Intuitive Machines, Inc. (LUNR): Results of Operations and Financial Condition
Intuitive Machines, Inc. (LUNR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Intuitive Machines Reports Second Quarter 2026 Financial Results; Continues Record Backlog Expansion With Quarter-end Backlog of $1.8 Billion Houston, TX, August 13, 2026 -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a leading sp
How this was made
The 30-second read
Why it matters
The key trading inputs are the new quarterly financials, the updated backlog level, the disclosed contract wins, and the full-year 2026 revenue outlook plus Adjusted EBITDA positivity.
Market read
Fresh Q2 financials, record backlog, and multiple contract awards provide a new basis for re-pricing LUNR’s revenue visibility and execution risk, with the conference call as the next catalyst.
What to watch
Investors may focus on contract mix (commercial vs national security), timing of satellite production deliveries, and whether the $900M to $1B revenue outlook implies any margin compression despite Adjusted EBITDA positivity.
Intuitive Machines Reports Second Quarter 2026 Financial Results; Continues Record Backlog Expansion With Quarter-end Backlog of $1.8 Billion
Record quarterly revenue of $206 million and backlog of $1.8 billion were accompanied by a GAAP net loss of $ (62,841) (in thousands), Adjusted EBITDA of $ (13,799) (in thousands), and six-month free cash flow of $ (145,819) (in thousands).
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $ 206,168 (in thousands) | – | – |
| Product revenueGAAP | $ 166,735 (in thousands) | – | – |
| Service revenueGAAP | $ 36,677 (in thousands) | – | – |
| Grant revenueGAAP | $ 2,756 (in thousands) | – | – |
| Total cost of revenuesGAAP | $ 170,302 (in thousands) | – | – |
| Depreciation and amortizationGAAP | $ 14,927 (in thousands) | – | – |
| Research and developmentGAAP | $ 7,729 (in thousands) | – | – |
| General and administrative expense (excluding depreciation and amortization)GAAP | $ 60,346 (in thousands) | – | – |
| Total operating expensesGAAP | $ 253,304 (in thousands) | – | – |
| Operating lossGAAP | $ (47,136) (in thousands) | – | – |
| Net lossGAAP | $ (62,841) (in thousands) | – | – |
| Net loss attributable to the CompanyGAAP | $ (46,445) (in thousands) | – | – |
| Net loss attributable to Class A common shareholdersGAAP | $ (46,612) (in thousands) | – | – |
| Net loss per share of Class A common stock - basic and dilutedGAAP | $ (0.29) | – | – |
| Weighted average shares outstanding - basic and dilutedGAAP | 162,172,470 | – | – |
| Adjusted EBITDAnon-GAAP | $ (13,799) (in thousands) | – | – |
| Net cash used in operating activitiesGAAP | $ (59,802) (in thousands) | – | – |
| Free cash flownon-GAAP | $ (145,819) (in thousands) for the six months ended June 30, 2026 | – | – |
| Backlogother | $ 1,761,950 (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product revenueSpacecraft production | $ 166,735 (in thousands) | – | – |
| Service revenueCLPS, OMES, and NSNS execution | $ 36,677 (in thousands) | – | – |
| Grant revenue | $ 2,756 (in thousands) | – | – |
Full-year 2026 outlook
- Revenue$900 million - $1 billion
- NoteAdjusted EBITDA positive
Capital returns
- Repurchase of Class A Common Stock: $ (20,700) (in thousands) for the six months ended June 30, 2025
- Payment of withholding taxes from share-based awards: $ (1,232) (in thousands) for the three months ended June 30, 2026
- Distributions to noncontrolling interests: $ (678) (in thousands) for the three months ended June 30, 2026
What drove it
- Record quarterly revenue of $206 million was driven by spacecraft production, CLPS, OMES, and NSNS execution.
- The Company booked $920 million of awards in Q2 and an additional $300 million of awards in Q3 QTD.
- The Company signed a $600+ million contract for three commercial GEO satellites.
- National Security revenue expanded from 3% to 30% in Q2 2026.
- Backlog increased by $1.55 billion as of June 30, 2026 compared to December 31, 2025, including $612.8 million of acquired backlog associated with the Lanteris acquisition in January 2026 and new awards of $1.34 billion.
Concerns
- GAAP operating loss was $ (47,136) (in thousands) and GAAP net loss was $ (62,841) (in thousands).
- Adjusted EBITDA was $ (13,799) (in thousands).
- Net cash used in operating activities was $ (59,802) (in thousands) in the quarter, while free cash flow was $ (145,819) (in thousands) for the six months ended June 30, 2026.
- The Company reported $ (11,622) (in thousands) of change in fair value of warrant liabilities in the quarter.
- Backlog increases were partially offset by continued performance on existing contracts of $392.9 million and several adjustments of $15.5 million, mostly related to the descoping of a rideshare contract associated with the IM-4 mission.
What to watch
- Full-year 2026 revenue of $900 million - $1 billion.
- Full-year 2026 Adjusted EBITDA positive.
- Execution on the three commercial GEO satellites contract and the multi-satellite program for which the Company received a $45.0 million authority to proceed.
- Growth in National Security revenue following the July award for 18 spacecraft supporting the AMDT3 Golden Dome constellation.
- Strategic growth investments in advanced inventory, the ground station network, and long-lead material purchases for satellites two through five of the lunar constellation.
Balance sheet and cash flow
- Cash and cash equivalents: $ 367,354 (in thousands) as of June 30, 2026; $ 582,606 (in thousands) as of December 31, 2025
- Restricted cash: 11,668 (in thousands) as of June 30, 2026; 2,733 (in thousands) as of December 31, 2025
- Long-term debt, net: 336,352 (in thousands) as of June 30, 2026; 335,335 (in thousands) as of December 31, 2025
- Total assets: $ 1,887,281 (in thousands) as of June 30, 2026; $ 757,154 (in thousands) as of December 31, 2025
- Total liabilities: 975,765 (in thousands) as of June 30, 2026; 553,452 (in thousands) as of December 31, 2025
- Net cash used in operating activities: $ (111,878) (in thousands) for the six months ended June 30, 2026; $ 156 (in thousands) for the six months ended June 30, 2025
- Purchase of property and equipment: $ (24,065) (in thousands) for the three months ended June 30, 2026; $ (8,054) (in thousands) for the three months ended June 30, 2025
- Acquisition of businesses, net of cash acquired: $ (2,283) (in thousands) for the three months ended June 30, 2026
- Proceeds from issuance of securities: 238,772 (in thousands) for the three months ended June 30, 2026
- Net cash provided by financing activities: 221,807 (in thousands) for the three months ended June 30, 2026; (1,035) (in thousands) for the three months ended June 30, 2025
Analysis
Intuitive Machines reported record quarterly revenue of $206 million, with $ 166,735 (in thousands) of product revenue, $ 36,677 (in thousands) of service revenue, and $ 2,756 (in thousands) of grant revenue. Management attributed the revenue result to spacecraft production, CLPS, OMES, and NSNS execution. The filing also said National Security revenue expanded from 3% to 30% in Q2 2026, identifying a material shift in revenue exposure within the quarter.
Bookings and backlog were the central demand indicators. The Company booked $920 million of awards in Q2, reported an additional $300 million of awards in Q3 QTD, and ended June 30, 2026 with backlog of $ 1,761,950 (in thousands). The backlog increase included $612.8 million of acquired backlog from the Lanteris acquisition, $1.34 billion of new awards, and a multi-satellite program connected to three commercial satellites. The filing stated that the Company received a $45.0 million authority to proceed for that program while recording backlog reflecting an estimated total program value of more than $600.0 million.
Profitability remained negative despite the revenue scale-up. Total cost of revenues was $ 170,302 (in thousands), depreciation and amortization was $ 14,927 (in thousands), research and development was $ 7,729 (in thousands), and general and administrative expense was $ 60,346 (in thousands). These expenses resulted in operating loss of $ (47,136) (in thousands) and net loss of $ (62,841) (in thousands). Adjusted EBITDA was $ (13,799) (in thousands), after items including $ 14,927 (in thousands) of depreciation and amortization, $ 7,919 (in thousands) of transaction and integration costs related to acquisitions, $ 10,491 (in thousands) of share-based compensation expense, and $ 11,622 (in thousands) of change in fair value of warrant liabilities.
Liquidity and investment activity require attention. Cash and cash equivalents were $ 367,354 (in thousands) at June 30, 2026, while long-term debt, net was 336,352 (in thousands). The Company used $ (59,802) (in thousands) in operating activities during the quarter and purchased $ (24,065) (in thousands) of property and equipment. For the six months ended June 30, 2026, free cash flow was $ (145,819) (in thousands). The Company also reported 238,772 (in thousands) of quarterly proceeds from issuance of securities and said Q2 included strategic growth investments in advanced inventory, its ground station network, and long-lead materials for satellites two through five of its lunar constellation.
The outlook calls for full-year 2026 revenue of $900 million - $1 billion and positive Adjusted EBITDA. The guide places execution focus on conversion of the enlarged backlog and on the commercial, civil, and national-security awards referenced in the release. The filing does not provide gross-margin, operating-expense, tax-rate, cash-flow, backlog, or capital-expenditure guidance.
Management, verbatim
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.
Steve Altemus, CEO
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.
Steve Altemus, CEO
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- Non-GAAP net income or loss
- Non-GAAP EPS
- Quarterly free cash flow
- Quarterly dividend information
- Quarterly share repurchase information for the three months ended June 30, 2026
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Cash-flow guidance
- Capital-expenditure guidance
- Backlog guidance
- Prior-quarter comparisons for reported income-statement metrics
- Previous-quarter outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K (Item 2.02) attaching a press release with Q2 2026 financial results and operational highlights for Intuitive Machines.
Ticker impact
Intuitive Machines reported Q2 2026 results with record revenue of $206M and backlog of $1.8B, plus multiple new contract awards.
Likely positive bias for the stock on the open, with follow-through dependent on how investors underwrite backlog quality and margin trajectory.
The 8-K discloses new, time-specific datapoints: Q2 revenue, cash balance, record backlog, and several contract awards and outlook for full-year 2026 revenue and Adjusted EBITDA positivity.
Market effects
Reinforces demand strength and contracting momentum in space infrastructure and lunar/defense-related programs, potentially supporting sentiment for adjacent space primes and suppliers.
Limited direct regional read-through; primarily affects US-listed space infrastructure sentiment.
Moderate, as Artemis and national security lunar imaging and GEO satellite contracting are globally watched themes.
Counterpoint
Record backlog and award totals may not translate into near-term free cash flow or margins if procurement and ground-network investments accelerate faster than revenue recognition.
Key entities
- companyIntuitive Machines, Inc.
Nasdaq-listed space technology and infrastructure services company reporting Q2 2026 results and contract/backlog updates.
- government_agencyNASA
Referenced as awarding prime lunar reconnaissance awards and as part of Artemis and Moonbase initiatives.
- programAccelerated Missile Defense Tranche 3 (AMDT3) Golden Dome constellation
Referenced as a July award expected to drive growth in national security revenue.
