Intuitive Machines completes $706M Lanteris acquisition, adds satellite manufacturing; revenue falls 8%

Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 25, 2025 · ~2 min read

Key Changes

• high

  Completed $706M Lanteris acquisition in January 2026, adding commercial GEO satellite manufacturing and 1,170 employees; workforce expanded nearly 4x to ~1,695 total. Company now operates across LEO, GEO, cislunar, and deep-space markets.

  Business: Lanteris acquisition verify on EDGAR →
• high

  Revenue declined 8% to $210M despite KinetX acquisition; operating loss widened 52% to $87M. Backlog fell 35% to $213M as contract performance ($210M) outpaced new awards ($105M), reversing prior year's growth momentum.

  MD&A: Revenue performance / Notes: operating loss verify on EDGAR →
• high

  Raised $685M in capital through $345M convertible notes (2.5%, due 2030), $177M warrant exercises, and $175M February 2026 equity placement at $15.12/share. Cash position strengthened to $583M from $208M.

  MD&A: Convertible Notes / Securities Purchase Agreement verify on EDGAR →