Intuitive Machines (LUNR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $186.7 million, nearly tripling year-over-year, with positive Adjusted EBITDA and a record $1.1 billion backlog, driven by diversified growth across commercial, civil, and national security markets.

• Closed the Lanteris acquisition (valued between $800 million and $851 million), immediately accretive, expanding production scale, vertical integration, and capabilities in geostationary orbit and data centers.

• Announced definitive agreements to acquire Goonhilly Earth Station and COMSAT, enhancing global ground station capacity and integrated space-to-ground network services.

• Secured major contract wins, including the $6.24 billion Andromeda IDIQ for space domain awareness, significant NASA CLPS and NSNS awards, and $428.9 million in new contracts.

• Issued $175 million in equity and $345 million in convertible notes to strengthen liquidity and fund acquisitions.

Financial highlights

• Q1 2026 revenue reached $186.7 million, up from $62.5 million in Q1 2025, with gross profit rising to $30.1 million from $6.7 million year-over-year.

• Adjusted EBITDA was positive $2.7 million, compared to negative $6.6 million last year.

• Operating loss was $39.2 million, impacted by $20 million in one-time acquisition costs and $6.3 million in share-based compensation.

• Net loss attributable to Class A shareholders was $37.5 million, or $(0.25) per share.

• Ended Q1 with $231.6 million in cash after significant acquisition and investment activity.

Outlook and guidance

• Maintained full-year 2026 revenue outlook of $900 million to $1 billion, with a significant portion already supported by backlog.

• Expect positive Adjusted EBITDA for the full year and normalization of SG&A and free cash flow as integration costs subside.

• Management expects to recognize 60-65% of backlog revenue over the remainder of 2026, with the rest in 2027 and beyond.

• Liquidity is considered sufficient to fund operations and business plans for at least the next twelve months.