Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Intuitive Machines reported a strong second quarter 2026 marked by substantial revenue growth, an expanded backlog, and strategic investments aimed at scaling its aerospace operations across civil, commercial, and national security markets.</li><li>The company posted $206 million in revenue, exceeding four times the amount from the prior year, and ended the quarter with a record backlog of approximately $1.8 billion.</li><li>This backlog reflects diversification with 37% civil space, 49% commercial space, and 14% national security space exposure.</li></ul>

Intuitive Machines reported a strong second quarter 2026 marked by substantial revenue growth, an expanded backlog, and strategic investments aimed at scaling its aerospace operations across civil, commercial, and national security markets.The company posted $206 million in revenue, exceeding four times the amount from the prior year, and ended the quarter with a record backlog of approximately $1.8 billion.This backlog reflects diversification with 37% civil space, 49% commercial space, and 14% national security space exposure.

Intuitive Machines: Reddit's Darling Stock Is Not Just A Moon Company; Its Space Empire Is Expanding!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Pioneering the Lunar Economy with Proven Execution: <a href="https://smartkarma.com/entities/intuitive-machines-inc">Intuitive Machines </a>has established a crucial first-mover advantage by becoming the first private company to successfully soft-land a spacecraft on the Moon. This demonstrated capability is a significant differentiator in securing contracts, primarily with NASA, and positions the company as a key enabler of the burgeoning cislunar economy.</li>
 <li>
Explosive Backlog Growth Underpins Future Revenue: The company's contracted backlog has surged to a record $1.1 billion, driven by new contract awards and the strategic acquisition of Lanteris. This provides substantial revenue visibility for the coming years and signals strong demand for its lunar delivery and space infrastructure services.</li>
 <li>
High-Growth, High-Risk Profile: Despite rapid revenue growth and a market-leading position, the company remains unprofitable with significant negative cash flow, typical for an early-stage, capital-intensive business. The inherent risks of space missions, coupled with a high dependency on government contracts, create a high-risk, high-reward investment profile.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Pioneering the Lunar Economy with Proven Execution: Intuitive Machines has established a crucial first-mover advantage by becoming the first private company to successfully soft-land a spacecraft on the Moon. This demonstrated capability is a significant differentiator in securing contracts, primarily with NASA, and positions the company as a key enabler of the burgeoning cislunar economy.
  
Explosive Backlog Growth Underpins Future Revenue: The company's contracted backlog has surged to a record $1.1 billion, driven by new contract awards and the strategic acquisition of Lanteris. This provides substantial revenue visibility for the coming years and signals strong demand for its lunar delivery and space infrastructure services.
  
High-Growth, High-Risk Profile: Despite rapid revenue growth and a market-leading position, the company remains unprofitable with significant negative cash flow, typical for an early-stage, capital-intensive business. The inherent risks of space missions, coupled with a high dependency on government contracts, create a high-risk, high-reward investment profile.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Intuitive Machines  (LUNR US) - Aug 2026

<ul><li>Intuitive Machines reported its strongest first quarter in company history, delivering record revenue of approximately $187 million, which represents about a threefold increase over Q1 2025 revenue.</li><li>This substantial growth was driven in part by the acquisition of Lanteris completed in January 2026, which contributed to the expansion of the company's production scale and margin profile.</li><li>Notably, this marked the first full quarter including Lanteris, though reported revenue did not account for Lanteris’s contribution in the initial days of the quarter.</li></ul>

Intuitive Machines reported its strongest first quarter in company history, delivering record revenue of approximately $187 million, which represents about a threefold increase over Q1 2025 revenue.This substantial growth was driven in part by the acquisition of Lanteris completed in January 2026, which contributed to the expansion of the company's production scale and margin profile.Notably, this marked the first full quarter including Lanteris, though reported revenue did not account for Lanteris’s contribution in the initial days of the quarter.

Intuitive Machines’ Space Network Push Sparks Buzz After Goonhilly Agreement!

<ul><li>Intuitive Machines reported its full-year 2025 results during a period of significant transformation for the company.</li><li>The year featured the completion of its second lunar mission, entry into national security space programs, and two major acquisitions—KinetX Aerospace (closed in Q4 2025) and Lanteris Space Systems (closed in January 2026).</li><li>These strategic steps have expanded Intuitive Machines' scale, addressable market, and diversified its revenue streams across commercial, civil space, and national security sectors, each constituting approximately 40%, 40%, and 20% of the business mix respectively.</li></ul>

Intuitive Machines reported its full-year 2025 results during a period of significant transformation for the company.The year featured the completion of its second lunar mission, entry into national security space programs, and two major acquisitions—KinetX Aerospace (closed in Q4 2025) and Lanteris Space Systems (closed in January 2026).These strategic steps have expanded Intuitive Machines' scale, addressable market, and diversified its revenue streams across commercial, civil space, and national security sectors, each constituting approximately 40%, 40%, and 20% of the business mix respectively.

Intuitive Machines: From Satellite Manufacturing To Lunar Mobility—A Fully Integrated Space Platform Emerging!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Invesco S&P 500 Equal Weight E / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>Last week's Compass (May 19) was titled "SPX and QQQ Testing 8-day EMAs; Buy the Pullback," and the market bottomed that day.</li>
<li>We saw significant FUD about rising oil, yields, and the DXY in recent weeks, but we've been discussing weekly since our May 5th Compass how we were not overly concerned</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
Last week's Compass (May 19) was titled "SPX and QQQ Testing 8-day EMAs; Buy the Pullback," and the market bottomed that day.
We saw significant FUD about rising oil, yields, and the DXY in recent weeks, but we've been discussing weekly since our May 5th Compass how we were not overly concerned


RSP, QQEW, Dow Breaking Out; Downgrading Energy to Market Weight. Selling Crude Oil and Gasoline

United States

Intuitive Machines, Inc. provides space services and technologies. The Company offers lunar surface access, lunar orbit delivery, space system, and communications at lunar distance. Intuitive Machines serves customers worldwide.

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Intuitive Machines (LUNR US)

Intuitive Machines: Reddit's Darling Stock Is Not Just A Moon Company; Its Space Empire Is Expanding!

Intuitive Machines reported a strong second quarter 2026 marked by substantial revenue growth, an expanded backlog, and strategic investments...

Baptista Research

Primer: Intuitive Machines (LUNR US) - Aug 2026

Pioneering the Lunar Economy with Proven Execution: Intuitive Machines has established a crucial first-mover advantage by becoming the first...

αSK Primers

Intuitive Machines’ Space Network Push Sparks Buzz After Goonhilly Agreement!

Intuitive Machines reported its strongest first quarter in company history, delivering record revenue of approximately $187 million, which...

Baptista Research

Intuitive Machines: From Satellite Manufacturing To Lunar Mobility—A Fully Integrated Space Platform Emerging!

Intuitive Machines reported its full-year 2025 results during a period of significant transformation for the company. The year featured the...

Baptista Research

RSP, QQEW, Dow Breaking Out; Downgrading Energy to Market Weight. Selling Crude Oil and Gasoline

$RSP $QQEW Dow Breaking Out; Downgrading Energy $XLE to Market Weight. Selling Crude Oil $USO and Gasoline $UGA. FUD surrounding oil, yields, and...

Vermilion Research

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