Intuitive Machines, Inc. (Nasdaq: LUNR) reported second-quarter results on August 13, 2026, delivering record revenue of $206.2 million (more than four times the year-ago period) and a record backlog of $1.8 billion. The company continued sequential growth, expanded gross margins, and maintained its full-year outlook while booking substantial new awards across commercial, civil, and national security customers.
| Metric | Q2 2026 Estimate | Q2 2026 Result | FY 2026 Estimate | FY 2026 Result / Guidance |
|---|---|---|---|---|
| Revenue | ~$217–221M | $206.2M (>4x YoY) | ~$950M+ consensus | $900M–$1B (maintained) |
| EPS (GAAP) | ~ ($0.09) | ($0.29) | n/a | Not guided |
| Adj. EBITDA | n/a | –$13.8M | Positive | Positive (maintained) |
| Gross Margin | n/a | 17.4% ($35.9M) | n/a | Expanding |
| GAAP OpEx | n/a | Elevated | n/a | $143–149M |
| Backlog | n/a | Record $1.8B | n/a | Strong multi-year visibility |
| Cash | n/a | $367M | n/a | Supports growth investments |
| Bookings | n/a | $920M (Q2) + $300M Q3 QTD | n/a | Diversified awards |
Actual Results: Record Revenue and Backlog Expansion
- Record quarterly revenue of $206.2 million, up more than 4x year-over-year and sequential growth from $186.7 million in Q1, driven by spacecraft production, CLPS missions, OMES, and NSNS program execution.
- Gross margin of 17.4%, generating $35.9 million in gross profit (versus a loss in the prior-year period).
- Adjusted EBITDA loss of $13.8 million; operating loss of approximately $47.1 million.
- GAAP net loss attributable to the company of roughly $46.6 million, or –$0.29 per share.
- Record backlog of $1.8 billion as of June 30, 2026 — an increase of $1.5 billion from year-end 2025.
- Cash balance of $367 million at quarter-end, after strategic investments in inventory, ground-station infrastructure, and long-lead materials.
- $920 million of new awards booked in Q2, plus an additional $300 million already secured in Q3 quarter-to-date.
Why It Matters: Diversified Growth and Next-Generation Space Prime Positioning
- Strong sequential and year-over-year revenue growth demonstrates improving execution across lunar, satellite manufacturing, and national security programs.
- Record $1.8 billion backlog, supported by major commercial GEO satellite awards, the sixth CLPS mission, and national security wins (including 18 AMTD3 Golden Dome satellites for L3Harris), provides multi-year visibility.
- National security revenue rose to 30% of the mix (from low single digits a year earlier), highlighting successful diversification beyond pure civil lunar work.
- Completion of the Goonhilly Earth Station and COMSAT acquisition expands space-to-ground data services capabilities across LEO, MEO, GEO, cislunar, and deep space.
- Management’s explicit framing of Intuitive Machines as a “next-generation space prime” — capable of building, connecting, and operating infrastructure across civil, commercial, and national security markets — underscores the strategic shift from pure lander company to broader infrastructure provider.
What’s Ahead: Guidance Maintained and Acceleration Expected
- Management maintained full-year 2026 guidance of $900 million to $1 billion in revenue and positive Adjusted EBITDA.
- Key focus areas include:
- converting the elevated backlog into revenue (with expected acceleration in the second half)
- integrating the recently closed Goonhilly/COMSAT acquisition
- advancing lunar constellation and Nova-C production-line manufacturing
- scaling national security and commercial satellite work.
- Continued bookings momentum and program execution will be critical to achieving the positive full-year Adjusted EBITDA target.
Risks to Forward Expectations: Execution, Cash Deployment, and Margin Trajectory
- Revenue came in below consensus, and the wider-than-expected EPS loss highlights ongoing cost intensity and investment spending.
- Adjusted EBITDA remained negative in the quarter; reaching full-year positivity requires meaningful sequential improvement and successful backlog conversion.
- Cash declined as the company made strategic growth investments (inventory, ground network, long-lead materials); sustained elevated spending could pressure liquidity if revenue ramp lags.
- Program concentration and execution risk remain on large NASA CLPS, national security, and commercial satellite contracts.
- Integration of recent acquisitions and the shift toward higher-volume manufacturing introduce operational and cultural challenges.
Bottom Line: Record Scale with Clear Strategic Ambition
Intuitive Machines delivered another record revenue quarter and a transformative backlog expansion to $1.8 billion while maintaining its full-year financial targets. The combination of diversified awards, rising national security exposure, and the recent ground-station acquisition strengthens the company’s positioning as a broader space infrastructure provider.
Near-term profitability and cash generation remain works in progress, and the Q2 miss on both revenue and EPS expectations leaves limited room for further execution slips. Successful conversion of the record backlog, margin expansion, and delivery against the positive Adjusted EBITDA guidance will determine how quickly the company translates its growing scale into durable financial performance.
