Intuitive Machines (LUNR) Q2 2026 earnings summary

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.