Intuitive Machines Posts Record Cash Flow and Backlog

The Tip Desk · November 12, 2026 · 2 min read

Third-quarter revenue reached $269.3 million as cash from operations turned positive at $66.2 million and backlog ended at $1.9 billion.

Intuitive Machines (LUNR), a space technology and infrastructure services company, reported record quarterly revenue of $269.3 million for the three months ended September 30, 2026, up from $206 million in the second quarter.

The company said the increase was driven by execution across satellite production, lunar delivery, lunar data services, and ground communication networks. Product revenue was $215.1 million, compared with none a year earlier. Service revenue was $54.1 million.

Gross margin reached a record $69 million, or 26% of revenue. The company attributed the result to increased contribution from satellite production, higher volume, and net favorable one-time program adjustments, including EAC and other cost adjustments.

Cash from operations turned positive at a record $66.2 million, versus $7.2 million used a year earlier. Capital expenditures of $33 million produced positive free cash flow of $33 million.

Adjusted EBITDA was $8.3 million in the third quarter, versus a $13.2 million loss a year earlier. GAAP operating loss was $34.2 million. Net loss attributable to Class A common shareholders was $4.2 million, or $0.02 a share, versus $7.0 million, or $0.06 a share, a year earlier.

Backlog ended the quarter at a record $1.9 billion, an increase of $1.7 billion from year-end 2025. The company said it booked record levels of diverse awards across civil, commercial, and national security space customers.

In the third quarter the company booked $450 million of new awards and Goonhilly acquired backlog, driven primarily by the Accelerated Missile Defense Tranche 3 constellation, NASA’s Jet Propulsion Laboratory EAGLE-VSWIR, and Hartford, two IM 300 series platforms for a national security space application.

The company was awarded as a vendor for NASA’s $10 billion, plus $5 billion option, IDIQ contract in the fourth quarter for its next-generation Commercial Lunar Payload Services 2 contract. It also contracted with JPL for FALCON-RADAR in the fourth quarter, an Earth observation mission that will study clouds and convection from space.

Cash and cash equivalents were $463.8 million at September 30, 2026. Trade accounts receivable were $113.5 million and contract assets $120.3 million. Current contract liabilities were $293.5 million. Long-term debt, net, was $336.9 million.

Chief Executive Steve Altemus said the company remains focused on IM-3 and its first Altus-1 lunar satellite, which remains on track for a planned launch in the March/April timeframe. The company said it will emphasize scaling execution and converting contracted backlog into revenue through repeatable production.

Intuitive Machines expects full-year 2026 revenue of $920 million to $950 million and positive full-year 2026 Adjusted EBITDA.