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Intuitive Machines shares dip after Q2 miss, backlog tops $1.8B

The space services company reported $206.17 million in net revenue in Q2, and its backlog exceeding $1.8 billion is described as funding about two years of operations based on 2026 projections.

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Intuitive Machines, listed on Nasdaq as LUNR, fell after missing Q2 revenue and earnings expectations, with MarketBeat Ratings attributing some of the weaker stock action to renewed “space hype” effects earlier in 2026 as valuations shifted.

According to MarketBeat Ratings, Intuitive Machines posted $206.17 million in net revenue in Q2, landing below consensus, while it also reported GAAP losses that widened even as revenue grew by more than 300%. The outlet also cited a Q2 GAAP EPS result of 29 cents that missed consensus by nearly 20 cents.

MarketBeat Ratings pointed to a sizable backlog as a potential offset, saying Intuitive Machines topped $1.8 billion in backlog as of Q2, which it frames as enough to support roughly two years of operations based on 2026 projections. The company is positioned around end to end space infrastructure tied to NASA’s Artemis program, including lunar landers and cargo delivery, near space and lunar communications, and scalable services.

Looking ahead, MarketBeat Ratings said analysts generally expect Intuitive Machines to move toward profitability over the next four quarters, reach its first full year of growth in fiscal 2027, and then expand earnings at a rapid pace in subsequent years, while noting that execution and backlog conversion will be key as upfront spending continues.

Latest closeNasdaq Comp. 26,729.16 ▼0.3%

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