Intuitive Machines Inc. (NASDAQ:LUNR) stock surged Thursday after the company reported better-than-expected third-quarter results and a record order backlog.
The space technology company reported a quarterly loss of 2 cents per share, narrower than analysts' estimate of a 12-cent loss. The loss also improved from 6 cents per share a year earlier.
Revenue soared 413.7% year over year to $269.35 million, beating Wall Street's estimate of $245.88 million.
CEO Steve Altemus said the record results highlight Intuitive Machines' transformation from a lunar exploration company into a broader space technology provider serving commercial, civil and national security customers.
Intuitive Machines Builds Record $1.9 Billion Backlog
Intuitive Machines ended the quarter with a record backlog of $1.9 billion, up $1.7 billion from year-end 2025.
The company booked $450 million in new awards and acquired backlog from Goonhilly.
Key awards included the Accelerated Missile Defense Tranche 3 constellation, NASA's EAGLE-VSWIR project and Hartford, which involves two IM 300-series platforms for a national security space application.
These awards strengthened the company's presence across civil, commercial and national security markets.
Profitability Improves As Revenue Surges
Gross profit reached a record $69 million, with a gross margin of 26%.
Higher satellite production volumes and favorable program adjustments supported margins.
Adjusted EBITDA improved to $8.26 million from a loss of $13.16 million a year earlier.
Operating cash flow reached $66 million, while capital spending totaled $33 million. Free cash flow stood at $33 million.
The company held $463.8 million in cash and cash equivalents as of Sept. 30, compared with $582.6 million at year-end 2025.
Long-term debt, net, totaled $336.9 million.
Intuitive Machines Updates 2026 Revenue Forecast
Intuitive Machines narrowed its fiscal 2026 revenue forecast to $920 million-$950 million from $900 million-$1 billion.
The revised range brackets analysts' estimate of $925.19 million.
Altemus highlighted record financial performance and progress on upcoming space missions.
The company remains focused on its IM-3 mission and first Altus-1 lunar satellite, with a launch planned for March or April.
Management expects its growing backlog and repeatable satellite production to support future revenue.
LUNR Price Action: Intuitive Machines shares were up 13.14% at $13.78 during premarket trading on Thursday, according to market data.
