Intuitive Machines (LUNR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $186.7 million, nearly tripling year-over-year, driven by the Lanteris acquisition and major contract wins, with backlog reaching $1.1 billion.

• Closed the Lanteris acquisition (valued between $800 million and $851 million), immediately accretive, expanding production, capabilities, and margin profile; announced agreements to acquire Goonhilly Earth Station and COMSAT.

• Diversified revenue mix: 35% commercial, 38% civil, 27% national security; strategy focused on integrated space infrastructure and recurring operational revenue.

• Issued $175 million in equity and $345 million in convertible notes to strengthen liquidity and fund acquisitions.

• Awarded $428.9 million in new contracts, including significant NASA and Space Force awards.

Financial highlights

• Q1 2026 revenue reached $186.7 million, up from $62.5 million in Q1 2025; gross profit rose to $30.1 million from $6.7 million year-over-year.

• Adjusted EBITDA was positive $2.7 million, compared to negative $6.6 million last year.

• Operating loss was $39.2 million, impacted by $20 million in one-time acquisition costs and $6.3 million in share-based compensation.

• Net loss attributable to Class A shareholders was $37.5 million, or $(0.25) per share.

• Cash and cash equivalents at quarter-end were $231.6 million, down from $582.6 million at year-end 2025, reflecting acquisition and investment activity.

Outlook and guidance

• Maintained 2026 revenue outlook of $900 million–$1 billion, with a significant portion already supported by backlog.

• Expect positive Adjusted EBITDA for the full year; backlog conversion expected to be 60%-65% in 2026, remainder in 2027 and beyond.

• Liquidity is considered sufficient to fund operations and business plans for at least the next twelve months.