Summary of Intuitive Machines Q2 2026 Earnings Call

1Key Financial Results and Metrics

Revenue: $206 million for Q2 2026, a significant increase of over 400% year-over-year.

Gross Profit: Improved to $36 million from a loss of $12 million in the previous year.

Adjusted EBITDA: Negative $14 million, an improvement from negative $25 million year-over-year.

Operating Loss: $47 million, attributed to increased SG&A and amortization costs.

Cash Position: Ended the quarter with $367 million in cash, including $235 million raised through an at-the-market program.

Backlog: Reached a record $1.8 billion, with $920 million in new bookings during the quarter.

2Strategic Updates and Business Highlights

Acquisitions: Recent acquisitions (Lanteris, KinetX, Goonhilly Earth Station, and COMSAT) have positioned Intuitive Machines as a leading integrated aerospace company, enhancing capabilities across satellite manufacturing, mission operations, and ground communications.

Market Expansion: The company has diversified its addressable market from $20 billion to over $150 billion by moving beyond lunar delivery to a broader space infrastructure role.

Pillars of Strategy: Focus on three integrated pillars—build, connect, and operate—aiming to develop comprehensive space infrastructure.

NASA Contracts: Continued success with NASA's CLPS missions, including recent awards extending lunar delivery capabilities through 2030.

3Forward Guidance and Outlook

Revenue Outlook: Reaffirmed full-year revenue guidance of $900 million to $1 billion, with confidence in achieving positive adjusted EBITDA.

Backlog Conversion: Approximately 25-30% of the current backlog is expected to convert to revenue in 2026, with additional growth anticipated from upcoming contract definitizations and proposals.

Future Opportunities: Anticipating additional large multi-year contracts in the second half of the year, including CLPS task orders and national security programs.

4Bad News, Challenges, or Points of Concern

Operational Loss: Continued operational losses due to high SG&A costs and adjustments related to specific contracts (e.g., IM-4).

Cash Usage: Increased cash burn of $60 million in Q2, driven by strategic investments and milestone payments, though expected to improve in the second half of the year.

Execution Risks: The timing of contract definitization and revenue conversion remains a variable that could impact revenue guidance.

Market Competition: The evolving landscape in space infrastructure may present competitive pressures as new entrants emerge.

5Notable Q&A Insights

Backlog Conversion: Management highlighted the importance of timing in procurements and ATPs for revenue conversion, indicating potential to reach the midpoint of revenue guidance.

CLPS Task Orders: Upcoming bids for additional CLPS missions are expected, with a significant multi-award contract (CLPS 2.0) anticipated to be valued over $10 billion.

Nova-D Production: The company is expanding production capabilities to meet NASA's accelerated demand for lunar landers, with plans for simultaneous construction of multiple landers.

Operational Revenue: The strategy to transition from hardware delivery to operating infrastructure is seen as a major growth opportunity, with recurring revenue expected from mission operations and data services. Overall, Intuitive Machines demonstrated strong growth in Q2 2026, with a robust backlog and strategic initiatives aimed at expanding its role in the space economy, despite facing challenges related to operational losses and cash flow management.