Intuitive Machines reports record Q2 revenue despite earnings miss

Intuitive Machines reported record second-quarter revenue of $206.2 million, a significant increase from the $50.3 million reported the previous year. However, the results missed Wall Street estimates, which had projected revenue of approximately $221 million to $223.8 million. The company also reported a net loss of $0.29 per share, which was wider than the $0.09 to $0.10 loss analysts had anticipated.

Despite the earnings miss, the company saw substantial growth in its contract portfolio. National security revenue rose from 3% of total business a year ago to 30% in the second quarter. Intuitive Machines has secured approximately $1.22 billion in awards between the start of Q2 and early Q3, spanning commercial, civil, and national security sectors. This has resulted in a record backlog of $1.8 billion.

Key drivers of growth include spacecraft production, engineering services, and contracts with NASA, the U.S. Space Development Agency, and the Missile Defense Agency. The company maintains a 2026 revenue outlook of $900 million to $1 billion.