The massive revenue growth and record backlog are positive, but the significant EPS miss and cash burn are negative. Monitor the Q3 earnings call for progress on converting the $1.8B backlog into cash flow and for any updates on the full-year guidance trajectory.
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, GAAP EPS of -$0.29 missed the consensus estimate of -$0.07 by a wide margin, and operating cash flow burned -$59.8M. The record backlog of $1.8B and full-year revenue guidance of $900M-$1B 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
- Q2 2026 revenue of $206.2M vs $50.3M in Q2 2025 (309.8% YoY growth)
- GAAP EPS of -$0.29 missed consensus estimate of -$0.07 (beatMiss: miss)
- Record backlog of $1.8B, up from $213M at year-end 2025
- Full-year 2026 revenue guidance of $900M-$1B
- Operating cash flow of -$59.8M in Q2 2026
- Cash balance of $367M at quarter end
- Booked $920M in Q2 awards with an additional $300M in Q3 QTD
Financial Impact
Revenue surged to $206.2M from $50.3M YoY, but GAAP net loss widened to -$62.8M from -$38.2M. Operating cash burn was -$59.8M.
Risk Factors
- Continued GAAP losses and negative operating cash flow
- Execution risk on converting record backlog into revenue and cash
- Dependence on government contracts and NASA programs
- Potential dilution from future capital raises to fund growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3344411 |
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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