Wall Street Bullish on LUNR After Lanteris Deal!

Company & Deal Overview

Intuitive Machines, Inc. (NASDAQ: LUNR) is an emerging space technology and infrastructure services company specializing in lunar missions and space services. The company made headlines by announcing a definitive agreement to acquire Lanteris Space Systems (formerly Maxar Space Systems) from Advent International for $800 million (^[1]). The deal comprises $450 million in cash and $350 million in stock, and is expected to close in Q1 2026 pending regulatory approvals (^[1]). Lanteris is a proven spacecraft manufacturer serving national security, civil, and commercial space customers (^[1]). Management touts this acquisition as transformational – combining Intuitive’s lunar expertise with Lanteris’s satellite manufacturing to create a “next-generation space prime” spanning Low Earth Orbit (LEO), geosynchronous orbit, the Moon, Mars and beyond (^[2]) (^[2]). The combined entity is projected to generate over $850 million in annual revenue with a robust $920 million backlog as of Sept. 30, 2025 (^[1]). Intuitive’s CEO described the move as the point where the company “transitions from a lunar company to a multi-domain space prime” poised to compete for multi-billion-dollar space programs (^[2]). Notably, the merger will give Advent International (Lanteris’s seller) an equity stake (via Intuitive stock) in the combined company (^[1]), aligning Advent as a long-term partner. This strategic shift greatly broadens Intuitive’s scope beyond its lunar lander missions into full-service spacecraft production and operations across government and commercial markets.

Dividend Policy & Shareholder Returns

Dividend History: Intuitive Machines does not pay a dividend and has no history of shareholder distributions. The company remains in growth mode and any cash generated is reinvested into operations and expansion. In fact, LUNR is not ranked for dividends (yield effectively 0%) (^[3]). Management has given no indication of initiating a dividend in the foreseeable future – understandable given that Intuitive is a young, high-growth aerospace firm currently focused on achieving sustained profitability rather than returning cash to shareholders. Traditional REIT metrics like FFO/AFFO are not applicable here. Instead, investors gauge performance by revenue growth, contract wins, and progress toward positive EBITDA. As of now, LUNR’s dividend yield is 0%, and investors must look to stock price appreciation for returns. Any future consideration of dividends would likely require consistent positive free cash flow, which the company has yet to attain.

Share Buybacks: Similarly, Intuitive Machines has not engaged in share repurchases. The priority is funding ambitious projects (like lunar landers and satellite networks) and integrating acquisitions. In fact, the share count has been increasing (through SPAC-related shares, earn-out shares, and now new stock issued for the Lanteris deal). This dilution is a typical trade-off for a growing company raising capital, but it means shareholder returns hinge on growth execution rather than immediate cash payouts.

Leverage & Debt Maturities

Capital Structure: Intuitive Machines historically carried little debt – it ended Q2 2025 debt-free with $345 million in cash on hand (^[4]). However, to bolster liquidity for the Lanteris acquisition and ongoing projects, the company issued $345 million of 2.5% convertible senior notes due 2030 during Q3 2025 (^[5]). This financing brought long-term debt to ~$334.8 million (net of some fees) and significantly increased the cash balance (^[5]). Indeed, Intuitive exited Q3 with a hefty $622 million cash war chest (^[5]) – more than enough to cover the $450 million cash portion of the Lanteris deal. The notes carry a relatively low interest rate and a conversion price around $13.11, indicating lenders’ confidence in the company’s future. To mitigate dilution from a potential conversion, Intuitive even purchased capped call options for ~$36.8 million (^[5]), effectively limiting share count expansion within certain price ranges.

Debt Maturities: The convertible notes mature in 2030, giving the company ample runway before principal repayment comes due. At a 2.5% coupon, annual interest expense will be roughly $8.4 million – a manageable obligation if the combined company achieves positive EBITDA as planned. Besides the convertibles, Intuitive maintains an undrawn $40 million revolving credit facility for additional liquidity (^[5]). This revolver (likely with a shorter-term maturity) provides a cushion for working capital swings or smaller acquisitions. Post-acquisition, assuming ~$450M of cash is used, Intuitive will still have substantial cash on its balance sheet (approximately $170M+ pro forma, before any Lanteris cash flow contribution). In essence, net leverage remains moderate – roughly ~$160M net debt after the deal, which is under 0.2x the projected $850M revenue. The debt-to-equity ratio is somewhat distorted by accounting (it was -0.1 as of latest report due to negative equity) (^[6]), but on a debt-to-assets or net debt basis the company is not heavily levered. No significant debt maturities occur until 2030 (unless noteholders convert earlier), meaning near-term bankruptcy risk from debt is low and the balance sheet can support growth initiatives.

Coverage & Cash Flow

Interest Coverage: Given Intuitive’s pre-acquisition losses, traditional interest coverage ratios (EBIT/Interest) are currently weak – the company had negative EBITDA in 2023-2025 YTD, so earnings do not yet cover interest. However, Intuitive had essentially no interest expense through Q3 2025 (having carried no debt until the late Q3 convertible issue) (^[5]). Going forward, annual interest of ~$8M from the new notes will need to be serviced. In the short term, this is not a concern because the company’s large cash balance can easily cover interest many times over. More importantly, management expects to reach positive Adjusted EBITDA by 2026 (^[4]), especially once Lanteris’s profitable operations are consolidated. Analysts project that the combined company will generate positive EBITDA alongside $850M+ revenue (^[7]) – implying that operating cash flow should soon be sufficient to cover interest costs. In effect, interest coverage is projected to improve markedly post-acquisition as Intuitive transitions from cash-burning startup to a cash-generating “space prime.”

Fixed-Charge/Debt Service Coverage: Aside from interest, Intuitive’s cash obligations include operating lease payments and project expenses, but no significant debt principal payments are due for several years. The convertible notes do not require principal amortization, and interest payments (approximately $2.1M per quarter) are small relative to the company’s cash on hand and expected cash flow. Even during 2025 when EBITDA was negative, net cash used in operating activities was only $7.0M for the first nine months (^[5]) – a dramatic improvement from a $55.6M cash burn in the same period of 2024 (^[5]). This improvement was aided by upfront customer payments and better working capital management. It suggests that Intuitive’s contract structure (many cost-plus or milestone payments) is helping fund operations. As of Q3 2025, the current ratio was a strong 3.7 (^[6]), reflecting healthy working capital. In short, liquidity and coverage of obligations are solid for now, backed by the huge cash buffer. Investors will watch that the company converts backlog into cash flow to maintain this coverage as it executes its missions.

Dividend/Bond Coverage: Since there are no dividends, payout ratio coverage isn’t applicable. If we analogize AFFO/FFO coverage (commonly used for REITs) to Intuitive’s situation, one could look at how operating cash or EBITDA covers fixed charges. By 2026, Intuitive aims for Adjusted EBITDA to turn positive (^[4]), which, if achieved, should comfortably cover the modest interest outlay and leave headroom for reinvestment. Until then, the coverage essentially comes from the cash reserve – a situation the company deliberately created by raising capital ahead of the Lanteris deal. This proactive capital raise has de-risked the near-term coverage concerns.

Valuation & Analyst Sentiment

Valuation Metrics: Intuitive Machines is a high-growth, still-unprofitable company, so traditional P/E is not meaningful (the forward P/E is sky-high ~62 based on small expected 2026 earnings) (^[6]). Instead, investors look at revenue multiples and the value of its contract backlog. At the current share price (recently around the low teens), market capitalization is about $1.3–1.4 billion (^[6]). This values LUNR at roughly 4.6× trailing 12-month revenue (^[6]) – a rich multiple, well above the company’s historical median P/S of ~1.8 (^[6]). However, if the company can hit ~$850M in annual sales with Lanteris, the forward price-to-sales would drop to ~1.6×, which appears much more modest. On an enterprise value basis (market cap minus net cash), the valuation is even lower – EV/Sales near ~1.3× forward. This suggests that the market is crediting Intuitive’s growth but also pricing in execution risk (peers in the space-tech SPAC realm often trade at 2–5× revenue).

Compared to peers, LUNR’s valuation sits in the middle of the pack: for instance, Rocket Lab (small-launch and spacecraft services) trades around ~4–5× 2024 sales, while more speculative space peers like AST SpaceMobile or Virgin Galactic trade predominantly on future potential rather than current revenue. Unlike those peers, Intuitive has a sizable NASA/DOD-backed backlog, arguably warranting a premium. GuruFocus data shows LUNR’s P/S at 4.58 and a forward P/E in the 60s (^[6]), underlining that a lot of growth is “priced in” already. Nonetheless, Wall Street sentiment is bullish – the stock carries a consensus “Buy” rating (average recommendation ~2.1/5.0) (^[6]), meaning analysts lean positive on its prospects.

Analyst Coverage & Targets: Coverage on LUNR is still limited (a handful of boutique firms), but those who follow it are optimistic. Notably, Cantor Fitzgerald reiterated an Overweight/Buy rating with a $16 price target after the Lanteris deal (^[7]). Cantor sees the acquisition as a catalyst that could drive over $850M revenue and improved profitability, supporting a higher stock valuation (^[7]). Canaccord Genuity and others also cover the name; for example, Canaccord recently adjusted its target (to around $15.50) as they digest the transformative deal (indicating upside from current levels). The market reaction to the Lanteris news was clearly positive – LUNR’s share price surged ~25% in the week following the announcement (^[7]). It also jumped 6–7% on the deal day alone (^[8]), reflecting investor enthusiasm for Intuitive becoming a broader space contractor. This rally coincided with gains in other space-exposed stocks (e.g. Rocket Lab, AST SpaceMobile, Virgin Galactic), as the sector garnered attention (^[7]). Overall, the stock’s momentum and upward revisions in outlook indicate that Wall Street believes Intuitive Machines is now better positioned – and possibly undervalued relative to its pro forma scale. The key valuation question is whether the company can execute to justify the growth multiples. If yes, today’s price could be a bargain (some bulls even tout >50–70% upside in optimistic scenarios); if not, the high P/S could correct. For now, however, sentiment skews bullish on LUNR’s long-term investment narrative.

Risks & Red Flags

Despite the optimism, Intuitive Machines carries significant risks that investors should weigh:

– Mission Execution Risk: Intuitive’s lunar missions have had mixed outcomes, which directly impact credibility and contract payouts. Both of the company’s attempted Moon landings encountered issues – the first lander (“Odyssey”) tipped over after touchdown in 2024, and the second lander Athena similarly landed on its side in 2025 (^[9]). These “off-nominal” landings meant the rovers could not operate as intended, highlighting the engineering challenges in lunar exploration. The March 2025 mishap sent LUNR stock down ~22% in one day (^[9]) and eroded investor confidence. Repeated mission failures could jeopardize future NASA contracts or trigger penalties (though Intuitive did receive ~90% of the contract value for Athena’s mission despite the issue) (^[10]). The pressure is on for upcoming missions (IM-3, IM-4) to succeed – any further failures would be a major red flag and could cause severe stock volatility.

– Contract & Customer Concentration: Intuitive’s revenues are heavily tied to a few large government contracts. In Q3 2025, one customer accounted for 72% of revenue (^[5]) (almost certainly NASA). This concentration exposes the company to political and budget risks – for example, U.S. government shutdowns or shifts in NASA priorities could delay projects and payments (^[11]). While the Lanteris acquisition will diversify the business into defense and commercial satellite markets, NASA and related agencies will likely remain key clients. A reduction in NASA’s Artemis or CLPS program funding, or failure to win re-competes, would materially hurt Intuitive. Additionally, Intuitive’s much-touted $4.8 billion NASA contract (for lunar space communications) is an IDIQ-style award – the actual revenue depends on task orders and the company’s performance over up to 10 years (^[12]). If Intuitive underperforms, NASA could allocate less work under that contract or competitors might win portions, meaning the headline value may not fully translate into revenue.

– Financial Losses & Cash Burn: Intuitive Machines is not yet profitable, posting a net loss of $10M in Q3 2025 and operating at -26.9% operating margins (^[6]). Its net margin was -106.7% over the past year (^[6]) – indicating very high overhead relative to revenue. The company has had to record contract loss provisions (e.g. an additional $19.6M loss estimated on its IM-3 mission contract) due to cost overruns and schedule delays (^[5]). These losses show that executing fixed-price contracts can hurt margins if things don’t go as planned. Intuitive has managed to fund its operations through financing (SPAC cash, warrant exercises, and a new convertible note) (^[5]), but continued cash burn is a risk. While cash on hand is strong now, if new missions get delayed or require unexpected extra costs, Intuitive might need to raise capital again in a year or two – potentially diluting shareholders further. The Altman Z-score of 2.79 sits in the “grey zone” of financial stress (^[6]); not alarming yet, but it indicates the company isn’t out of the woods in terms of financial stability.

– Balance Sheet Red Flags: One noteworthy point is that Intuitive had negative shareholders’ equity as of Q3 (debt-to-equity was -0.1) (^[6]). This is partly a quirk of how the SPAC merger and earn-outs were accounted (it resulted in a shareholders’ deficit). However, negative equity can restrict a company’s flexibility and is a sign that liabilities exceed accounting assets. The Lanteris acquisition will bring substantial goodwill onto the balance sheet (given the purchase price), and it remains to be seen if the combined company’s book equity turns positive post-transaction. While not an immediate liquidity issue, a persistent shareholder deficit could become a concern or limit Intuitive’s ability to borrow in the future. Investors will want to see equity rebuild via retained earnings once profitability is achieved.

– Insider Selling: Another red flag is significant insider selling. Over the last year, insiders executed 25 sell transactions totaling ~$60.6 million (^[6]). Frequent or large insider stock sales can signal that those closest to the company see the stock as fully valued, or they simply want liquidity. In Intuitive’s case, some selling may be tied to SPAC sponsor shares or early investors cashing out after lock-up, but it still bears watching. If insiders continue unloading shares as prices rise, it might indicate limited confidence in longer-term upside, which contradicts the bullish narrative.

– Stock Volatility: LUNR has shown extreme volatility, which is a risk in itself. Since going public via SPAC in early 2023, the stock has swung dramatically on news. For instance, positive news like the $4.8B NASA contract in Sept 2024 sent shares up ~49% in one day (^[12]) (and at one point LUNR was up nearly 500% year-to-date in 2024), but negative news like the failed lander can drop the stock 20–30% overnight (^[9]). Such volatility might be driven in part by a low float (after the SPAC, many shares are held by insiders) and speculative trading. For investors, this means the ride can be bumpy – sharp drawdowns are possible if any development spooks the market. High volatility also makes it harder to margin or to use the stock as collateral. Until the company matures and attracts more institutional holders, expect big moves on headlines – both up and down.

– Competitive & Integration Risks: Intuitive now aspires to be a “space prime” contractor, which puts it in competition with well-established aerospace giants (e.g. Lockheed Martin, Northrop Grumman) as well as nimble startups like Astrobotic and Firefly Aerospace. Notably, Firefly (another space startup) had a successful moon mission in 2025 and raised $868M in a 2025 IPO, achieving a ~$6.3B valuation (^[13]) (^[14]). This shows both investor appetite for the sector and the competitive bar Intuitive must meet. Integrating Lanteris poses its own challenges: merging a legacy satellite manufacturer (with its culture and processes) into a newer company can strain management. Execution risk extends to realizing synergies – if Intuitive can’t smoothly integrate Lanteris’s operations or if key talent leaves, the expected benefits of the deal could fall short. Moreover, Lanteris’s business (satellite manufacturing) typically has lower margins than software or services, so maintaining profitability will require efficiency and scale. There’s also reputational risk – Lanteris (formerly Maxar’s division) has a strong track record (^[7]); any drop in quality under Intuitive’s watch could hurt the brand and future orders.

– Regulatory and Governance Risks: As a contractor in the defense and space sector, Intuitive faces compliance risks (ITAR regulations, contract auditing, etc.) that could result in penalties if not managed properly. Additionally, the company’s rapid growth via M&A might attract scrutiny on corporate governance. Shareholders should monitor how the board and management handle the Advent/Maxar influence (Advent retaining a stake means a new large shareholder with board input). Any misalignment between new and existing stakeholders could create governance tension.

In summary, while Intuitive Machines has a lot of promise, investors face a long list of risks – from technical and execution risks to financial and market risks. The bullish thesis assumes these challenges are navigated successfully; any stumble could significantly impair the stock.

Open Questions & Outlook

The Lanteris acquisition undoubtedly expands Intuitive’s capabilities, but it also raises key questions going forward:

– Can Intuitive Deliver on its Backlog? The combined backlog now stands at $920 million (^[1]), which includes major programs from both Intuitive and Lanteris. A paramount question is how much of this backlog converts to revenue and profit in the coming years. For instance, Intuitive’s $4.8B NASA award could be a game-changer – but the contract is over up to 10 years and likely task-order based. How quickly can Intuitive ramp up services for this contract, and will it get the full value? Similarly, Lanteris comes with its own military and commercial satellite contracts; success will depend on meeting milestones on time and on budget. Investors will watch book-to-bill ratios and any changes in backlog to gauge if the pipeline is growing or being drawn down.

– Integration and Synergy Realization: A major open question is how effectively Intuitive can integrate Lanteris and realize the promised synergies. Management’s vision is to become a vertically integrated space company that can “design, manufacture, deliver, and operate” missions across domains (^[2]). Achieving this means uniting Intuitive’s agile “NewSpace” culture with Lanteris’s more established aerospace engineering culture. Will the two teams mesh well? Notably, Lanteris was part of Maxar until 2023 and likely has a very different corporate background. Intuitive must ensure that Lanteris’s experienced workforce (the people who build reliable satellites for DoD and others) stays on board during and after the transition. The unknown is whether Intuitive can manage a business now spanning Houston (lunar ops) and California (Lanteris’s likely base) without losing focus. Any integration hiccups – delays in combining product lines, ERP systems, or project coordination – could eat into the expected positive EBITDA and growth. The first few quarters post-close will be telling: investors should look for updates on cost synergies, cross-selling opportunities, and whether the combined entity can win new contracts as a unit (justifying the “space prime” label).

– Margin Profile of the New Business: Lanteris is said to be “cash-generating” and profitable on an EBITDA basis (^[2]), whereas Intuitive on its own has been running at a loss. An open question is what the profit margins of the combined company will look like. Will Lanteris’s steadier satellite manufacturing profits offset Intuitive’s volatility? Management has guided for positive adjusted EBITDA in 2026, but the magnitude is unclear – will it be just barely positive or robust? Also, Lanteris’s contracts might have different margin profiles (perhaps lower margins but more predictable), which could dilute overall margins even as total revenue grows. Investors will be keen to see if Intuitive can eventually achieve software-like margins in its data services segment (e.g. lunar communications) to complement the hardware segment. Achieving a healthy margin mix is crucial to justify a growth stock valuation long term.

– Funding and Capital Needs: With $622M in cash pre-acquisition and a big backlog, one might assume Intuitive won’t need to raise capital soon. However, the open question is whether additional funding will be required to execute the ambitious growth plan. Building out a lunar communications network, executing multiple moon landings, and expanding satellite production capacity are capital-intensive endeavors. Intuitive has already expanded its Houston Spaceport facility by 140,000 sq ft in 2025 (^[4]), and further expansion or equipment investments may be needed. Will the remaining ~$170M cash (after paying for Lanteris) plus future operating cash flow suffice? Or will Intuitive tap equity/debt markets again? The presence of an unused $40M revolver gives some cushion (^[5]), but if a large opportunity arises (or if there’s a cost overrun), the company might consider issuing new equity or debt. The convertible notes due 2030 also loom in the background – if the stock is well above $13 by then, they’ll convert (diluting shareholders); if not, Intuitive might have to refinance or repay $345M. How the company plans for this eventual liability (e.g. setting aside cash or driving the share price above the conversion threshold) is an open strategic question for management.

– Competitive Landscape & Market Share: As Intuitive broadens into a full-service space contractor, how will it fare against competitors? The aerospace sector is seeing new entrants (startups and SPAC peers) as well as renewed focus from incumbents. Can Intuitive secure a solid slice of NASA’s Artemis program or Space Force projects in the face of heavy competition? For example, NASA’s Commercial Lunar Payload Services (CLPS) program has multiple providers – Astrobotic, Firefly, Draper, etc., not just Intuitive. Intuitive’s ability to win repeat missions (beyond the initial CLPS missions it has) is still untested given the recent setbacks. Similarly, in the satellite arena, Lanteris faces competition from larger prime contractors (Lockheed, Airbus) for government satellite contracts, and from agile startups for commercial constellations. A key question is whether Intuitive’s smaller size can be an advantage (speed and innovation) or if scale will hinder it when bidding for, say, the next billion-dollar defense satellite program. The outcome will determine its growth trajectory beyond the current backlog.

– Shareholder Dilution and Advent’s Role: With Advent International set to become a significant shareholder (receiving up to ~19.9% of Intuitive’s stock in the deal) (^[3]) (^[3]), what role will this new stakeholder play? Advent is a private equity firm – will they push for strategic changes or a certain exit timeline? They agreed to a lock-up (50% of shares for 6 months, remaining for 12 months) (^[3]), but after that period, could Advent look to sell their stake or even push for a sale of the combined company? This overhang is an open question for current investors. Additionally, the deal terms include an interesting structure: stock issuance is capped at 19.99% of outstanding shares to avoid a shareholder vote (^[3]). If Intuitive’s stock were to drop significantly before closing (making $350M worth of shares exceed that 20% threshold), the agreement allows shifting more consideration to cash (^[3]). How Intuitive would fund any additional cash in that scenario is another question – it likely doesn’t want to deplete cash or incur much more debt. So far, the stock has been stable/up, but this is something to monitor through deal closing.

Looking ahead, Intuitive Machines’ story is at a pivotal juncture. Wall Street’s bullishness after the Lanteris deal suggests confidence that the company will evolve into a much larger, more stable enterprise. If management executes well – integrating Lanteris, delivering on contracts, and achieving profitable growth – LUNR could graduate from speculative SPAC to a bona fide mid-tier aerospace contractor. In that bullish scenario, today’s valuation might prove cheap. However, the open questions above underline that execution is everything. Intuitive must prove that its lunar ambitions and newly acquired capabilities can translate into consistent financial performance. Investors should keep a close eye on upcoming mission results, quarterly earnings (to see margin improvement), and news of additional contract wins or partnerships.

Conclusion: Wall Street’s optimism on LUNR is grounded in the transformative potential of the Lanteris acquisition and Intuitive’s expanding role in the new space economy. The company offers a unique pure-play on lunar and cislunar infrastructure with a now diversified revenue stream. There are clear catalysts ahead – from NASA’s Artemis milestones to defense satellite procurements – that could propel further growth. Yet, alongside the excitement come significant risks around execution and integration. In sum, Intuitive Machines has positioned itself at the frontier of commercial space, and while bulls see it as an early leader in a multi-billion opportunity, skeptics note that the firm still has much to prove. The next 12-18 months will be critical in validating the bullish thesis. (^[7]) (^[6])

Sources

1. https://reuters.com/business/aerospace-defense/intuitive-machines-broaden-space-business-with-800-million-deal-lanteris-2025-11-04/
2. https://marketchameleon.com/PressReleases/i/2197777/LUNR/intuitive-machines-to-acquire-lanteris-space-systems
3. https://stocktitan.net/sec-filings/LUNR/8-k-intuitive-machines-inc-reports-material-event-ffda614c778a.html
4. https://investors.intuitivemachines.com/news-releases/news-release-details/intuitive-machines-reports-second-quarter-2025-financial-results
5. https://stocktitan.net/sec-filings/LUNR/10-q-intuitive-machines-inc-quarterly-earnings-report-edf41060ae2b.html
6. https://gurufocus.com/news/3180162/intuitive-machines-lunr-to-acquire-lanteris-space-systems-in-800m-deal
7. https://insidermonkey.com/blog/wall-street-bullish-on-%E2%80%8Bintuitive-machines-lunr-since-lanteris-acquisition-1658950/?amp=1
8. https://simplywall.st/stocks/us/capital-goods/nasdaq-lunr/intuitive-machines/news/intuitive-machines-lunr-is-up-68-after-buying-lanteris-to-be
9. https://channelnewsasia.com/business/intuitive-machines-stock-plummets-after-second-sideways-moon-landing-4985141
10. https://theprint.in/tech/intuitive-machines-stock-plummets-after-second-apparent-sideways-moon-landing/2538126/
11. https://globenewswire.com/news-release/2025/08/07/3129113/0/en/intuitive-machines-reports-second-quarter-2025-financial-results.html
12. https://schaeffersresearch.com/content/news/2024/09/18/space-exploration-stock-soars-on-billion-dollar-nasa-contract
13. https://reuters.com/business/aerospace-defense/firefly-aerospace-set-debut-after-largest-us-space-ipo-year-2025-08-07/
14. https://reuters.com/business/aerospace-defense/firefly-raises-868-million-upsized-us-ipo-it-sets-sights-positive-liftoff-2025-08-06/

For informational purposes only; not investment advice.