Q1 2026 Intuitive Machines Inc Earnings Call Transcript
Key Points
- Intuitive Machines Inc (LUNR) reported record revenue of $187 million for Q1 2026, marking the strongest quarter in the company's history.
- The acquisition of Lanteris has been immediately accretive, contributing to a record backlog of $1.1 billion.
- The company secured a significant contract with the US Space Force Space Systems Command under the Andromeda IDIQ, with a ceiling value of $6.24 billion.
- Intuitive Machines Inc (LUNR) announced a definitive agreement to acquire Goonhilly Earth Station, enhancing its space-to-ground network capabilities.
- The company achieved positive adjusted EBITDA for the quarter, demonstrating improving profitability and operational efficiency.
- The company reported an operating loss of $39.2 million for the quarter, driven by acquisition-related costs and continued investment in satellite capabilities.
- SG&A expenses were high at $50.7 million, including $20 million of acquisition-related costs and $6.3 million for share-based compensation.
- Operating cash used was $54.8 million in the quarter, impacted by significant one-time costs and inventory prebuy.
- Capital expenditures were $9.9 million, primarily for satellite constellation build-out, contributing to negative free cash flow of $64.6 million.
- The company faces competitive pressures in the Lunar Terrain Vehicle (LTV) market, with multiple vendors competing for NASA contracts.
Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines first quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. And I would now like to turn the call and conference over to Stephen Zhang, Head of Investor Relations. Please go ahead.
Good morning. Welcome to the Intuitive Machines first quarter 2026 earnings call. Chief Executive Officer, Steve Altemus and Chief Financial Officer, Pete McGrath, are leading the call today. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company
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