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Intuitive Machines rallies after winning $600 million communications program
The multi-satellite contract is set to run about 30 months and lifts the company’s contracted order backlog to a record $1.8 billion.
Intuitive Machines shares rose on Monday after the company said it was selected for a $600 million multi-satellite communications infrastructure program. Under the agreement with an undisclosed customer, the company will design, manufacture, integrate, and support multiple spacecraft using its IM 1300 satellite platform, according to Yahoo Finance.
The program is expected to roll out over roughly 30 months, and Intuitive Machines said the deal increases its total contracted order backlog to a record $1.8 billion. The announcement adds to the company’s broader efforts to expand beyond its lunar landers and other space-related contracts into Earth-orbit satellite infrastructure.
Yahoo Finance also noted that, despite the rally, the stock remains down more than 50% versus its year-to-date high. The outlet said the company recently moved past its 200-day moving average on Aug. 17, and that management reaffirmed full-year revenue guidance of at least $900 million.
In addition, Yahoo Finance pointed to recent performance and pipeline activity, including that Intuitive Machines’ second-quarter revenue more than quadrupled year over year. The outlet also referenced work for defense and civil space customers, including subcontracts connected to the Space Development Agency, as well as acquisitions intended to expand its space-to-ground data services network.