Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 3 - REVENUE

Disaggregated Revenue

We disaggregate our revenue from contracts with customers by contract type. The following table provides information about disaggregated revenue for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Revenue by contract type
Fixed price	$	30,275	58	%	$	23,097	39	%	$	95,992	58	%	$	52,759	30	%
Cost reimbursable	19,190		36	%	33,844		58	%	62,877		38	%	115,581		67	%
Time and materials	1,522		3	%	1,537		3	%	4,955		3	%	4,998		3	%
Revenue from contracts with customers	50,987		97	%	58,478		100	%	163,824		99	%	173,338		100	%
Grant revenue	1,450		3	%	—		—	%	1,450		1	%	—		—	%
Total revenue	$	52,437	100	%	$	58,478	100	%	$	165,274	100	%	$	173,338	100	%

Contract Assets and Liabilities

Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our condensed consolidated balance sheets. Contract assets related to deferred contract costs are amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our condensed consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our condensed consolidated balance sheets.

The following table presents contract assets as of September 30, 2025 and December 31, 2024 (in thousands):

	September 30, 2025		December 31, 2024
Contract assets
Unbilled receivables	$	7,151	$	18,113
Deferred contract costs	3,024		16,479
Total	$	10,175	$	34,592

Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of revenue and was $7.1 million and $22.7 million for the three and nine months ended September 30, 2025, respectively and $1.5 million and $6.5 million for the three and nine months ended September 30, 2024, respectively. Launch delay fees are recorded directly to the cost of revenue and were none and $2.3 million for the three and nine months ended September 30, 2025, respectively, and $1.0 million and $2.2 million for the three and nine months ended September 30, 2024, respectively.

The following table presents contract liabilities as of September 30, 2025 and December 31, 2024 (in thousands):

	September 30, 2025		December 31, 2024
Contract liabilities – current
Deferred revenue	$	56,438	$	54,803
Contract loss provision	9,165		7,890
Accrued launch costs	555		2,491
Total contract liabilities – current	66,158		65,184
Contract liabilities – long-term
Deferred revenue	—		14,334
Contract loss provision	1,636		—
Total contract liabilities – long-term	1,636		14,334
Total contract liabilities	$	67,794	$	79,518

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $40.9 million and $8.4 million during the nine months ended September 30, 2025 and 2024, respectively.

Loss Contracts

A contract loss occurs when the current estimate of the consideration that we expect to receive is less than the current estimate of total estimating costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, we consider total contract consideration, including any variable consideration constrained for revenue recognition purposes. We may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded net losses related to contracts with customers of $1.7 million and $23.9 million for the three and nine months ended September 30, 2025, respectively, and $1.7 million and $22.8 million for the three and nine months ended September 30, 2024, respectively.

The status of these loss contracts was as follows:

•Our IM-1 mission contract for lunar payload services became a loss contract due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The contract was successfully completed in February 2024. As a result of a successful mission, previously constrained variable consideration of $12.3 million as of December 31, 2023 was released and approximately $11.6 million was recognized as revenue during the first quarter of 2024. For the nine months ended September 30, 2024 changes in estimated contract costs resulted in an additional of $5.7 million in contract loss.

•Our IM-2 mission contract for lunar payload services, became a loss contract in 2023 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The IM-2 mission associated with this contract was completed in March 2025. For the nine months ended September 30, 2025 and 2024, changes in estimated contract costs resulted in an additional $1.0 million and $7.2 million in contract loss, respectively. During the third quarter of 2025, the IM-2 mission contract was closed-out and we recognized revenue of approximately $5.5 million. As of December 31, 2024, the contract loss provision recorded in contract liabilities, current in our condensed consolidated balance sheets was $0.9 million, and there was no contract loss provision remaining as of September 30, 2025.

•Our IM-3 mission contract for lunar payload services became a loss contract in 2021 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. For the nine months ended September 30, 2025 and 2024, changes in estimated contract costs resulted in an additional $19.6 million and $9.9 million in contract loss, respectively. The increase in estimated contract costs was primarily driven by the

alignment of the mission schedule with the completion of an internally-developed satellite to be placed in lunar orbit to meet NSNS contract obligations. The period of performance for this contract currently runs through June 2026. However, these efforts are expected to extend the mission launch window to the second half of 2026. As of September 30, 2025, this contract was approximately 80% complete. As of September 30, 2025 and December 31, 2024, the contract loss provision recorded in contract liabilities, current was $7.9 million and $7.0 million, respectively, and $0.4 million and zero, respectively, in contract liabilities, non-current in our condensed consolidated balance sheets.

•Our IM-4 mission contract for lunar payload services, became a loss contract during the second quarter of 2025 due to estimated contract costs exceeding the estimated amount of consideration that we expect to receive. For the nine months ended September 30, 2025, changes in estimated contract costs resulted in $3.3 million in contract loss. As of September 30, 2025 this contract was approximately 24% complete. The period of performance for this contract currently runs through August 2028. As of September 30, 2025, the contract loss provision recorded in contract liabilities, current was $1.3 million and $1.2 million in contract liabilities, non-current in our condensed consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the remaining transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining fixed price performance obligations was $119.3 million. The Company expects to recognize revenue on approximately 10-15% of the remaining performance obligations over the remaining 3 months in 2025, 55-60% in 2026 and the remaining thereafter. Remaining performance obligations do not include variable consideration that was determined to be constrained as of September 30, 2025 due to the uncertainty of achieving performance milestones or other factors not yet resolved.

For time and materials contracts and cost reimbursable contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials and cost reimbursable agreements.

Grant Revenue and Related Matters

In April 2025, the Texas Space Commission (“TSC”) selected Intuitive Machines for a grant up to $10.0 million from the Space Exploration and Research Fund. This funding supports the development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions. Under the TSC grant, the Company will apply up to $10.0 million in funds pursuant to budget periods defined in the TSC award through June 30, 2026 as reimbursement for costs incurred in completing the tasks, specified by the Company, to complete the design of the Earth reentry vehicle. The TSC can terminate the TSC award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred through the date of termination. During the three and nine months ended September 30, 2025, the Company recognized grant revenue of $1.5 million and corresponding expenses included in cost of revenue on the condensed consolidated statement of operations. As of September 30, 2025, the grant receivable was $1.5 million, and is included in trade accounts receivables on the condensed consolidated balance sheet.

Revenue

NOTE 3 - REVENUE

Disaggregated Revenue

We disaggregate our revenue from contracts with customers by contract type. The following table provides information about disaggregated revenue for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Revenue by contract type
Fixed price	$	30,275	58	%	$	23,097	39	%	$	95,992	58	%	$	52,759	30	%
Cost reimbursable	19,190		36	%	33,844		58	%	62,877		38	%	115,581		67	%
Time and materials	1,522		3	%	1,537		3	%	4,955		3	%	4,998		3	%
Revenue from contracts with customers	50,987		97	%	58,478		100	%	163,824		99	%	173,338		100	%
Grant revenue	1,450		3	%	—		—	%	1,450		1	%	—		—	%
Total revenue	$	52,437	100	%	$	58,478	100	%	$	165,274	100	%	$	173,338	100	%

Contract Assets and Liabilities

Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our condensed consolidated balance sheets. Contract assets related to deferred contract costs are amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our condensed consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our condensed consolidated balance sheets.

The following table presents contract assets as of September 30, 2025 and December 31, 2024 (in thousands):

	September 30, 2025		December 31, 2024
Contract assets
Unbilled receivables	$	7,151	$	18,113
Deferred contract costs	3,024		16,479
Total	$	10,175	$	34,592

Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of revenue and was $7.1 million and $22.7 million for the three and nine months ended September 30, 2025, respectively and $1.5 million and $6.5 million for the three and nine months ended September 30, 2024, respectively. Launch delay fees are recorded directly to the cost of revenue and were none and $2.3 million for the three and nine months ended September 30, 2025, respectively, and $1.0 million and $2.2 million for the three and nine months ended September 30, 2024, respectively.

The following table presents contract liabilities as of September 30, 2025 and December 31, 2024 (in thousands):

	September 30, 2025		December 31, 2024
Contract liabilities – current
Deferred revenue	$	56,438	$	54,803
Contract loss provision	9,165		7,890
Accrued launch costs	555		2,491
Total contract liabilities – current	66,158		65,184
Contract liabilities – long-term
Deferred revenue	—		14,334
Contract loss provision	1,636		—
Total contract liabilities – long-term	1,636		14,334
Total contract liabilities	$	67,794	$	79,518

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $40.9 million and $8.4 million during the nine months ended September 30, 2025 and 2024, respectively.

Loss Contracts

A contract loss occurs when the current estimate of the consideration that we expect to receive is less than the current estimate of total estimating costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, we consider total contract consideration, including any variable consideration constrained for revenue recognition purposes. We may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded net losses related to contracts with customers of $1.7 million and $23.9 million for the three and nine months ended September 30, 2025, respectively, and $1.7 million and $22.8 million for the three and nine months ended September 30, 2024, respectively.

The status of these loss contracts was as follows:

•Our IM-1 mission contract for lunar payload services became a loss contract due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The contract was successfully completed in February 2024. As a result of a successful mission, previously constrained variable consideration of $12.3 million as of December 31, 2023 was released and approximately $11.6 million was recognized as revenue during the first quarter of 2024. For the nine months ended September 30, 2024 changes in estimated contract costs resulted in an additional of $5.7 million in contract loss.

•Our IM-2 mission contract for lunar payload services, became a loss contract in 2023 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The IM-2 mission associated with this contract was completed in March 2025. For the nine months ended September 30, 2025 and 2024, changes in estimated contract costs resulted in an additional $1.0 million and $7.2 million in contract loss, respectively. During the third quarter of 2025, the IM-2 mission contract was closed-out and we recognized revenue of approximately $5.5 million. As of December 31, 2024, the contract loss provision recorded in contract liabilities, current in our condensed consolidated balance sheets was $0.9 million, and there was no contract loss provision remaining as of September 30, 2025.

•Our IM-3 mission contract for lunar payload services became a loss contract in 2021 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. For the nine months ended September 30, 2025 and 2024, changes in estimated contract costs resulted in an additional $19.6 million and $9.9 million in contract loss, respectively. The increase in estimated contract costs was primarily driven by the

alignment of the mission schedule with the completion of an internally-developed satellite to be placed in lunar orbit to meet NSNS contract obligations. The period of performance for this contract currently runs through June 2026. However, these efforts are expected to extend the mission launch window to the second half of 2026. As of September 30, 2025, this contract was approximately 80% complete. As of September 30, 2025 and December 31, 2024, the contract loss provision recorded in contract liabilities, current was $7.9 million and $7.0 million, respectively, and $0.4 million and zero, respectively, in contract liabilities, non-current in our condensed consolidated balance sheets.

•Our IM-4 mission contract for lunar payload services, became a loss contract during the second quarter of 2025 due to estimated contract costs exceeding the estimated amount of consideration that we expect to receive. For the nine months ended September 30, 2025, changes in estimated contract costs resulted in $3.3 million in contract loss. As of September 30, 2025 this contract was approximately 24% complete. The period of performance for this contract currently runs through August 2028. As of September 30, 2025, the contract loss provision recorded in contract liabilities, current was $1.3 million and $1.2 million in contract liabilities, non-current in our condensed consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the remaining transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining fixed price performance obligations was $119.3 million. The Company expects to recognize revenue on approximately 10-15% of the remaining performance obligations over the remaining 3 months in 2025, 55-60% in 2026 and the remaining thereafter. Remaining performance obligations do not include variable consideration that was determined to be constrained as of September 30, 2025 due to the uncertainty of achieving performance milestones or other factors not yet resolved.

For time and materials contracts and cost reimbursable contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials and cost reimbursable agreements.

Grant Revenue and Related Matters

In April 2025, the Texas Space Commission (“TSC”) selected Intuitive Machines for a grant up to $10.0 million from the Space Exploration and Research Fund. This funding supports the development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions. Under the TSC grant, the Company will apply up to $10.0 million in funds pursuant to budget periods defined in the TSC award through June 30, 2026 as reimbursement for costs incurred in completing the tasks, specified by the Company, to complete the design of the Earth reentry vehicle. The TSC can terminate the TSC award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred through the date of termination. During the three and nine months ended September 30, 2025, the Company recognized grant revenue of $1.5 million and corresponding expenses included in cost of revenue on the condensed consolidated statement of operations. As of September 30, 2025, the grant receivable was $1.5 million, and is included in trade accounts receivables on the condensed consolidated balance sheet.