Can LUNR Turn Its $1.8 Billion Backlog into Stronger 2026 Results?

Intuitive Machines (LUNR) ended Q2 2026 with a record $1.8B backlog after booking $920M in awards, but revenues missed estimates at $206.2M despite 310% YoY growth. The company expects 25-30% of backlog to convert to 2026 revenue and maintained its $900M-$1B full-year guidance. However, operating losses widened due to elevated expenses and a $14.7M charge on the IM-4 lunar mission, highlighting execution risks and the critical importance of second-half conversion to meet targets.