Intuitive Machines (LUNR) Stock Rockets Higher After Revenue Quadruples Year Over Year

TLDR

• LUNR reported Q2 revenue of $206 million, up from $50.3 million a year ago
• Net loss came in at $62.8 million, wider than the $38.2 million loss in Q2 2025
• Backlog jumped to $1.8 billion from $213.1 million at year-end 2025
• The company booked $920 million in awards during Q2, including a $600 million+ satellite contract
• Full-year 2026 revenue guidance set at $900 million to $1 billion, with positive adjusted EBITDA expected

Intuitive Machines $LUNR posted record quarterly revenue of $206 million for Q2 2026, a more than four-fold increase compared to $50.3 million in Q2 2025. The stock was trading up around 2.85% following the release.

Intuitive Machines, Inc., LUNR

Product revenue accounted for $166.7 million of the total, while service revenue contributed $36.7 million.

The company reported a net loss of $62.8 million in the quarter, compared to a loss of $38.2 million in the same period last year.

INTUITIVE MACHINES $LUNR Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $206M (Est. $216M) 🔴
🔹 EPS: -$0.29 (Est. -$0.10) 🔴
🔹 Backlog: $1.8B

FY Guide:
🔹 Revenue: $900M-$1B (Est. $933M) 🟡
🔹 Adjusted EBITDA: Positive

Other Q2 Metrics:
🔹 Cash & Cash Equivalents: $367M
🔹 Net Loss:…

— Wall St Engine (@wallstengine) August 13, 2026

For the first half of 2026, total revenue reached $392.9 million, with a combined net loss of $115.4 million.

LUNR ended Q2 with cash and cash equivalents of $367.3 million, down from $582.6 million at the end of 2025. The company cited strategic inventory purchases and ground station investments as key drivers of the cash reduction.

Backlog Hits Record $1.8 Billion

The standout number this quarter was the backlog. It surged to $1.8 billion as of June 30, 2026, up from just $213.1 million at the end of 2025. That is a $1.5 billion increase in six months.

The company booked $920 million in awards during Q2 alone. That included a contract worth more than $600 million for three commercial geostationary satellites.

An additional $300 million in awards came in during Q3 so far, keeping the momentum going.

The Lanteris acquisition, completed in January 2026, added $612.8 million to the backlog on its own.

New Contracts Span Defense, NASA, and Commercial

In July, LUNR was awarded a contract to build 18 spacecraft for the Accelerated Missile Defense Tranche 3 program, which is part of the Golden Dome constellation. This helped push national security revenue from 3% to 30% of total revenue year over year.

The company also secured its sixth Commercial Lunar Payload Services mission from NASA, as well as two lunar reconnaissance awards. Those cover the Lunar Reconnaissance Orbiter Camera and ShadowCam programs, which support NASA’s Artemis and Moonbase initiatives.

LUNR completed its acquisition of Goonhilly Earth Station and COMSAT in August, expanding its space-to-ground data services network.

CEO Steve Altemus called the quarter “strong,” pointing to record bookings and backlog and describing the company as positioning itself as a “next-generation space prime” across civil, commercial, and national security markets.

For full-year 2026, Intuitive Machines guided for revenue of $900 million to $1 billion and expects to reach positive adjusted EBITDA.

The company ended Q3 so far with $300 million in additional awards already booked.

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