HOUSTON, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), leading space technology and infrastructure services company, today announced its financial results for the third quarter ended September 30, 2026.

Intuitive Machines CEO Steve Altemus said, “In the third quarter, we delivered record financial performance across the board. These results are an important proof point in our transformation from a company that advanced the state of lunar exploration into a next-generation space prime developing and integrating the technology, infrastructure and services that enable customers to achieve their differentiated missions across space.”

Highlights

  • Awarded as a vendor for NASA’s $10 billion (+$5 billion option) IDIQ contract in Q4 for its next-generation Commercial Lunar Payload Services 2 (CLPS 2) contract designed to support more capable cargo missions at greater frequency, advancing Artemis and Moon Base infrastructure requirements, including transportation, mobility, power, habitats, and logistics

  • Booked $450 million of new awards and Goonhilly acquired backlog driven primarily by Accelerated Missile Defense Tranche 3 ("AMDT3") constellation, NASA's Jet Propulsion Laboratory EAGLE-VSWIR, and Hartford, two IM 300™ series platforms for a National Security Space application

  • Contracted with NASA's Jet Propulsion Laboratory (JPL) for FALCON-RADAR in Q4, which is part of the Fleet for the Atmospheric Linking Commercial Observations with NASA, an Earth observation mission that will study clouds and convection from space

  • Accelerated plans for Near Space Network cislunar constellation, Altus-2 through Altus-5 to deploy together in 2028 on a NASA provided launch vehicle

  • Closed Goonhilly Earth Station and COMSAT acquisition to expand our space‑to‑ground data services network configured to support missions across LEO, MEO, GEO, cislunar, and deep space environments

Financial Highlights

  • Achieved record quarterly revenue of $269 million driven by execution across satellite production, lunar delivery, lunar data services, and ground communication networks

  • Converted record revenue to record gross margin of $69 million or 26% driven by increased contribution from our satellite production business, higher volume, and net favorable one-time program adjustments, which also includes EAC and other cost adjustments

  • Reported record quarterly cash from operations of positive $66 million with capital expenditures of $33 million, resulting in positive free cash flow of $33 million

  • Ended Q3 with record backlog of $1.9 billion, an increase of $1.7 billion from year-end 2025 as Intuitive Machines booked record levels of diverse awards throughout the year across civil, commercial, and national security space customers

Mr. Altemus continued, “As we look to turn the corner into 2027, we remain laser focused on IM-3 along with our first Altus-1 lunar satellite, which remains on track for a planned launch in the March/April timeframe. In addition, our emphasis will be to continue to scale execution and accelerate growth. We expect to convert contracted backlog into revenue through repeatable production, operational excellence, and reliable customer delivery.”

Outlook

  • Full-year 2026 revenue of $920 - $950 million
  • Full-year 2026 Adjusted EBITDA positive

Conference Call Information

Intuitive Machines will host a conference call today, November 12, 2026, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines’ website at https://investors.intuitivemachines.com.

Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines’ website at https://investors.intuitivemachines.com.

Key Business Metrics and Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles (“GAAP”) and constitute “non-GAAP financial measures” as defined by the SEC. This includes adjusted EBITDA (“Adjusted EBITDA”), Free Cash Flow, and Backlog.

Adjusted EBITDA is a key performance measure that our management team uses to assess the Company’s operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income or interest expense from cash deposits, loans, or investments, transaction and integration costs related to acquisitions, gain on extinguishing of debt, non-recurring legal expenses, share-based compensation, change in fair value instruments, gain or loss on issuance of securities, depreciation, impairment of property and equipment, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company’s operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.

Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Other companies, including companies in Intuitive Machines’ industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading “Reconciliation of GAAP to Non-GAAP Financial Measure.”

We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading “Reconciliation of GAAP to Non-GAAP Financial Measure.”

The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized. Intuitive Machines monitors its backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of its business and identifying trends over time.

About Intuitive Machines

Intuitive Machines is a next-generation space infrastructure company delivering integrated capabilities across spacecraft manufacturing, communications, networks, mission operations, and ground infrastructure to build, connect, and operate systems across Earth orbit, cislunar space, and deep space. Serving commercial, civil, and national security customers, Intuitive Machines is focused on enabling resilient, scalable infrastructure for sustained operations in space.
Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans related to any proposed business combination; our expectations and plans relating to our missions to the Moon, including the expected timing of launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our expectations regarding changes to government contracts or programs; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information presented under “Outlook,” or “Guidance” including, our expectations on revenue generation, backlog, Adjusted EBITDA, and cash. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; cyber incidents; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any litigation, including securities litigation or stockholder activism; our public securities’ potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

These forward-looking statements are based on information available as of the date of this presentation and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Contacts

For investor inquiries:
investors@intuitivemachines.com

For media inquiries:
press@intuitivemachines.com

INTUITIVE MACHINES, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
 September 30,
2026		 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents$463,810  $582,606 
Restricted cash 13,171   2,733 
Trade accounts receivable, net 113,528   12,193 
Contract assets 120,259   12,236 
Inventory 70,622   — 
Advances to suppliers 34,041   3,353 
Prepaid and other current assets 25,063   5,693 
Total current assets 840,494   618,814 
Orbital receivables, non-current 208,246   — 
Property and equipment, net 326,732   68,550 
Intangible assets, net 274,866   12,968 
Goodwill 406,653   18,697 
Operating lease right-of-use assets 175,069   36,755 
Finance lease right-of-use assets 70   94 
Other assets 3,271   1,276 
Total assets$2,235,401  $757,154 
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses$139,210  $22,199 
Accounts payable - affiliated companies 5,368   1,723 
Contract liabilities, current 293,506   57,368 
Operating lease liabilities, current 25,023   10,466 
Finance lease liabilities, current 20   48 
Other current liabilities 104,080   33,028 
Total current liabilities 567,207   124,832 
Long-term debt, net 336,860   335,335 
Contract liabilities, non-current 1,196   6,341 
Pension and other postretirement benefits 43,049   — 
Operating lease liabilities, non-current 147,659   26,290 
Finance lease liabilities, non-current 14   20 
Warrant liabilities 51,428   60,394 
Other non-current liabilities 61,347   240 
Total liabilities 1,208,760   553,452 
Commitments and contingencies
MEZZANINE EQUITY
Series A preferred stock subject to possible redemption 7,120   6,613 
Redeemable noncontrolling interests 783,728   951,536 
SHAREHOLDERS’ DEFICIT
Class A common stock 18   12 
Class C common stock 6   6 
Treasury Stock (33,525)  (33,525)
Paid-in capital —   — 
Accumulated earnings (deficit) 268,336   (721,457)
Accumulated other comprehensive loss (15)  — 
Total shareholders’ equity (deficit) attributable to the Company 234,820   (754,964)
Noncontrolling interests 973   517 
Total shareholders’ equity (deficit) 235,793   (754,447)
Total liabilities, mezzanine equity and shareholders’ equity (deficit)$2,235,401  $757,154 


INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of Operations
(In thousands)
(Unaudited)
 
 Three Months Ended September 30, Nine Months Ended September 30,
 2026
 2025
 2026
 2025
Revenues:
Product revenue$215,118  $—  $523,407  $— 
Service revenue 54,138   50,987   132,891   163,824 
Grant revenue 92   1,450   5,948   1,450 
Total revenues 269,348   52,437   662,246   165,274 
Operating expenses:
Cost of product revenue (excluding depreciation and amortization) 152,588   —   385,829   — 
Cost of service revenue (excluding depreciation and amortization) 39,595   39,574   114,381   144,546 
Cost of grant revenue (excluding depreciation and amortization) 101   1,459   5,962   1,459 
Cost of service revenue (excluding depreciation and amortization) - affiliated companies 7,762   5,736   20,799   18,767 
Total cost of revenues 200,046   46,769   526,971   164,772 
Depreciation and amortization 13,180   815   41,155   2,190 
Research and development 7,458   3,957   20,776   5,329 
General and administrative expense (excluding depreciation and amortization) 82,913   16,315   193,930   47,119 
Total operating expenses 303,597   67,856   782,832   219,410 
Operating loss (34,249)  (15,419)  (120,586)  (54,136)
Other income (expense), net:
Interest income 2,963   4,833   5,870   9,752 
Interest expense (4,532)  (1,344)  (13,900)  (1,442)
Change in fair value of earn-out liabilities —   —   —   (33,369)
Change in fair value of warrant liabilities 30,010   1,950   8,966   31,919 
Change in fair value of contingent consideration liabilities 3,618   —   2,207   — 
Other income, net (1,164)  25   (1,270)  90 
Total other income, net 30,895   5,464   1,873   6,950 
Loss before income taxes (3,354)  (9,955)  (118,713)  (47,186)
Income tax expense —   (5)  (10)  (5)
Net loss (3,354)  (9,960)  (118,723)  (47,191)
Net income (loss) attributable to redeemable noncontrolling interest 256   (3,445)  (32,009)  (4,944)
Net income attributable to noncontrolling interest 406   327   1,134   1,172 
Net loss attributable to the Company (4,016)  (6,842)  (87,848)  (43,419)
Less: Preferred dividends (173)  (158)  (502)  (456)
Net loss attributable to Class A common shareholders$(4,189) $(7,000) $(88,350) $(43,875)
 
Net loss per share
Net loss per share of Class A common stock - basic and diluted$(0.02) $(0.06) $(0.55) $(0.38)
Weighted-average common shares outstanding
Weighted average shares outstanding - basic and diluted 173,425,260   117,815,856   161,252,158   114,150,168 


INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 Three Months Ended September 30, Nine Months Ended September 30,
 2026
 2025
 2026
 2025
Cash flows from operating activities:
Net loss$(3,354) $(9,960) $(118,723) $(47,191)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 13,180   815   41,155   2,190 
Provision for credit losses 9,540   —   9,897   135 
Amortization of debt discount and issuance costs 739   243   1,525   243 
Share-based compensation expense 10,610   1,416   29,943   6,780 
Change in fair value of earn-out liabilities —   —   —   33,369 
Change in fair value of warrant liabilities (30,010)  (1,950)  (8,966)  (31,919)
Change in fair value of contingent consideration liabilities (3,618)  —   (2,207)  — 
Other 836   —   (2,975)  177 
Changes in operating assets and liabilities:
Trade and other receivables, net 2,557   13,246   (10,822)  21,299 
Inventory (10,657)  —   (14,451)  — 
Contract assets (68,968)  (1,737)  (84,581)  24,417 
Prepaid expenses (3,857)  (4,362)  (24,535)  (5,493)
Orbital receivables, net (1,609)  —   14,537   — 
Other assets, net (72,930)  900   (76,583)  1,991 
Accounts payable and accrued expenses 54,177   (4,245)  54,574   (3,940)
Accounts payable – affiliated companies 2,498   (2,082)  3,645   (524)
Contract liabilities – current and long-term 74,060   (3,848)  68,218   (11,724)
Pension and other postretirement benefits (5,703)  —   (11,757)  — 
Other liabilities 98,681   4,385   86,400   3,167 
Net cash provided by (used in) operating activities 66,172   (7,179)  (45,706)  (7,023)
Cash flows from investing activities:
Purchase of property and equipment (32,700)  (11,811)  (66,641)  (25,987)
Acquisition of businesses, net of cash acquired (17,825)  —   (464,887)  — 
Net cash used in investing activities (50,525)  (11,811)  (531,528)  (25,987)
Cash flows from financing activities:
Proceeds from issuance of securities 98,103   —   511,875   — 
Warrants exercised —   —   —   176,620 
Redemption of warrants —   —   —   (66)
Transaction costs related to the issuance of securities (1,627)  —   (13,336)  — 
Repurchase of Class A Common Stock —   —   —   (20,700)
Proceeds from issuance of convertible notes, net of discount —   335,513   —   335,513 
Payment of debt issuance costs —   (929)  —   (929)
Purchase of capped call transactions —   (36,777)  —   (36,777)
Repayment of loans (8,872)  —   (8,872)  — 
Settlement of securitization facility (5,064)  —   (18,652)  — 
Payment of withholding taxes from share-based awards (228)  (217)  (1,461)  (4,757)
Distributions to noncontrolling interests —   (1,526)  (678)  (1,526)
Net cash provided by financing activities 82,312   296,064   468,876   447,378 
Net increase (decrease) in cash, cash equivalents and restricted cash 97,959   277,074   (108,358)  414,368 
Cash, cash equivalents and restricted cash at beginning of the period 379,022   346,943   585,339   209,649 
Cash, cash equivalents and restricted cash at end of the period 476,981   624,017   476,981   624,017 
Less: restricted cash 13,171   2,042   13,171   2,042 
Cash and cash equivalents at end of the period$463,810  $621,975  $463,810  $621,975 


INTUITIVE MACHINES, INC.
Reconciliation of GAAP to Non-GAAP Financial Measure
 
Adjusted EBITDA
 
The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA.
 
 Three Months Ended September 30, Nine Months Ended September 30,
(in thousands)2026
 2025
 2026
 2025
Net loss$(3,354) $(9,960) $(118,723) $(47,191)
Adjusted to exclude the following:
Income tax expense —   5   10   5 
Depreciation and amortization 13,180   815   41,155   2,190 
Interest income (2,963)  (4,833)  (5,870)  (9,752)
Interest expense 4,532   1,344   13,900   1,442 
Transaction and integration costs related to acquisitions 9,574   —   37,471   — 
Non-recurring legal expense 10,304   —   10,304   — 
Share-based compensation expense 10,610   1,416   29,943   6,780 
Change in fair value of earn-out liabilities —   —   —   33,369 
Change in fair value of warrant liabilities (30,010)  (1,950)  (8,966)  (31,919)
Change in fair value of contingent consideration liabilities (3,618)  —   (2,207)  — 
Adjusted EBITDA$8,255  $(13,164) $(2,983) $(45,076)
 

Free Cash Flow

We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.

Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are:

  • Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP.
  • Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation.
  • Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle.

The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow:

 Nine Months Ended September 30,
(in thousands)2026
 2025
Net cash used in operating activities$(45,706) $(7,023)
Purchases of property and equipment (66,641)  (25,987)
Free cash flow$(112,347) $(33,010)
 

Backlog

The following table presents our backlog as of the periods indicated:

(in thousands) September 30,
2026		 December 31,
2025
Backlog $1,866,758 $213,070
 

Backlog increased by approximately $1.65 billion as of September 30, 2026, compared to December 31, 2025. This increase includes $612.8 million of acquired backlog from the January 2026 Lanteris acquisition and $31.7 million from the August 2026 Goonhilly acquisition, as well as $1.77 billion in new awards. The new awards were primarily driven by a multi-satellite program supporting three commercial satellites, Space Development Agency Proliferated Warfighter Space Architecture tranche 3 tracking layer, Accelerated Missile Defense Tranche 3 ("AMDT3") constellation, NASA's Jet Propulsion Laboratory Explorer for Artemis Geology, Lunar, and Earth – Visible to Shortwave Infrared (“EAGLE-VSWIR”), and Hartford, two IM 300™ series platforms for a National Security Space application. Additionally, we recognized new awards or expanded contract values for the IM-5 and IM-6 missions, the NSN contract, and various other contract awards. These increases were partially offset by performance on existing contracts that resulted in recognized revenue of $662.2 million, and several adjustments of $94.7 million primarily related to the descoping of the remaining Power Propulsion Element (“PPE”) contract as well as partial descoping of a rideshare contract associated with the IM-4 mission.

This press release was published by a CLEAR® Verified individual.