agency (“SDA”) Tranche 1, 2 and 3, and future transport and tracking layer satellite production

• National security satellite programs based on the IM 300, IM 500, and IM 1300 spacecraft series

• Orbital transfer vehicle development and mobility systems

• JETSON Low Power contract to design a stealth-like satellite

• GEO communications satellite manufacturing programs, including flexible payload and replacement architectures

• Commercial satellite production and hosted payload integration activities

• Commercial customers on our lunar surface cargo delivery contracts

These build contracts generate the majority of our near-term revenue and provide the foundation for subsequent network integration and operational services

Persistent Communications and Data Networks

Connect encompasses the integration of deployed spacecraft and systems into command, control, communications, navigation, and data relay networks that enable persistent connectivity across the space domain.

Our connect capabilities include ground network services, lunar and deep-space communications, constellation networking, and network integration.

These capabilities allow delivered systems to transition from standalone mission assets into connected infrastructure capable of sustained operations, data transmission, and multi-user access.

Representative Programs and Contracts

• NASA Near Space Network (“NSN”) services ground network and data relay services

• Lunar Data Relay satellite system development and deployment

National Security Space:

• Space domain awareness and tracking network connectivity

• Constellation management and navigation support services

• Future commercial ground station services and data transport

• Hosted payload data relay and network access services

Connect activities support both contract-based service revenue and enable future infrastructure operations by providing persistent access to deployed assets and data.

Mission Operations and Infrastructure-as-a-Service

Operate encompasses mission operations and infrastructure-enabled services delivered using deployed and connected assets.

These offerings include spacecraft and mission operations, navigation and timing services, hosted payload data services, autonomous system management, and resilient infrastructure support.

Our operate activities are intended to extend the value of deployed systems beyond initial mission objectives and support the development of longer-duration, service-based offerings with recurring revenue characteristics over time.

Representative Programs and Contracts

• Mission operations for lunar delivery and surface systems

• Fission Surface Power surface operations and utility services

National Security Space:

• Persistent constellation operations and mission support

• Alternative positioning, navigation, and timing (“PNT”) services

• Space domain awareness operations and data services

• Hosted payload operations and data services

• Mission operations and constellation management for commercial satellite operators

Our Competition

1 unchanged sentence

Competitors for the next phases of LTVS include Lunar Outpost and Astrolab Venturi and our competitors for the NSN contract included Kongsberg Satellite Services (“KSAT”), Swedish Space Corporation (“SSC”), and Telespazio.

Competitors of the Company’s recently acquired subsidiary, Lanteris, include, with respect to civil space missions various companies including BAE Systems, Blue Origin, Boeing, Lockheed Martin, Northrop Grumman, SpaceX, and Voyager.

For national security and defense market opportunities relevant to Lanteris, competitors include BAE Systems, K2 Space, Lockheed Martin, Millenium Space Systems, Northrop Grumman, Rocket Lab, and York Space Systems.

Lanteris’ primary competitors for commercial geostationary satellite construction projects are Airbus, Astranis, Northrop Grumman, and ThalesAlenia Space.

Our Operations

Our sales organization operates directly and via our extensive customer and partner network, which spans across North America, Europe, Asia, and Australia.

Our sales organization operates directly and via our extensive customer and partner network, which spans across North America, South America, Europe, Asia, and Australia.

Our partner network consists of our rideshare delivery providers, lunar surface mobility providers, payload providers, communication satellite provider, and ground segment providers.

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Our research and development (“R&D”) team is integrated across our engineering organization to leverage the best engineers within each discipline and prevent stovepipes within our technology, yielding fully integrated systems that reduce time to market.

Our R&D scope includes company rollover, acquisition, optimizing capital structure, and general corporate purposes.

Our R&D team is also responsible for developing and innovating our proprietary technology platforms.

We continue to invest in R&D, particularly as it relates to “survive the night” and our larger lander design to make our platform more accessible to a wider range of customers, as well as innovating our space technology to capture various types of data efficiently.

Our current and future business is dependent on developing new enhancements and technology that go into our existing and future products.

We intend to continue our focus on research and development and

product enhancements as a key strategy for innovation and growth.

Our current areas of focus include enhancement of our Lanteris 300 TM satellite bus and modernization of the Lanteris 1300 TM satellite bus.

We also continue to invest in R&D, particularly as it relates to “survive the night” and our larger lander design to make our platform more accessible to a wider range of customers, as well as innovating our space technology to capture various types of data efficiently.

Current priorities include advancing our pump and tank technologies to gain greater efficiencies and performance.

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Our ability to manufacture and operate our spacecraft is dependent upon sufficient availability of raw materials and supplied components including avionics, flight computers, radios, electrical power systems and fuel tanks.

We obtain raw materials and components from suppliers that we believe to be reputable and reliable.

We have established and follow internal quality control processes to source suppliers, considering quality, cost, delivery and lead-time.

We instill responsibility for quality at the lead level to ensure our suppliers and internally built hardware meet the required quality standards.

While we largely source raw materials and components from multiple sources, in some cases raw materials and components are sourced from a limited number of suppliers.

In these situations, as we endeavor to diversify our supply chain, we manage this risk through using material requirements planning, including material forecasting and planning, safety stock, and bulk and advance buying with focused efforts on long-lead items.

Also, for a further discussion on our supply chain risks, see Part I, Item 1A Risk Factors of this Annual Report, “ We rely on a limited number of suppliers for certain materials and supplied components.

Disruptions in the supply of these materials or components could adversely affect our manufacturing schedules, mission timelines, and operating results.

We obtain raw materials and components from suppliers that we believe to be reputable and have established internal supplier qualification and quality control processes to consider quality, cost, delivery performance, and lead-time.

We assign responsibility for quality at the program and functional leadership levels to help ensure that the supplied components and internally manufactured hardware meet the required quality standards and specifications.

However, these controls may not prevent all quality issues, delays, or supply disruptions.

While we generally seek to source raw materials and components from multiple sources, certain materials and components are available from a limited number of qualified suppliers.

In these situations, we face increased risk of supply disruption due to factors beyond our control, including capacity constraints, quality issues, geopolitical events, regulatory requirements, or supplier financial instability.

The qualification of alternative suppliers may be time-consuming and costly and may not be feasible in all cases.

We seek to mitigate supply chain risks through, material requirements planning, including demand forecasting, safety stock strategies, and bulk and advance purchasing, particularly for long-lead items.

Despite these efforts, supply chain disruptions could occur and may not be fully mitigated, which could materially adversely affect our business, financial condition, and results of operations.

Also, for a further discussion on our supply chain risks, see Part I, Item 1A Risk Factors, “We rely on a limited number of suppliers for certain materials and supplied components.

We may not be able to obtain sufficient materials or supplied components to meet our manufacturing and operating needs or obtain such materials on favorable terms.”

Manufacturing, Assembly and Operations

Houston, Texas.

We have a leased integrated manufacturing facility in Houston, TX which includes our corporate headquarters and Lunar Production and Operations Center (“LPOC”) at the Houston Spaceport at Ellington Airport.

The center was completed in late 2023 and spans across about 12.5 acres of real estate, and has more than 100,000 square feet of office and advanced production space.

The LPOC serves as a production and testing facility of lunar lander components and other aerospace related operations.

Our LPOC features tiered storage, an advanced loading dock, and a production area with 45-foot ceilings and crane capable of handling all Nova Lunar Lander designs.

The manufacturing capability supports R&D, rapid prototyping and flight level hardware in an integrated and disciplined manner applying the correct level of rigor to the appropriate process.

We are ISO 9001:2015 and AS9100D certified an d adhere to the appropriate quality and process controls on a continuous basis.

See “Item 2 Pr operties” for further discussion of our facilities.

Glen Burnie, Maryland.

In 2024, we expanded our Maryland presence and opened our leased 22,000 square foot Maryland facility that focuses on mechanisms and robotics.

This facility builds and tests space-flight equipment and hardware.

The staff consists primarily of mechanical and aerospace engineers, as well as electromechanical technicians and related engineering support staff.

Phoenix, Arizona.

In 2024, in connection with the Lunar Reconnaissance Orbiter Camera (“LROC”) and Shadow Cam subcontracts, we opened our leased 16,000 square foot lunar data analytics facility in Phoenix, Arizona where we perform operations for lunar assets and operations, analyze landing site and mobility paths on the Moon.

Human Capital

As of December 31, 2024, we had 435 employees throughout our operations.

At Intuitive Machines, our human capital management approach starts with a foundation in our core RIDE Values of Respect, Integrity, Dedication and Excellence.

We value technical expertise, original thinking, adaptability, and a willingness to collaborate with our excellent team.

While our original workforce is rooted in aerospace, we welcome new perspectives and technology expertise as we grow.

We extend our corporate culture to create a safe and welcoming environment for all employees to reach their full potential, which improves performance outcomes, increases productivity, and boosts retention, employee morale and fellowship.

From our lunar operations & production center in Houston, Texas, to our new mechanisms and robotics facility in Glen Burnie, Maryland, to our newest office for data scientists in Phoenix, Arizona, we’re deliberately creating onsite workspaces that are specific to our needs, allow for growth, and foster collaboration and innovation.

As of December 31, 2025, we had 525 employees throughout our operations, including the employees added through the acquisition of KinetX on October 1, 2025.

On January 13, 2026, Intuitive Machines completed the acquisition of Lanteris.

As a result of this transaction, we had approximately 1,695 employees across our combined operations.

At Intuitive Machines, our human capital management approach is grounded in our core RIDE values of Respect, Integrity, Dedication, and Excellence.

These values guide how we operate as a space infrastructure company and inform how we work together to build spacecraft, connect networks, and operate mission-critical systems across the space domain.

Our workforce is composed primarily of engineers, scientists, technicians, and business professionals who support the delivery of end-to-end mission solutions for civil, commercial, and national security customers.

We emphasize disciplined execution, technical rigor, accountability, and collaboration across teams and geographies.

Operating in a high-consequence mission environment, our employees contribute across the full lifecycle of space infrastructure, from design and manufacturing to integration, mission operations, and lifecycle support.

Attracting and Engaging Talent

We compete for talent in highly specialized and competitive technical fields, including but not limited to aerospace engineering, robotics, software, data science, manufacturing, and mission operations.

Our people practices reflect the need to operate as one organization with shared standards and a unified purpose.

We seek to foster a work environment that supports collaboration, knowledge-sharing, and alignment across disciplines, locations, and legacy organizations.

Total Rewards

Our total rewards programs include market-based compensation, performance-linked incentives, equity-based awards, and a comprehensive benefits portfolio.

These programs are structured to support the attraction and retention of a highly skilled workforce and to align employee interests with company performance and long-term value creation.

Compensation and benefits practices are administered in accordance with applicable legal and regulatory requirements across the jurisdictions in which we operate.

Workplace and Footprint

Our operations span multiple U.S.

locations, including our lunar operations and production center in Houston, Texas;

a mechanisms and robotics facility in Glen Burnie, Maryland;

and engineering and data science offices in Phoenix, Arizona, among others.

On October 1, 2025, we completed the acquisition of KinetX, expanding our operating footprint to include additional locations in Arizona, Colorado, and California.

On January 13, 2026, we completed the acquisition of Lanteris, which significantly expanded our workforce and operating presence, primarily in California, along with additional engineering and manufacturing sites.

Across our facilities, we maintain work environments intended to support collaboration, mission assurance, and the disciplined execution required to deliver reliable space infrastructure solutions at scale.

Intellectual Property

The protection of our technology and intellectual property is an important aspect of our business.

We rely upon a combination of trademarks, unpatented trade secrets, unpatented know-how, copyrights, license agreements, confidentiality procedures, contractual commitments and other legal rights to establish and protect our intellectual property.

We enter into confidentiality agreements and invention or work product assignment agreements with our employees, suppliers, and consultants to protect, control access to, and clarify ownership of, our proprietary information.

We rely upon a combination of patents, trademarks, unpatented trade secrets, unpatented know-how, copyrights, license agreements, confidentiality procedures, contractual commitments and other legal rights to establish and protect our intellectual property.

We continually review and update our intellectual property portfolio to help ensure that we have adequate protections and rights.

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government contracts (“CAS”);

• reviews by the Defense Contract Audit Agency (“DCAA”), Defense Contract Management Agency (“DCMA”) and other regulatory agencies for compliance with a contractor’s business systems;

• reviews by the Defense Contract Audit Agency (“DCAA”), Defense Contract Management Agency (“DCMA”) and other regulatory agencies for compliance with business systems requirements;

• restricting the use and dissemination of and require the protection of unclassified contract-related information and information classified for national security purposes and the export of certain products and technical data;

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In addition, we could be affected by future regulations imposed in response to concerns over climate change, other aspects of the environment or natural resources.

legislation, regulation, or international treaties or accords are reasonably likely to have a material effect in the foreseeable future on our business.

At this time, we do not believe that federal, state, and local laws and regulations relating to the discharge of materials into the environment, or otherwise relating to the protection of the environment, or any existing or pending climate change legislation, regulation, or international treaties or accords are reasonably likely to have a material effect in the foreseeable future on our business.

Our operations are regulated under various federal, state, local and international laws governing the environment, including laws governing the discharge of EPA’s Criteria Air Pollutants, the management and disposal of hazardous substances and wastes and the cleanup of contaminated sites.

We have infrastructure in place to ensure that our operations are in compliance with all applicable environmental regulations.

We do not believe that the costs of compliance with these laws and regulations will have a material adverse effect on our capital expenditures, operating results or competitive position.

The imposition of more stringent standards or requirements under environmental laws or regulations or a determination that we are responsible for the release of hazardous substances at our sites could result in expenditures in excess of amounts currently estimated to be required for such matters.

We have been designated, along with numerous other companies, as a potentially responsible party for the clean-up of several hazardous waste sites.

Based on currently available information, we do not believe that any costs incurred in connection with such sites will have a material adverse effect on our financial condition, results of operations, capital expenditures or competitive position.

There can be no assurance that additional environmental matters will not arise in the future, or that costs will not be incurred with respect to sites at which no problem is currently known.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business