Intuitive Machines Posts Record $1.2 Billion Quarterly Bookings as National Security and Commercial Contracts Overtake NASA in Revenue Mix
Q2 2026 earnings call, August 13, 2026
Intuitive Machines used its second-quarter call to make a case that has been building for months: the company is no longer a NASA-dependent lunar lander business, but a diversified space infrastructure prime with national security and commercial revenue now outweighing civil space for the first time. CEO Steve Altemus told analysts the company booked $1.2 billion in new business during the second quarter through the call date, the highest quarterly bookings total in company history, bringing year-to-date bookings to $1.7 billion against a backlog of $1.8 billion.
The composition of that bookings quarter is the real story. Altemus disclosed that Q2 bookings broke down to roughly 20% civil, 50% commercial and 30% national security space, a stark reversal from the company's historical reliance on NASA's CLPS lunar delivery contracts. Total backlog now stands at 37% civil, 49% commercial and 14% national security. "Our diversification strategy and capability investments have expanded our total addressable market, moving us beyond a primarily NASA and civil lunar delivery company to one able to address the broader space ecosystem," Altemus said, putting a number on that ambition: total addressable market has grown from roughly $20 billion a few years ago to what the company now estimates at over $150 billion across civil, commercial and national security space.
Golden Dome Win and National Security Scale-Up
The most concrete evidence of that pivot came in national security space, where Intuitive Machines disclosed it was awarded an additional 18 satellites supporting AMDT-3, part of the nation's Golden Dome missile defense architecture, as a subcontractor to L3Harris. Combined with existing Space Development Agency Tranche 1, 2 and 3 tracking layer work, the company now has more than 70 IM-300 series satellites under contract, which Altemus called "an unprecedented number of IM-300 series spacecraft simultaneously in production." The company also delivered all 16 satellites for the SDA Tranche 1 tracking layer during the quarter and received authority to proceed on a Phase 3 government contract for its Nebula orbital transfer vehicle, moving that program from paper design into full-scale spacecraft development.
Management signaled ambitions to move up the value chain in this segment. Asked by Bank of America's Alex Preston whether the company would push beyond bus manufacturing into payload integration, Altemus said, "I think you'll see us emerge as a prime contractor here," pointing to an upcoming lunar surveyor mission where Intuitive Machines would supply imagers, the bus, downlink infrastructure and data analytics as an integrated offering rather than just hardware. CFO Pete McGrath added that some pending ATPs currently in the pipeline will convert into prime contracts rather than subcontractor roles, a detail investors should watch for in coming quarters given the margin implications of moving from bus supplier to systems integrator.
Lunar Communications Constellation Pulled Forward to 2028
In a notable timeline acceleration, Intuitive Machines said it renegotiated its launch strategy with NASA to deploy all four remaining Altus lunar communications satellites simultaneously in 2028, rather than the previously planned approach of rideshare launches spread across individual CLPS missions that would have delayed full operational capability to 2029 or 2030. Altemus explained that NASA's interest in supporting Artemis 4, the crewed lunar mission targeted for 2028, drove the change: "We pulled the satellites off of our CLPS missions, negotiating with NASA for a dedicated launch to fly all four simultaneously... to get a fully operational capability in 2028." McGrath noted the accelerated approach also improves unit economics through common procurement and integration across four shipsets built together rather than staggered over years.
The first satellite in that constellation, Altus-1, remains on track for launch aboard IM's Mission 3 in the first quarter of 2027, with engine hot-fire testing and laser sensor integration still ahead before a Delta flight readiness review in October. Management pegged initial demand for the network's pay-by-the-minute data relay service at roughly 500,000 minutes annually under its government bid, with additional revenue expected from an always-on positioning, navigation and timing broadcast service layered on top, though Altemus declined to quantify the upper bound of demand across civil, commercial and national security users.
Financial Results: Improving Margins, Elevated Cash Burn
Revenue came in at $206 million for the quarter, more than four times the prior-year period, driven by satellite manufacturing, CLPS missions and Near Space Network Services programs. Gross profit swung to $36 million from negative $12 million a year earlier, and adjusted EBITDA improved to negative $14 million from negative $25 million, aided by growing margin contribution from the Lanteris satellite manufacturing business the company acquired last year.
Operating losses widened to $47 million, however, driven partly by a $14.7 million estimate-at-completion adjustment on the IM-4 lunar lander mission tied to payload changes, along with higher SG&A that included $11 million in stock compensation and $8 million in acquisition and integration costs. Operating cash used was $60 million for the quarter, and total cash deployment reached $84 million once capital expenditures are included, reflecting what McGrath described as deliberate investment ahead of contract awards, including $17 million in accelerated inventory purchases and a $17 million IM-4 milestone payment to SpaceX. The company ended the quarter with $367 million in cash, aided by $235 million in proceeds from its at-the-market equity program, which has raised $291 million gross to date at a volume-weighted average price of $26.81.
Management reaffirmed full-year guidance of $900 million to $1 billion in revenue and positive adjusted EBITDA, though Altemus was candid that the wide range reflects timing risk on contract definitization rather than demand uncertainty: "The primary variable determining where we land within the range is the timing of contract definitization and revenue conversion, not customer demand." Roughly 25% to 30% of the current backlog is expected to convert to 2026 revenue, with 35% to 40% converting in 2027. McGrath indicated free cash flow should improve in the second half as elevated retention-related stock compensation from the Lanteris deal rolls off and milestone payment timing better matches new CLPS contract structures, but the company has not provided a formal target date for free cash flow breakeven, characterizing sustained EBITDA positivity as the nearer-term priority.
Pipeline: CLPS 2.0 and Orbital Data Centers
Looking ahead, Altemus flagged an estimated $10 billion multi-award CLPS 2.0 contract expected to be issued later this year, a roughly fourfold increase in contract value versus the original CLPS program that would extend the company's lunar lander cadence and shift focus toward heavier cargo variants capable of carrying one to five metric tons to the lunar surface. The company also disclosed it is in discussions around strategic partnerships to supply high-power satellite platforms for the emerging orbital data center market, an application Altemus said leverages the same architecture used in its geostationary communications satellites, though no financial details were provided. Separately, the company confirmed a previously undisclosed $600 million award for three geostationary communication satellites from an unnamed commercial customer, with management declining to clarify whether the deal is tied to C-band spectrum reallocation.