Aug 13, 2026 earnings call — Record bookings; building integrated space infrastructure prime
Company reported $206 million revenue this quarter and exited with approximately $1.8 billion backlog.
Revenue $0.2B (est $0.2B) · EPS $-0.29 (est $-0.09) · Next-quarter revenue outlook $0.9B–$1.0B
Key quotes
"The Lanteris acquisition transformed Intuitive Machines to one of the nation's leading satellite manufacturers, adding proven production capabilities."
"Through near space network services, our lunar data relay architecture, Goonhilly, COMSAT and our investments in resilient communication networks, we are building systems that connect spacecraft from earth orbit to cis-lunar space and ultimately to the lunar surface."
"Through KinetX, with our mission operations expertise, lunar navigation capabilities, communications infrastructure and future network operations, we are positioning Intuitive Machines to generate recurring operational revenue from the systems we deploy."
Analyst Q&A 10
How backlog becomes revenue
Q (Griffin Boss · B. Riley): Analyst asked how the new $300 million backlog converts to revenue this year and what will move results from the low end to the midpoint. He also asked timing and format of the remaining CLPS task orders and whether CLPS 2.0 is coming.
A: Management said they have strong visibility at the low end of the guidance but the midpoint depends on timing of procurements and when ATPs are definitized. They expect multiple CLPS task orders this year and said CLPS 2.0 is expected to be an estimated over $10 billion multi-award IDIQ spanning 10 years with likely a 5-year option.
"We have a very strong visibility at the bottom end of the range." — Stephen Altemus (CEO)
Building many satellites at once
Q (Jonathan Siegmann · Stifel): Analyst asked what simultaneous satellite construction means, how similar the satellites are, and the effect on margins. He also asked if more orders are added now or put at the back of the queue.
A: Management explained they run separate production lines: the 300 series in high-volume production, 1300 series GEO production, plus one-off satellites, landers, Nebula, and Altus units. They said they have capacity and are expanding it, adding another 75,000 square feet and still have room within over 1 million square feet of facilities to grow.
"We have capacity and have been putting on additional capacity, not only here in Houston, where we're adding another 75,000 square feet of production space and manufacturing space to actually build the additional landers and satellites for the loop data relay constellation." — Stephen Altemus (CEO)
Mission 3 launch steps and Moon cargo
Q (Andres Sheppard-Slinger · Cantor Fitzgerald): Analyst asked what milestones remain before the Mission 3 launch window and how confident management is in the Q1 2027 window. He also asked about positioning for LTV (large transport vehicles) opportunities.
A: Management said Mission 3 is scheduled for January through March on a SpaceX Falcon 9 and they are in assembly, integration and test with engine hot fire and final reviews ahead of an October Delta flight readiness review. On LTVs, they noted a $4.5 billion program awarded to 3 vendors with small initial awards in May, that the slow pace is driven by lack of heavy cargo landers, and they are developing a heavier cargo Nova variant to compete for future task orders.
"We are scheduled in the launch window January through March for Mission 3 of next year on a SpaceX Falcon 9." — Stephen Altemus (CEO)
Pipeline and Altus satellite launches
Q (Sujeeva De Silva · ROTH Capital): Analyst asked about overall pipeline expansion and any quantification of new opportunities. He also asked whether Altus satellites 2 to 5 in 2028 require 4 separate missions or can ride multiple per mission.
A: Management listed several bidding opportunities including 4 CLPS missions this year, a TDRS replacement opportunity, orbital data center bids, and a national security GEO program called RG-XX that they are watching. For Altus, they said they changed from rideshares to a dedicated launch to fly all 4 satellites together, accelerating full operational capability to 2028.
"So we're very excited about that and getting that network up and running in time for the Artemis missions." — Stephen Altemus (CEO)
GEO sat purpose and cash flow
Q (Edison Yu · Deutsche Bank): Analyst asked whether the $600 million for 3 GEO sats is related to C-band reallocation. He also asked about cash flow drivers and how to model second-half burn and if working capital improves.
A: Management declined to disclose details now and said they will give more color later. On cash flow, management said some OpEx growth is from temporary RSU retention related to the Lanteris transaction and that new CLPS contracts align milestones with SpaceX payments, which should smooth cash; removing anomalies, they expect a steadier run rate through year end.
"And in the future, we'll come out and give you a little more color on that one." — Stephen Altemus (CEO)
Altus constellation timing and pricing
Q (Gregory Pendy · Clear Street): Analyst asked the likely timeline to reach 5 satellites for the Altus network and what demand looks like for the pay-by-the-minute service.
A: Management said Altus-1 will fly on Mission 3 in Q1 '27 and the full 5-satellite constellation is planned to be deployed and operational in 2028. They described a pay-by-the-minute model with a minimum minutes commitment plus an always-on PNT broadcast service supported by the government as an additional revenue stream.
"Our complete constellation includes 5 satellites around the moon that do communications in K, X and S-band." — Stephen Altemus (CEO)
Lander production pace and usage size
Q (Michael Leshock · KeyBanc): Analyst asked how quickly Nova-C landers can be produced and whether more lander capacity is needed. He also asked for a ballpark annual size for the relay network as it matures.
A: Management said CS-8 for Nova-C was bid as a 26-month development and build and is planned to fly in 2028. For Nova-D, they said a roughly 500 kilogram class is under contract and they are expanding facilities to build two in parallel around 2029. For the relay network, they said they initially bid about 0.5 million minutes a year as a bottom-end figure but will wait to see ultimate demand.
"Well, we initially bid about 0.5 million minutes a year for that operational capability." — Stephen Altemus (CEO)
Roadmap to become prime contractor
Q (Alexander Christian Preston · BofA): Analyst asked whether the company plans to move beyond BUS supply into payloads and become an end-to-end supplier, and what the national security roadmap looks like after recent wins.
A: Management said they currently work as a sub with L3 on BUSes but are moving toward bidding as a prime contractor. They plan to integrate sensors with their BUS, deliver data via their networks, provide analytics and derived products, incubate Nebula transfer vehicles, and offer a fuller Infrastructure-as-a-Service solution over time.
"So we are moving towards being that prime and integrating the sensors with our BUSes as we move forward." — Stephen Altemus (CEO)
Ground network support and Nova-D funding
Q (Austin Moeller · Canaccord): Analyst asked if new ground stations can support Space Force/DoD TT&C and data uplink/downlink. He also asked the status of Nova-D planning, capital needs, and how much R&D or CapEx is customer funded.
A: Management said the ground network can bring down full raw data streams and patch them to customers, and they are in active discussions with U.S. and U.K. customers for cis-lunar and space domain awareness needs. On Nova-D, they said the 500 kilogram class is essentially fully funded to development and flight, and that heavier cargo upgrades (3-engine, e-pump) would require further technology investment for future larger payload classes.
"That is currently essentially fully funded to take that development to flight and land on the moon." — Stephen Altemus (CEO)
IM-4 timing and cash flow targets
Q (Vijay Homan · Craig-Hallum Capital Group): Analyst asked for an update on IM-4 timing and whether management has a target date for free cash flow breakeven or is only expecting quarter-to-quarter improvement.
A: Management said IM-4 is still on the books for late 2027 and remains on track. On free cash flow, they said they have not provided guidance or a formal date; near term the focus is on being EBITDA positive first, then moving to free cash flow positive.
"IM-4 is still on the books for late 2027 and still on track." — Stephen Altemus (CEO)