Intuitive Machines Reports Third Quarter 2026 Financial Results; Reports Record Financials Across The Board - Revenue, Profitability, Positive Cash Flow, and Backlog
Quarterly operating cash flow turned positive, but nine-month operating cash use increased to $45.706 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Intuitive Machines (Nasdaq: LUNR) reported third-quarter 2026 revenue of $269.348 million, alongside positive operating cash flow and a narrower net loss. Revenue rose from $52.437 million a year earlier. Gross margin reached $69 million, or 26%, helped by favorable one-time program adjustments. Net loss narrowed to $3.354 million from $9.960 million, while operating loss widened to $34.249 million from $15.419 million.
Operating cash flow was $66.172 million, and reported free cash flow was $33 million. Backlog reached $1.9 billion, up $1.7 billion from year-end 2025. The company closed its Goonhilly Earth Station and COMSAT acquisition and booked $450 million of new awards and acquired Goonhilly backlog. Intuitive Machines expects full-year revenue of $920–$950 million and positive adjusted EBITDA, an earnings measure excluding specified expenses and other items.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointGoonhilly Earth Station and COMSAT acquisition closed, expanding the space-to-ground data services network.
- Moderate pointQ3 revenue of $269.348 million increased from $52.437 million a year earlier.
- Moderate pointGross margin reached $69 million, or 26%, supported partly by favorable one-time program adjustments.
- Moderate pointQ3 operating cash flow of $66.172 million reversed $7.179 million of cash use a year earlier.
- Moderate pointQ3 free cash flow reached $33 million after reported capital expenditures of $33 million.
- Moderate pointBacklog reached $1.9 billion, increasing $1.7 billion from year-end 2025.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance is $920–$950 million; the company expects positive full-year adjusted EBITDA.
- Moderate pointQ3 net loss narrowed to $3.354 million from $9.960 million a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.NASA CLPS 2 vendor selection in Q4 covers a $10 billion contract with a $5 billion option. 5.1× market cap
- Moderate pointShareholders’ equity reached $235.793 million at September 30, versus a $754.447 million deficit at year-end 2025.
6 minor points
- Minor point$450 million of new awards and acquired Goonhilly backlog included missile-defense and national-security spacecraft work.
- Minor pointQ3 loss per share narrowed to $0.02 from $0.06 a year earlier.
- Minor pointNine-month revenue reached $662.246 million, compared with $165.274 million a year earlier.
- Minor pointJPL FALCON-RADAR contract secured in Q4 for an Earth observation mission studying clouds and convection.
- Minor point. Forward-looking: it has not happened yet and may not happen.Altus-2 through Altus-5 deployment plans accelerated to a joint 2028 launch on a NASA-provided vehicle.
- Minor point. Forward-looking: it has not happened yet and may not happen.IM-3 and Altus-1 remain on track for a planned March/April launch timeframe, the company said.
Negative
- Major pointBusiness acquisitions used $464.887 million of cash, net of cash acquired, during the first nine months. 24% of market cap
- Moderate pointQ3 operating loss widened to $34.249 million from $15.419 million a year earlier.
- Moderate pointNine-month net loss widened to $118.723 million from $47.191 million a year earlier.
- Moderate pointNine-month operating cash use increased to $45.706 million from $7.023 million a year earlier.
- Moderate pointCash and equivalents fell to $463.810 million from $582.606 million at year-end 2025.
- Moderate pointQ3 general and administrative expense rose to $82.913 million from $16.315 million, excluding depreciation and amortization.
- Moderate pointQ3 weighted-average shares increased to 173,425,260 from 117,815,856 a year earlier.
6 minor points
- Minor pointQ3 research and development expense increased to $7.458 million from $3.957 million a year earlier.
- Minor pointQ3 depreciation and amortization increased to $13.180 million from $815,000 a year earlier.
- Minor pointQ3 interest expense rose to $4.532 million from $1.344 million a year earlier.
- Minor pointQ3 share-based compensation increased to $10.610 million from $1.416 million a year earlier.
- Minor pointQ3 credit-loss provision was $9.540 million, compared with none a year earlier.
- Minor pointNet long-term debt was $336.860 million at September 30, versus $335.335 million at year-end 2025.
News Explained
In its reported third-quarter results, Intuitive Machines ended
Key Figures
- New awards
- $450 million
- Booked during Q3 2026
- Revenue
- $269 million
- Q3 2026; record quarterly revenue
- Gross margin
- $69 million; 26%
- Q3 2026; record
- Cash from operations
- Positive $66 million
- Q3 2026
- Free cash flow
- Positive $33 million
- Q3 2026
- Backlog
- $1.9 billion
- At Q3 2026 end; record
- Full-year revenue outlook
- $920–$950 million
- Full-year 2026
- NASA IDIQ contract ceiling
- $10 billion (+$5 billion option)
- Vendor selection for CLPS 2
Previous Earnings Reports
-
Revenue reached $206.2 million and quarter-end backlog was $1.8 billion.
-
Revenue reached $186.7 million and Adjusted EBITDA was $2.7 million.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
idiq contract technical
gaap financial
adjusted ebitda financial
cislunar technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), leading space technology and infrastructure services company, today announced its financial results for the third quarter ended September 30, 2026.
Intuitive Machines CEO Steve Altemus said, “In the third quarter, we delivered record financial performance across the board. These results are an important proof point in our transformation from a company that advanced the state of lunar exploration into a next-generation space prime developing and integrating the technology, infrastructure and services that enable customers to achieve their differentiated missions across space.”
Highlights
- Awarded as a vendor for NASA’s
$10 billion (+$5 billion option) IDIQ contract in Q4 for its next-generation Commercial Lunar Payload Services 2 (CLPS 2) contract designed to support more capable cargo missions at greater frequency, advancing Artemis and Moon Base infrastructure requirements, including transportation, mobility, power, habitats, and logistics - Booked
$450 million of new awards and Goonhilly acquired backlog driven primarily by Accelerated Missile Defense Tranche 3 ("AMDT3") constellation, NASA's Jet Propulsion Laboratory EAGLE-VSWIR, and Hartford, two IM 300™ series platforms for a National Security Space application - Contracted with NASA's Jet Propulsion Laboratory (JPL) for FALCON-RADAR in Q4, which is part of the Fleet for the Atmospheric Linking Commercial Observations with NASA, an Earth observation mission that will study clouds and convection from space
- Accelerated plans for Near Space Network cislunar constellation, Altus-2 through Altus-5 to deploy together in 2028 on a NASA provided launch vehicle
- Closed Goonhilly Earth Station and COMSAT acquisition to expand our space‑to‑ground data services network configured to support missions across LEO, MEO, GEO, cislunar, and deep space environments
Financial Highlights
- Achieved record quarterly revenue of
$269 million driven by execution across satellite production, lunar delivery, lunar data services, and ground communication networks - Converted record revenue to record gross margin of
$69 million or26% driven by increased contribution from our satellite production business, higher volume, and net favorable one-time program adjustments, which also includes EAC and other cost adjustments - Reported record quarterly cash from operations of positive
$66 million with capital expenditures of$33 million , resulting in positive free cash flow of$33 million - Ended Q3 with record backlog of
$1.9 billion , an increase of$1.7 billion from year-end 2025 as Intuitive Machines booked record levels of diverse awards throughout the year across civil, commercial, and national security space customers
Mr. Altemus continued, “As we look to turn the corner into 2027, we remain laser focused on IM-3 along with our first Altus-1 lunar satellite, which remains on track for a planned launch in the March/April timeframe. In addition, our emphasis will be to continue to scale execution and accelerate growth. We expect to convert contracted backlog into revenue through repeatable production, operational excellence, and reliable customer delivery.”
Outlook
- Full-year 2026 revenue of
$920 -$950 million - Full-year 2026 Adjusted EBITDA positive
Conference Call Information
Intuitive Machines will host a conference call today, November 12, 2026, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines’ website at https://investors.intuitivemachines.com.
Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines’ website at https://investors.intuitivemachines.com.
Key Business Metrics and Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles (“GAAP”) and constitute “non-GAAP financial measures” as defined by the SEC. This includes adjusted EBITDA (“Adjusted EBITDA”), Free Cash Flow, and Backlog.
Adjusted EBITDA is a key performance measure that our management team uses to assess the Company’s operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income or interest expense from cash deposits, loans, or investments, transaction and integration costs related to acquisitions, gain on extinguishing of debt, non-recurring legal expenses, share-based compensation, change in fair value instruments, gain or loss on issuance of securities, depreciation, impairment of property and equipment, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company’s operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.
Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Other companies, including companies in Intuitive Machines’ industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading “Reconciliation of GAAP to Non-GAAP Financial Measure.”
We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading “Reconciliation of GAAP to Non-GAAP Financial Measure.”
The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized. Intuitive Machines monitors its backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of its business and identifying trends over time.
About Intuitive Machines
Intuitive Machines is a next-generation space infrastructure company delivering integrated capabilities across spacecraft manufacturing, communications, networks, mission operations, and ground infrastructure to build, connect, and operate systems across Earth orbit, cislunar space, and deep space. Serving commercial, civil, and national security customers, Intuitive Machines is focused on enabling resilient, scalable infrastructure for sustained operations in space.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans related to any proposed business combination; our expectations and plans relating to our missions to the Moon, including the expected timing of launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our expectations regarding changes to government contracts or programs; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information presented under “Outlook,” or “Guidance” including, our expectations on revenue generation, backlog, Adjusted EBITDA, and cash. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; cyber incidents; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any litigation, including securities litigation or stockholder activism; our public securities’ potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
These forward-looking statements are based on information available as of the date of this presentation and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
Contacts
For investor inquiries:
investors@intuitivemachines.com
For media inquiries:
press@intuitivemachines.com
| INTUITIVE MACHINES, INC. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 463,810 | $ | 582,606 | |||
| Restricted cash | 13,171 | 2,733 | |||||
| Trade accounts receivable, net | 113,528 | 12,193 | |||||
| Contract assets | 120,259 | 12,236 | |||||
| Inventory | 70,622 | — | |||||
| Advances to suppliers | 34,041 | 3,353 | |||||
| Prepaid and other current assets | 25,063 | 5,693 | |||||
| Total current assets | 840,494 | 618,814 | |||||
| Orbital receivables, non-current | 208,246 | — | |||||
| Property and equipment, net | 326,732 | 68,550 | |||||
| Intangible assets, net | 274,866 | 12,968 | |||||
| Goodwill | 406,653 | 18,697 | |||||
| Operating lease right-of-use assets | 175,069 | 36,755 | |||||
| Finance lease right-of-use assets | 70 | 94 | |||||
| Other assets | 3,271 | 1,276 | |||||
| Total assets | $ | 2,235,401 | $ | 757,154 | |||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued expenses | $ | 139,210 | $ | 22,199 | |||
| Accounts payable - affiliated companies | 5,368 | 1,723 | |||||
| Contract liabilities, current | 293,506 | 57,368 | |||||
| Operating lease liabilities, current | 25,023 | 10,466 | |||||
| Finance lease liabilities, current | 20 | 48 | |||||
| Other current liabilities | 104,080 | 33,028 | |||||
| Total current liabilities | 567,207 | 124,832 | |||||
| Long-term debt, net | 336,860 | 335,335 | |||||
| Contract liabilities, non-current | 1,196 | 6,341 | |||||
| Pension and other postretirement benefits | 43,049 | — | |||||
| Operating lease liabilities, non-current | 147,659 | 26,290 | |||||
| Finance lease liabilities, non-current | 14 | 20 | |||||
| Warrant liabilities | 51,428 | 60,394 | |||||
| Other non-current liabilities | 61,347 | 240 | |||||
| Total liabilities | 1,208,760 | 553,452 | |||||
| Commitments and contingencies | |||||||
| MEZZANINE EQUITY | |||||||
| Series A preferred stock subject to possible redemption | 7,120 | 6,613 | |||||
| Redeemable noncontrolling interests | 783,728 | 951,536 | |||||
| SHAREHOLDERS’ DEFICIT | |||||||
| Class A common stock | 18 | 12 | |||||
| Class C common stock | 6 | 6 | |||||
| Treasury Stock | (33,525 | ) | (33,525 | ) | |||
| Paid-in capital | — | — | |||||
| Accumulated earnings (deficit) | 268,336 | (721,457 | ) | ||||
| Accumulated other comprehensive loss | (15 | ) | — | ||||
| Total shareholders’ equity (deficit) attributable to the Company | 234,820 | (754,964 | ) | ||||
| Noncontrolling interests | 973 | 517 | |||||
| Total shareholders’ equity (deficit) | 235,793 | (754,447 | ) | ||||
| Total liabilities, mezzanine equity and shareholders’ equity (deficit) | $ | 2,235,401 | $ | 757,154 | |||
| INTUITIVE MACHINES, INC. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (In thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues: | |||||||||||||||
| Product revenue | $ | 215,118 | $ | — | $ | 523,407 | $ | — | |||||||
| Service revenue | 54,138 | 50,987 | 132,891 | 163,824 | |||||||||||
| Grant revenue | 92 | 1,450 | 5,948 | 1,450 | |||||||||||
| Total revenues | 269,348 | 52,437 | 662,246 | 165,274 | |||||||||||
| Operating expenses: | |||||||||||||||
| Cost of product revenue (excluding depreciation and amortization) | 152,588 | — | 385,829 | — | |||||||||||
| Cost of service revenue (excluding depreciation and amortization) | 39,595 | 39,574 | 114,381 | 144,546 | |||||||||||
| Cost of grant revenue (excluding depreciation and amortization) | 101 | 1,459 | 5,962 | 1,459 | |||||||||||
| Cost of service revenue (excluding depreciation and amortization) - affiliated companies | 7,762 | 5,736 | 20,799 | 18,767 | |||||||||||
| Total cost of revenues | 200,046 | 46,769 | 526,971 | 164,772 | |||||||||||
| Depreciation and amortization | 13,180 | 815 | 41,155 | 2,190 | |||||||||||
| Research and development | 7,458 | 3,957 | 20,776 | 5,329 | |||||||||||
| General and administrative expense (excluding depreciation and amortization) | 82,913 | 16,315 | 193,930 | 47,119 | |||||||||||
| Total operating expenses | 303,597 | 67,856 | 782,832 | 219,410 | |||||||||||
| Operating loss | (34,249 | ) | (15,419 | ) | (120,586 | ) | (54,136 | ) | |||||||
| Other income (expense), net: | |||||||||||||||
| Interest income | 2,963 | 4,833 | 5,870 | 9,752 | |||||||||||
| Interest expense | (4,532 | ) | (1,344 | ) | (13,900 | ) | (1,442 | ) | |||||||
| Change in fair value of earn-out liabilities | — | — | — | (33,369 | ) | ||||||||||
| Change in fair value of warrant liabilities | 30,010 | 1,950 | 8,966 | 31,919 | |||||||||||
| Change in fair value of contingent consideration liabilities | 3,618 | — | 2,207 | — | |||||||||||
| Other income, net | (1,164 | ) | 25 | (1,270 | ) | 90 | |||||||||
| Total other income, net | 30,895 | 5,464 | 1,873 | 6,950 | |||||||||||
| Loss before income taxes | (3,354 | ) | (9,955 | ) | (118,713 | ) | (47,186 | ) | |||||||
| Income tax expense | — | (5 | ) | (10 | ) | (5 | ) | ||||||||
| Net loss | (3,354 | ) | (9,960 | ) | (118,723 | ) | (47,191 | ) | |||||||
| Net income (loss) attributable to redeemable noncontrolling interest | 256 | (3,445 | ) | (32,009 | ) | (4,944 | ) | ||||||||
| Net income attributable to noncontrolling interest | 406 | 327 | 1,134 | 1,172 | |||||||||||
| Net loss attributable to the Company | (4,016 | ) | (6,842 | ) | (87,848 | ) | (43,419 | ) | |||||||
| Less: Preferred dividends | (173 | ) | (158 | ) | (502 | ) | (456 | ) | |||||||
| Net loss attributable to Class A common shareholders | $ | (4,189 | ) | $ | (7,000 | ) | $ | (88,350 | ) | $ | (43,875 | ) | |||
| Net loss per share | |||||||||||||||
| Net loss per share of Class A common stock - basic and diluted | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.55 | ) | $ | (0.38 | ) | |||
| Weighted-average common shares outstanding | |||||||||||||||
| Weighted average shares outstanding - basic and diluted | 173,425,260 | 117,815,856 | 161,252,158 | 114,150,168 | |||||||||||
| INTUITIVE MACHINES, INC. | |||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||
| (In thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net loss | $ | (3,354 | ) | $ | (9,960 | ) | $ | (118,723 | ) | $ | (47,191 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||
| Depreciation and amortization | 13,180 | 815 | 41,155 | 2,190 | |||||||||||
| Provision for credit losses | 9,540 | — | 9,897 | 135 | |||||||||||
| Amortization of debt discount and issuance costs | 739 | 243 | 1,525 | 243 | |||||||||||
| Share-based compensation expense | 10,610 | 1,416 | 29,943 | 6,780 | |||||||||||
| Change in fair value of earn-out liabilities | — | — | — | 33,369 | |||||||||||
| Change in fair value of warrant liabilities | (30,010 | ) | (1,950 | ) | (8,966 | ) | (31,919 | ) | |||||||
| Change in fair value of contingent consideration liabilities | (3,618 | ) | — | (2,207 | ) | — | |||||||||
| Other | 836 | — | (2,975 | ) | 177 | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Trade and other receivables, net | 2,557 | 13,246 | (10,822 | ) | 21,299 | ||||||||||
| Inventory | (10,657 | ) | — | (14,451 | ) | — | |||||||||
| Contract assets | (68,968 | ) | (1,737 | ) | (84,581 | ) | 24,417 | ||||||||
| Prepaid expenses | (3,857 | ) | (4,362 | ) | (24,535 | ) | (5,493 | ) | |||||||
| Orbital receivables, net | (1,609 | ) | — | 14,537 | — | ||||||||||
| Other assets, net | (72,930 | ) | 900 | (76,583 | ) | 1,991 | |||||||||
| Accounts payable and accrued expenses | 54,177 | (4,245 | ) | 54,574 | (3,940 | ) | |||||||||
| Accounts payable – affiliated companies | 2,498 | (2,082 | ) | 3,645 | (524 | ) | |||||||||
| Contract liabilities – current and long-term | 74,060 | (3,848 | ) | 68,218 | (11,724 | ) | |||||||||
| Pension and other postretirement benefits | (5,703 | ) | — | (11,757 | ) | — | |||||||||
| Other liabilities | 98,681 | 4,385 | 86,400 | 3,167 | |||||||||||
| Net cash provided by (used in) operating activities | 66,172 | (7,179 | ) | (45,706 | ) | (7,023 | ) | ||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchase of property and equipment | (32,700 | ) | (11,811 | ) | (66,641 | ) | (25,987 | ) | |||||||
| Acquisition of businesses, net of cash acquired | (17,825 | ) | — | (464,887 | ) | — | |||||||||
| Net cash used in investing activities | (50,525 | ) | (11,811 | ) | (531,528 | ) | (25,987 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from issuance of securities | 98,103 | — | 511,875 | — | |||||||||||
| Warrants exercised | — | — | — | 176,620 | |||||||||||
| Redemption of warrants | — | — | — | (66 | ) | ||||||||||
| Transaction costs related to the issuance of securities | (1,627 | ) | — | (13,336 | ) | — | |||||||||
| Repurchase of Class A Common Stock | — | — | — | (20,700 | ) | ||||||||||
| Proceeds from issuance of convertible notes, net of discount | — | 335,513 | — | 335,513 | |||||||||||
| Payment of debt issuance costs | — | (929 | ) | — | (929 | ) | |||||||||
| Purchase of capped call transactions | — | (36,777 | ) | — | (36,777 | ) | |||||||||
| Repayment of loans | (8,872 | ) | — | (8,872 | ) | — | |||||||||
| Settlement of securitization facility | (5,064 | ) | — | (18,652 | ) | — | |||||||||
| Payment of withholding taxes from share-based awards | (228 | ) | (217 | ) | (1,461 | ) | (4,757 | ) | |||||||
| Distributions to noncontrolling interests | — | (1,526 | ) | (678 | ) | (1,526 | ) | ||||||||
| Net cash provided by financing activities | 82,312 | 296,064 | 468,876 | 447,378 | |||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 97,959 | 277,074 | (108,358 | ) | 414,368 | ||||||||||
| Cash, cash equivalents and restricted cash at beginning of the period | 379,022 | 346,943 | 585,339 | 209,649 | |||||||||||
| Cash, cash equivalents and restricted cash at end of the period | 476,981 | 624,017 | 476,981 | 624,017 | |||||||||||
| Less: restricted cash | 13,171 | 2,042 | 13,171 | 2,042 | |||||||||||
| Cash and cash equivalents at end of the period | $ | 463,810 | $ | 621,975 | $ | 463,810 | $ | 621,975 | |||||||
| INTUITIVE MACHINES, INC. | |||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measure | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||
| The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA. | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net loss | $ | (3,354 | ) | $ | (9,960 | ) | $ | (118,723 | ) | $ | (47,191 | ) | |||
| Adjusted to exclude the following: | |||||||||||||||
| Income tax expense | — | 5 | 10 | 5 | |||||||||||
| Depreciation and amortization | 13,180 | 815 | 41,155 | 2,190 | |||||||||||
| Interest income | (2,963 | ) | (4,833 | ) | (5,870 | ) | (9,752 | ) | |||||||
| Interest expense | 4,532 | 1,344 | 13,900 | 1,442 | |||||||||||
| Transaction and integration costs related to acquisitions | 9,574 | — | 37,471 | — | |||||||||||
| Non-recurring legal expense | 10,304 | — | 10,304 | — | |||||||||||
| Share-based compensation expense | 10,610 | 1,416 | 29,943 | 6,780 | |||||||||||
| Change in fair value of earn-out liabilities | — | — | — | 33,369 | |||||||||||
| Change in fair value of warrant liabilities | (30,010 | ) | (1,950 | ) | (8,966 | ) | (31,919 | ) | |||||||
| Change in fair value of contingent consideration liabilities | (3,618 | ) | — | (2,207 | ) | — | |||||||||
| Adjusted EBITDA | $ | 8,255 | $ | (13,164 | ) | $ | (2,983 | ) | $ | (45,076 | ) | ||||
Free Cash Flow
We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.
Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are:
- Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP.
- Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation.
- Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle.
The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow:
| Nine Months Ended September 30, | |||||||
| (in thousands) | 2026 | 2025 | |||||
| Net cash used in operating activities | $ | (45,706 | ) | $ | (7,023 | ) | |
| Purchases of property and equipment | (66,641 | ) | (25,987 | ) | |||
| Free cash flow | $ | (112,347 | ) | $ | (33,010 | ) | |
Backlog
The following table presents our backlog as of the periods indicated:
| (in thousands) | September 30, 2026 | December 31, 2025 | ||||
| Backlog | $ | 1,866,758 | $ | 213,070 | ||
Backlog increased by approximately
This press release was published by a CLEAR® Verified individual.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Intuitive Machines' Q3 2026 revenue and earnings?
Intuitive Machines reported $269.348 million in revenue and a $3.354 million net loss for the quarter ended September 30, 2026. Revenue compared with $52.437 million a year earlier, while net loss narrowed from $9.960 million. Basic and diluted loss per Class A share was $0.02, versus $0.06.
What is Intuitive Machines' full-year 2026 outlook?
Intuitive Machines expects $920–$950 million in full-year 2026 revenue and positive adjusted EBITDA. Adjusted EBITDA excludes specified items, including interest, acquisition transaction and integration costs, share-based compensation, fair-value changes, depreciation and income taxes; it is not a GAAP earnings measure.
What does Intuitive Machines include in its contracted backlog?
Intuitive Machines defines contracted backlog as estimated future revenue from awarded contracts, less revenue already recognized. The company views it as an indicator of potential future sales, rather than revenue already earned.