Intuitive Machines (LUNR)
Intuitive Machines (LUNR) is a space infrastructure company that builds robotic lunar landers under NASA’s CLPS program, runs lunar data and communications services, and, after acquiring Lanteris Space Systems, supplies broader space-systems engineering. In ETFpedia it represents the U.S. Space Tech concept as an upstream lunar and cislunar prime.
| Ticker | LUNR |
|---|---|
| Exchange | Nasdaq |
| Sector | Aerospace · Space Infrastructure & Lunar Services |
| Country | United States |
| Wikidata | Q60760151 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; not confirmed by the company. Last report: Q1 2026 on 2026-05-14. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-14)
Intuitive Machines posted record Q1 2026 revenue of $186.7 million, nearly 3x the prior year, driven mainly by the Lanteris Space Systems acquisition plus CLPS and other program work. It reported a total net loss of $52.5 million but positive adjusted EBITDA of $2.7 million and a record $1.1 billion backlog.
| Revenue | $186.7M+199%YoY · Up from $62.5M; record quarter |
|---|---|
| Total net loss | $(52.5)M · Net loss to the company $(37.4)M; EPS $(0.25) |
| Adjusted EBITDA | $2.7M · Positive; non-GAAP |
| Cash & equivalents | $231.6M · Down from $582.6M at year-end 2025 |
| Backlog | $1.1BRecordYoY · +$842M vs year-end 2025 |
Guidance:Full-year 2026
| Revenue | $900M-$1.0B |
|---|---|
| Adjusted EBITDA | Positive |
Full-year 2026 guidance reaffirmed with the Q1 2026 release.
Recent & upcoming events
- · Record Q1 2026 results.Revenue $186.7M (nearly 3x YoY) with positive adjusted EBITDA of $2.7M; backlog rose to a record $1.1B, up $842M from year-end 2025. (source)
- · Closed $800M Lanteris acquisition.Acquired Lanteris Space Systems for about $800M to become a vertically integrated, next-generation space prime; the deal is the main driver of the Q1 revenue step-up. (source)
Revenue, losses, cash, and backlog are from the Q1 2026 IR release. The total net loss of $52.5M differs from the $37.4M loss attributable to the company because of noncontrolling interests; the $186.7M jump is acquisition-driven.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Intuitive Machines do?
Intuitive Machines builds and flies Nova-C robotic lunar landers under NASA’s Commercial Lunar Payload Services (CLPS) program, which pays private companies to deliver science and technology payloads to the Moon. Around that core it has built a set of recurring services: lunar data relay and communications, orbital and surface mobility, and engineering work for national-security and civil space customers. In January 2026 it closed an roughly $800 million acquisition of Lanteris Space Systems, adding propulsion and space-systems engineering and reframing the company as a vertically integrated space prime rather than a single-product lander developer (Intuitive Machines Q1 2026).
“Posts Record Quarterly Revenue, Gross Margin, and Positive Adjusted EBITDA along with Record Quarter-end Backlog of $1.1 Billion.”
Why is Intuitive Machines a U.S. Space Tech company?
The U.S. Space Tech theme leans on a handful of companies that can actually deliver hardware and services to orbit and beyond. Intuitive Machines is the theme’s clearest lunar and cislunar play, anchored by NASA Moon programs and increasingly by national-security space work. With the Lanteris deal it now supplies landers, propulsion, and engineering across the mission stack, and it ended Q1 2026 with a record $1.1 billion backlog, up $842 million from year-end 2025 (Intuitive Machines Q1 2026). That backlog gives the theme a multi-year line of sight into government-funded space infrastructure spending.
What did Intuitive Machines report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Intuitive Machines posted record revenue of $186.7 million, nearly 3x the $62.5 million it reported a year earlier (Intuitive Machines Q1 2026). Most of that step-up came from the Lanteris acquisition rather than organic growth. The company reported a total net loss of $52.5 million ($37.4 million attributable to the company, EPS of $(0.25)), but reached positive adjusted EBITDA of $2.7 million, a non-GAAP measure. Cash and equivalents fell to $231.6 million from $582.6 million at year-end 2025, reflecting the cash used in the Lanteris deal, while backlog rose to a record $1.1 billion.
What is Intuitive Machines’ guidance?
Management reaffirmed full-year 2026 revenue guidance of $900 million to $1 billion and positive adjusted EBITDA alongside the Q1 2026 release (Intuitive Machines Q1 2026). Hitting that range depends on integrating Lanteris and executing CLPS and other program milestones on schedule, and adjusted EBITDA is a non-GAAP figure that excludes items like stock-based compensation, so a positive adjusted EBITDA quarter is not the same as GAAP profitability.
What are the risks for Intuitive Machines?
- Still loss-making on a GAAP basis. The company lost $52.5 million in Q1 2026 even as adjusted EBITDA turned positive; cash fell sharply after the Lanteris purchase.
- Acquisition-driven growth. Most of the revenue jump is from Lanteris, so the organic trajectory and integration execution matter more than the headline +199%.
- Mission risk. Lunar landings are hard, and a failed or partial landing can hit reputation, follow-on awards, and milestone payments.
- Government concentration. Much of the backlog is tied to NASA and defense programs whose funding and schedules can shift with budgets and policy.
Related securities, concepts & terms
- U.S. Space Techparent
- Rocket Lab (RKLB)sibling
Related indices & ETFs
- Akros U.S. Space Tech Index · AkrosIntuitive Machines is a representative constituent of the U.S. Space Tech concept index.
Frequently asked questions about Intuitive Machines
What does Intuitive Machines do?
Intuitive Machines is a space infrastructure company best known for its Nova-C robotic lunar landers, flown under NASA's Commercial Lunar Payload Services (CLPS) program. It also provides lunar data relay and communications services, and after acquiring Lanteris Space Systems in January 2026 it added broader space-systems engineering and propulsion, positioning itself as a vertically integrated space prime (Intuitive Machines Q1 2026).
Why is Intuitive Machines part of the U.S. Space Tech theme?
It is an upstream lunar and space-infrastructure prime, anchored by NASA Moon programs and national-security space work. It builds the landers, propulsion, and engineering services for cislunar missions, and ended Q1 2026 with a record $1.1 billion backlog spanning CLPS, lunar relay, and the Lanteris space-systems business (Intuitive Machines Q1 2026).
Why did Intuitive Machines' revenue jump so much in Q1 2026?
Q1 2026 revenue of $186.7 million was nearly 3x the $62.5 million from a year earlier, driven mainly by the $800 million Lanteris Space Systems acquisition that closed in January 2026, plus continued CLPS and other program execution (Intuitive Machines Q1 2026). Most of the increase is acquisition-driven rather than organic.
What was Intuitive Machines' latest revenue and was it profitable?
Intuitive Machines reported record Q1 2026 revenue of $186.7 million but a total net loss of $52.5 million ($37.4 million attributable to the company, EPS $(0.25)). It did reach positive adjusted EBITDA of $2.7 million, a non-GAAP measure, while ending the quarter with $231.6 million in cash, down from $582.6 million at year-end 2025 (Intuitive Machines Q1 2026).
When does Intuitive Machines report next earnings?
Intuitive Machines is expected to report Q2 2026 results in August 2026. That date is calendar-estimated from prior years and not yet confirmed, so check the company's investor relations page. It last reported Q1 2026 on May 14, 2026, and reaffirmed full-year 2026 revenue guidance of $900 million to $1 billion.
Sources & references
- Intuitive Machines Reports First Quarter 2026 Financial Results; Record Revenue and Backlog of $1.1 Billion · Intuitive Machines, Inc. / GlobeNewswire, 2026-05-14
- Intuitive Machines, Inc. · Q1 2026 earnings press release (Form 8-K, Exhibit 99.1) · Intuitive Machines, Inc. / SEC EDGAR, 2026-05-14
- Intuitive Machines, Inc. · Q1 2026 quarterly report (Form 10-Q filing index) · Intuitive Machines, Inc. / SEC EDGAR, 2026-05-14
- Intuitive Machines, Inc. · Investor news and events calendar · Intuitive Machines, Inc. (Investor Relations), 2026-06-04