Intuitive Machines Posted Record Q2 Revenue – So, Why Is LUNR Stock Declining Today?

Intuitive Machines’ second-quarter revenue of $206.2 million missed Wall Street’s estimates of $221.1 million, according to Fiscal.ai data.

• The company reported a loss of $0.29 per share, wider than analysts’ expected loss of $0.1 per share.
• Intuitive Machines ended the quarter with a record backlog of $1.8 billion, up $1.5 billion from the end of 2025.
• The company maintained its 2026 revenue outlook of $900 million to $1 billion compared to Wall Street’s $950.7 million estimate.

Shares of Intuitive Machines (LUNR) fell more than 13% in pre-market trading on Thursday, after the space infrastructure company’s record second-quarter revenue fell short of Wall Street expectations.

If the pre-market decline holds through the day, LUNR shares would clock their biggest single-day slide in over two months.

Q2 Revenue Quadruples But Misses Street Estimates

Intuitive Machines posted a record quarterly revenue of $206.2 million, more than four times the $50.3 million reported a year earlier. However, it came in below Wall Street’s estimate of about $221.1 million, according to Fiscal.ai data.

Nevertheless, growth was driven by spacecraft production and work across the company’s Commercial Lunar Payload Services (CLPS), engineering services and Near Space Network Services (NSNS) programs.

The company reported a loss of $0.29 per share, wider than analysts’ expected loss of $0.1 per share and the $0.22 per share loss recorded a year earlier. It ended the quarter with $367 million in cash and cash equivalents while LUNR’s short interest stood at 23.6%.

LUNR Posts Record Backlog

Intuitive Machines ended the quarter with a record backlog of $1.8 billion, up $1.5 billion from the end of 2025. It has already booked $300 million worth of awards so far in the third quarter, covering commercial, civil and national-security customers.

The company maintained its 2026 revenue outlook of $900 million to $1 billion, compared to Wall Street’s $950.7 million estimate. It guided for positive adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the year.

CEO Steve Altemus said the next era of space will require a “next-generation space prime.” It refers to a lead contractor capable of building spacecraft, connecting them through communications networks and operating the infrastructure for government and commercial customers.

Retail Says LUNR Is Oversold

Despite the pre-market slump, retail sentiment surrounding LUNR on Stocktwits turned ‘extremely bullish’ from ‘bullish’ a day earlier, amid ‘high’ message volumes.

One user said the stock is “oversold to the extreme” given the company’s $1 billion revenue guidance for 2026.

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Another user said investors should be looking at Intuitive Machines’ “insane” backlog.

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The stock is down nearly 9% year-to-date.

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