Revenue more than doubled with backlog reaching a record $1.1 billion

TLDR

• LUNR is rising as revenue nearly triples and backlog reaches a record $1.1 billion

• Intuitive Machines gains after first-quarter revenue jumps and backlog reaches record $1.1 billion

• LUNR stock rises as Lanteris deal boosts revenue and contract backlog growth

• Intuitive Machines seeks $1 billion in revenue after record first quarter and wins new contracts

• LUNR rises as NASA win and Lanteris deal compounds stronger 2026 revenue outlook

Intuitive Machines has gained new market attention after first-quarter revenue nearly tripled and backlog reached a record high. LUNR was trading at $36.43, up $0.75, or 2.10%, after early session volatility. The move came on the heels of stronger revenue, positive EBITDA, and significant contract wins.

Intuitive Machines Corporation, LUNR

The space technology company reported revenue of $186.7 million in the first quarter for the period ending March 31, 2026. Revenue rose nearly three-fold from the previous year, helped by the acquisition of Lanteris Space Systems. The quarter also included continued implementation across the CLPS, OMES, and NSNS programs.

The company closed its $800 million acquisition of Lanteris in January to expand its space infrastructure. The deal is done Intuitive machines A broader prime contractor across the commercial, civil and national space markets. However, first-quarter revenue excluded Lanteris’ 12-day revenue, which was worth about $13 million.

Revenue growth lifts space infrastructure strategy

Intuitive machines It also reported positive adjusted EBITDA of $2.7 million, representing record quarterly profitability. The result gave the company a stronger footing as the scope of its space and defense programs expanded. Additionally, management reiterated its full-year target of positive EBITDA.

Backlog reached $1.1 billion at the end of the quarter, an increase of $842 million from the end of 2025. The increase came primarily from Lanteris and NASA’s new lunar delivery work. As a result, the company enters the rest of 2026 with a stronger contracted revenue outlook.

The company secured new contracts worth $428.9 million during the quarter. These awards included Tracking Layer work for the Space Development Agency and a $180.4 million NASA CLPS contract. NASA’s award marks the fifth CLPS mission and the first Nova-D cargo-class lander.

Backlog growth supports 2026 outlook

Intuitive machines Signed a second quarter agreement to acquire the Goonhilly ground station and its COMSAT subsidiary. The deal aims to build a space-to-Earth data services network across several orbital environments. The planned network will support communications, navigation, data processing and deep space missions.

The company also joined the US Space Force Andromeda IDIQ contract in the second quarter. This contract carries an expected ceiling value of $6.2 billion. It also represents the first revenue synergy award combining the capabilities of Intuitive Machines and Lanteris.

For 2026, Intuitive Machines expects full-year revenue to be between $900 million and $1 billion. The outlook reflects stronger backlog, broader infrastructure work, and greater mission requirements. Therefore, the latest move by LUNR reflects the current growth and deeper pipeline of space services.