Intuitive Machines, Inc.

Q2 revenue was $206 million, up more than 4x year over year. Gross profit was $36 million versus negative $12 million in the prior-year quarter. Adjusted EBITDA was negative $14 million versus negative $25 million last year, and operating loss was $47 million. Operating cash used was $60 million, capital expenditures were $24 million, and cash deployment for the quarter was $84 million. The company ended with $367 million in cash, including $235 million in net ATM proceeds during the quarter; total gross capital raised to date was $291 million at a VWAP of $26.81. Backlog was $1.8 billion, with $920 million of new bookings highlighted on the call, and management said the full-year outlook remains $900 million to $1 billion in revenue with positive adjusted EBITDA expected for the year.

Steve Altemus framed the quarter as proof that Intuitive Machines is evolving from a lunar delivery company into an integrated space infrastructure prime. He emphasized the company’s three pillars—build, connect, and operate—and said acquisitions and internal investments are expanding the addressable market well beyond lunar missions. His tone was confident and expansionary, repeatedly stressing diversification, scale production, and recurring infrastructure revenue opportunities.

Pete McGrath said Q2 reflected strong revenue growth, materially improved gross profit, and a larger backlog, while also noting that strategic investments increased near-term cash usage. He cited $36 million of gross profit, $60 million of SG&A including about $11 million of share-based comp and $8 million of acquisition/integration costs, $8 million of R&D, $60 million of operating cash used, $24 million of CapEx, and $367 million of cash at quarter-end. He said elevated CapEx will continue in coming quarters, but free cash flow should improve in the second half as investments stabilize and milestone receivables come in.

Analysts focused on what gets revenue from the low end of guidance to the midpoint, and management said timing of contract definitization and procurement wins are the main swing factors. Questions also centered on CLPS task orders, the pace and structure of the NSNS lunar communications constellation, cash burn, and satellite/lander production capacity. Management said it expects several CLPS opportunities this year, is accelerating Altus satellites into 2028 via a dedicated launch strategy, and believes cash should be closer to steady state after anomalies such as RSU expense and IM-4 milestone timing roll off.