Intuitive Machines nasdaq Lunr Stock Tumbles on Moon Landing Mishap Disclosure

Intuitive Machines (NASDAQ: LUNR) Stock Tumbles on Moon Landing Mishap Disclosure

Intuitive Machines (NASDAQ: LUNR) stock plunged after the company revealed its lunar lander may have tipped over during its moon landing.

Intuitive Machines’ spacecraft, Odysseus, achieved a groundbreaking feat on Thursday by successfully landing on the moon’s surface. This achievement marks Intuitive Machines as the first private firm to reach the moon and signifies the return of the U.S. to the lunar surface after a gap of more than 50 years.

In a media briefing following the landing, Steve Altemus, the CEO of Intuitive Machines, Intuitive Machines CEO Steve Altemus revealed that Odysseus encountered a slight hiccup upon touchdown, with the lander tipping over after “catching a foot in the surface” of the moon. Altemus assures shareholders that the company retains significant operational capabilities. However, due to misaligned antennas, some data retrieval has encountered obstacles.

The IM-1 mission, a part of NASA’s Commercial Lunar Payload Services initiative, represents Intuitive Machines’ maiden lunar landing attempt.

The journey of Odysseus commenced with its launch aboard SpaceX’s Falcon 9 rocket in mid-February, garnering widespread attention and driving shares of Intuitive Machines to unprecedented heights. Despite Monday’s pullback, the company’s stock remains remarkably bullish, soaring over 210% in the past month.

Intuitive Machines is preparing to release its financial results for the fourth quarter in the upcoming weeks, but no specific date has been given yet. As per Benzinga Pro’s estimates, the company will report a loss of 33 cents per share and earn $18.8 million.

Intuitive Machines (NASDAQ: LUNR) Stock Price Action

LUNR stock plummeted 34.62% to close at $6.27 on Monday. The traders had exchanged hands with 44,593,865 (44.59 million) shares compared to the average daily trading volume of 6.19 million.