AI Takeaway
Intuitive Machines (LUNR) posted a dramatic 198.7% revenue surge to $186.7M in Q1 2026, but operating losses widened sharply to -$39.2M as the company absorbed massive new liabilities and negative equity deepened to -$334.3M following a major balance sheet expansion.
Revenue
$186.73M
++198.65% YoY
EPS (Basic)
$-0.25
-127.27% YoY
Operating Income
$-39.2M
-289.01% YoY
Filed · Source: SEC EDGAR 10-Q filing
Revenue grew 198.7% from $62.5M to $186.7M in Q1 2026, suggesting significant new contract wins or program milestones, likely tied to NASA lunar and space services contracts. This is the most prominent positive signal in the filing.
Source: Source: 10-Q Income Statement (XBRL Financial Data)
Operating loss deteriorated from -$10.1M to -$39.2M (-289.0% YoY), indicating that cost growth is outpacing revenue expansion. R&D expense alone surged 513.5% to $5.6M, and D&A jumped nearly 20x to $13.0M, reflecting heavy investment in infrastructure and programs.
Source: Source: 10-Q Income Statement & Cash Flow (XBRL Financial Data)
Total assets grew 243.6% to $1.72B, but total liabilities surged 472.4% to $986.8M, including $335.8M in long-term debt. This aggressive expansion has pushed stockholders' equity deeper into negative territory at -$334.3M, raising leverage concerns.
Source: Source: 10-Q Balance Sheet (XBRL Financial Data)
2 more insights available
Upgrade to unlockStockholders' equity stands at -$334.3M, worsening from -$136.9M a year ago. This means liabilities substantially exceed assets on an equity basis, which could limit access to capital markets and increase refinancing risk. The debt-to-equity ratio is technically negative (-2.95), reflecting this structural imbalance.
Source: Source: 10-Q Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $-0.25 versus the $-0.08 analyst consensus — a -232.4% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $186.73M | $62.52M | +198.65% |
Operating Income | $-39.2M | $-10.08M | -289.01% |
Net Income | $-37.39M | $-11.4M | -228.07% |
EPS (Basic) | $-0.25 | $-0.11 | -127.27% |
EPS (Diluted) | $-0.25 | $-0.11 | -127.27% |
R&D Expense | $5.59M | $911,000 | +513.50% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $1.72B | $500.01M | +243.58% |
Current Assets | $505.28M | $431.31M | +17.15% |
Total Liabilities | $986.79M | $172.4M | +472.39% |
Current Liabilities | $415.46M | $98.15M | +323.30% |
Stockholders' Equity | $-334.3M | $-136.91M | -144.17% |
Cash & Equivalents | $231.62M | $373.25M | -37.94% |
Long-Term Debt | $335.84M | — | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-54.77M | $19.42M | -382.03% |
Investing Cash Flow | $-454.65M | $-6.12M | -7326.58% |
Financing Cash Flow | $167.45M | $152.35M | +9.91% |
Share Buybacks | $0 | $20.7M | -100.00% |
D&A | $13.05M | $623,000 | +1994.38% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -21.0% | -16.1% | -4.88% |
Net Margin | -20.0% | — | — |
ROE | 11.2% | — | — |
ROA | -2.2% | — | — |
Current Ratio | $1.216 | — | — |
Debt to Equity | $-2.952 | — | — |
Intuitive Machines (LUNR) reported Q1 2026 revenue of $186.7M, up 198.7% from $62.5M in Q1 2025 — nearly tripling in one year. This dramatic growth is likely driven by the ramp-up of NASA lunar services contracts and other government space programs.
LUNR reported a net loss of -$37.4M in Q1 2026, or -$0.25 per share, significantly worse than the -$11.4M loss (-$0.11 per share) in Q1 2025. Despite tripling revenue, operating costs — including a nearly 20x increase in depreciation and a 5x jump in R&D — drove losses wider.
The headline story is explosive revenue growth (+198.7% to $186.7M), but the company's financial health is strained: stockholders' equity is deeply negative at -$334.3M, total liabilities surged 472% to $986.8M, and operating cash flow turned negative at -$54.8M. LUNR is clearly in a high-investment growth phase, but profitability remains elusive.
LUNR's balance sheet shows significant stress: negative equity of -$334.3M, a current ratio of just 1.22, and cash declining 37.9% to $231.6M. The company burned $454.7M in investing activities and relied on $167.4M in financing inflows to partially offset cash outflows, suggesting ongoing dependence on external capital.
Based on the financial data, key risks include deeply negative stockholders' equity (-$334.3M), rapidly escalating liabilities (up 472% YoY to $986.8M), negative operating cash flow (-$54.8M), and heavy concentration in government contracts where any cancellation or delay could materially impact revenues. The company's cost structure is also growing faster than revenue, delaying the path to profitability.