Intuitive Machines Posts Record Q2 Revenue of $206M but Misses Estimates on $14.7M Charge, Stock Falls 9%

Intuitive Machines reported second-quarter 2026 revenue of $206.2 million, a roughly 310% year-over-year increase and a quarterly record, but the figure fell short of the Wall Street consensus of approximately $216 million to $224 million. A $14.7 million one-time charge was cited as a key factor driving the miss. The company posted an adjusted loss per share of $0.29, well below the estimate of negative $0.10, representing an earnings surprise of roughly negative 129%.

Shares dropped about 9% on the day of the report. The company reaffirmed its full-year 2026 revenue guidance of $900 million to $1 billion, bracketing the consensus estimate of $933 million, and guided for positive adjusted EBITDA. Backlog stood at $1.8 billion as of the end of the quarter, and cash and cash equivalents were $367 million.

On its earnings call, management outlined plans for full lunar network deployment by 2028. The stock had rallied roughly 20% in the week prior to the report, suggesting some investors had positioned for a stronger result.