Intuitive Machines (NASDAQ:LUNR) shares fell more than 3% in premarket trading Thursday after the company reported first-quarter revenue below Wall Street expectations, despite posting strong year-on-year growth and record operational metrics.
Revenue Misses Forecasts as Loss Widens
The company reported first-quarter revenue of $186.7 million, missing analyst expectations of $200.12 million.
Revenue nevertheless nearly tripled from $62.5 million in the same quarter last year, primarily driven by the acquisition of Lanteris completed on January 13, 2026.
Intuitive Machines posted an adjusted loss of $0.25 per share, wider than analyst expectations for a loss of $0.06 per share.
Company Issues Full-Year Revenue Outlook
For full-year 2026, Intuitive Machines forecast revenue between $900 million and $1 billion.
The midpoint of the guidance range, at $950 million, came in slightly above analyst consensus estimates of $946 million.
Record Backlog and Positive EBITDA Reported
The company reported record quarterly adjusted EBITDA of positive $2.7 million.
Its backlog also reached a record $1.1 billion at the end of the quarter, increasing by $842 million compared with year-end 2025.
CEO Highlights Strong Contract Momentum
Chief executive Steve Altemus said the company continued to expand rapidly through contract wins and acquisitions.
“Intuitive Machines continues to execute, grow, and win new business at record pace. Our acquisition of Lanteris has been immediately accretive with the combined entity already creating value,” Altemus said.
New Contracts Drive Growth Pipeline
During the quarter, the company secured $428.9 million in new contracts.
The awards were largely driven by participation in the Space Development Agency Proliferated Warfighter Space Architecture tranche 3 tracking layer program, along with a $180.4 million CLPS contract from NASA.
Intuitive Machines said the latest award marked its fifth CLPS task order, the highest total among all CLPS vendors.
Acquisitions Expand Company Footprint
The company also completed its $800 million acquisition of Lanteris Space Systems during the quarter.
In addition, Intuitive Machines signed a definitive agreement to acquire Goonhilly Earth Station.