u/VictorFromCalifornia

Highlights

Closed $800 million acquisition of Lanteris Space Systems to become a vertically integrated next-generation space prime contractor for commercial, civil and national security space initiatives

Signed definitive agreement in Q2 to acquire Goonhilly Earth Station and its COMSAT subsidiary to a create a space‑to‑ground data services network configured to support missions across LEO, MEO, GEO, cislunar, and deep space environments for communications, navigation, and data processing

Awarded $428.9 million in new contracts driven primarily by Space Development Agency Proliferated Warfighter Space Architecture tranche 3 tracking layer and $180.4 million CLPS contract from NASA; this marks Intuitive Machines’ fifth CLPS task order, the most among all CLPS vendors and the first to require our larger cargo class (Nova-D) lunar lander

Contracted with U.S. Space Force in Q2 as a part of the Andromeda IDIQ contract with an anticipated ceiling value of $6.2 billion to expand space domain awareness capabilities through a constellation of maneuverable satellites designed to observe and track activity in geosynchronous orbit; the first revenue synergy award to combine Intuitive Machines and Lanteris capabilities

Submitted proposals for CLPS and LTV in support of NASA’s Ignition initiative priorities; awaiting award decisions in the coming weeks while additional proposals are underway for CLPS 2.0, Space Reactor‑1 Freedom, and other Moon base infrastructure initiatives

Financial Highlights

Achieved record quarterly revenue of $186.7 million, nearly 3x of prior year driven by the Lanteris acquisition along with continued CLPS, OMES, and NSNS execution; Lanteris acquisition closed on January 13, 2026; reported Q1 revenue does not include 12 days of Lanteris, which was approximately $13 million

Reported record profitability with $2.7 million positive Adjusted EBITDA

Ended Q1 with record backlog of $1.1 billion, an $842 million increase from year-end 2025 driven primarily by the acquisition of Lanteris along with Intuitive Machines’ fifth CLPS task order

Mr. Altemus continued, “The next phase of the space economy will not be defined only by who reaches new destinations. It will be defined by who can build the infrastructure, connect it reliably, and operate it at scale. That is what Intuitive Machines is building.”

Outlook

Full-year 2026 revenue of $900 million - $1 billion

Full-year 2026 Adjusted EBITDA positive

Intuitive Machines has officially announced their selection by the Space Force's for $6.24B Andromeda (RG-XX) and SG-XX previously part of the National Reconnaissance Office (NRO) SilentBarker Surveillance constellation.

For more information and additional details, see earlier threads on this subject:

https://www.reddit.com/r/IntuitiveMachines/comments/1t4du83/space_systems_command_to_modify_andromeda_idiq/

https://www.reddit.com/r/IntuitiveMachines/comments/1sgem1l/space_force_awards_14_companies_up_to_18b_for/

Also, this article has some specific comments from the Space Force spokesperson:

https://www.airandspaceforces.com/space-force-andromeda-rg-xx-sg-xx-contract/

>“Shortly before the award decision, the space reconnaissance and surveillance budget for Fiscal Year 2027 was significantly increased to address the escalating threat environment projected for [calendar year] 2030+,” the Space Force said in the notice. “The revised budget results in increased demand for the same requirements already encompassed within the Andromeda [Multi-Award Contract] IDIQ.”

>A Space Systems Command spokesperson told Air & Space Forces Magazine the ceiling increase will support both RG-XX and SG-XX, though the solicitation for the surveillance satellites is not expected until this fall. The spokesperson said the vendors chosen to compete last month are not specific to RG-XX, but may respond to solicitations for either effort.

>The Space Force’s fiscal ‘27 budget request includes $355 million for RG-XX to fund satellite design and manufacturing as well as additional contract awards and experimentation. The service plans to field the satellites in increments, with the first batch launching in 2029 and the second in 2030. The budget also funds ground system development. Future-year projections show the service spending nearly $2.8 billion on the program between fiscal ‘27 and ‘31, hitting a peak of about $1 billion in fiscal ‘29.

>For SG-XX, the Space Force wants $370 million in fiscal ‘27 to continue funding satellite development and to prepare for the launch of the first increment in 2030. The budget also would fund a two-satellite prototype demonstration called YSG-XX, which is slated to launch in 2028. The service’s five-year projection calls for $1.7 billion between fiscal ‘27 and fiscal ‘31.

Intuitive Machines Reports First Quarter 2026 Financial Results; Posts Record Quarterly Revenue, Gross Margin, and Positive Adjusted EBITDA along with Record Quarter-end Backlog of $1.1 Billion

Intuitive Machines is proud to announce our selection by the Space Force's Space Systems Command for the Andromeda $6.24B IDIQ contract