LUNR

Intuitive Machines Reports Second Quarter 2026 Financial Results; Continues Record Backlog Expansion With Quarter-end Backlog of $1.8 Billion

Intuitive Machines posts strong Q2 with record backlog and growth trajectory

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  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;link type=&quot;text/css&quot; rel=&quot;stylesheet&quot; href=&quot;https://www.globenewswire.com/styles/gnw_nitf.css&quot;&gt;&lt;/li...</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Intuitive Machines reported Q2 2026 revenue of $206 million, more than four times the prior year, with backlog near $1.76 billion and cash of about $367 million. The company closed the Goonhilly and COMSAT acquisitions to expand its space-ground data network and saw NSNS revenue surge to 30% of total, supporting a positive EBITDA outlook and 2026 revenue guidance of $0.9–$1.0 billion.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Q2 2026 revenue was $206M, up 4x from 2025.</li><li>Backlog at 6/30/2026: about $1.76B, up $1.55B.</li><li>Goonhilly Earth Station and COMSAT acquisitions closed to expand data network.</li><li>NSNS revenue rose to 30% YoY; 2026 guidance issued.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Intuitive Machines, Inc. (LUNR)</strong>: Primary issuer; earnings release and backlog/awards drive near-term price sensitivity.</li><li><strong>Goonhilly Earth Station (N/A)</strong>: Acquisition closed; expands space-ground data network, potential NSNS applications.</li><li><strong>COMSAT (N/A)</strong>: Acquisition closed; adds capacity to space-data network; potential recurring revenue impact.</li><li><strong>Lanteris (N/A)</strong>: Acquisition contributed $612.8M backlog; boosts growth trajectory.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The release blends earnings with strategic M&amp;A and backlog expansion, highlighting a multi-year growth thesis tied to NSNS and NASA programs, while also signaling execution risk from scale and capital deployment.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Backlog expansion provides near-term revenue visibility.</li><li>NASA CLPS engagements and Moonbase initiatives support growth runway.</li><li>Acquisitions expand NSNS recurring revenue potential.</li><li>Guidance implies positive EBITDA, reducing near-term profitability risk.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Q2 2026 revenue: $206 million.</li><li>Backlog as of 6/30/2026: $1.761B; up ~$1.55B since year-end 2025.</li><li>Cash balance: $367M at 6/30/2026.</li><li>Backlog includes $612.8M acquired backlog from Lanteris (Jan 2026).</li><li>Outlook: 2026 revenue guidance $900M–$1B; Adjusted EBITDA positive.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish into 2H2026 as backlog growth and NASA awards improve visibility.</p>
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</section>


<article>
  <section aria-labelledby="overview">
    <h2 id="overview">Overview: Intuitive Machines Reports Q2 2026 Financial Results and Backlog Expansion</h2>
    <p>Intuitive Machines, Inc. (NASDAQ:LUNR), a leading space technology and infrastructure services company, today reported its second-quarter 2026 results for the period ended June 30, 2026. The company posted a quarterly revenue of <strong>$206 million</strong>, a strong cash position of <strong>$367 million</strong>, and a record backlog of <strong>$1.8 billion</strong>, reflecting broad momentum across commercial, civil, and national security space programs. CEO Steve Altemus stated, "We delivered a strong quarter, highlighted by revenue over four times Q2 2025 as we executed across our programs, recorded unprecedented bookings and backlog, and positioned the Company for the next phase of growth."</p>
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  <section aria-labelledby="highlights">
    <h2 id="highlights">Key Highlights and Strategic Milestones</h2>
    <ul type="disc">
      <li><em>Closed Goonhilly Earth Station and COMSAT acquisition in August to expand our space‑to‑ground data services network configured to support missions across LEO, MEO, GEO, cislunar, and deep space environments</em></li>
      <li><em>Booked $920 million of awards in Q2 with an additional $300 million of awards in Q3 QTD across commercial, civil, and national security space customers</em></li>
      <li><em>Signed $600+ million contract for three commercial GEO satellites as commercial demand strength continues</em></li>
      <li><em>Awarded additional CLPS lander contract under NASA’s Moonbase program, Intuitive Machines’ sixth CLPS mission, for a standardized production lander</em></li>
      <li><em>Expanded YoY National Security revenue from </em><em>3%</em><em> to </em><em>30%</em><em> in Q2 2026; expect continued growth driven by an award in July for 18 spacecraft to support Accelerated Missile Defense Tranche 3 (AMDT3) Golden Dome constellation</em></li>
      <li><em>Contracted with NASA for two prime lunar reconnaissance awards (Lunar Reconnaissance Orbiter Camera "LROC" and ShadowCam) to lead lunar imaging operations, data storage, data processing, and analytics in support of NASA’s Artemis Program / Moonbase Initiatives and commercial lunar missions</em></li>
    </ul>
  </section>

  <section aria-labelledby="financial-highlights">
    <h2 id="financial-highlights">Financial Highlights</h2>
    <ul type="disc">
      <li><em>Achieved record quarterly revenue of </em><strong><em>$206 million</em></strong><em> driven by spacecraft production, CLPS, OMES, and NSNS execution</em></li>
      <li><em>Ended Q2 with a strong cash balance of </em><strong><em>$367 million</em></strong><em>; Q2 included strategic growth investments through the procurement of advanced inventory that directly resulted in new awards during the quarter; additional investments were made across our ground station network, along with long-lead material purchases for satellites two through five of our lunar constellation, as we look to accelerate NSNS recurring service revenues</em></li>
      <li><em>Ended Q2 with record backlog of </em><strong><em>$1.8 billion</em></strong><em>, an increase of </em><strong><em>$1.5 billion</em></strong><em> from year-end 2025 as Intuitive Machines booked record levels of diverse awards across commercial, civil, and national security space customers</em></li>
    </ul>
  </section>

  <section aria-labelledby="management-quotes">
    <h2 id="management-quotes">Management Commentary</h2>
    <p>Mr. Altemus continued, "We believe the next era of space will require a next-generation space prime, capable of building spacecraft, connecting them through resilient networks, and operating the resulting infrastructure across civil, commercial, and national security markets. Over the past eighteen months, every strategic decision we have made has been focused on building that next-generation space prime."</p>
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  <section aria-labelledby="outlook">
    <h2 id="outlook">Outlook and Guidance</h2>
    <ul type="disc">
      <li><strong>Full-year 2026 revenue</strong> of <em>$900 million - $1 billion</em></li>
      <li><strong>Full-year 2026 Adjusted EBITDA</strong> positive</li>
    </ul>
  </section>

  <section aria-labelledby="conference-call">
    <h2 id="conference-call">Conference Call Information</h2>
    <p>Intuitive Machines will host a conference call today, August 13, 2026, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines’ website at
      <a href="https://www.globenewswire.com/Tracker?data=2caykZxmKQYeNN6gc7P-xqIo8ROoKgsuV8itwFuU9iq5BMZyldw2EyGeIUAp1xZX1f2ra5-C0uqiXQyfVBqq3hGpQkfRYkaepp4_0y7Pd54GvA08MnPuiObg872zDMoGotBKifGQ0xTyIrIAOfa2BQ==" rel="nofollow" target="_blank">https://investors.intuitivemachines.com</a>.
    </p>
    <p>Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines’ website at
      <a href="https://www.globenewswire.com/Tracker?data=2caykZxmKQYeNN6gc7P-xqIo8ROoKgsuV8itwFuU9iq5BMZyldw2EyGeIUAp1xZXJb5SRDVK1YQ5ZUgCn3h1Mq7IguDCY4RtVDWIoJLoZj5o2J2cCpVwLa2Y-ft5wKS1KgZJqVo1RKaKx0cr0mG70Q==" rel="nofollow" target="_blank">https://investors.intuitivemachines.com</a>.
    </p>
  </section>

  <section aria-labelledby="non-gaap-measures">
    <h2 id="non-gaap-measures">Key Business Metrics and Non-GAAP Financial Measures</h2>
    <p>In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles ("GAAP") and constitute "non-GAAP financial measures" as defined by the SEC. This includes adjusted EBITDA ("Adjusted EBITDA").</p>
    <p>Adjusted EBITDA is a key performance measure that our management team uses to assess the Company’s operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income or interest expense from cash deposits, loans, or investments, transaction and integration costs related to acquisitions, gain on extinguishing of debt, share-based compensation, change in fair value instruments, gain or loss on issuance of securities, other income/expense, depreciation, impairment of property and equipment, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company’s operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.</p>
    <p>Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Other companies, including companies in Intuitive Machines’ industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading "Reconciliation of GAAP to Non-GAAP Financial Measure."</p>
    <p>We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of...</p>
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</article>

Intuitive Machines reported Q2 2026 revenue of $206 million, more than four times the prior year, with backlog near $1.76 billion and cash of about $367 million. The company closed the Goonhilly and COMSAT acquisitions to expand its space-ground data network and saw NSNS revenue surge to 30% of total, supporting a positive EBITDA outlook and 2026 revenue guidance of $0.9–$1.0 billion.

News insight

Intuitive Machines Reports Second Quarter 2026 Financial Results; Continues Record Backlog Expansion With Quarter-end Backlog of $1.8 Billion

AI summary

Sentiment rationale

Key facts

Corporate Developments