LUNR · Intuitive Machines, Inc.
AI read · Neutral
The AI's read
LUNR reported Q2 revenue of $206.17M, up 4x YoY, but missed the $220.76M analyst estimate and GAAP EPS missed at a $0.29 loss versus a $0.07 expected loss. Backlog hit a record $1.8B and management reiterated the $1B revenue target. The market reaction was muted, down about 0.4%, and RSI sits mid-range at 56.6, so the print hasn't triggered a full reprice. Cash is $367.4M against long-term debt of $336.4M, but operating and free cash flow were negative. We lean bearish. Near-term misses and cash burn increase execution risk if backlog converts slower or launch milestones slip, while upside hinges on flawless delivery over the next 12–24 months.