10-Q · May 14, 2026
Intuitive Machines reported Q1 2026 financial results with total revenue of $186.7 million, reflecting a significant year-over-year increase of 198%, but falling short of the estimated $204.6 million. The company…
Earnings analysis · 10-Q
LUNR earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Intuitive Machines delivered Q2 2026 revenue of $206.168 million, up sharply year over year and sequentially, but below the $220.755 million consensus estimate; diluted EPS of $(0.29) also worsened versus both prior…
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Intuitive Machines delivered Q2 2026 revenue of $206.168 million, up sharply year over year and sequentially, but below the $220.755 million consensus estimate; diluted EPS of $(0.29) also worsened versus both prior comparison periods. National Security revenue mix increased to 30% from 3%, while liquidity totaled $379.0 million and the $900 million-$1.0 billion full-year revenue outlook was maintained. The principal incremental risk is the August 3, 2026 Goonhilly acquisition and its international and integration requirements, alongside continued Lanteris control-integration work.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.29
- Segment
- National Security: 30% of Q2 2026 revenue, up from 3% in Q2 2025
- Segment
- Commercial and other businesses: revenue share not separately quantified in the provided filing text
What stood out
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Revenue grew sharply but missed estimates
Q2 2026 revenue was $206.168 million, up approximately 10.3% from $187 million in Q1 2026 and approximately 312% from $50 million in Q2 2025. Revenue nevertheless missed the $220.755 million consensus estimate by approximately 6.6%.
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National Security mix expanded
National Security revenue represented 30% of Q2 revenue versus 3% in the year-ago quarter, indicating a substantial mix shift toward government and defense-related work.
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Liquidity remains substantial
Cash and cash equivalents plus restricted cash totaled approximately $379.0 million at June 30, 2026, providing liquidity for working capital and strategic investments.
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Convertible debt is fixed-rate
The company had the full $345.0 million principal amount of its 2.500% Convertible Notes outstanding at June 30, 2026. The fixed coupon limits exposure to changes in interest rates on the notes.
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EPS loss worsened
Diluted EPS was $(0.29), compared with $(0.25) in Q1 2026 and $(0.22) in Q2 2025, representing deterioration of $0.04 sequentially and $0.07 year over year.
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Full-year outlook maintained
Management maintained full-year 2026 revenue guidance of $900 million-$1.0 billion and an Adjusted EBITDA-positive outlook despite the quarterly revenue and EPS misses.
What to watch
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Goonhilly adds international integration risk
The newly completed Goonhilly acquisition on August 3, 2026 adds UK operating, regulatory, tax, foreign-currency and cash-repatriation risks. Management also expects integration to require significant attention and resources, with failure potentially affecting reporting and operations.
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Acquisition integration strains controls
The January 13, 2026 Lanteris acquisition remains under integration into the company’s operations and internal-control environment. The filing identifies this integration as the only change that materially affected, or is reasonably likely to materially affect, internal control over financial reporting.
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Debt and cash deployment remain risks
The company had $345.0 million of 2.500% Convertible Notes outstanding against $379.0 million of cash and restricted cash at June 30, 2026. Although the notes are fixed-rate, repayment, conversion and related obligations could constrain liquidity if cash consumption remains elevated.
Management's outlook
No new numeric guidance was identified in the provided 10-Q text. Management maintained full-year 2026 revenue guidance of $900 million-$1.0 billion and its Adjusted EBITDA-positive outlook, as reported with the quarter.
Earlier filings 4
10-Q · November 15, 2024
Revenue accelerated to $58.5M in Q3 2024 (from $12.7M a year ago), but the quarter produced a GAAP loss driven by large non-cash fair-value adjustments and operating losses. Management significantly bolstered liquidity…
10-Q · August 12, 2022
Inflection Point Acquisition Corp. (a blank-check/SPAC) reported no operating revenues for the quarter ended June 30, 2022 and recorded a net loss of $108,680 for the three months and $429,135 for the six months ended…
10-Q · November 15, 2021
Inflection Point Acquisition Corp. completed a $300.0 million IPO deposit into a trust and reported no operating revenues; results for the quarter ended September 30, 2021 show a net loss of $21,537 and basic/diluted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.