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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Intuitive Machines
Intuitive Machines (LUNR) investor relations material
Intuitive Machines Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Aug, 2026
Executive summary
Achieved record Q2 2026 revenue of $206.2 million, over four times Q2 2025, driven by satellite manufacturing, lunar missions, and national security programs.
Closed transformative acquisitions (Lanteris, KinetX, Goonhilly, COMSAT), expanding global space-to-ground data services and manufacturing capabilities.
Secured major new contract awards, including a $600+ million GEO satellite program, driving backlog to $1.8 billion at quarter-end.
National security revenue expanded from 3% to 30% year-over-year, with further growth expected from new defense awards.
Investments in inventory, production capacity, and manufacturing efficiency position the company for rapid response to demand and recurring infrastructure revenue.
Financial highlights
Q2 2026 revenue was $206.2 million, up from $50.3 million in Q2 2025, with gross margin improving to 17.4% and gross profit of $35.9 million.
Net loss for Q2 2026 was $62.8 million, compared to $38.2 million in Q2 2025; adjusted EBITDA improved to $(13.8) million from $(25.4) million.
SG&A was $60 million, including $11 million share-based compensation and $8 million acquisition-related costs.
Cash and cash equivalents at quarter-end were $367.4 million, with working capital of $263 million.
Free cash flow for the first half of 2026 was $(145.8) million, reflecting significant investment activity.
Outlook and guidance
Full-year 2026 revenue guidance is $900 million to $1 billion, with positive adjusted EBITDA expected.
Management expects current liquidity, including proceeds from equity offerings and convertible notes, to fund operations for at least the next twelve months.
25%-30% of Q2 backlog expected to convert to revenue in 2026, 35%-40% in 2027, remainder thereafter.
Additional backlog growth anticipated from multi-year NASA and national security programs in H2 2026.
Free cash flow expected to improve in H2 as investments stabilize and milestone receivables are collected.
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Latest events from Intuitive Machines
- Record Q1 revenue, backlog, and positive EBITDA highlight strong growth and outlook.LUNR
Q1 2026 - Vote on director elections and auditor ratification at the June 2026 virtual meeting.LUNRProxy filing
- Stockholders will vote on director elections and auditor ratification, with strong governance and oversight.LUNRProxy filing
- 2026 revenue expected to reach $1B with positive adjusted EBITDA and record backlog growth.LUNRQ4 2025
- Secured $4.82B NASA contract and achieved historic lunar landing, driving record $316M backlog.LUNRInvestor Presentation
- $800M Lanteris deal creates a space prime with $850M+ revenue, $920M backlog, and strong liquidity.LUNRQ3 2025 and M&A Announcement
- Q3 revenue up 359% with record backlog and cash, despite wider net loss on loss contracts.LUNRQ3 2024
- Q2 revenue up 130% YoY, 2024 outlook raised, backlog at $213M, and now debt free.LUNRQ2 2024
- Record revenue, strong cash, and backlog drive 2025 growth and margin improvement.LUNRQ4 2024
Next Intuitive Machines earnings date
Q3 202612 Nov, 2026
Intuitive Machines
Next Intuitive Machines earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
Intuitive Machines Inc is an American company specializing in space exploration and related services. The company focuses on developing products and services that enable robotic and human exploration beyond Earth, specifically targeting the Moon, Mars, and beyond. Intuitive Machines is known for its expertise in guidance, navigation, and control (GNC), additive manufacturing, engine development, and communications systems. The company is actively involved in completing its lunar program, which aims to provide access to the lunar surface, delivery to lunar orbit, and communications capabilities at lunar distances. The company is headquartered in Houston, Texas, and its shares are listed on the Nasdaq.