Intuitive Machines beats Q3 revenue estimates as backlog climbs to $1.9 billion

what happened

Shares of Intuitive Machines (LUNR) climbed on Thursday after the space technology company reported third-quarter results ahead of analyst expectations, Stocktwits reported. Revenue came in at $269.3 million, up 413.7% from a year earlier and above the $247.56 million estimate cited by Fiscal.ai. At the time of writing, the stock was up 16%.

Adjusted EBITDA reached $8.3 million, compared with a loss of $13.2 million a year earlier. Gross profit rose to $69.3 million from $5.7 million, and gross margin widened to about 25.7%. Free cash flow was roughly $33.5 million, although the operating loss grew to $34.2 million from $15.4 million.

Backlog stood at $1.87 billion as of September 30, versus $213.1 million at the end of 2025, supported by new awards and backlog acquired from Lanteris and Goonhilly. For fiscal 2026, the company expects revenue of $920 million to $950 million and positive adjusted EBITDA.

why it matters

For investors, the main takeaway is the combination of fast revenue growth, a much larger order book and positive free cash flow. However, the widening operating loss and a year-to-date decline of more than 13% point to lingering risk, and part of the margin gain came from one-time program adjustments.

market impact

LUNR and space sector: strong results and a bigger order book support interest in the shares

• ▲LUNR shares pressure up — revenue and backlog came in above market expectations

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