Intuitive Machines Inc (NASDAQ: LUNR) is down about 10% on Tuesday even though it reported better-than-expected revenue for its first financial quarter.
Why is Intuitive Machines stock down on Tuesday?
The stock is taking a beating primarily because the management failed to impress with its future guidance. $LUNR forecasts its revenue to fall between $200 million and $240 million in fiscal 2024.
Analysts, in comparison, were at $268 million. Still, Steve Altemus – the chief executive of Intuitive Machines said in a press release today:
We had an excellent start to the year, anchored by our successful IM-1 mission and a full quarter of OMES III operations.
The space exploration company ended the quarter with a record $55.2 million in cash. Intuitive Machines stock that does not currently pay a dividend is now down 50% versus its year-to-date high.
Intuitive Machines Q1 earnings snapshot
- Lost $121 million versus the year-ago $23 million
- Revenue soared 301% year-over-year to $73.1 million
- Consensus was $59.53 million in quarterly revenue
- Ended the quarter with $222.4 million of contracted backlog
Intuitive Machines saw continued positive gross margin momentum in the first quarter, as per its earnings report on Tuesday. CEO Altemus also said today:
On April 3rd, we announced Intuitive Machines’ Lunar Terrain Vehicle (LTV) services award, which moves us beyond the delivery of science and discovery payloads and onto heavier cargo delivery and surface systems development and operations.
Wall Street currently has a consensus “buy” rating on Intuitive Machines stock. Note that $LUNR secured a $30 million contract from NASA last month (read more).
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