LUNR · Intuitive Machines, Inc.

Intuitive Machines announced two transformative events: Q1 2026 financial results showing record revenue of $186.7M (nearly 3x YoY) driven primarily by the January 2026 Lanteris acquisition (closed Jan 13, contributing minimally to Q1) and organic contract execution including CLPS and new awards, alongside entry into a definitive SPA to acquire UK-based Goonhilly Earth Station and planned US COMSAT operations. The Goonhilly deal for £37M (split equally stock/cash) strategically bolsters Intuitive Machines' space-to-ground network with 44 antennas across two continents, enhancing deep space communications, data relay, and PNT for lunar/cislunar missions via assets like the GHY6 32m and GHY3 30m antennas. Q1 marked first positive Adjusted EBITDA of $2.7M (vs -$6.6M YoY) despite GAAP net loss of $37.5M to Class A shareholders, reflecting acquisition integration costs ($20M transaction expenses) and fair value changes. Backlog exploded to $1.1B (+$842M YoY) from $613M Lanteris backlog plus $429M new awards (e.g., SDA tranche 3, NASA CLPS). Balance sheet shows post-acquisition scale with total assets $1.72B (from $757M YE2025), cash down to $232M after $455M investing outflow dominated by Lanteris. Full-year guidance $900M-$1B revenue, positive Adjusted EBITDA signals path to profitability. Goonhilly closing (target Q3 2026) hinges on regulatory approvals (UK NSI/FCC) and US restructuring; stock portion (960k shares) locked 6 months with resale registration. Deal includes warranty insurance, £1 liability cap for Seller (recourse via insurance), specific indemnities for CEO claim and environmental issues.