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 showcased a blend of strategic advancements and fiscal challenges in its second-quarter earnings of 2025.</li><li>The company is committed to enhancing its status as a primary contractor in space exploration, fueled by its valuable contributions to NASA’s Near Space Network services contract.</li><li>This signifies their transition from managing annual lunar surface missions to establishing a sustainable deep space infrastructure service.</li></ul>

Intuitive Machines showcased a blend of strategic advancements and fiscal challenges in its second-quarter earnings of 2025.The company is committed to enhancing its status as a primary contractor in space exploration, fueled by its valuable contributions to NASA’s Near Space Network services contract.This signifies their transition from managing annual lunar surface missions to establishing a sustainable deep space infrastructure service.

Intuitive Machines: Inside Its Strategy to Dominate Lunar Communications & Navigation!

<ul><li>Intuitive Machines captures attention as it reported record revenue and cash flows in strong Q4 and full-year financials for 2024.</li><li>The space exploration company, which became publicly traded just two years ago, showcased technical capabilities and achievements.</li><li>However, there are aspects to weigh when evaluating an investment in Intuitive Machines.</li></ul>

Intuitive Machines captures attention as it reported record revenue and cash flows in strong Q4 and full-year financials for 2024.The space exploration company, which became publicly traded just two years ago, showcased technical capabilities and achievements.However, there are aspects to weigh when evaluating an investment in Intuitive Machines.

Intuitive Machines: Here’s How Reddit’s Favorite Stock Is  Expanding Lunar Delivery Services & Capitalizing On  Government & National Security Collaborations!

<ul><li>Intuitive Machines demonstrated a robust third quarter for 2024, marked by significant revenue growth and strategic advancements in its business operations.</li><li>The company reported a revenue of $58.5 million for the quarter, representing a substantial increase from the previous year, achieving more than four times the sales of the third quarter of 2023.</li><li>The strong financial performance was further highlighted by the company's record-high cash balance of $89.6 million, and a substantial backlog of contracts valued at $316.2 million.</li></ul>

Intuitive Machines demonstrated a robust third quarter for 2024, marked by significant revenue growth and strategic advancements in its business operations.The company reported a revenue of $58.5 million for the quarter, representing a substantial increase from the previous year, achieving more than four times the sales of the third quarter of 2023.The strong financial performance was further highlighted by the company's record-high cash balance of $89.6 million, and a substantial backlog of contracts valued at $316.2 million.

Intuitive Machines’ Groundbreaking LTV Milestones That Could Revolutionize Lunar Travel! - Major Drivers

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

<ul>
<li>A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.</li>
<li>We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).</li>
<li>Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.</li>
</ul>


A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.
We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).
Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.


Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

<ul><li>Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements.</li><li>The company reported revenue of $58.5 million, marking more than a fourfold increase compared to the same quarter last year.</li><li>This increase was driven by their core service pillars of delivery, data transmission, and infrastructure as services, coupled with key contract awards such as the Near Space Network Services (NSNS), valued up to $4.82 billion over a decade.</li></ul>

Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements.The company reported revenue of $58.5 million, marking more than a fourfold increase compared to the same quarter last year.This increase was driven by their core service pillars of delivery, data transmission, and infrastructure as services, coupled with key contract awards such as the Near Space Network Services (NSNS), valued up to $4.82 billion over a decade.

Intuitive Machines' Lunar Empire Takes Shape: Record Revenues and NASA Milestones! - Major Drivers

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: Inside Its Strategy to Dominate Lunar Communications & Navigation!

Intuitive Machines showcased a blend of strategic advancements and fiscal challenges in its second-quarter earnings of 2025. The company is...

Baptista Research

Intuitive Machines: Here’s How Reddit’s Favorite Stock Is Expanding Lunar Delivery Services & Capitalizing On Government & National Security Collaborations!

Intuitive Machines captures attention as it reported record revenue and cash flows in strong Q4 and full-year financials for 2024. The space...

Baptista Research

Intuitive Machines’ Groundbreaking LTV Milestones That Could Revolutionize Lunar Travel! - Major Drivers

Intuitive Machines demonstrated a robust third quarter for 2024, marked by significant revenue growth and strategic advancements in its business...

Baptista Research

Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

Upgrading Consumer Discretionary $XLY to Overweight; 5700-5785 $SPX Gap Support Holding as we expected/discussed last week. 4.7-4.8% on 10y...

Vermilion Research

Intuitive Machines' Lunar Empire Takes Shape: Record Revenues and NASA Milestones! - Major Drivers

Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements. The company...

Baptista Research

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