Record Quarterly Revenue
Q1 revenue of $186.7 million (reported as $187M), ~3x Q1 2025 (approximately +200% year-over-year), driven by satellite manufacturing, CLPS missions, OMES and NSNS programs.
Intuitive Machines
· LUNR
May 14th, 2026
Summary
- Earnings Call Date:
- 2026-05-14
- Change Since:
- -48.80%
- Next Earnings Date:
- 2026-08-18
Earnings Call Sentiment
PositiveThe call presents a strongly positive operational and commercial narrative—record revenue, large backlog, major contract awards (including a $6.24B Andromeda IDIQ), and the successful integration of Lanteris have materially improved margin profile and produced positive adjusted EBITDA. These positives are tempered by significant one-time acquisition and integration costs, a wider GAAP operating loss, negative free cash flow for the quarter, and pending award timing that creates near-term uncertainty. Management expects many of the one-time costs to normalize and retains 2026 revenue and profitability guidance backed by backlog, supporting a constructive outlook.
Company Guidance
Management reiterated 2026 guidance of $900 million–$1.0 billion in revenue and continued to expect positive adjusted EBITDA for the full year; that outlook is supported by a record Q1 (revenue $186.7M, ~3x Q1 2025, excluding ~ $13M from 12 days of Lanteris), gross profit $30.1M (vs $6.7M), positive adjusted EBITDA $2.7M (vs -$6.6M), operating loss $39.2M, SG&A $50.7M (including ~$20M one‑time acquisition/integration costs and $6.3M quarterly Lanteris share‑based comp), R&D $5.6M, and a record $1.1B backlog (>$400M in new bookings) with ~60–65% expected to convert to 2026 revenue and ~35–40% in 2027+. The company finished Q1 with $232M cash after using ~$403M on the Lanteris acquisition (and a $175M capital raise), reported operating cash used $54.8M, CapEx $9.9M (free cash flow -$64.6M), said CapEx will grow to fund a five‑satellite lunar constellation and ground segment, and expects free cash flow to normalize as one‑time costs subside.
Material Gross Profit Expansion
Gross profit increased to $30.1 million from $6.7 million in prior year Q1, an increase of ~$23.4 million (approximately +349%), reflecting higher-margin satellite and services contribution.
Adjusted EBITDA Turned Positive
Adjusted EBITDA was positive $2.7 million versus negative $6.6 million a year ago (improvement of ~$9.3 million), demonstrating improving earnings power of the combined business.
Record Backlog and Strong New Bookings
Exited Q1 with a record backlog of $1.1 billion supported by >$400 million in new bookings this quarter (including SDA Tranche 3 and CLPS CT-4); company expects 60%–65% of backlog to convert to 2026 revenue.
Strategic M&A and Capability Expansion
Lanteris acquisition closed Jan 13 and described as immediately accretive; definitive agreement signed to acquire Goonhilly Earth Station (expected close in Q3), and KinetX integration strengthens navigation/operations capabilities.
Major Contract Wins and Awards
Selected for U.S. Space Force Andromeda IDIQ (10-year vehicle up to $6.24 billion) and awarded SDA Tranche 3 work; additional CLPS awards (CT-4) and NSNS contract activity broaden civil/commercial/national security footprint.
Operational and Technical Milestones
IM-3 entered vertical assembly; IM-4 engine testing completed meeting requirements; SiriusXM-11 ready for transport and EchoStar XXV on-orbit testing completed—demonstrating production and flight heritage.
Maintained Full-Year Guidance
Company maintained 2026 revenue guidance of $900M–$1B and continues to expect positive adjusted EBITDA for full year, with a significant portion of expected revenue supported by contract backlog.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines First Quarter 2026 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. And I would now like to turn the call and conference over to Stephen Zhang, Head of Investor Relations. Please go ahead.
Stephen Zhang
Good morning. Welcome to the Intuitive Machines First Quarter 2026 Earnings Call. Chief Executive Officer, Steve Altemus and Chief Financial Officer, Pete McGrath, are leading the call today. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements. We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations.
Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation on our website, which provides additional context on our operational and financial performance. You can find this presentation on our Investor Relations page at ww...
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