LUNR Q2 2026: Revenue Surges 309.8% YoY to $206M, but Operating Loss Widens to $47M

Intuitive Machines (NASDAQ: LUNR) reported Q2 2026 revenue of $206.2 million, a 309.8% increase from $50.3 million in Q2 2025, while GAAP EPS came in at -$0.16, missing the consensus estimate of -$0.10 by 61.5%. The company also ended the quarter with a record contracted backlog of $1.8 billion. Shares gained 3.60% on Thursday, August 13, 2026, while the S&P 500 rose 0.70%.

Q2 2026 Results

• Revenue: $206.2 million in Q2 2026 vs. $50.3 million in Q2 2025, a 309.8% year-over-year increase, driven by spacecraft production, CLPS missions, and national security programs.
• GAAP EPS: -$0.16 vs. consensus estimate of -$0.10, a miss of 61.5%.
• Operating loss: -$47.1 million in Q2 2026, widening from -$28.6 million in Q2 2025, as total operating expenses rose 221.1% year over year to $253.3 million.
• Cash balance: $367.4 million at June 30, 2026, down from $582.6 million at December 31, 2025, reflecting strategic inventory procurement and ground station investments.
• Backlog: $1.8 billion at quarter end, an increase of $1.5 billion from year-end 2025.

What Drove the Results

Despite revenue increasing approximately four times year over year, the operating loss widened to -$47.1 million from -$28.6 million. The primary driver was a near-quadrupling of general and administrative expense (excluding depreciation and amortization), which rose from $15.6 million in Q2 2025 to $60.3 million in Q2 2026, a 287.2% increase. Depreciation and amortization climbed from $0.75 million to $14.9 million, a rise of approximately 1,885%, reflecting acquisition-related intangible amortization following the company's recent expansion activity.

Research and development expense grew from $0.46 million to $7.7 million year over year. Additionally, the quarter included a new cost of product revenue line of $119.3 million, absent entirely in Q2 2025, reflecting the shift in business mix toward spacecraft production contracts. The company noted that the cash balance decline included strategic growth investments: procurement of advanced inventory that directly supported new awards, expanded ground station infrastructure, and long-lead material purchases for satellites two through five of its lunar constellation.

On the bookings front, Intuitive Machines reported $920 million of contract awards in Q2 2026, with an additional $300 million booked in Q3 through the announcement date. The quarter included a $600-million-plus contract for three commercial GEO satellites and a sixth Commercial Lunar Payload Services mission award under NASA's Moonbase program. National security revenue expanded from 3% to 30% of total revenue year over year, supported by an award in July for 18 spacecraft under the Golden Dome constellation program.

Why It Matters

The company's full-year 2026 revenue guidance of $900 million to $1 billion frames a business that has structurally repositioned in a single year, moving from a services-heavy model to one anchored in spacecraft production and national security programs. Management also guided for full-year 2026 adjusted EBITDA to be positive, signaling an expectation that operating cost growth will moderate relative to revenue. The August 2026 closing of the Goonhilly Earth Station and COMSAT acquisition further expands the company's space-to-ground data services network across LEO, MEO, GEO, cislunar, and deep space environments.

Total assets grew to $1.887 billion at June 30, 2026, from $757.2 million at December 31, 2025, largely reflecting goodwill of $379.2 million and intangible assets of $297.1 million added through acquisitions. Long-term debt stood at $336.4 million.

Wall Street View

Analyst sentiment on LUNR heading into the print leaned constructive, with a majority of covering firms at Buy or Strong Buy as of August 1, 2026. The EPS miss relative to the -$0.10 consensus and the widening operating loss may prompt near-term estimate revisions, particularly given the scale of G&A and D&A expansion visible in the Q2 income statement.

Investor Takeaway

The core tension in Intuitive Machines' Q2 result is that top-line growth of 309.8% is being absorbed by a cost structure that has expanded at comparable speed, with $1.8 billion in backlog providing a forward revenue foundation but no near-term protection against operating losses. The path to the full-year adjusted EBITDA-positive target will depend heavily on whether G&A and integration costs stabilize as the recently closed acquisitions are absorbed, making the Q3 print a critical test of operating leverage.