Intuitive Machines Posts Record Q2 Revenue and $1.8 Billion Backlog

Company says large contract wins and recent acquisitions are scaling it into a multi‑market space prime with guidance of $900M–$1B in 2026 revenue.

Overview

Intuitive Machines, which reported results Thursday, posted Q2 revenue of $206 million—up from $50.3 million a year earlier—and recorded a net loss of $62.8 million for the quarter.
The company’s contract backlog jumped to $1.8 billion as of June 30 after booking $920 million in Q2 awards that included a more than $600 million deal for three geostationary satellites and about $300 million of additional awards in early Q3.
Quarter‑end cash and equivalents fell to $367.3 million, a decline the company attributed to strategic inventory purchases, ground‑station investments, and spending on long‑lead materials.
Strategic moves widened the company’s market mix: the January Lanteris deal added $612.8 million to backlog, defense work expanded with an 18‑spacecraft Golden Dome award in July, and August closings of Goonhilly Earth Station and COMSAT broadened space‑to‑ground services.
Management affirmed full‑year 2026 guidance of $900 million to $1 billion in revenue and expects positive adjusted EBITDA, a signal that management expects scale and the new service network to improve operating margins as booked work converts to revenue.