Intuitive Machines Posts Record $206 Million in Revenue, $1.8 Billion Backlog
Key Facts
Intuitive Machines reported record revenue of $206 million for the second quarter of 2026 on August 13, saying revenue was more than four times its level in the corresponding quarter of 2025. Backlog reached a record $1.8 billion at quarter-end, up $1.5 billion from the end of 2025. The announcement followed a difficult month for small-cap space stocks: 247WallSt described the company’s shares as falling about 30% in the month ended October 26. Intuitive Machines, listed under the ticker LUNR, closed at $10.48 on October 26, while Rocket Lab closed at $53.82. Available evidence does not provide documented percentage gains for either stock in the October 27 session, so the confirmed figures here remain the closing prices and published monthly declines.
The company attributed record revenue to spacecraft production and execution of its CLPS, OMES and NSNS programs. The chief executive said revenue was more than four times the amount recorded in the second quarter of 2025, pointing to an expansion in operating activity compared with the same period. But a larger backlog does not mean its value has already been converted into revenue; backlog represents contracted work awaiting execution over coming periods. The company booked $920 million in contract awards during the second quarter, then added $300 million in awards in the third quarter through the date of the results announcement. These figures put contracts and the ability to execute them at the center of monitoring the company’s performance after revenue growth.
National security emerged as a larger source of revenue, with the company saying its share on a year-over-year basis rose from 3% to 30% in the second quarter of 2026. Management linked expectations for continued growth to an award announced in July to manufacture 18 spacecraft in support of the Golden Dome constellation. The shift means the business mix has become more reliant on national security contracts than in the previous period, according to the figures reported by the company. It also said awards added in the third quarter through the results announcement exceeded the second-quarter total. These contracts remain part of the demand and execution pipeline underpinning the company’s annual outlook.
In its guidance, Intuitive Machines forecast revenue of between $900 million and $1 billion for fiscal 2026, with positive adjusted EBITDA. These are management’s full-year targets, and their assessment will depend on converting backlog and awards into completed work and revenue. In the broader market, 247WallSt said Rocket Lab shares fell about 22% over the same monthly period in which LUNR declined about 30%, while SpaceX shares remained stable. SpaceX shares began trading on June 12, 2026, on Nasdaq and Nasdaq Texas under the ticker SPCX, but the evidence does not include a documented share price for October 26. LUNR’s close at $10.48 and RKLB’s at $53.82 on that date remain the confirmed price references in the available data.