Intuitive Machines slips following Q1 earnings report

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:

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:

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).