Intuitive Machines (LUNR) stock fell 30% over the past month to $10.67, while the Procure Space ETF (UFO) dropped only 6% and Rocket Lab (RKLB) fell 22%. The article says the key risk is revenue concentrated in a few large government contracts, and the quarterly report showed an operating cash outflow of $59.8 million, a GAAP loss of $0.29 per share and shareholders' equity of negative $290 million. Q2 revenue reached $206.2 million, more than four times the year-earlier figure, backlog rose to $1.76 billion, and national security's share of sales climbed from 3% to 30%, helped by an 18-spacecraft award for the Golden Dome missile defense constellation. The company has not yet guided on free cash flow, and Mission 3 is set to launch in the first quarter of 2027. The article says the 30% decline already reflects much of this concentration risk, but investors should weigh their exposure carefully when adjusting holdings.
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