Intuitive Machines took $269.3 million of revenue in the third quarter, more than five times the $52.4 million of a year earlier, the Houston space company said on 12 November.
The company is best known for its two Moon landers, both of which ended their missions early after settling at the wrong angle. Most of its money now comes from somewhere else. Product revenue, which Intuitive Machines did not have a year ago, was $215.1 million of the total. The company put the growth down to satellite production, lunar delivery, lunar data services and ground networks, and its gross margin rose with its satellite business.
Military space is a large part of the new work. The $450 million of awards and acquired backlog booked in the quarter came mainly from three programs, the company said: the Accelerated Missile Defense Tranche 3 constellation, a NASA Jet Propulsion Laboratory mission called EAGLE-VSWIR, and two IM 300 satellite platforms for a national security customer. Backlog reached a record $1.9 billion.
The business still loses money on its operations. The operating loss more than doubled to $34.2 million as general and administrative costs rose fivefold to $82.9 million. A $30.0 million gain on the value of its warrants cut the net loss to $3.4 million, from $10.0 million.
Intuitive Machines expects $920 million to $950 million of revenue for 2026. Its third lunar mission, IM-3, and its first Altus lunar satellite are planned to launch in March or April.
