Key Highlights

  • Intuitive Machines (NASDAQ:LUNR) traded at USD 14.38 on November 12, 2026, up 18.02% from the USD 12.18 close on November 11, on Volume of 14.87 million shares.
  • Third-quarter Revenue reached a record of about USD 269 million, up more than 400% from a year earlier, and the net loss narrowed to USD 4.2 million, or USD 0.02 per share.
  • Operating cash flow was a record USD 66 million and free cash flow was positive at about USD 33 million after USD 33 million of Capital spending.
  • Backlog hit a record USD 1.9 billion, and the company guided 2026 revenue to USD 920 million to USD 950 million with positive adjusted EBITDA.

The Catalyst: A Quarter of Records

Intuitive Machines (NASDAQ:LUNR) is a Houston-based space company that builds lunar landers, satellites and data relay networks, and provides ground communications for government and commercial customers. It reported third-quarter results before the open on November 12. Revenue of about USD 269 million was a record, driven by satellite production, lunar delivery work and ground communications, and came in well above market expectations. Gross Profit was about USD 69 million, a 26% margin, helped by favourable programme adjustments. The net loss of USD 4.2 million, or USD 0.02 per share, was much narrower than the loss of about USD 0.12 per share that had been expected. The most important number for many investors was cash flow. Operating Cash Flow of USD 66 million and positive free cash flow show the Business is beginning to fund itself, which reduces the risk of new share sales that has weighed on space stocks.

Backlog, NASA Work and the Path Ahead

Backlog reached USD 1.9 billion at the end of September, up USD 1.7 billion from the end of 2025, including about USD 450 million of new awards and Backlog added through the Goonhilly acquisition. Three days before the results, on November 9, the company was selected for NASA's next generation lunar delivery programme, which carries a USD 10 billion combined ceiling across awardees and a further option, and the shares rose about 15% that day. Management narrowed 2026 revenue guidance to USD 920 million to USD 950 million and expects positive adjusted EBITDA for the year. Its next lunar mission, IM-3, and the first Altus mission are expected around March and April 2027, and later missions have been brought forward into 2028. A steady cadence of launches matters because each mission converts backlog into revenue and builds the track record needed to win larger contracts.

Fundamentals and Risks

At USD 14.38, Intuitive Machines (NASDAQ:LUNR) was valued at about USD 3.29 billion on the screen, with trailing diluted losses of USD 0.94 per share, so the stock still trades on future Earnings rather than current profits. Lunar missions carry high technical risk, and past landings have not always gone to plan, which can lead to cost overruns and delays. Much of the revenue depends on NASA and other government budgets, which can shift with policy priorities. The favourable programme adjustments that lifted gross Margin may not repeat. Insiders have been substantial sellers of stock over the past year. Investors will watch fourth-quarter delivery against the narrowed guidance, conversion of backlog into cash and preparation for the 2027 missions.

Where Things Stand

Intuitive Machines (NASDAQ:LUNR) rose 18.02% to USD 14.38 on November 12, 2026 after record revenue of about USD 269 million, a USD 1.9 billion backlog and its first meaningful positive free cash flow. A NASA lunar delivery selection earlier in the week added momentum. Mission execution in 2027, government budget risk and margin sustainability are the key questions for the shares.