Intuitive Machines shares fall despite strong revenue growth, as earnings miss overshadows record backlog and EBITDA progress.
Stock Earnings Results
May 14, 2026
Table of Contents
May 14, 2026
Intuitive Machines, Inc. (NASDAQ: LUNR) reported first-quarter 2026 results with record revenue, positive adjusted EBITDA, and a record quarter-end backlog, but shares came under pressure after the company missed earnings expectations.
Intuitive Machines is a space infrastructure and lunar services company supporting commercial, civil, and national security space missions, including lunar landers, space systems, communications, and data services.
The company reported a loss of $0.18 per share, wider than estimates for a loss of $0.07, representing a negative 157.1% earnings surprise. Revenue came in at $186.73 million, below estimates of $201.90 million, but still grew 198.7% year-over-year.
Intuitive Machines reported record quarterly revenue of $186.7 million, nearly three times higher than the prior-year period.
The increase was driven by the Lanteris Space Systems acquisition, along with continued execution across CLPS, OMES, and NSNS programs. The company noted that first-quarter revenue did not include 12 days of Lanteris contribution, which would have added about $13 million.
The company ended the quarter with record backlog of $1.1 billion, up $842 million from year-end 2025.
That backlog growth was mainly driven by the Lanteris acquisition and Intuitive Machines’ fifth NASA CLPS task order. Backlog is important because it gives investors visibility into future revenue tied to space infrastructure, lunar delivery, and national security programs.
Intuitive Machines reported positive adjusted EBITDA of $2.7 million.
That matters because space companies are often judged heavily on cash burn and execution risk. Positive adjusted EBITDA suggests the company is beginning to show operating leverage as revenue scales, even though GAAP earnings remain negative.
The company was awarded $428.9 million in new contracts during the quarter.
That included work tied to the Space Development Agency’s Proliferated Warfighter Space Architecture tranche 3 tracking layer and a $180.4 million NASA CLPS contract. The NASA award marked Intuitive Machines’ fifth CLPS task order and its first requiring the larger Nova-D lunar lander.
Intuitive Machines closed its $800 million acquisition of Lanteris Space Systems, positioning the company as a more vertically integrated space prime contractor.
The company also signed a definitive agreement in Q2 to acquire Goonhilly Earth Station and its COMSAT subsidiary, aiming to build a space-to-ground data services network for LEO, MEO, GEO, cislunar, and deep space missions.
Investors are likely to watch whether Intuitive Machines can convert backlog into profitable revenue while managing acquisition integration and space mission execution risk.
The key areas are:
Intuitive Machines’ quarter had strong operating signals, but the stock reaction shows that expectations were already high.
Record revenue, positive adjusted EBITDA, and a $1.1 billion backlog support the long-term growth story. But the EPS miss, revenue shortfall versus estimates, high volatility, and execution risk likely weighed on investor sentiment.
Platforms like LevelFields track earnings misses, backlog growth, government contracts, space-sector catalysts, and acquisition-driven revenue expansion together, helping investors identify when aerospace and space infrastructure stocks are moving on execution progress versus expectations risk.
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