CEO Steve Altemus said the company remains focused on IM-3 and its first Altus-1 lunar satellite, which is on track for a planned launch in March/April 2027.
- The firm’s Q3 revenue surged 413.7% year-over-year to $269.3 million, beating analysts’ estimates of $247.56 million.
- Adjusted EBITDA swung to $8.3 million from a $13.2 million loss a year earlier, while quarterly free cash flow reached $33.5 million.
- For fiscal 2026, Intuitive Machines expects revenue of $920 million to $950 million and positive adjusted EBITDA.
Intuitive Machines (LUNR) shares rose on Thursday after the space technology company reported better-than-expected third-quarter results, with revenue topping analyst estimates and its backlog reaching a record $1.9 billion.
CEO Steve Altemus described the quarter as one of “record financial performance across the board,” calling the results “an important proof point” in the firm’s transformation into a next-generation space prime developing and integrating technology, infrastructure and services for customers across space.
The company reported third-quarter (Q3) revenue of $269.3 million, up 413.7% year-over-year and above analysts’ estimates of $247.56 million, according to Fiscal.ai.
LUNR shares traded 16% higher at the time of writing.
LUNR Q3 Highlights
Intuitive Machines reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $8.3 million, compared with a loss of $13.2 million in the year-ago quarter. Gross profit increased to $69.3 million from $5.7 million, while gross margin improved to approximately 25.7% from 10.8%.
The company attributed the improvement in gross profit to a higher contribution from its satellite production business, increased volume, and net favorable one-time program adjustments, including estimates-at-completion and other cost adjustments.
Cash from operations reached $66.2 million, while capital expenditures totaled approximately $32.7 million, resulting in positive free cash flow of about $33.5 million for the quarter. However, the company’s operating loss widened to $34.2 million from $15.4 million a year earlier.
Record Backlog Supports 2026 Revenue Outlook
The company’s backlog stood at $1.87 billion as of September 30, compared with $213.1 million at the end of 2025. The increase included $1.77 billion in new awards and $644.5 million in acquired backlog from Lanteris and Goonhilly, partly offset by recognized revenue and contract adjustments.
New awards included a multi-satellite program supporting three commercial satellites, the Space Development Agency’s Proliferated Warfighter Space Architecture Tranche 3 tracking layer, the Accelerated Missile Defense Tranche 3 constellation, NASA JPL’s EAGLE-VSWIR project and two IM 300-series platforms for a national security space application.
For fiscal 2026, Intuitive Machines expects revenue of $920 million to $950 million and positive adjusted EBITDA.
Looking ahead, Altemus said the company remains focused on its IM-3 mission and the first Altus-1 lunar satellite, which is on track for a planned launch in March or April 2027. “We expect to convert contracted backlog into revenue through repeatable production, operational excellence, and reliable customer delivery,” he said.
How Retail Views LUNR
Retail sentiment around the stock remained in the ‘extremely bullish’ territory, with ‘extremely high’ message volumes over the past 24 hours. LUNR was also one of the platform’s trending tickers at the time of writing.
One Stocktwits user opined LUNR shares could have gained another 10% if not for broader market weakness.
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Another bullish user argued that Intuitive Machines shares should be trading at $50, drawing comparisons with Firefly Aerospace (FLY) and Rocket Lab (RKLB).
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LUNR shares have dropped over 13% year-to-date.
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