Intuitive Machines (LUNR, Financial) shares surged more than 20% on Monday morning after the space technology firm reported a 79% rise in fourth-quarter revenue, driven by increased contract activity.
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The company secured additional agreements for its direct-to-earth services, which facilitate communication and navigation for spacecraft, including lunar landers and orbiters. These services are integral to NASA's Artemis program and broader lunar exploration efforts. The latest contracts position Intuitive Machines to tap into a potential $4.8 billion market.
Shares of the Houston-based firm have dropped 61% this year, largely due to complications with its second moon landing. Earlier in March, the Athena lander tipped onto its side following a laser rangefinder issue, mirroring a similar problem from its first lunar mission.
Although the setback occurred, the company clearly stated that its main revenue comes from space contracts rather than launch missions. Revenue rose to $54.6 million during the fourth quarter of 2019 compared to $30.7 million in the past year. Intuitive Machines has maintained the official launch schedule for its third lunar mission, IM-3, which will take place during the upcoming year.
The company remains focused on expanding its space services and advancing its upcoming missions.
This article first appeared on GuruFocus.
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