The quarter missed the market’s basic scorecard. Published estimates were roughly $220.7 million of revenue and a $(0.10) per-share loss; Intuitive Machines delivered $206.2 million of revenue and $(0.29) of diluted EPS.
| Metric | Q2 2026 | Q2 2025 / expectation |
|---|---|---|
| Total revenue | $206.2M (Income Statement) | $50.3M prior year; ~$220.7M consensus |
| Product revenue | $166.7M (Income Statement) | $0 prior year |
| Service revenue | $36.7M (Income Statement) | $50.3M prior year |
| Operating loss | $(47.1)M (Income Statement) | $(28.6)M prior year |
| Net loss attributable to common shareholders | $(46.6)M (Income Statement) | $(25.3)M prior year |
| Diluted EPS | $(0.29) (Income Statement) | $(0.22) prior year; ~$(0.10) consensus |
| Operating cash flow | $(59.8)M (Cash Flow statement) | $(19.3)M prior year |
| Free cash flow | $(74.0)M (Reconciliation of GAAP to Non-GAAP Financial Measure) | $(14.0)M for six months in 2025 |
The loss was materially worse than the headline growth suggests. Revenue grew more than fourfold year over year, but product revenue carried $119.3 million of direct costs, while general and administrative expense jumped to $60.3 million from $15.6 million. Adjusted EBITDA remained negative at $(13.8) million, versus $(25.4) million a year earlier, showing improvement but not breakeven (Income Statement; Reconciliation of GAAP to Non-GAAP Financial Measure).
The forward opportunity expanded substantially, but much of the good news was already visible. Backlog reached $1.8 billion, up $1.55 billion from year-end 2025, including $612.8 million acquired with Lanteris and more than $600 million tied to a new commercial multi-satellite program (Backlog discussion). The July AMDT3 award, NASA imaging contracts, and the Goonhilly/COMSAT acquisition reinforce the strategic expansion, but these awards and the acquisition were disclosed around the quarter and reduce the element of surprise.
Execution now comes with heavier cash demands and financing dependence. Cash ended at $367.4 million, down from $582.6 million at December 31, 2025, while six-month operating cash flow was $(111.9) million and investing cash use reached $(481.0) million, largely reflecting the Lanteris acquisition (Balance Sheet; Cash Flow statement). The company raised $413.8 million through securities issuance during the first half, helping fund expansion but also highlighting that the backlog build has not yet translated into self-funded operations.
Net read: a clear earnings miss with a stronger long-term order book. The backlog, defense mix, and acquired capabilities improve the growth story, but they do not offset the immediate revenue shortfall, sharply wider per-share loss versus consensus, and accelerating cash burn. The filing therefore lands as a Miss rather than a beat masked by favorable strategic framing.
Read the original 8-K on SEC EDGAR ↗