Intuitive Machines, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
LUNR$11.81-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(47,191) | $(181,787) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 2,190 | 1,319 |
| Bad debt expense | 135 | 440 |
| Impairment of property and equipment (see Note 4) | — | 5,044 |
| Amortization of debt discount and issuance costs | 243 | — |
| Share-based compensation expense | 6,780 | 7,180 |
| Change in fair value of earn-out liabilities | 33,369 | 33,816 |
| Change in fair value of warrant liabilities | (31,919) | 36,641 |
| Loss on issuance of securities | — | 68,080 |
| Other | 177 | 108 |
| Changes in operating assets and liabilities: | ||
| Trade accounts receivable, net | 21,299 | (34,871) |
| Accounts receivable - affiliated companies | (46) | — |
| Contract assets | 24,417 | (15,083) |
| Prepaid expenses | (5,493) | (55) |
| Other assets, net | 2,037 | 852 |
| Accounts payable and accrued expenses | (3,940) | 2,194 |
| Accounts payable – affiliated companies | (524) | 238 |
| Contract liabilities – current and long-term | (11,724) | 14,314 |
| Other liabilities | 3,167 | 5,948 |
| Net cash used in operating activities | (7,023) | (55,622) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (25,987) | (5,185) |
| Net cash used in investing activities | (25,987) | (5,185) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of convertible notes, net of discount | 335,513 | — |
| Proceeds from borrowings | — | 10,000 |
| Purchase of capped call transactions | (36,777) | — |
| Warrants exercised | 176,620 | 51,360 |
| Redemption of warrants | (66) | — |
| Payment of debt issuance costs | (929) | — |
| Transaction costs | — | (437) |
| Repurchase of Class A Common Stock | (20,700) | — |
| Repayment of loans | — | (18,000) |
| Proceeds from issuance of securities | — | 107,935 |
| Payment of withholding taxes from share-based awards | (4,757) | (2,291) |
| Stock option exercises | — | 300 |
| Distributions to noncontrolling interests | (1,526) | (973) |
| Net cash provided by financing activities | 447,378 | 147,894 |
| Net increase in cash, cash equivalents and restricted cash | 414,368 | 87,087 |
| Cash, cash equivalents and restricted cash at beginning of the period | 209,649 | 4,560 |
| Cash, cash equivalents and restricted cash at end of the period | 624,017 | 91,647 |
| Less: restricted cash | 2,042 | 2,042 |
| Cash and cash equivalents at end of the period | $621,975 | $89,605 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | $— | $408 |
| Cash paid for taxes | $5 | $277 |
| Accrued capital expenditures | $2,309 | $— |
| Noncash operating activities: | ||
| Right-of-use assets obtained in exchange for new operating liabilities | $6,607 | $4,264 |
| Right-of-use assets reduced due to lease modifications | $(7,103) | $— |
| Noncash financing activities: | ||
| Issuance of Class C Common Stock related to earn-out awards (Note 2) | $167,525 | $— |
| Conversion of Series A preferred stock (Note 7) | $— | $23,120 |
| Preferred dividends | $(456) | $(751) |
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