Q2 2026 Intuitive Machines Inc Earnings Call Transcript
Key Points
- Intuitive Machines Inc (LUNR) delivered a strong quarter with $206 million in revenue, more than 4 times the prior year, and exited with a record $1.8 billion backlog.
- The company secured $1.2 billion in new bookings in Q2, the highest quarterly bookings in its history, including awards for 18 AMDT3 Golden Dome satellites and three commercial GEO communication satellites.
- Intuitive Machines Inc (LUNR) is diversifying its customer base, with Q2 backlog split approximately 37% civil, 49% commercial, and 14% national security space, reducing dependence on any single market.
- The company is accelerating its lunar communications constellation, planning to deploy Altus-2 through Altus-5 together in 2028, ahead of schedule, to support NASA's Artemis missions.
- Intuitive Machines Inc (LUNR) reaffirmed its full-year revenue outlook of $900 million to $1 billion and expects positive adjusted EBITDA, driven by strong backlog visibility and improved gross profit of $36 million in Q2.
- Intuitive Machines Inc (LUNR) reported an operational loss of $47 million for Q2, driven by higher SG&A, amortization, and a $14.7 million estimated at-complete adjustment on the IM-4 mission due to payload changes.
- The company's operating cash flow was negative at $60 million in Q2, reflecting strategic investments in long-lead inventory, acquisition costs, and a $17 million milestone payment to SpaceX for IM-4.
- Adjusted EBITDA remained negative at -$14 million for Q2, although improved from -$25 million in the prior year, indicating ongoing profitability challenges.
- Intuitive Machines Inc (LUNR) faces execution risks with its IM-3 mission, which is scheduled for Q1 2027, and must complete critical tests like engine hot fire and laser sensor integration before launch.
- The company's cash burn is elevated due to investments in production capacity and the NSNS satellite constellation, with capital expenditures expected to remain high in coming quarters, potentially straining liquidity.
Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Machines second-quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Go ahead.
Good morning. Welcome to the Intuitive Machines second 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
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