Intuitive Machines (LUNR) Earnings Date & Reports

Intuitive Machines posted revenue of $186.7 million for Q1 2026, a nearly threefold increase from $62.5 million in Q1 2025, driven by satellite programs, CLPS missions, Orbital Maintenance and Exploration Services (OMES), and National Security Space Systems (NSNS). However, this fell short of consensus estimates ranging from $200 million to $205 million. The revenue excludes about $13 million from the first 12 days post-Lanteris close on January 13.

Net loss attributable to Class A shareholders was $37.5 million, or $0.25 per share (basic and diluted), compared to a $11.5 million loss or $0.11 per share last year. This missed expectations of -$0.06 to -$0.07 per share. Operating loss stood at $39.2 million, with SG&A (selling, general, and administrative expenses) at $50.7 million, including $20 million in one-time acquisition costs.

Positively, gross profit reached $30.1 million, and adjusted EBITDA turned positive at $2.7 million versus a $6.6 million loss prior year. Backlog hit a record $1.055 billion, boosted by $612.8 million from Lanteris and $428.9 million in new wins like NASA's fifth CLPS task order. Full-year guidance remains $900-$1 billion in revenue and positive adjusted EBITDA.

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Market Reaction and Investor Sentiment

Despite missing on EPS and revenue, LUNR shares climbed 2.35% to $36.52 on May 14, 2026, from a prior close of $35.68, with high volume of over 19 million shares. Pre-market dips of around 5-6% reflected initial disappointment over the misses, but the record backlog, positive adjusted EBITDA, and reaffirmed guidance fueled a recovery. Sentiment remains bullish, with analysts maintaining "Overweight" ratings and average price targets around $25-27, citing the $1.1 billion backlog's 60-65% expected conversion in 2026. Year-to-date gains exceed 120%, driven by space sector momentum.

Forward Outlook and Key Factors to Monitor

Intuitive Machines' reaffirmed guidance points to robust 2026 growth, with revenue projected at $900 million to $1 billion and positive adjusted EBITDA. The $1.1 billion backlog, including 27% from national security, provides strong visibility, with 60-65% slated for recognition this year.

Key catalysts include closing the Goonhilly Earth Station acquisition for space-to-ground data relay, execution on the U.S. Space Force Andromeda IDIQ (up to $6.2 billion ceiling) for space domain awareness satellites, and upcoming CLPS missions like IM-5 using the Nova-D lander. Proposals for NASA's Lunar Terrain Vehicle (LTV) and CLPS 2.0 could further expand the pipeline.

Investors should watch contract timing risks from government appropriations, integration of Lanteris for margin expansion, cash burn (Q1 free cash flow negative at $64.6 million, cash at $231.6 million), and R&D progress in software-defined satellites and cislunar communications. Diversified revenue—35% commercial, 38% civil—mitigates reliance on any single segment, but scaling operations amid acquisitions will be critical.

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