Key Takeaways:
Intuitive Machines reported first-quarter revenue of $186.7 million that fell short of Wall Street expectations, though a surprise adjusted profit sent a mixed signal to investors who have bid the stock up more than 120% this year.
“Intuitive Machines continues to execute, grow, and win new business at record pace,” CEO Steve Altemus said in a statement. “Our acquisition of Lanteris has been immediately accretive with the combined entity already creating value.”
The space exploration firm posted a net loss of $0.25 per share, wider than the consensus estimate for a $0.06 loss. However, it achieved positive adjusted EBITDA of $2.7 million, beating analyst expectations for a $7.9 million loss and reversing a $6.6 million loss from the same period a year ago. The company’s contracted backlog grew to $1.055 billion, up from $213 million at the end of 2025.
Shares of Intuitive Machines fell 4.2% to $34.20 in premarket trading Thursday. Despite the drop, the company maintained its full-year guidance for revenue between $900 million and $1 billion with positive adjusted EBITDA for 2026, suggesting confidence in its operational ramp-up.
A major driver of the company’s expanded backlog was the first-quarter acquisition of satellite builder Lanteris Space Systems. The deal vertically integrates the company’s operations and added $612.8 million to the backlog. The growth was further supported by $428.9 million in new awards, including a significant contract from the US Space Force.
The results come after a landmark period for Intuitive Machines, which successfully landed its Odysseus and Athena spacecraft on the moon, marking the first private company to achieve a soft lunar landing. While both landers tipped over, the missions provided crucial data and established the company as a key partner for NASA’s Commercial Lunar Payload Services (CLPS) program.
Wall Street remains broadly positive on the company’s prospects. Roth Capital recently raised its price target to $35, while Cantor Fitzgerald holds a target of $26. The consensus rating is a “Moderate Buy,” with analysts pointing to the strong backlog and expansion into national security as key long-term tailwinds.
The mixed first-quarter results highlight the challenges of a high-growth space company transitioning to profitability. Investors will be closely watching the integration of Lanteris and the execution on its billion-dollar backlog in the upcoming quarters. The company’s next earnings call will be a key event for updates on segment margins and revenue conversion.
This article is for informational purposes only and does not constitute investment advice.
