Cantor says Intuitive Machines selloff overdone with 90% of sales collected

Cantor Fitzgerald says it should not matter that Intuitive Machines’ Odysseus eventually landed on its side. While two of the vehicle’s antennas were slightly damaged, Intuitive’s management reaffirmed that the company is still able to communicate with flight controllers, collect and transmit the data required, and more importantly, that the sideways landing “does not have an impact on the different milestones and the payments collections,” the analyst tells investors in a research note. Cantor believes Intuitive has now collected over 90% of its revenue opportunities from this mission, and at this point, only the final component of the 10% success payment, or $13M, is waiting to be agreed upon with NASA and collected by the company. It says that while sideways landing is not ideal, it does not have a material impact on the mission and its success since most of the revenues from this mission have already been recognized. Intuitive Machines shares were down 34% yesterday following the news of sideways landing, which is an overreaction, contends Cantor, which keeps an Overweight rating on the shares with a $13 price target.