Intuitive Machines posts $206M Q2 revenue, backlog hits $1.8B

Intuitive Machines (Nasdaq: LUNR) reported second-quarter 2026 revenue of $206 million, up from $50.3 million in the same period a year earlier, according to a company press release. The Houston-based space technology firm ended the quarter with a contracted backlog of approximately $1.76 billion, compared with $213 million at year-end 2025.

The company booked $920 million in new awards during Q2 and an additional $300 million quarter-to-date in Q3 across commercial, civil, and national security customers. Awards included a contract valued at more than $600 million for three commercial geostationary satellites and a sixth Commercial Lunar Payload Services mission under NASA's Moonbase program.

National security revenue grew from 3% to 30% of total revenue year over year in Q2. In July, the company received an award for 18 spacecraft to support the Accelerated Missile Defense Tranche 3 Golden Dome constellation.

Intuitive Machines also closed its acquisition of Goonhilly Earth Station and COMSAT in August to expand its ground data services network. The company recorded $447 million in acquisition-related cash outflows in the first half of 2026, contributing to a net cash used in investing activities of $481 million for the period.

The net loss attributable to the company for Q2 was $46.4 million, compared with a loss of $25.2 million a year earlier. Adjusted EBITDA was negative $13.8 million for Q2, an improvement from negative $25.4 million in Q2 2025. Cash and cash equivalents stood at $367 million at quarter-end.

For the full year 2026, the company maintained its guidance of $900 million to $1 billion in revenue and positive Adjusted EBITDA.

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