TLDR
- Intuitive Machines (LUNR) stock jumps 11.90% in premarket after strong Q3 results.
- Intuitive Machines posts record Q3 revenue of $269 million as satellite sales grow.
- LUNR reports $66 million in operating cash flow and $33 million in free cash flow.
- Intuitive Machines’ backlog hits $1.9 billion, backed by major government deals.
- NASA’s $10 billion CLPS 2 contract opens new opportunities for lunar expansion.
Intuitive Machines (LUNR) shares rose 3.13% to close at $12.18, gaining $0.37 during regular trading. The stock then surged another 11.90% to $13.63 in premarket trading following strong third-quarter financial results. Record revenue, positive free cash flow, and expanding government contracts supported the company’s financial performance.
Intuitive Machines, Inc., LUNR
Intuitive Machines Reports Strong Q3 Financial Performance
Intuitive Machines reported record quarterly revenue of $269 million for the period ending September 30, 2026. Satellite production, lunar delivery services, and ground communication networks contributed to the company’s strong results. Meanwhile, increased business activity across government and commercial markets supported quarterly growth.
The company recorded gross margin of $69 million, representing 26% of total quarterly revenue. Higher satellite production volumes and favorable program adjustments helped strengthen its financial performance. Additionally, changes in estimated project costs contributed to the improved margin.
Intuitive Machines continues expanding beyond lunar exploration into satellite manufacturing and broader space infrastructure services. The company serves civil, commercial, and national security customers through its growing technology portfolio. Its latest results reflect increased production activity and progress across several major programs.
Intuitive Machines Achieves Record Cash Flow and Backlog Growth
Intuitive Machines generated record operating cash flow of $66 million during the third quarter. Capital expenditures reached $33 million, leaving the company with positive free cash flow of $33 million. The results marked progress in the company’s efforts to strengthen cash generation while expanding operations.
The company’s contract backlog reached a record $1.9 billion at the end of September. This represented an increase of $1.7 billion compared with the end of 2025. New government awards and acquired contracts helped strengthen its future revenue pipeline.
The company secured $450 million in new awards and acquired backlog through its Goonhilly transaction. Major projects included missile defense satellites, NASA observation programs, and national security space platforms. These contracts expanded the company’s presence across defense, satellite production, and space communication services.
NASA Contracts Support Growth and 2026 Revenue Outlook
Intuitive Machines secured vendor status under NASA’s $10 billion CLPS 2 contract, which includes a $5 billion option. The program supports lunar cargo transportation and infrastructure development for future Artemis missions. The company expanded its communication network through the Goonhilly Earth Station and COMSAT acquisitions.
The company also accelerated plans to deploy its Altus-2 through Altus-5 satellites together during 2028. Management expects the IM-3 lunar mission and Altus-1 satellite to launch around March or April 2027. These projects support its expansion into lunar communication networks and space infrastructure services.
Intuitive Machines expects full-year 2026 revenue between $920 million and $950 million. Management also forecasts positive adjusted EBITDA as the company increases production and strengthens operational efficiency. Its growing contract backlog supports future business activity across civil, commercial, and national security space markets.
