The quarter capped a stretch of aggressive expansion across commercial, civil, and national security markets. Backlog rose $1.5 billion from year-end 2025, driven by what the company described as record levels of diverse awards. In August, the company closed its acquisition of Goonhilly Earth Station and COMSAT to expand its space-to-ground data services network configured to support missions across low Earth orbit, medium Earth orbit, geostationary orbit, cislunar, and deep space environments.
Intuitive Machines booked $920 million of awards in the second quarter and an additional $300 million in the third quarter to date. Among them was a contract worth more than $600 million for three commercial geostationary satellites, which the company cited as evidence of continued commercial demand. NASA awarded the company an additional CLPS lander contract under its Moonbase program, marking Intuitive Machines’ sixth CLPS mission and covering a standardized production lander.
National security revenue expanded from 3 percent to 30 percent year over year in the quarter. The company pointed to a July award for 18 spacecraft to support the Accelerated Missile Defense Tranche 3 Golden Dome constellation as a driver of continued growth in that segment. NASA also contracted Intuitive Machines for two prime lunar reconnaissance awards, the Lunar Reconnaissance Orbiter Camera and ShadowCam, to lead lunar imaging operations, data storage, data processing, and analytics in support of the Artemis Program and Moonbase initiatives as well as commercial lunar missions.
The company ended the quarter with a cash balance of $367 million. That figure reflected strategic growth investments, including the procurement of advanced inventory that directly resulted in new awards during the quarter, investments across the ground station network, and long-lead material purchases for satellites two through five of the company’s lunar constellation. Intuitive Machines said those purchases are intended to accelerate recurring service revenues.
Chief Executive Steve Altemus framed the results within a broader strategy. “We believe the next era of space will require a next-generation space prime, capable of building spacecraft, connecting them through resilient networks, and operating the resulting infrastructure across civil, commercial, and national security markets,” he said. “Over the past eighteen months, every strategic decision we have made has been focused on building that next-generation space prime.” Altemus said the quarter was highlighted by revenue over four times that of the second quarter of 2025, unprecedented bookings, and record backlog.
Intuitive Machines maintained its full-year 2026 outlook of $900 million to $1 billion in revenue and said it expects to be Adjusted EBITDA positive for the year. The company scheduled a conference call for August 13, 2026, at 8:30 am Eastern Time to discuss the results, with a webcast replay to follow on its investor website.
