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Intuitive Machines shares slide after earnings miss, Stifel upgrades
The company reported an adjusted loss of $0.29 per share, while revenue was $206.2 million versus $224 million consensus, as backlog rose to $1.76 billion on stronger bookings.
Intuitive Machines, Inc. reported results that missed analysts' expectations by a wide margin, with an adjusted loss of $0.29 per share compared with a $0.09 loss forecast. Revenue totaled $206.2 million, up from $50.3 million a year earlier but still below the $224 million consensus, while adjusted EBITDA was a $13.8 million loss versus a $2.8 million profit expected, according to Yahoo Finance.
Despite the miss, Stifel upgraded Intuitive Machines to Buy from Hold, though it cut its price objective to $26 from $32. The upgrade centered on the company’s backlog, which increased $707 million during the quarter to $1.76 billion, up from $1.05 billion at the prior point in time, with a book-to-bill ratio of 4.5x.
More than $600 million of the quarterly backlog increase came from three commercial geostationary satellite agreements, and a July deal covering 18 spacecraft for the Golden Dome missile-defense network was cited as evidence that growth is expanding beyond its lunar-lander focus. Stifel said the earnings shortfall was largely attributable to an estimate-at-completion accounting adjustment tied to the IM-4 lunar lander program, which it linked to a $14.7 million charge for mid-development payload revisions.
Intuitive Machines also reiterated its full-year 2026 revenue outlook of $900 million to $1 billion and its expectation for positive adjusted EBITDA. Management characterized the quarter as positive, pointing to more than fourfold revenue growth, “exceptional bookings,” and a backlog that it said supports its next phase of growth.