The combination of record revenue, first positive Adjusted EBITDA, massive backlog growth, and two transformative acquisitions (Lanteris closed, Goonhilly pending) signals a step-change in scale and revenue visibility. The maintained $900M-$1B FY2026 revenue guidance implies ~$713M-$813M in remaining quarters — watch for Q2 revenue acceleration as Lanteris contributes a full quarter. The Goonhilly acquisition adds strategic deep space communications assets but requires UK NSIA and FCC approvals (expected Q3 2026 close). Monitor cash burn ($54.8M operating cash outflow in Q1) and dilution from the 960,649 Goonhilly consideration shares (6-month lock-up).
Price Chart
Executive Summary
Intuitive Machines reported Q1 2026 revenue of $186.7M (nearly 3x prior year's $62.5M), driven by the Lanteris acquisition and new contract wins. The company posted positive Adjusted EBITDA of $2.7M for the first time, and ended the quarter with a record backlog of $1.1B. Concurrently, the company announced a definitive agreement to acquire Goonhilly Earth Station and COMSAT, expanding its deep space communications network. GAAP net loss was $(52.5M) or $(0.25) per share, versus a year-ago net income of $1.0M.
Key Financial Metrics
Key Facts
- Record Q1 revenue of $186.7M, up 199% YoY from $62.5M
- First-ever positive Adjusted EBITDA of $2.7M vs. $(6.6M) in Q1 2025
- Record backlog of $1.1B, up $842M from year-end 2025
- Closed $800M Lanteris acquisition on Jan 13, 2026; Q1 revenue excludes ~$13M from 12 days of Lanteris
- Signed definitive agreement to acquire Goonhilly Earth Station and COMSAT for £37M (50/50 stock/cash)
- Awarded $428.9M in new contracts including SDA tranche 3 and $180.4M NASA CLPS task order (Nova-D lander)
- Contracted with U.S. Space Force under $6.2B Andromeda IDIQ contract
- Full-year 2026 revenue guidance maintained at $900M-$1B with positive Adjusted EBITDA
- GAAP net loss of $(52.5M) vs. prior year net income of $1.0M, driven by acquisition-related costs and fair value changes
- Cash and cash equivalents of $231.6M at quarter-end, down from $582.6M due to Lanteris cash consideration and operating cash burn
Financial Impact
Revenue nearly tripled to $186.7M; first positive Adjusted EBITDA of $2.7M; backlog surged to $1.1B; GAAP net loss $(52.5M) includes $20M in transaction costs and $9.4M warrant liability charge
Risk Factors
- GAAP net loss of $(52.5M) and negative operating cash flow of $(54.8M) in Q1
- Cash balance declined $351M to $231.6M due to Lanteris acquisition and operating burn
- Goonhilly acquisition subject to UK NSIA and FCC regulatory approvals — closing risk
- Integration risk from two large acquisitions (Lanteris closed Jan 2026, Goonhilly pending)
- Dilution from 960,649 Goonhilly consideration shares (6-month lock-up) and potential future equity needs
- Customer concentration on U.S. government contracts; backlog includes $612.8M acquired from Lanteris
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-034807 |
| Exhibit: ex992intuitivemachinestoac.htm | 0001628280-26-034807 |
| Document: lunr-20260514.htm | 0001628280-26-034807 |
| Document: 0001628280-26-034807-index-headers.html | 0001628280-26-034807 |
| Document: 0001628280-26-034807-index.html | 0001628280-26-034807 |
| Document: 0001628280-26-034807.txt | 0001628280-26-034807 |
| 8-K Data (Synthetic) | 0001628280-26-034807 |
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%) |
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