Intuitive Machines Inc (NASDAQ:LUNR) posted better-than-expected third-quarter sales on Thursday.
Intuitive Machines reported third-quarter revenue of $58.48 million, beating analyst estimates of $50.89 million, according to Benzinga Pro. Total revenue was up 359% on a year-over-year basis.
The company reported a net loss of $80.44 million, versus net income of $14.31 million in the prior year's quarter. Backlog grew to $316.2 million in the quarter, the highest in company history. Intuitive Machines ended the quarter with $89.6 million in cash.
"Intuitive Machines had a very strong third quarter highlighted by key wins, revenue growth, and the largest cash balance in Company history," said Steve Altemus, CEO of Intuitive Machines.
Intuitive Machines narrowed its full-year revenue outlook to a range of $215 million to $235 million. The company also said it expects continued backlog expansion driven by potential upcoming awards including Near Space Network 1.2 / 1.3 Direct to Earth and LTVS Phase 2, as well as task orders for OMES and Near Space Network 2.2.
Intuitive Machines shares gained 12.8% to trade at $11.55 on Friday.
These analysts made changes to their price targets on Intuitive Machines following earnings announcement.
- Benchmark analyst Josh Sullivan maintained Intuitive Machines with a Buy and raised the price target from $10 to $16.
- Cantor Fitzgerald analyst Andres Sheppard maintained the stock with an Overweight and raised the price target from $10 to $15.
- Canaccord Genuity analyst Austin Moeller maintained Intuitive Machines with a Buy and raised the price target from $11 to $12.5.
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