Intuitive Machines Reports Record Quarterly Revenue
Company makes strategic acquisitions in first quarter
HOUSTON -- Intuitive Machines, Inc. reported record first-quarter revenue of $186.7 million, which is nearly three times the revenue it earned during the same period last year. The company also closed its $800 million acquisition of spacecraft manufacturer Lanteris Space Systems, and it signed an agreement to acquire Goonhilly Earth Station and its COMSAT subsidiary to provide communications with spacecraft.
“Intuitive Machines continues to execute, grow, and win new business at record pace. Our acquisition of Lanteris has been immediately accretive with the combined entity already creating value,” said Intuitive Machines CEO Steve Altemus. “The next phase of the space economy will not be defined only by who reaches new destinations. It will be defined by who can build the infrastructure, connect it reliably, and operate it at scale. That is what Intuitive Machines is building.”
Intuitive Machines Q1 2026 Earnings
Revenue: $186.7M vs. $62.5M Q1 2025
Cash & Equivalents: $231.6M vs. $582.6M Q1 2025
Net Loss: -$52.5M vs. $957K Q1 2025
Adjusted EBITDA: $2.7M vs -$6.6M Q1 2025
Free Cash Flow: -$64.6M vs $13.3M Q1 2025
Backlog: $1.05B vs. $213.1M Dec. 31, 2025
Intuitive Machines said additional revenue from its acquisition of Lanteris totaled approximately $13 million. The amount is not included in the $186.7 million in revenue the company reported in the first quarter.
Intuitive Machines reported it ended the first quarter with a record backlog of $1.1 billion. This represented an increase of $842 million increase over the backlog at the end of 2025. The Lanteris acquisition accounted for $612.8 million of the increased backlog. Intuitive Machines also won new contracts worth $428.9 million from NASA and the Space Development Agency (SDA).
NASA awarded Intuitive Machines a contract worth $180.4 million to land seven payloads at the south pole of the Moon. It is the fifth Commercial Lunar Payload Services mission the space agency has awarded the company. It will be the first mission to use the Intuitive Machines’ larger Nova-D lander.
Intuitive Machines will design, build and deliver 18 spacecraft platforms to L3Harris Technologies for SDA’s next-generation, space-based missile tracking capabilities.
Intuitive Machines said it expects $900 million to $1 billion in revenue in 2026. It also expects adjusted EBITDA to be positive for the year.
Strategic Acquisitions
Intuitive Machines said its acquisition of satellite manufacturer Lanteris, formerly known as Maxar Space Systems, will allow it to become a vertically integrated space prime contractor serving the commercial, civil and national security markets.
“This acquisition marks a defining moment in the evolution of Intuitive Machines,” Altmus said. “We previously proved our ability to operate on the Moon. With Lanteris, we add flight-proven manufacturing at scale. Together, these strengths transform Intuitive Machines into a multi-domain, end-to-end solutions provider that can build spacecraft, connect resilient communications and navigation networks, and operate systems across LEO, MEO, GEO and cislunar space.”
Goonhilly Earth Station is a deep space communications provider with major ground station assets in the United Kingdom. The acquisition of Goonhilly and its U.S. subsidiary COMSAT would allow Intuitive Machines to significantly expand global ground station resources and capacity on its space-to-ground network.
“Customers have been clear that they want a single, integrated, and resilient solution for their communications and PNT needs as they accelerate missions at an unprecedented pace,” Altemus said. “Our partners of integrated space‑to‑ground network are configured to support missions across LEO, lunar, and cislunar environments through a single source for communications, PNT, and data transport. Goonhilly will provide the backbone for this network, scales our global ground presence and will bring a strategic core competency to the Intuitive Machines team.”
Intuitive Machines Q1 2026 Results
Adjusted EBITDA
The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA.
Free Cash Flow
We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.
Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are:
Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP.
Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation.
Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle.
The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow:
Backlog
The following table presents our backlog as of the periods indicated:
Backlog increased by $842.4 million as of March 31, 2026 compared to December 31, 2025, which includes $612.8 million of acquired backlog associated with the Lanteris acquisition in January 2026, new awards of $428.9 million primarily associated with the IM-5 mission, a government defense contract, and various other contracts, partially offset by continued performance on existing contracts of $186.7 million.