Intuitive Machines, Inc. (NASDAQ:LUNR) reported its first-quarter financial results on Thursday, revealing a wider-than-expected loss and a revenue miss.

Quarterly Financial Performance Misses Mark

The Houston-based space exploration firm reported a quarterly loss of 25 cents per share. This figure failed to meet the analyst consensus estimate of a 6-cent loss. It also represents a deepening of losses compared to the 11-cent loss per share recorded in the same period last year.

Sales for the quarter landed at $186.73 million, missing the projected $202.68 million estimate. However, the figure reflects a substantial year-over-year climb from the $62.52 million reported in the prior year's quarter, according to Benzinga Pro.

Revenue was nearly triple the prior year, though management noted the figures exclude roughly $13 million in Lanteris Space Systems revenue due to the mid-January closing date.

2026 Outlook Remains Firm

Despite the first quarter miss, the company affirmed its fiscal 2026 sales outlook of $900 million to $1 billion. This guidance matches the existing analyst estimate of $922.88 million.

The company expects to remain adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) positive for the full year.

Cash and cash equivalents totaled $231.6 million as of March 31, 2026.

Strategic Integration and Record Backlog

CEO Steve Altemus emphasized that the company is growing, and winning new business at record pace. A primary driver was the $800 million acquisition of Lanteris, which closed on January 13. This move transforms the firm into a “vertically integrated next-generation space prime contractor” for commercial and national security initiatives.

The company ended first quarter with a record backlog of $1.1 billion. This marks an $842.4 million increase since the end of 2025. The company also reached a milestone in profitability, reporting $2.7 million in positive adjusted EBITDA.

New Contracts and Infrastructure Focus

Intuitive Machines secured $428.9 million in new contracts during the quarter. The company signed a definitive agreement to acquire Goonhilly Earth Station. This deal creates a space-to-ground data network to support deep space missions.

“The next phase of the space economy will not be defined only by who reaches new destinations,” Altemus stated. “It will be defined by who can build the infrastructure, connect it reliably, and operate it at scale. That is what Intuitive Machines is building.”

Key wins also include a $180.4 million NASA CLPS contract for the Nova-D cargo lander. This marks the company’s fifth CLPS task order.

LUNR Price Action: Intuitive Machines shares were down 4.99% at $33.90 during premarket trading on Thursday. The stock is approaching its 52-week high of $36.72, according to Benzinga Pro data.

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