# Intuitive Machines, Inc. (LUNR)

> Source: Nexqual · https://nexqual.com/LUNR · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Intuitive Machines, Inc. (LUNR), nexqual.com/LUNR" · informational, not investment advice.

## LUNR major shareholder filing: Schedule 13D/A, Jul 7, 2026
Kamal Seyed Ghaffarian, Ghaffarian Enterprises, LLC, GM Enterprises, LLC filed a Schedule 13D/A on Jul 7, 2026, reporting up to 19.70% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> with the following: Entry into the 2026 10b5-1 Plan On July 2, 2026, Ghaffarian Enterprises, LLC entered into a trading plan (the "2026 10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Pursuant to the 2026 10b5-1 Trading Plan, a broker dealer will make periodic sales of up to an aggregate of 1,935,568 shares of Class A Common Stock on behalf of Ghaffarian Enterprises, LLC. Such number of shares represents less than 2% of the total outstanding shares of Class A Common Stock of the Issuer. The 2026 10b5-1 Trading Plan is being entered into solely to generate liquidity for Ghaffarian Enterprises, LLC. Sales under the 2026 10b5-1 Trading Plan will not commence until after the expiration date of any existing plan. The foregoing description of the 2026 10b5-1 Trading Plan does not purport to be complete and is qualified in its entirety by the text of the 2026 10b5-1 Trading Plan, the form of which is attached as an exhibit to this Schedule 13D and incorporated herein by reference.

Source: https://www.sec.gov/Archives/edgar/data/1844452/000121390026076122/0001213900-26-076122-index.htm

**Price:** USD 11.68 (+0.78% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 11.59 · day 11.41–12.1 · 52w 7.78–46.75 · market cap $1.89B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $490M, net income -$131M (-26.6% margin), free cash flow -$188M (SEC filings).
- Insider open-market sales, last ~7 months: 20 Form 4 filings, $190M; 7 not under a Rule 10b5-1 plan ($149M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.30 on a 1–5 scale) (10 analysts), mean target USD 29 (range 13–43).
- Total return with dividends: 1Y +2.7% vs S&P 500 +14.4%; 5Y +20.9% vs S&P 500 +79.1%.
- Next earnings: 2026-11-12, EPS estimate USD -0.11, revenue estimate $248M. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: LUNR paid no cash dividend in the last five years.
- Short interest: 28.80% of float (as of 2026-10-15), 4.4 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $85.9M | $79.6M | $228M | $210M | $490M |
| Operating income | -$5.5M | -$61.1M | -$57.4M | -$87.2M | -$135M |
| Net income | -$190K | $61.8M | -$283M | -$83.3M | -$131M |
| EPS (diluted) | — | $2.42 | -$4.63 | -$0.73 | — |
| Free cash flow | -$15.6M | -$75.2M | -$67.7M | -$56.0M | -$188M |
| Operating margin | -6.4% | -76.8% | -25.2% | -41.5% | -27.5% |
| Net margin | -0.2% | 77.6% | -124.3% | -39.7% | -26.6% |
| Revenue growth | — | -7.4% | +186.6% | -7.9% | — |
| Cash + short-term investments | $25.8M | $4.5M | $208M | $583M | — |
| Total debt | $20.0M | $8.0M | $0K | $335M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 3.9x · EV/Sales 3.8x · FCF yield -9.96% · Earnings yield -6.92% · Buyback yield (TTM) 0.00% · Net cash $31.0M · EV $1.85B
P/E at fiscal year-ends: Dec 2023 1.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 20 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18…2026-09-21 | Crain Timothy Price Ii | SVP & Chief Technology Officer | 150,000 | $2.2M | 29.9% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-08…2026-09-09 | Ghaffarian Kamal Seyed | Director | 96,304 | $1.5M | 2.6% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-27 | Vontur Steven | See Remarks | 3,050 | $49K | 2.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-24 | Ghaffarian Kamal Seyed | Director | 141,909 | $2.4M | 3.7% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Ghaffarian Kamal Seyed | Director | 267,448 | $4.3M | 6.8% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-28 | Advent International, L.P. |  | 11,495,514 | $148M | 50% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-27 | Ghaffarian Kamal Seyed | Director | 47,303 | $624K | 1.3% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-13 | Ghaffarian Kamal Seyed | Director | 110,976 | $1.7M | 3% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-29 | Ghaffarian Kamal Seyed | Director | 141,909 | $2.9M | 3.7% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-18 | Crain Timothy Price Ii | SVP & Chief Technology Officer | 150,000 | $3.3M | 29.9% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-15 | Ghaffarian Kamal Seyed | Director | 141,909 | $3.7M | 3.7% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-08 | Liquori William John Jr | Director | 18,321 | $547K | 21% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Ghaffarian Kamal Seyed | Director | 141,909 | $5.5M | 3.8% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-18 | Ghaffarian Kamal Seyed | Director | 141,909 | $4.9M | 3.8% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Ghaffarian Kamal Seyed | Director | 141,909 | $3.6M | 3.8% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-20 | Ghaffarian Kamal Seyed | Director | 141,909 | $4.0M | 3.8% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-15 | McGrath Peter | SVP and CFO | 24,554 | $580K | 5.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Jones Anna Chiara | SVP, CLO & Corporate Secretary | 4,911 | $116K | 2.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Altemus Stephen J | Chief Executive Officer | 13,751 | $325K | 1.2% | No | Too little history (no open-market trades in 2023) |
| 2026-04-15 | Crain Timothy Price Ii | SVP & CTO | 8,447 | $199K | 2.3% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.30 on a 1–5 scale), 10 analysts; mean target USD 29 (low 13, high 43).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Macquarie | Initiated | Outperform | $25 |
| 2026-08-31 | B of A Securities | Target raised | Underperform | $11 → $13 |
| 2026-08-18 | Canaccord Genuity | Target lowered | Buy | $41 → $39 |
| 2026-08-14 | B. Riley Securities | Target lowered | Buy | $45 → $43 |
| 2026-08-14 | Cantor Fitzgerald | Target lowered | Overweight | $43 → $32 |
| 2026-08-14 | Stifel | Upgrade | Hold → Buy | $32 → $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-11-15) |
|---|---|---|
| Total return | +2.7% | +20.9% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +2.7% | +3.9% |
| Volatility (annualized) | 109.8% | 116.6% |
| Max drawdown | -77.1% (May 2026→Oct 2026) | -94.3% (Feb 2023→Jan 2024) |

## Dividends
LUNR paid no cash dividend in the last five years.

## Short interest
38,042,831 shares sold short, 28.80% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 36,325,445 shares (+4.7%). Days to cover: 4.4 (short shares ÷ average daily volume).

## Peers (Aerospace & Defense)
SARO (StandardAero, Inc.) USD 23.79 +7.11% · KTOS (Kratos Defense & Security Solut) USD 43.59 +5.88% · CAE (CAE Inc) USD 26.27 +1.98% · DRS (Leonardo DRS, Inc.) USD 39.64 +11.66% · MOG-A (Moog Inc.) USD 362.81 +4.41% · HII (Huntington Ingalls Industries, ) USD 316.21 +13.23%

## More
Full page: https://nexqual.com/LUNR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LUNR's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1844452/000162828026019865/lunr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | NOKIA CORP (NOK) | "Our lunar cargo delivery missions include commercial customers including, Columbia Sportswear Company, Nokia Corporation, Aegis Aerospace, AstroForge, Jeff Koons, International Lunar Observatory Association, Galactic Leg…" |
| Customer | Dymon | "Our lunar cargo delivery international customers include, Dymon Corporation, Puli Space, and German Aerospace Center." |
| Customer | KinetX | "On October 1, 2025, we completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX, Inc ("KinetX"), a privately-held, Arizona-based aerospace company with more than 30 yea…" |
| Partner | Lanteris Space Holdings | "We may not be able to continue the operational success of Lanteris or other businesses we acquire or successfully finance or integrate such businesses or the businesses with which we form a partnership or joint venture." |
| Partner | If Intuitive Machines | "If Intuitive Machines, LLC were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and Intuitive Machines, LLC might be subject to potentially significant tax ineffi…" |
| Partner | X-Energy, Inc. (XE) | "The Company participates in the IX, LLC joint venture ("IX LLC JV") with X-energy, a nuclear reactor and fuel design engineering company, developing high-temperature gas cooled nuclear reactors and fuel to power them." |
| Partner | IX | "We have determined that IX, LLC JV is a variable interest entity and Intuitive Machines is the primary beneficiary because it is most closely associated with the activities of the joint venture." |
| Competitor | Lockheed Martin (LMT) | "Competition in our addressable market is mainly divided between incumbents, such as Lockheed Martin and Blue Origin who pursue larger, more complex contracts such as crewed lunar missions, and next generation players, in…" |
| Competitor | Boeing (BA) | "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, …" |
| Competitor | Airbus | "Lanteris' primary competitors for commercial geostationary satellite construction projects are Airbus, Astranis, Northrop Grumman, and ThalesAlenia Space." |
| Competitor | SpaceX | "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, …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $166.7M | 80.9% | — |
| Service | $36.7M | 17.8% | -27.1% |
| Total revenue | $206.2M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 35%, 28%, 11%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Company outlook (8-K filed 2026-08-13)

- "Outlook • Full-year 2026 revenue of $900 million - $1 billion • Full-year 2026 Adjusted EBITDA positive Conference Call Information Intuitive Machines will host a conference call today, August 13, 2026, at 8:30 am Eastern Time to discuss these results."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.11 | $-0.07 | −$0.04 | $247.6M | 4 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.05 | −$0.02 | $280.6M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.52 | $-0.41 | −$0.11 | $919.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.15 | $-0.13 | −$0.02 | $1.17B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±16.7%; earnings reaction alone ±10.6%; last 8 reports averaged ±11.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 1 | 101.9% | ±4.6% |
| 2026-11-06 | 8 | 80.7% | ±9.9% |
| 2026-11-13 | 15 | 100.3% | ±16.7% |
| 2026-11-20 | 22 | 105.1% | ±21.1% |
| 2026-11-27 | 29 | 90.6% | ±20.9% |
| 2026-12-04 | 36 | 92.0% | ±23.6% |
| 2026-12-11 | 43 | 105.6% | ±29.5% |
| 2026-12-18 | 50 | 90.4% | ±27.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 13, 2026 | Quarter ended Jun 30, 2026 | −$0.16 | −$0.07 | Miss −128.6% | +12.2% |
| May 14, 2026 | Quarter ended Mar 31, 2026 | −$0.05 | −$0.06 | Beat +16.7% | -5.0% |
| Mar 19, 2026 | Quarter ended Dec 31, 2025 | −$0.03 | −$0.05 | Beat +40.0% | -1.5% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | −$0.08 | −$0.05 | Miss −60.0% | -9.8% |
| Aug 7, 2025 | — | — | — | — | -6.6% |
| May 13, 2025 | — | — | — | — | +24.5% |
| Mar 24, 2025 | — | — | — | — | +29.8% |
| Nov 14, 2024 | — | — | — | — | +5.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-22 | 8-K | Director or executive officer change, or pay arrangement — “Resignation of Director On October 21, 2026, Michael Blitzer resigned from the Board of Directors (the "Board") of Intuitive Machines, Inc. (the "Company"), including as a member of the Nominating and Corporate Governance Committee, Conflict Committee and Audit Committee and as Chair of the Compensation Committee of the Board, effective immediately. Mr. Blitzer's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.…” | https://www.sec.gov/Archives/edgar/data/1844452/000162828026066926/0001628280-26-066926-index.htm |
| 2026-10-19 | Schedule 13G/A | BANK OF NOVA SCOTIA: 3.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1844452/000000963126000033/0000009631-26-000033-index.htm |
| 2026-08-13 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1844452/000162828026056821/0001628280-26-056821-index.htm |
| 2026-08-13 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1844452/000162828026056476/0001628280-26-056476-index.htm |
| 2026-08-06 | Schedule 13G/A | Voya Financial, Inc.: 4.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1844452/000204825126006524/0002048251-26-006524-index.htm |
| 2026-08-03 | 8-K | Entered a material agreement; Regulation FD disclosure; Other material event — “On August 3, 2026, Intuitive Machines, LLC ("Buyer"), a wholly owned subsidiary of Intuitive Machines, Inc. (the "Company"), entered into a Membership Interest Purchase Agreement (the "MIPA") with Goonhilly Holdings USA Inc., pursuant to which Buyer acquired all of the issued and outstanding membership interests of COMSAT LLC (formerly Goonhilly Inc.) ("COMSAT") for a base cash purchase price of $10 million and reimbursement of expenses, which amount is subject to adjustments for cash, debt, working capital and…” | https://www.sec.gov/Archives/edgar/data/1844452/000119312526330778/0001193125-26-330778-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 6.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1844452/000201238326002531/0002012383-26-002531-index.htm |
| 2026-07-15 | Schedule 13G | BANK OF NOVA SCOTIA: 5.6% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1844452/000000963126000024/0000009631-26-000024-index.htm |
| 2026-07-07 | Schedule 13D/A | Kamal Seyed Ghaffarian, Ghaffarian Enterprises, LLC: 19.7% of shares, 5%+ holder that may seek to influence the company (amended) — “with the following: Entry into the 2026 10b5-1 Plan On July 2, 2026, Ghaffarian Enterprises, LLC entered into a trading plan (the "2026 10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Pursuant to the 2026 10b5-1 Trading Plan,…” | https://www.sec.gov/Archives/edgar/data/1844452/000121390026076122/0001213900-26-076122-index.htm |
| 2026-07-01 | Schedule 13D/A | Kamal Seyed Ghaffarian, Ghaffarian Enterprises, LLC: 19.7% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1844452/000121390026074547/0001213900-26-074547-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.