Dear Intuitive Machines Stock Fans, Mark Your Calendars for November 12
Space infrastructure company Intuitive Machines (LUNR) is set to report its third-quarter results on Nov. 12, before the market opens. Ahead of the report, investors are watching for backlog growth, as the company relies on contracts.
To that end, the company recently closed its third NASA contract in six months. Specifically, NASA reportedly selected Intuitive Machines’ IM 300 spacecraft for the Falcon-Radar satellite, with a launch date expected by 2029 or later. While the mission is focused on studying weather patterns based on an advanced radar technology, the company said it could support moon and Mars programs, which broadens its scope.
As Intuitive Machines gets ready to report Q3 earnings, let's take a closer look.
About Intuitive Machines Stock
Intuitive Machines is a space infrastructure and services company headquartered in Houston, Texas. Its operations include designing, building, and operating spacecraft, lunar landers, communications networks, and related space systems. The company provides lunar payload delivery, data transmission, orbital services, and space products for commercial, government, and national-security customers. Intuitive Machines also participates in NASA’s Commercial Lunar Payload Services program. The company has a market capitalization of $2.39 billion.
As investors have asked whether Intuitive Machines can turn its large backlog into cash and profits, LUNR stock has dropped 26% year-to-date (YTD) and 58% over the past six months. However, the stock is up by almost 26% for the past 52 weeks. LUNR stock reached a 52-week high of $46.75 in May 2026, but shares are down 74% from that level.
Intuitive Machines continues to spend heavily while losing money, which raises concerns that it may need to issue more shares and dilute existing investors. In addition, its business depends heavily on government contracts, so delays in awards, approvals, or missions can hurt results.
Meanwhile, Intuitive Machines stock has a price-to-sales (P/S) ratio of 9.3 times, which is higher than the industry average.
Intuitive Machines Reported Strong Q2 Revenue Growth Amid Expanding Backlog
Intuitive Machines reported record quarterly revenue of $206.2 million in the second quarter of fiscal 2026, reflecting 310% year-over-year (YOY) growth. Revenue growth was driven by spacecraft production as well as Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services (OMES), and Near Space Network Services (NSNS) execution. What's more, the company’s adjusted EBITDA loss reduced from $25.4 million a year ago to $13.8 million in Q2.
However, the biggest Q2 tailwind was Intuitive Machines’ backlog growth. The space infrastructure company ended the quarter with a record $1.8 billion backlog, up $1.5 billion from the end of 2025. The increase reflected record new business from commercial, civil, and national-security space customers. This year, the company hopes to generate $900 million to $1 billion in revenue as well as positive adjusted EBITDA.
Meanwhile, Wall Street analysts have mixed views on its bottom-line trajectory. For fiscal 2026, loss per share is expected to widen 50% YOY to $0.60, followed by a 48% YOY improvement to a loss of $0.31 per share in fiscal 2027. For Q3, loss per share is projected to increase 100% YOY to $0.12.
What Do Analysts Think About Intuitive Machines Stock?
Ahead of the quarterly results, B. Riley Securities maintained a “Buy” rating on LUNR stock but lowered its price target from $43 to $34. Meanwhile, KeyBanc analysts also lowered their price target from $38 to $30 while keeping an “Overweight” rating. KeyBanc cited sector multiple compression due to uncertainty around the timing of new contract awards, concerns linked to the midterm elections, and increasing interest rates.
Intuitive Machines has become a popular name on Wall Street, with analysts awarding it a consensus “Strong Buy” rating overall. Of the 12 analysts rating the stock, 10 analysts have a “Strong Buy” rating, one analyst has a “Moderate Sell” rating, and one analyst has a “Strong Sell.” The average price target of $27.42 represents potential upside 126% from current levels. Moreover, the Street-high price target of $44 reflects potential upside of 265% from here.
On the date of publication, Anushka Dutta did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.