LUNRHIGH SIGNALFINANCIAL10-K

LUNR shows dramatic financial improvement with cash reserves nearly tripling to $583M and net losses reducing by 71%, though operating losses worsened significantly.

The massive cash increase suggests LUNR completed a major equity raise or financing event, providing substantial runway for operations. However, the deteriorating operating performance (-$57M to -$87M operating loss) indicates underlying business challenges persist despite the improved liquidity position.

Comparing 2026-03-19 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

LUNR's financial profile transformed dramatically with cash and equivalents surging 181% to $583M while total assets doubled to $757M, clearly indicating a major capital raise. Operating performance tells a mixed story - net losses improved substantially from -$283M to -$83M, but operating losses actually worsened 52% to -$87M, and operating cash flow remained deeply negative at -$14M despite some improvement. The combination of massive cash infusion with persistent operational losses suggests LUNR bought time but hasn't yet solved its fundamental profitability challenges.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+311.8%
$10.1M$41.6M

Capital expenditure jumped 311.8% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+180.6%
$207.6M$582.6M

Cash position surged 180.6% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
+113%
$355.4M$757.2M

Asset base grew 113% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+111.1%
$293.2M$618.8M

Current assets grew 111.1% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+75.1%
-$57.6M-$14.3M

Operating cash flow surged 75.1% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
-72.8%
$44.8M$12.2M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Net Income
P&L
+70.6%
-$283.4M-$83.3M

Net income grew 70.6% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
+57.5%
$351.5M$553.5M

Liabilities grew 57.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Income
P&L
-52%
-$57.4M-$87.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
+26.3%
$98.8M$124.8M

Current liabilities rose 26.3% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-25
ADDED
As of March 11, 2026, the Registrant had 159,372,567 shares of Class A common stock, $0.0001 par value, 0 shares of Class B common stock, $0.0001 par value, and 57,428,185 shares of Class C common stock, $0.0001 par value, outstanding.
Any acquisitions, partnerships or joint ventures into which we enter subject to integration risks and could disrupt our operations; our failure to manage our growth effectively and failure to win new contracts; our ability to generate a sustainable order rate for the satellite and space operations and develop new technologies to meet the needs of our customers or potential new customers; our customer concentration; limited operating history; competition from existing or new companies; disruptions in U.S.
government to complete its budget process for any government fiscal year that may result in government shutdowns or extended continuing resolution and our dependence on U.S.
government contracts and the available funding or changing funding priorities by the U.S.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date.
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REMOVED
As of March 18, 2025 , the Registr ant had 115,725,043 shares of Class A common stock, $0.0001 par value, 0 shares of Class B common stock, $0.0001 par value, and 62,594,533 shares of Class C common stock, $0.0001 par value, outstanding.
These forward-looking statements reflect our predictions, projections or expectations based upon currently available information and data.
government to complete its budget process for any government fiscal year, and our dependence on U.S.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements.
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