The massive backlog growth ($1.8B) and strong bookings ($920M) are positive long-term signals, but the widening GAAP losses and negative free cash flow (-$145.8M YTD) create near-term risk. Monitor the Q3 earnings call for progress on converting the record backlog into cash-flow-positive operations and any updates on the $900M-$1B revenue guidance.
Price Chart
Executive Summary
Intuitive Machines reported Q2 2026 revenue of $206.2M, over 4x the $50.3M in Q2 2025, driven by spacecraft production and program execution. However, the GAAP net loss widened to -$62.8M from -$38.2M a year ago, and the company burned -$59.8M in operating cash flow. The record backlog of $1.8B and $920M in Q2 bookings signal strong future revenue visibility, but the continued cash burn and GAAP losses keep the near-term outlook mixed for the common stock.
Key Financial Metrics
Key Facts
- Record Q2 2026 revenue of $206.2M, up from $50.3M in Q2 2025.
- Record backlog of $1.8B, up $1.55B from year-end 2025.
- GAAP net loss widened to -$62.8M from -$38.2M in Q2 2025.
- Operating cash flow was -$59.8M in Q2 2026, vs -$19.3M in Q2 2025.
- Full-year 2026 revenue guidance maintained at $900M-$1B with positive Adjusted EBITDA.
- Booked $920M of awards in Q2 2026, with an additional $300M in Q3 QTD.
- Closed Goonhilly Earth Station and COMSAT acquisition in August 2026.
Financial Impact
Revenue grew 310% YoY to $206.2M, but GAAP net loss per share was -$0.29 vs consensus estimate of -$0.07, a 314% miss. Operating cash outflow was -$59.8M.
Risk Factors
- Continued GAAP losses and negative operating cash flow despite revenue growth.
- Execution risk on converting $1.8B backlog into profitable revenue.
- Dependence on government contracts (NASA, Space Force) which are subject to budget cycles and political changes.
- High share dilution from warrant exercises and securities issuances (shares outstanding up 38% YoY).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-056476 |
| Document: lunr-20260813.htm | 0001628280-26-056476 |
| Document: 0001628280-26-056476-index-headers.html | 0001628280-26-056476 |
| Document: 0001628280-26-056476-index.html | 0001628280-26-056476 |
| Document: 0001628280-26-056476.txt | 0001628280-26-056476 |
| 8-K Data (Synthetic) | 0001628280-26-056476 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Press Release | $14.72 $14.79 | ▲ +0.44% | ▼ −0.74% | $14.67 (−0.34%) |
Aug 13, 2026 7w ago | 8-K | $17.56 $14.35 | ▼ −18.28% | ▼ −16.53% | $14.67 (−16.46%) |
Aug 13, 2026 7w ago | Press Release | $17.56 $14.35 | ▼ −18.28% | ▼ −16.53% | $14.67 (−16.46%) |
Aug 3, 2026 8w ago | 8-K | $13.96 $14.72 | ▲ +5.44% | ▲ +6.68% | $14.67 (+5.09%) |
Jul 30, 2026 9w ago | Insider Cluster | $12.25 $16.18 | ▼ −32.08% | ▼ −28.12% | $14.67 (−19.76%) |
Jun 17, 2026 15w ago | Insider Cluster | $22.85 $13.44 | ▼ −41.18% | ▼ −41.71% | $14.67 (−35.80%) |
Jun 8, 2026 16w ago | Insider Cluster | $27.47 $17.85 | ▲ +35.02% | ▲ +36.47% | $14.67 (+46.60%) |
Jun 3, 2026 17w ago | 8-K | $33.83 $19.58 | ▼ −42.12% | ▼ −41.12% | $14.67 (−56.64%) |
May 14, 2026 20w ago | 8-K | $36.52 $26.62 | ▼ −27.11% | ▼ −26.25% | $14.67 (−59.83%) |
May 14, 2026 20w ago | Press Release | $36.52 $26.62 | ▼ −27.11% | ▼ −26.25% | $14.67 (−59.83%) |
US Market Status
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