Intuitive Machines (LUNR) Stock Falls After Revenue Miss Despite Record Quarter

TLDR

• Intuitive Machines reported Q1 revenue of $186.7 million, missing the analyst consensus of $200.12 million.
• The stock dropped 3.66% in pre-market trading following the results.
• Revenue nearly tripled year-over-year from $62.5 million, driven by the Lanteris acquisition completed January 13, 2026.
• The company posted a record $1.1 billion backlog and achieved positive adjusted EBITDA of $2.7 million for the first time.
• Full-year 2026 revenue guidance of $900 million to $1 billion slightly tops the analyst consensus midpoint of $946 million.

Intuitive Machines (LUNR) posted what looked like a strong quarter on paper — revenue nearly tripled year-over-year, backlog hit a record, and the company turned positive on adjusted EBITDA for the first time. But Wall Street was expecting more, and the stock paid for it.

LUNR fell 3.66% in pre-market trading on Wednesday after the Houston-based space company reported Q1 revenue of $186.7 million, below the analyst consensus of $200.12 million. The adjusted loss per share came in at $0.25, much wider than the $0.06 estimate.

Intuitive Machines, Inc., LUNR

The gap between the headline numbers and expectations was partly explained by timing. The $800 million acquisition of Lanteris Space Systems closed on January 13, 2026, meaning the company missed out on roughly $13 million in Lanteris revenue from the first 12 days of the quarter. Had those 12 days been included, the miss would have been notably smaller.

Still, the underlying business showed real momentum. Revenue of $186.7 million was nearly three times the $62.5 million posted in the same quarter a year ago. The Lanteris deal transformed Intuitive Machines from a lunar lander company into a vertically integrated space contractor.

Record Backlog and New Contracts

The backlog jumped to $1.1 billion at the end of Q1, up $842 million from year-end 2025. The company secured $428.9 million in new contracts during the quarter, headlined by a Space Development Agency tracking layer award and a $180.4 million CLPS contract from NASA.

That NASA win was Intuitive Machines‘ fifth CLPS task order — more than any other CLPS vendor — and the first to require the larger Nova-D lunar lander.

On the profitability side, the company posted $2.7 million in positive adjusted EBITDA, a first for the company. It’s a thin margin, but it marks a directional shift.

What’s Coming Next

In Q2, the company signed a definitive agreement to acquire Goonhilly Earth Station, which would add a space-to-ground data services network covering LEO, MEO, GEO, cislunar, and deep space environments.

Intuitive Machines also contracted with the U.S. Space Force as part of the Andromeda IDIQ contract, which carries an anticipated ceiling value of $6.2 billion. That award combined capabilities from both Intuitive Machines and Lanteris — the first cross-entity revenue synergy since the acquisition.

The company has submitted proposals for NASA’s Ignition initiative and is awaiting decisions in the coming weeks. Additional proposals are underway for CLPS 2.0, Space Reactor-1 Freedom, and Moon base infrastructure.

For the full year, Intuitive Machines guided for revenue of $900 million to $1 billion, with positive adjusted EBITDA. The midpoint of $950 million sits just above the analyst consensus of $946 million.

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