LUNR Posts Record Revenue, $1.1 Billion Backlog — So Why Are Investors Disappointed?

• Intuitive Machines stated that the $800 million acquisition of Lanteris in January this year helped the company post a record revenue quarter.
• This is despite the Q1 revenue not including 12 days of contribution worth $13 million from Lanteris, since the acquisition closed on Jan. 13, 2026.
• Intuitive Machines said its order backlog jumped more than fourfold year-over-year to $1.1 billion after adding $842 million in Q1, up from $260 million a year earlier.

Intuitive Machines Inc. (LUNR) reported a nearly three-times surge in its first quarter (Q1) revenue, fueled by the acquisition of Lanteris Space Systems in January this year.

Despite the surge, Intuitive Machines still missed Wall Street expectations. The company reported a loss of $0.25 per share on revenue of $187 million, compared to Wall Street estimates of a loss of $0.07 per share on revenue of $205 million, according to Fiscal.ai data.

Intuitive Machines reported a loss of $0.09 per share during the same period a year ago, while its revenue stood at $62.52 million.

Intuitive Machines shares were down over 6% in Thursday’s pre-market trade. LUNR was among the top trending tickers on Stocktwits at the time of writing.

LUNR Gets A Lanteris Boost

Intuitive Machines stated that the $800 million acquisition of Lanteris in January this year helped the company post a record revenue quarter.

This is despite the Q1 revenue not including 12 days of contribution worth $13 million from Lanteris, since the acquisition closed on Jan. 13, 2026.

“Intuitive Machines continues to execute, grow, and win new business at a record pace. Our acquisition of Lanteris has been immediately accretive with the combined entity already creating value,” said Intuitive Machines CEO Steve Altemus.

He added that the next phase of the space economy will be shaped not just by who reaches new frontiers, but by who can build, connect, and scale the infrastructure behind them.

LUNR Sees 4x Rise In Backlog

Intuitive Machines also stated that its order backlog soared to $1.1 billion during the quarter, up more than fourfold. The company added $842 million to its order backlog in Q1, rising from $260 million a year ago.

The company stated that it was awarded $428.9 million in new contracts during the quarter, led by the Space Development Agency’s Proliferated Warfighter Space Architecture Tranche 3 tracking layer and a $180.4 million NASA CLPS award.

The NASA deal marks Intuitive Machines’ fifth CLPS task order and the first to require the company’s larger Nova-D lunar lander.

LUNR Announces New Acquisition

Intuitive Machines announced on Thursday that it will acquire Goonhilly Earth Station and COMSAT, expanding its deep-space communications and ground-station capabilities in the U.K. and the U.S.

The deal adds Goonhilly’s lunar, satellite communications, and defense divisions to Intuitive Machines’ integrated space-to-ground network.

The combined network is expected to support lunar and cislunar missions with communications, data transport, and positioning and navigation services.

The company expects the acquisition to close in the third quarter (Q3) of 2026, subject to regulatory approvals.

How Did Retail Traders React To LUNR?

Retail sentiment on Stocktwits around Intuitive Machines trended in the ‘extremely bullish’ territory, with message volumes in the ‘extremely high’ levels at the time of writing.

One user believes that Intuitive Machines had a great quarter.

Another bullish user on the platform praised LUNR’s Q1 results.

LUNR stock is up 120% year-to-date and 207% over the past 12 months. The Procure Space ETF (UFO) is up 137% over the past 12 months, while the S&P Aerospace & Defense ETF (XAR) is up 48%.

The ARK Autonomous Technology & Robotics ETF (ARKQ) is up 75% during this period, while the ARK Space & Defense Innovation ETF (ARKX) is up 72%.

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