Intuitive Machines (LUNR) Q3 2026

Q3 revenue rose to a record $269.3M, and adjusted EBITDA turned positive at $8.3M.

Intuitive Machines · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources

Intuitive Machines (LUNR) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Intuitive Machines (LUNR) Q3 2026 earnings review

Q3 revenue rose to a record $269.3M, and adjusted EBITDA turned positive at $8.3M

  1. 1.Revenue was 5.1x the Q3 2025 level and beat the $243.3M Zacks consensus by 10.7%
  2. 2.Operating cash flow was $66.2M, and free cash flow was about $33M, as stated
  3. 3.Backlog rose to $1,866.8M at Sep 30, 2026 from $213.1M at Dec 31, 2025
  4. 4.The 2026 revenue outlook was narrowed to $920M–$950M from $900M–$1,000M
  5. 5.Shares were up 10.1% in pre-market at $13.41 as of 8:17 AM EST, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The revenue multiple and the consensus gap are DeepCell calculations. Free cash flow is operating cash flow less purchases of property and equipment. Pre-market is not a close.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 10, 2026; CNBC, Nov 12, 2026 8:17 AM EST

2

2 · Executive summary

Q3 revenue of $269.3M beat the Zacks consensus of $243.3M

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 10, 2026)

MetricActualConsensusVarianceResult
Q3 total revenues$269.3M$243.3M+$26.0M / +10.7%Beat

Share price, Nov 11 regular close to Nov 12 pre-market last

Intuitive Machines, Inc. (Nasdaq)Nov 11 closeNov 12 pre-market, 8:17 AM ESTChange ($)Change (%)
LUNR$12.18$13.41+$1.23+10.1%

Note: Both prices are from CNBC; the Nov 12 figure is the pre-market last at 8:17 AM EST, not a close, and the change is a DeepCell calculation. Zacks expected a loss of $0.12 a share on its own basis; GAAP net loss per share was $0.02, so no EPS verdict is shown.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 10, 2026; CNBC, Nov 12, 2026 8:17 AM EST

3

3 · Q3 results vs. consensus

Intuitive Machines narrowed its 2026 revenue outlook to $920M–$950M

Full-year 2026 outlook vs. prior outlook, as stated in the Nov 12 and Aug 13, 2026 releases

MetricPrior outlookNew outlookStatus
Full-year 2026 revenue$900M–$1,000M$920M–$950MNarrowed
Revenue outlook midpoint$950M$935MLowered
Full-year 2026 adjusted EBITDAPositivePositiveUnchanged
Implied Q4 2026 revenuen.a.$257.8M–$287.8MDeepCell calculation

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Midpoints and implied Q4 revenue are DeepCell calculations. Implied Q4 revenue is the full-year range less nine-month revenue of $662.2M. The release gives no EPS guidance.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

4

4 · 2026 outlook vs. prior

Total revenues rose to $269.3M, and the net loss narrowed to $3.4M

  1. Revenue grewTotal revenues rose to $269.3M from $52.4M. Product revenue was $215.1M.
  2. Operating loss widenedThe operating loss was $34.2M, compared with $15.4M. G&A expense rose to $82.9M.
  3. Net loss per share narrowedNet loss per Class A share was $0.02, compared with $0.06. A $30.0M warrant gain helped.

Key figures

$M unless notedQ3 2025Q3 2026Change
Total revenues$52.4M$269.3M413.7%
Gross profit$5.7M$69.3M+$63.6M
Operating loss-$15.4M-$34.2M-$18.8M
Net loss-$10.0M-$3.4M+$6.6M
Adjusted EBITDA-$13.2M$8.3M+$21.4M
Loss per Class A share ($)-$0.06-$0.02n.a.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; G&A is general and administrative. Revenue growth, gross profit and all changes are DeepCell calculations. Gross profit is revenue less cost of revenues, which excludes depreciation and amortization; the company calls it gross margin.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Total revenues rose to $269.3M from $52.4M, led by product revenue

Total revenues

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $52.4Mv · Q3 2026: $269.3MQ3 2025Q3 2026$0M$100M$200M$300M$52.4M$269.3M
Product revenue was $215.1M, against none a year earlier. Service revenue rose to $54.1M.“In the third quarter, we delivered record financial performance across the board.” Steve Altemus, CEO

Note: The company acquired Lanteris in January 2026. The release links Q3 revenue to satellite production, lunar delivery, lunar data services and ground communication networks.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

6

6 · Revenue growth

Product revenue of $215.1M made up most of Q3 total revenues of $269.3M

  1. Product revenue is newProduct revenue was $215.1M. Cost of product revenue was $152.6M.
  2. Service revenue grewService revenue rose 6.2% to $54.1M.
  3. Grant revenue fellGrant revenue was $0.1M, down from $1.5M.

Revenue by type

$MQ3 2025Q3 2026YoY
Product revenue$0.0M$215.1Mn.a.
Service revenue$51.0M$54.1M+6.2%
Grant revenue$1.5M$0.1Mn.a.
Total revenues$52.4M$269.3M+413.7%

Note: The release reports revenue by type, not by segment. The YoY column is a DeepCell calculation; n.a. marks lines with no or very small prior-year revenue.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

7

7 · Revenue by type

Gross margin widened to 26% as stated, from 10.8% a year earlier

Gross margin

Q3 2025 vs Q3 2026

Gross margin · Q3 2025: 10.8%Gross margin · Q3 2026: 25.7%Q3 2025Q3 20260%10%20%30%10.8%25.7%
Gross profit was $69.3M. The company cites satellite production, higher volume and net favorable one-time program adjustments.

Note: Gross margin is revenue less cost of revenues, divided by revenue; cost of revenues excludes depreciation and amortization. The prior-year rate and the chart are DeepCell calculations.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

8

8 · Margin analysis

Adjusted EBITDA turned positive at $8.3M, from a loss of $13.2M in Q3 2025

Adjusted EBITDA

$M, Q3 2025 vs Q3 2026

v · Q3 2025: -$13.2Mv · Q3 2026: $8.3MQ3 2025Q3 2026-$20M-$10M$0M$10M-$13.2M$8.3M
Nine-month adjusted EBITDA was a loss of $3.0M. The company still expects positive full-year adjusted EBITDA.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA excludes interest, taxes, depreciation and amortization, deal and legal costs, share-based compensation and fair value changes, as reconciled in the release.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

9

9 · Adjusted EBITDA

Backlog rose to $1,866.8M at Sep 30, 2026, 8.8x the Dec 31, 2025 level

Backlog

$M, Dec 31, 2025 vs Sep 30, 2026

v · Dec 31, 2025: $213.1Mv · Sep 30, 2026: $1,866.8MDec 31, 2025Sep 30, 2026$0M$500M$1,000M$1,500M$2,000M$213.1M$1,866.8M
New awards were $1,770M in nine months. Acquired backlog was $612.8M from Lanteris and $31.7M from Goonhilly.

Note: Backlog is contracted revenue the company expects to realize, less revenue already recognized. The multiple is a DeepCell calculation. Backlog increased by approximately $1.65 billion, as stated.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

10

10 · Backlog

Q3 operating cash flow was $66.2M, but cash fell to $463.8M from $582.6M

  1. Q3 cash flow was positiveOperating cash flow was $66.2M. Purchases of PP&E were $32.7M.
  2. Nine-month cash flow was negativeNine-month free cash flow was a loss of $112.3M, as reconciled by the company.
  3. Equity raised in Q3Proceeds from securities issued were $98.1M in Q3. Long-term debt was $336.9M.

Cash flow and balance sheet

$MPriorCurrent
Operating cash flow, Q3-$7.2M$66.2M
Free cash flow, Q3-$19.0M$33.5M
Free cash flow, nine months-$33.0M-$112.3M
Cash (Dec 31, 2025 / Sep 30, 2026)$582.6M$463.8M
Long-term debt (Dec 31, 2025 / Sep 30, 2026)$335.3M$336.9M

Note: Cash flow rows compare Q3 2025 with Q3 2026, or nine months 2025 with nine months 2026. Q3 free cash flow is a DeepCell calculation; the company states about $33 million.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

11

11 · Cash flow and financing

Fourth-quarter revenue, cash use and one-time items are the main watch items

Indicator
What to watch
Implication
Latest reading
Q4 2026 revenue
The outlook implies Q4 revenue near Q3
The range was narrowed
Implied Q4 $258M–$288M
Cash use
Nine-month free cash flow was negative
Cash fell in 2026
Cash $463.8M
One-time items
A warrant gain cut the Q3 net loss
Adjusted EBITDA excludes it
Warrant gain $30.0M

EBITDA is earnings before interest, taxes, depreciation and amortization. Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

12

12 · Key risks to the outlook

13 · Appendix: Income detail

Appendix: net loss to adjusted EBITDA

ClaimEvidenceCalculation
Net loss-$3.4MIncome statement
Add: D&A, deal costs and legal expense$13.2M, $9.6M and $10.3MAdded back
Add: share-based compensation$10.6MAdded back
Less: warrant fair value gain$30.0MRemoved
Adjusted EBITDA$8.3MAlso net interest and contingent consideration

EBITDA is earnings before interest, taxes, depreciation and amortization; D&A is depreciation and amortization. Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

14

14 · Appendix: Non-GAAP items

15 · Appendix: Backlog

16 · Appendix: Balance sheet

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Total revenues$52.4M$269.3M413.7%
Service revenue$51.0M$54.1M6.2%
Total cost of revenues$46.8M$200.0M327.7%
G&A expense$16.3M$82.9M408.2%

Earnings

$M unless notedQ3 2025Q3 2026Change
Operating loss-$15.4M-$34.2M-$18.8M
Net loss-$10.0M-$3.4M+$6.6M
Adjusted EBITDA-$13.2M$8.3M+$21.4M
Operating cash flow-$7.2M$66.2M+$73.4M

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; G&A is general and administrative. YoY rates and changes in this appendix are DeepCell calculations from the statements. YoY rates are not shown for loss lines.Source: Intuitive Machines official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

17

17 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1844452/000162828026073106/lunr-20260930xexx991.htm
  • SEC filing index, Form 8-K, accession 0001628280-26-073106 — https://www.sec.gov/Archives/edgar/data/1844452/000162828026073106/
  • Prior outlook: Q2 2026 results release (Form 8-K Exhibit 99.1, Aug 13, 2026) — https://www.sec.gov/Archives/edgar/data/1844452/000162828026056476/lunr-20260630xexx991.htm
  • Consensus: Zacks Consensus Estimate, “Intuitive Machines to Post Q3 Earnings: What’s in Store for the Stock?”, Yahoo Finance, Nov 10, 2026 8:31 AM EST — https://finance.yahoo.com/markets/stocks/articles/intuitive-machines-post-q3-earnings-133100120.html
  • Share price: CNBC LUNR quote, Nov 11, 2026 regular close $12.18 and Nov 12 pre-market last $13.41 at 8:17 AM EST — https://www.cnbc.com/quotes/LUNR
  • Company figures are in U.S. dollars. Statement amounts in thousands were converted to millions. Non-GAAP figures follow the company’s reconciliation tables. No Form 10-Q for Q3 2026 had been filed when this deck was built.

Built with DeepCell / deepcell.net

18

18 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Intuitive Machines, Inc.’s Q3 2026 press release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted or non-GAAP, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 11, 2026, and the pre-market last at 8:17 AM EST on November 12, 2026. The pre-market last is not a close.

Built with DeepCell / deepcell.net

19

19 · Disclosures

Sources

Not investment advice; no rating or price target.

Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.

Share this review

Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.

Post on XShare on LinkedIn

More earnings reviews

All earnings reviews