What Intuitive Machines, Inc. told the SEC could break it.

Intuitive Machines has extreme single-customer concentration: approximately 78% of 2025 revenue (90% in 2024) came from one major customer — the U.S. government, principally NASA (via CLPS lunar-lander missions, NSN/Near Space Network, OMES and related contracts). A default, delay, descoping, change in ordering/strategy, or contract termination by NASA would have an outsized impact, and the business's growth explicitly depends on winning additional government contracts in 2026 and beyond. A textbook government-payor/single-customer concentration of the highest order.

“For the years ended December 31, 2025 and 2024, approximately 78% and 90% of our revenues, respectively, came from one major customer.”

Because it contracts principally with NASA and other U.S. government agencies, Intuitive Machines is exposed to federal budget and contracting policy: its revenue depends on Congressional appropriations and NASA program funding, and government shutdowns or funding lapses could harm results. This risk has already materialized — NASA cancelled the OSAM project task orders, cutting revenue by ~$71.9 million. It must also comply with the government-contracting regime (Cost Accounting Standards, DCAA/DCMA audits, FAR cost-disclosure rules) and with export/import control, economic sanctions, and FAA/FCC/DOT licensing. Adverse changes in NASA's budget, program priorities, or contract terms — or a compliance failure — could materially affect the business. A specific government-policy/appropriations and contracting-compliance exposure.

“We contract with U.S. government agencies and entities, principally NASA”

Intuitive Machines relies on a single launch service provider for its lunar missions, and on a limited number of suppliers — many on a single- or sole-source basis, particularly in its satellite integrated-build capability — for certain raw materials, supplied components and product-equipment items. Inability to secure launch capacity or critical components on time or on favorable terms could delay or scrub missions, impair order fulfillment, raise costs, or trigger contract penalties/terminations. For a company whose revenue rides on a small number of high-stakes, schedule-critical lunar missions, these sole-source dependencies (launch + components) are a material single-point-of-failure exposure.

“we currently rely on a single launch service provider for our lunar missions.”