Cantor Daily Research Highlights

Research evidence excerpt

Cantor Daily Research Highlights

l Catalysts Ahead: Lunar Terrain Vehicle (LTV) contract decision (we now expect on 5/22), CLPS CP32

award (3Q26E), IM-3 Mission and Satellite Launch (we expect 4Q26), potential Golden Dome awards (we expect 2H26), IM-4

Mission (we expect 4Q27), and IM-5 (we expect 4Q28/1H29), and Andromeda IDIQ ramp-up (2028).

An Update on Lanteris Acquisition - Selected for Andromeda IDIQ Multi-year Award. Recall on 11/4, Intuitive Machines

announced an agreement to acquire Lanteris Space Systems (a satellite and spacecraft manufacturer, formerly Maxar Space

Systems) from Advent International (private) for $800M ($450M in cash and $350M in Class A common stock). More

importantly, following the close of the acquisition, we expect LUNR to be better positioned as a Space Prime and to have

the ability to design, manufacture, deliver and operate missions from Earth orbit to the Moon, Mars, and beyond. By

integrating Lanteris' spacecraft manufacturing capabilities, Intuitive Machines aims to expand its business into broader

domains spanning low Earth orbit (LEO), medium Earth orbit (MEO), geostationary orbit (GEO), and deep space, including

Mars missions. As such, we view this acquisition as both strategic, with several synergies with LUNR's business, and additive,

in that it will expand satellite deployments and operations and allow the company to pursue awards not previously possible.

On its 1Q call, management highlighted that the Lanteris acquisition has been "immediately accretive," and revenues have

begun to ramp up. Additionally, on 5/13, LUNR announced it was selected by the U.S. Space Force’s Space Systems Command

as 1 of 14 awardees under the Andromeda multiple-award IDIQ contract. This 10-year award is expected to have an initial