Intuitive Machines Reports $186.7M Revenue and $39.2M Operating Loss in Latest Quarter

Intuitive Machines, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company generated total revenues of $186.7 million, a substantial increase from $62.5 million in the same period last year. This growth was primarily driven by the acquisition of Lanteris Space Holdings, which contributed $141.6 million in product revenue. However, the company also reported an operating loss of $39.2 million, compared to a loss of $10.1 million in the prior year, reflecting increased operating expenses associated with the integration of Lanteris and other operational costs.

The company's total operating expenses surged to $225.9 million, up from $72.6 million in the previous year. This increase was largely attributed to higher costs of product revenue, which amounted to $113.9 million, and general and administrative expenses, which rose to $50.7 million. The company also incurred $19.9 million in transaction and integration costs related to the Lanteris acquisition. As a result, the net loss attributable to Class A common shareholders was $37.5 million, compared to a loss of $11.5 million in the same quarter of 2025.

In terms of operational metrics, Intuitive Machines reported a backlog of $1.1 billion as of March 31, 2026, a significant increase from $213.1 million at the end of 2025. This backlog includes $612.8 million of acquired backlog from Lanteris and new awards totaling $428.9 million. The company expects to recognize approximately 60-65% of this backlog as revenue over the remainder of 2026. The increase in backlog reflects the company's successful bidding for additional contracts, including those related to lunar missions.

The company also highlighted its strategic developments, including the completion of the Lanteris acquisition on January 13, 2026, which is expected to enhance its capabilities in spacecraft manufacturing and expand its market presence. Additionally, on February 27, 2026, Intuitive Machines raised $175 million through the issuance of 11.6 million shares of Class A common stock, which will support its operational and growth initiatives. The company reported cash and cash equivalents of $231.6 million as of March 31, 2026, indicating a solid liquidity position to fund its ongoing projects and strategic plans.

Looking ahead, Intuitive Machines remains focused on expanding its product offerings and enhancing its operational capabilities. The company is optimistic about its future growth prospects, driven by increased government spending on space exploration and the potential for new commercial contracts. However, it also acknowledges the challenges posed by macroeconomic conditions, including inflation and supply chain disruptions, which could impact its operations and financial performance.