LUNR has a revenue stream through NASA OMES IDIQ contract (under a JV with KBR) that offsets their large R&D spending for lunar landers.  i don’t believe the future contract revenue is accurately reflected in LUNR public SEC documents.

this one contract alone has burn rate of $70M per year.  that’s about the total revenue that LUNR reported for all of last year (OMES contract was not included).  LUNR owns 90% of the JV with KBR.