Key Highlights
- Q2 revenue reached $206 million, a significant increase from $50.3 million in the prior year period
- The company posted a net loss of $62.8 million versus $38.2 million in Q2 2025
- Contract backlog expanded dramatically to $1.8 billion from $213.1 million at the close of 2025
- LUNR secured $920 million worth of new contracts in Q2, featuring a satellite deal exceeding $600 million
- Management projects 2026 full-year revenue between $900 million and $1 billion with anticipated positive adjusted EBITDA
Intuitive Machines $LUNR delivered exceptional second-quarter results for 2026, reporting revenue of $206 million—representing more than a fourfold surge from the $50.3 million generated in the year-ago quarter. Shares climbed approximately 2.85% in response to the earnings announcement.
Intuitive Machines, Inc., LUNR
The revenue breakdown showed product sales generating $166.7 million, complemented by $36.7 million from service operations.
Despite the strong top-line performance, the space technology company recorded a quarterly net loss of $62.8 million, widening from the $38.2 million deficit reported in the comparable 2025 period.
Looking at the six-month period, revenue totaled $392.9 million, while the cumulative net loss stood at $115.4 million.
Cash and equivalents at quarter-end measured $367.3 million, representing a decline from the $582.6 million balance recorded at year-end 2025. Management attributed this decrease primarily to deliberate inventory stockpiling and capital expenditures in ground station infrastructure.
Contract Backlog Reaches Unprecedented $1.8 Billion Level
Perhaps the most impressive metric from the quarter was the contract backlog expansion. As of June 30, 2026, the backlog stood at $1.8 billion—a remarkable jump from the $213.1 million reported at 2025’s conclusion. This represents a $1.5 billion buildup in just half a year.
New contract awards totaling $920 million were secured throughout Q2. Among these was a substantial agreement valued above $600 million covering three commercial geostationary satellite systems.
The positive trend continued into the third quarter, with an additional $300 million in contract wins already recorded.
The strategic acquisition of Lanteris, finalized in January 2026, independently contributed $612.8 million to the overall backlog figure.
Contract Portfolio Diversifies Across Multiple Sectors
During July, LUNR won a significant contract to manufacture 18 spacecraft for the Accelerated Missile Defense Tranche 3 initiative, which forms part of the Golden Dome constellation framework. This achievement contributed to national security revenue expanding from a mere 3% to 30% of total revenue on a year-over-year basis.
The firm also locked in its sixth mission under NASA’s Commercial Lunar Payload Services program, alongside two lunar reconnaissance contracts. These encompass the Lunar Reconnaissance Orbiter Camera and ShadowCam initiatives, both supporting NASA’s broader Artemis and Moonbase objectives.
In August, LUNR finalized the acquisition of both Goonhilly Earth Station and COMSAT, strengthening its capabilities in space-to-ground data transmission services.
Chief Executive Steve Altemus characterized the quarter as “strong,” highlighting the unprecedented bookings and backlog figures while emphasizing the company’s strategic positioning as a “next-generation space prime” serving civil, commercial, and national security customers.
Looking ahead to the complete 2026 fiscal year, Intuitive Machines projects revenue ranging from $900 million to $1 billion and anticipates achieving positive adjusted EBITDA.
Through the third quarter to date, the company has already accumulated $300 million in additional contract awards.
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