Intuitive Machines Set For Liftoff: $500M Revenue Target By 2028, Positive EBITDA in 2026, Says Analyst

Barclays analyst David Strauss initiated coverage on Intuitive Machines (NASDAQ:LUNR) with an Equal-Weight rating and price forecast of $13.

The rating reflects optimism about the company’s diverse growth prospects, partly negated by uncertainties around government funding, industry competition and execution challenges.

The analyst anticipates the company will continue to gain from NASA’s growing dependence on commercial partners.

The company is well-positioned in NASA’s lunar return efforts, with involvement in lunar landers, data transmission and surface vehicles, adds the analyst.

Also Read: Intuitive Machines Q1 Earnings: Revenue Up 14%, IM-3 Mission Remains ‘On Track,’ Company Affirms FY25 Guidance

Strauss estimates Intuitive’s revenue to grow at a compound annual rate of 20%–25%, reaching around $500 million by 2028.

The analyst expects EBITDA to turn positive in the second half of 2026 and increase to $62 million in 2028, with margins exceeding 10% by 2028.

Following its recent equity raise and warrant redemption, Intuitive Machines holds nearly $400 million in cash and carries no debt, notes the analyst.

Strauss anticipates the company will continue to use free cash flow through 2028.

The analyst’s revenue, EBITDA, adj EPS and FCF estimates are largely below the consensus, given the uncertainty of future programs.

Investors can gain exposure to the stock via Procure Space ETF (NASDAQ:UFO) and SPDR S&P Kensho Final Frontiers ETF (NYSE:ROKT).

LUNR Price Action: Intuitive Machines shares are up 1.96% at $11.45 at publication on Thursday.

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Photo: Courtesy of Intuitive Machines.