Intuitive Machines Q2: Record revenue, missed estimates

Intuitive Machines posted record Q2 2026 revenue and backlog, but missed estimates, widened its net loss, and faced margin compression from a $14.7M project cost, causing LUNR stock volatility despite strong contract wins.

Intuitive Machines (LUNR) reported record second-quarter 2026 revenue of $206 million, more than quadrupling year-over-year. Product sales contributed $166.7 million, while service revenue reached $36.7 million. The contract backlog surged to $1.8 billion, driven by $920 million in new awards, including a satellite deal exceeding $600 million. Despite strong revenue growth, the company posted a net loss of $62.8 million, wider than the $38.2 million loss a year earlier. For the first half of 2026, revenue totaled $392.9 million, with a cumulative net loss of $115.4 million. Cash and equivalents fell to $367.3 million from $582.6 million at year-end 2025, mainly due to inventory and capital expenditures. Intuitive Machines reaffirmed its full-year revenue guidance of $900 million to $1 billion and expects positive adjusted EBITDA. However, shares fell up to 10% post-earnings after missing analyst estimates and reporting a $14.7 million one-off cost on the IM-4 project, which compressed margins. The market remains cautious, awaiting improved execution and profitability.