Intuitive Machines LUNR Q3 2026: Backlog Hits $1.87 Billion After Lanteris Deal

Intuitive Machines posted record quarterly revenue of $269.35 million in Q3 2026, up 413.7% year over year, beating the consensus estimate of $247.56 million by 8.8%. The growth was overwhelmingly driven by the January 2026 acquisition of Lanteris, which contributed $215.12 million in satellite production revenue that had no equivalent in the prior-year period.

On the bottom line, GAAP EPS came in at negative $0.02, well ahead of the negative $0.1075 consensus, an 81.4% beat. The result included a $30.01 million gain from the change in fair value of warrant liabilities and a $3.62 million contingent consideration gain, partly offset by $9.57 million in acquisition and integration costs and $10.30 million in non-recurring legal expense.

The most consequential number in the report may be the backlog figure. Contracted backlog swelled to $1.87 billion, up from $213 million at the end of 2025, with $1.77 billion of new awards booked year-to-date. That transformation repositions the company from a lunar lander story into something closer to a full-spectrum space prime, with revenue now spanning satellite production, lunar delivery, lunar data services, and ground communication networks.

Operating cash flow reached $66.17 million, a 1,021.7% year-over-year improvement, while adjusted EBITDA turned positive. Free cash flow was positive at $33 million for the quarter, though year-to-date free cash flow remained negative at $112.3 million and cash on hand declined to $463.81 million from $582.6 million at year-end 2025.

Management kept full-year 2026 revenue guidance intact at $920 million to $950 million with positive adjusted EBITDA. CEO Steve Altemus flagged that the IM-3 mission and the first Altus-1 lunar satellite remain on track for a March/April 2027 launch, with Altus-2 through Altus-5 accelerated to deploy together in 2028 on a NASA-provided launch vehicle. The company was also named a vendor on NASA's CLPS 2 IDIQ contract, which carries a ceiling value of $10 billion with a $5 billion option.