Intuitive Machines shares surge on growing space contracts, stronger cash position

FILE PHOTO: The Nova-C lunar lander designed by aerospace company Intuitive Machines is displayed at the company's headquarters in Houston, Texas, U.S., October 3, 2023. REUTERS/Evan Garcia/File Photo

(Reuters) -Intuitive Machines' shares surged 24% on Monday after the space company's fourth-quarter revenue jumped on the back of higher contracts and it reported a stronger cash position.

The company secured additional contracts for direct-to-earth services that position it to capitalize on the contract's $4.8 billion maximum potential value.