Overview

• U.S. space technology firm's Q1 revenue nearly triples yr/yr but misses analyst expectations

• Net income and operating income for Q1 missed analyst estimates

• Company closed $800 mln Lanteris acquisition and backlog rose to $1.1 bln

Outlook

• Intuitive Machines sees full-year 2026 revenue of $900 mln-$1 bln

• Company expects full-year 2026 Adjusted EBITDA to be positive

Result Drivers

• LANTERIS ACQUISITION - Co said revenue growth and backlog increase were driven by the acquisition of Lanteris Space Systems

• CONTRACT AWARDS - Co attributed new contract wins, including a $428.9 mln government defense contract and a $180.4 mln NASA CLPS contract, as key drivers of backlog growth

Company press release: ID:nGNX4dpWSP

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$186.73 mln	$202.68 mln (11 Analysts)
Q1 EPS		-$0.25
Q1 Net Income	Miss	-$52.53 mln	-$12.76 mln (6 Analysts)
Q1 Operating Income	Miss	-$39.20 mln	-$12.36 mln (9 Analysts)
Q1 Pretax Profit	Miss	-$52.53 mln	-$10.27 mln (8 Analysts)
Q1 Operating Expenses		$225.93 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the aerospace & defense peer group is "buy"

• Wall Street's median 12-month price target for Intuitive Machines Inc is $24.50, about 31.3% below its May 13 closing price of $35.68

• The stock recently traded at 1,514 times the next 12-month earnings vs. a P/E of 844 three months ago

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