Intuitive Machines (LUNR) Q1 2026 Financial Results Summary

Intuitive Machines, Inc. (Nasdaq: LUNR) released its financial results for the first quarter ended March 31, 2026, on May 14, 2026. The company reported record financial performance driven by strategic acquisitions and a growing backlog of contracts.

Key Highlights

• Acquisitions:
  • Completed an $800 million acquisition of Lanteris Space Systems to enhance vertical integration in space initiatives.
  • Entered a definitive agreement to acquire Goonhilly Earth Station to enhance data services for various space environments.
• New Contracts:
  • Awarded contracts worth $428.9 million, mainly from the Space Development Agency and a $180.4 million CLPS contract from NASA.
  • Entered a contract with the U.S. Space Force as part of the Andromeda IDIQ contract valued at $6.2 billion.
• Proposals:
  • Submitted proposals for CLPS and LTV supporting NASA’s Ignition initiative and other Moon infrastructure initiatives.

Financial Performance

• Revenue:
  • Achieved a record quarterly revenue of $186.7 million, an increase of nearly 300% compared to $62.5 million in Q1 2025.
• Adjusted EBITDA:
  • Reported positive Adjusted EBITDA of $2.7 million, contrasting with a loss of $6.6 million in Q1 2025.
• Backlog:
  • Ended Q1 with a record backlog of $1.1 billion, marking an increase of $842 million from $213 million at year-end 2025.
• Operating Expenses:
  • Total operating expenses were $225.9 million, compared to $72.6 million in the previous year.
• Net Loss:
  • Recorded a net loss of $52.5 million, compared to a net income of $975,000 in Q1 2025.
• Cash Position:
  • Cash and cash equivalents totaled $231.6 million at the end of the quarter, a decrease compared to $582.6 million at year-end 2025.

Dividends and Share Repurchase

• Intuitive Machines did not declare a quarterly dividend during this period.
• There was no mention of share repurchase activities in the report.

Additional Financial Metrics

• Free Cash Flow:
  • Reported free cash flow of -$64.6 million, significantly lower than $13.3 million in Q1 2025.
• Contracted Backlog:
  • The backlog as of March 31, 2026, was $1.1 billion, increased from $213 million at the end of 2025. This growth includes approximately $612.8 million in acquired backlog from Lanteris.

Outlook

• Revenue Guidance:
  • The company anticipates full-year 2026 revenue in the range of $900 million to $1 billion.
• Adjusted EBITDA Guidance:
  • Expected to remain positive for the full year of 2026.

Conclusion

Intuitive Machines has shown impressive growth through strategic acquisitions and new contracts. While it experienced a net loss this quarter, the record revenues and backlog suggest a strong positioning for future growth in the burgeoning space sector. The company's strategies prioritize building infrastructure and operational capabilities within the next-generation space economy.

Note: The following tables are in thousands.

INTUITIVE MACHINES, INC. - Condensed Consolidated Statements of Operations

(In thousands)

	March 31, 2026	March 31, 2025
Revenues:
Product revenue	$ 141,554	$ —
Service revenue	42,076	62,524
Grant revenue	3,100	—
Total revenues	186,730	62,524
Operating expenses:
Cost of product revenue (excluding…)	113,913	—
Cost of service revenue (excluding…)	33,660	48,925
Cost of grant revenue (excluding…)	3,101	—
Cost of service revenue (excluding…)	5,949	6,922
Depreciation and amortization	13,048	623
Research and development expense	5,589	911
General and administrative expense	50,671	15,220
Total operating expenses	225,931	72,601
Operating loss	-39,201	-10,077
Other income (expense) net:
Interest income	1,431	1,419
Interest expense	-4,885	-26
Change in fair value of earn-out liabilities	—	-33,369
Change in fair value of warrant liabilities	-9,422	43,002
Change in fair value of contingent consideration liabilities	-521	—
Other income, net	72	26
Total other income (expense) net	-13,325	11,052
Income (loss) before income taxes	-52,526	975
Income tax expense	-2	—
Net income (loss)	-52,528	975
Net income (loss) attributable to redeemable noncontrolling interest	-15,484	11,909
Net income attributable to noncontrolling interest	343	462
Net loss attributable to the Company	-37,387	-11,396
Less: Preferred dividends	-162	-147
Net loss attributable to Class A common shareholders	$ -37,549	$ -11,543
Net loss per share
Net loss per share of Class A common stock - basic and diluted	$ -0.25	$ -0.11
Weighted average shares outstanding	147,878,0…	107,081,9…

INTUITIVE MACHINES, INC. - Condensed Consolidated Balance Sheets

(In thousands)

	March 31, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$ 231,624	$ 582,606
Restricted cash	11,741	2,733
Trade accounts receivable	105,788	12,193
Contract assets	48,022	12,236
Inventory, net	57,873	—
Advances to suppliers	25,896	3,353
Prepaid and other current assets	24,334	5,693
Total current assets	505,278	618,814
Orbital receivables, non-current	217,518	—
Property and equipment, net	244,220	68,550
Intangible assets, net	304,130	12,968
Goodwill	379,840	18,697
Operating lease right-of-use assets	66,032	36,755
Finance lease right-of-use assets	86	94
Other assets	843	1,276
Total assets	$ 1,717,947	$ 757,154
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued expenses	89,335	$ 22,199
Accounts payable - affiliated companies	2,405	1,723
Contract liabilities, current	205,575	57,368
Operating lease liabilities, current	27,698	10,466
Finance lease liabilities, current	33	48
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