Intuitive Machines Earnings Fall Short After Record Quarter

Intuitive Machines earnings on May 14, 2026 showed what management called the company’s strongest quarter, with record revenue and positive adjusted EBITDA. However, results missed Wall Street revenue and EPS expectations, prompting a mixed market response as investors focus on backlog conversion.

Quarterly Results and Margins

Intuitive Machines, Inc. (Nasdaq: LUNR), a space-technology and infrastructure-services company, reported revenue of $186.7 million for the quarter ended March 31, 2026, roughly triple the level from the first quarter of 2025. Management said gross profit reached $30.1 million, and adjusted EBITDA turned positive at $2.7 million, reversing a loss of $6.6 million a year earlier.

On a GAAP basis, the company recorded an operating loss of $39.2 million, which management attributed to acquisition-related transaction and integration costs, amortization, and ongoing investment in next-generation satellite capabilities. GAAP earnings per share ranged from about -$0.25 to -$0.18, below analyst forecasts and contributing to the mixed reception of the results.

Backlog, Bookings, and Guidance

The company said in a press release that quarter-end contracted backlog reached a record $1.1 billion. CEO Steve Altemus described the period as the "strongest quarter in the company’s history," highlighting record revenue, backlog, and positive adjusted EBITDA as Intuitive Machines integrates acquisitions and pursues civil, commercial, and national-security contracts.

Management secured more than $400 million in new bookings during the quarter, led by the Space Development Agency Tranche 3 tracking-layer award with L3Harris and the firm’s fifth Commercial Lunar Payload Services lunar surface delivery mission.

CFO Pete McGrath reiterated full-year 2026 revenue guidance of $900 million to $1.0 billion and reaffirmed expectations for positive adjusted EBITDA. He said roughly 60–65% of the backlog is expected to convert to revenue in 2026, with the remaining 35–40% converting in 2027 and beyond. The revenue mix was about 35% commercial, 38% civil, and 27% national security, consistent with the company’s infrastructure-as-a-service model across orbits.

Cash, Acquisitions, and Capital

The company ended the quarter with $232 million in cash after completing the Lanteris acquisition and a $175 million capital raise earlier in 2026. Management described Lanteris as “immediately accretive” and said it has helped win new business.

Intuitive Machines also acquired a controlling interest in Goonhilly Earth Station, which the CEO said currently generates about $14 million in annual revenue and strengthens the firm’s ground-segment capabilities.

Whether the backlog converts to revenue as expected will be the key factor in meeting full-year guidance and sustaining recent profitability gains.