Intuitive Machines posts record $269 million third-quarter revenue, backlog reaches $1.9 billion
Intuitive Machines reported Q3 2026 revenue of $269.3 million, up from $52.4 million a year earlier, positive operating cash flow and a record backlog, and kept full-year revenue guidance of $920 million to $950 million.
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Intuitive Machines, the Houston space infrastructure company listed on Nasdaq as LUNR, reported its largest quarter so far on Thursday. In its third-quarter results release, the company said revenue for the three months to 30 September reached $269.3 million, compared with $52.4 million a year earlier. Reuters reported that the figure beat analysts' estimates, driven by the satellite production business.
The numbers
Product revenue, a line the company did not have a year ago, was $215.1 million, and service revenue was $54.1 million. Intuitive Machines put gross margin at $69 million, or 26%, helped in part by what it called net favourable one-time program adjustments. The net loss narrowed to $3.4 million from $10.0 million, a loss of 2 cents per Class A share, and adjusted EBITDA was positive $8.3 million against a loss of $13.2 million a year earlier.
Cash from operations was a positive $66 million in the quarter and capital spending $33 million, which the company said produced $33 million of free cash flow. For the first nine months of the year, free cash flow remained negative at $112.3 million. Cash and equivalents stood at $463.8 million at the end of September.
Backlog and contracts
Contracted backlog rose to about $1.87 billion from $213 million at the end of 2025, including backlog acquired with the Lanteris and Goonhilly deals. The company said it booked $450 million of new awards and acquired backlog in the quarter and was named a vendor on NASA's Commercial Lunar Payload Services 2 contract in the fourth quarter. Chief executive Steve Altemus said the IM-3 mission and the first Altus-1 lunar satellite remain on track for a planned launch in the March to April timeframe.
Outlook
Intuitive Machines kept its full-year 2026 guidance of $920 million to $950 million in revenue and positive adjusted EBITDA. Adjusted EBITDA and free cash flow are non-GAAP measures that the company reconciles in its release.
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