Intuitive Machines posts Q2 2026 revenue $206M, backlog rises to $1.8B
Intuitive Machines (LUNR) reported Q2 2026 revenue of $206.2M and a net loss of $62.8M. Cash and cash equivalents were $367.4M. Contracted backlog rose to $1.762B. The company reiterated full-year 2026 revenue guidance of $900M to $1.0B and expects positive Adjusted EBITDA in 2026, per its SEC filing.
How this was made
The 30-second read
Why it matters
Traders can update expectations for FY 2026 revenue and monitor whether the large contracted backlog converts into improved profitability, given the continued net loss and negative Adjusted EBITDA in Q2.
Market read
Fresh quarterly financials plus a record backlog and reiterated FY guidance provide a concrete basis for near-term estimate and positioning changes, despite ongoing losses.
What to watch
The article highlights multiple awards and acquisitions, but does not quantify margin trajectory or timing of revenue conversion from the $1.762B backlog, which could drive the next estimate revisions.
Background
The company is reporting quarterly results alongside a backlog build tied to commercial, civil, and national security programs, plus recent acquisitions to expand ground services.
Ticker impact
Intuitive Machines reported Q2 2026 revenue of $206.2M, reiterated 2026 revenue guidance of $900M to $1.0B, and said contracted backlog rose to $1.762B.
Likely modest positive bias on guidance/backlog, offset by continued losses; expect volatility around any follow-on contract execution details.
The article provides fresh quarterly financials plus a large backlog increase and guidance reiteration, but it also shows continued profitability pressure (net loss and negative Adjusted EBITDA).
Market effects
Space and satellite services names may see read-through from backlog growth and NASA CLPS award momentum, but profitability remains a key differentiator.
Limited direct regional impact; primarily affects US-listed space/defense services sentiment.
Moderate, as lunar and space-to-ground data services are globally relevant but the disclosure is company-specific.
Counterpoint
Backlog growth may not translate into near-term earnings if revenue recognition lags contract milestones, and negative Adjusted EBITDA suggests cost pressure persists.
Key entities
- companyIntuitive Machines, Inc.
Reported Q2 2026 revenue of $206.2M, net loss of $62.8M, and record contracted backlog of $1.762B; reiterated FY 2026 revenue guidance and expects positive Adjusted EBITDA for the year.
- programNASA Moonbase program (CLPS)
The company received an additional CLPS lunar lander award, described as its sixth CLPS mission.
- programAMDT3 Golden Dome
The company received a national security award for 18 spacecraft supporting AMDT3 Golden Dome.
