Intuitive Machines (LUNR) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $206.2 million, over four times higher year-over-year, driven by spacecraft production, lunar missions, and national security programs.

• Booked $920 million in Q2 awards and $300 million in Q3 to date, contributing to a record backlog of $1.8 billion at quarter-end, up from $213 million at year-end 2025.

• Closed strategic acquisitions including Lanteris, KinetX, Goonhilly, and COMSAT, expanding manufacturing, mission operations, and communications infrastructure.

• Secured $600+ million in commercial GEO satellite contracts and multiple NASA CLPS and lunar reconnaissance awards, supporting backlog growth.

• National security revenue expanded from 3% to 30% year-over-year in Q2 2026, with further growth expected from new defense awards.

Financial highlights

• Q2 2026 revenue reached $206.2 million, up from $50.3 million in Q2 2025.

• Gross margin improved to 17.4%, resulting in $35.9 million gross profit, compared to a loss in the prior year.

• Net loss for Q2 2026 was $62.8 million, compared to $38.2 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $(13.8) million, improved from $(25.4) million in Q2 2025.

• Cash and cash equivalents as of June 30, 2026, were $367.4 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $900 million to $1 billion, with positive adjusted EBITDA expected.

• 25%-30% of Q2 backlog expected to convert to revenue in 2026, 35%-40% in 2027, remainder thereafter.

• Liquidity, including proceeds from equity offerings and convertible notes, is expected to fund operations and capital requirements for at least the next twelve months.

• Free cash flow expected to improve in H2 as investments stabilize and milestone receivables are collected.

• Anticipates continued growth in backlog and revenue from new satellite and lunar mission contracts.