Intuitive Machines Inc (NASDAQ:LUNR) stock surged almost 28% after the space exploration company reported strong revenue growth and backlog expansion during the fourth quarter.
The company reported a 79% year-over-year increase in revenue to $54.7 million, slightly below estimates of $57.6 million.
A loss per share of $0.10 was greater than the $0.08 expected, attributed to higher expenses.
Intuitive Machines exited 2024 with a record backlog of $328.3 million, up 22% from the previous year.
The company also grew its cash reserves to $385 million as of March 10.
Operational highlights included achieving a historic lunar landing on the Moon's southernmost region, advancing NASA and commercial payload operations, securing additional NASA contracts for lunar communication services, and expanding capabilities by adapting lunar delivery technology for an orbital transfer vehicle contract.
“Over the past year, we’ve deliberately positioned ourselves for long-term success by expanding our technical capabilities, opening new revenue streams, and fortifying our financial position," Intuitive Machines CEO Steve Altemus said in a statement.
“Today, we stand stronger than ever— financially secure, debt-free, and ready to take the next leap.”
For fiscal 2025, the company projected revenue in the range of $250 million to $300 million, below estimates of $342.5 million.
However, it expects to achieve positive run-rate adjusted EBITDA by the year-end and positive adjusted EBITDA in 2026.
Shares of Intuitive Machines gained 27.9% at $9 on Monday afternoon. The stock is down more than 50% in the year-to-date following recent lunar mission setbacks.