Intuitive Machines reported second quarter 2026 revenue of $206.2 million, falling short of the $216.3 million analyst estimate despite a 300% year-over-year increase. The company posted a net loss of $0.29 per share, wider than the anticipated $0.07 loss, primarily due to higher operating expenses and strategic inventory investments. Management reiterated its full-year 2026 revenue guidance of $900 million to $1 billion and expects to be Adjusted EBITDA positive for the fiscal year.
Key Highlights
- Record contracted backlog reached $1.76 billion, a $1.55 billion increase since year-end 2025, driven by $920 million in new Q2 awards.
- National Security revenue expanded significantly to 30% of the total mix, up from just 3% in the same period last year.
- Cash and cash equivalents ended the quarter at $367.4 million, reflecting strategic long-lead material purchases for the company's lunar satellite constellation.
- Backlog includes a major $600 million commercial GEO satellite contract and approximately $612.8 million from the Lanteris acquisition.