Intuitive Machines Q2 Earnings Miss Despite Record Backlog
Intuitive Machines Q2 Earnings showed $206.2 million revenue but missed estimates, pressuring shares and putting focus on converting $1.8 billion backlog.
KEY TAKEAWAYS
- Revenue rose 310% to $206 million while the quarter produced a net loss of $63 million.
- Quarter-end backlog expanded to $1.8 billion, giving multi-quarter revenue visibility but conversion timing is uncertain.
- Results missed Street revenue and EPS ranges, focusing investor attention on backlog conversion and cash runway.
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Intuitive Machines reported second-quarter earnings in a press release on Aug. 13, 2026, showing revenue surged while the company missed Wall Street revenue and earnings estimates. Management highlighted a large quarter-end backlog that raises questions about near-term conversion.
Quarter Results and Financials
Intuitive Machines, Inc. (Nasdaq: LUNR) reported results for the quarter ended June 30, 2026. Revenue totaled $206.2 million, up 310% year over year, about four times the prior-year quarter. The company posted a net loss of $62.8 million, or $0.29 per Class A share, and an adjusted EBITDA loss of $13.8 million. Cash and cash equivalents were $367.4 million at quarter-end.
Street revenue estimates ranged from roughly $216.3 million to $223.8 million, with a consensus EPS near $(0.09). The company’s results fell below those ranges.
Backlog Growth and Business Mix
Quarter-end backlog reached $1.762 billion, described by the company as $1.8 billion, marking record backlog expansion. Revenue strength reflected spacecraft production and work on programs identified as Commercial Lunar Payload Services (CLPS), OMES, and NSNS. National-security revenue rose from about 3% to roughly 30% of the mix year over year.
CEO Steve Altemus said, “We delivered a strong quarter.” The scale of the backlog relative to quarterly revenue and cash balances focuses investor attention on how quickly bookings will convert to revenue and on near-term capital needs ahead of further management commentary.
