Quick Summary
- Q2 2026 revenue reached $206 million, representing a 309% increase from $50.3 million in the prior year
- The company posted a net loss of $62.8 million, compared to a $38.2 million loss in Q2 2025
- Contract backlog skyrocketed to $1.8 billion from $213.1 million at the close of 2025
- Q2 brought in $920 million worth of new contract awards, highlighted by a satellite deal exceeding $600 million
- Management projects 2026 revenue between $900 million and $1 billion with anticipated positive adjusted EBITDA
Intuitive Machines $LUNR delivered its strongest quarterly performance to date with Q2 2026 revenue hitting $206 million, marking a substantial leap from the $50.3 million recorded during the same quarter last year. Shares climbed approximately 2.85% in response to the earnings announcement.
Intuitive Machines, Inc., LUNR
The revenue breakdown showed product sales generating $166.7 million, with service operations adding another $36.7 million to the top line.
Despite the revenue growth, the space technology company recorded a quarterly net loss of $62.8 million, expanding from the $38.2 million deficit posted in the comparable 2025 period.
Looking at the six-month period, Intuitive Machines generated $392.9 million in total revenue while accumulating a combined net loss of $115.4 million.
The company’s cash position stood at $367.3 million at quarter-end, representing a decline from the $582.6 million balance held at 2025’s conclusion. Management attributed this decrease primarily to deliberate inventory acquisitions and capital deployment for ground station infrastructure.
Contract Backlog Explodes to $1.8 Billion
The most impressive metric this quarter was undoubtedly the contract backlog figure. As of June 30, 2026, it reached $1.8 billion—a dramatic escalation from the $213.1 million reported at 2025 year-end. This represents a staggering $1.5 billion expansion within just half a year.
During Q2, the company secured $920 million in new contract awards. The largest single award was a commercial satellite contract valued at over $600 million covering three geostationary spacecraft.
Momentum continued into the third quarter, with an additional $300 million in awards already secured.
The January 2026 Lanteris acquisition alone contributed $612.8 million to the overall backlog figure.
Diversified Contract Portfolio Across Multiple Sectors
In July, LUNR won a significant award to manufacture 18 spacecraft for the Accelerated Missile Defense Tranche 3 initiative, a component of the Golden Dome constellation project. This contract helped drive national security revenue from a mere 3% to 30% of total revenue on a year-over-year basis.
Additionally, the company earned its sixth mission under NASA’s Commercial Lunar Payload Services program, alongside two lunar reconnaissance contracts. These encompass the Lunar Reconnaissance Orbiter Camera and ShadowCam initiatives, both critical to NASA’s Artemis lunar exploration and Moonbase development efforts.
In August, LUNR finalized its acquisition of both Goonhilly Earth Station and COMSAT, significantly broadening its space-to-ground communications infrastructure capabilities.
Chief Executive Officer Steve Altemus characterized the quarter as “strong,” highlighting the record-setting bookings and backlog figures while emphasizing the company’s evolution into a “next-generation space prime” serving civil, commercial, and national security customers.
For the full 2026 fiscal year, Intuitive Machines projects revenue ranging from $900 million to $1 billion and anticipates achieving positive adjusted EBITDA.
Through the initial portion of Q3, the company has already secured $300 million in additional contract awards.
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