Intuitive Machines (LUNR) shares initially fell over 3% in pre-market trading after the company’s first-quarter 2026 revenue of $186.7 million missed the $200.12 million analyst consensus, but the stock later rebounded to close up 2.10% at $36.43 as traders digested a record $1.1 billion backlog, major contract wins, and full-year guidance that topped expectations.
The Houston-based space technology firm, which acquired Lanteris Space Systems for $800 million in January, noted that the first 12 days of the quarter’s Lanteris contributions (worth roughly $13 million) were excluded from the reported figure. Had those days been included, the revenue miss would have been notably smaller. Revenue still nearly tripled year-over-year from $62.5 million a year earlier.
Adjusted EBITDA swung to a positive $2.7 million, marking the first time the company achieved that milestone. The backlog surged by $842 million from year-end 2025 to $1.1 billion, driven by Lanteris integration and new NASA CLPS contracts. Intuitive Machines secured $428.9 million in new awards during Q1, including a $180.4 million NASA task order—its fifth CLPS win and the first requiring the larger Nova-D lunar lander.
Looking ahead, the company signed a definitive agreement to acquire Goonhilly Earth Station, adding a space-to-ground data services network across orbital environments. It also joined the U.S. Space Force’s Andromeda IDIQ contract, which has a $6.2 billion ceiling and represents the first cross-entity synergy between Intuitive Machines and Lanteris.
Full-year 2026 revenue guidance of $900 million to $1 billion, with a midpoint of $950 million, edged past the analyst consensus of $946 million, while management reaffirmed expectations for positive Adjusted EBITDA. CEO Steve Altemus called the Lanteris acquisition “immediately accretive” and emphasized the company’s record pace of execution and new business wins.
