Intuitive Machines (LUNR) Hits Record $1.8B Backlog as Spending Scales Up

Intuitive Machines (LUNR) has reported a record $1.8 billion backlog and quadrupled its second-quarter revenue to $206 million. The company anticipates revenue between $900 million and $1 billion for the year, with adjusted EBITDA still positive in 2026. Bookings reached $1.7 billion this year, with $1.2 billion in Q2, the highest quarterly total ever.

Backlog is now 37% civil, 49% commercial, and 14% national security, with Q2 bookings 50% commercial and 30% national security. Intuitive Machines secured NASA's CS-8 lunar delivery mission and 16 satellites for SDA's Tranche 1 tracking layer, plus another 18 satellites for Tranche 3 and 18 for the Golden Dome missile defense architecture.

Commercially, it landed three geostationary communication satellites worth over $600 million and deployed SiriusXM-11. Gross profit increased to $36 million from negative $12 million, but operating loss widened to $47 million due to higher SG&A, amortization, and a $14.7 million cost adjustment for the IM-4 lunar lander program.

The company is raising $235 million in net proceeds through its at-the-market stock program, with capital expenditures totaling $24 million for its NSNS satellite constellation and ground network, with CapEx expected to remain elevated. Hedge fund ownership climbed to 30 funds, while short sellers account for 27.14% of the float, indicating skepticism about whether the backlog will convert into results or if cash burn will catch up.