Lanteris (formerly Maxar Space Systems), acquired January 13, 2026 for $853.3M, contributed $166.7M in Q2 revenue and $24.5M operating income; the company's Q2 total revenue rose to $206.2M from $50.3M year-earlier, with commercial revenue shifting from 4% to 32% of the mix and national security from 3% to 30%, and fixed-price contracts rising to 87% of contract revenue from 55%.
In June 2026 the company received an Authorization to Proceed for a multi-satellite program encompassing three GEO communications satellites with an anticipated aggregate value exceeding $600M; combined with the new IM-5 NASA CLPS award in June 2026 (base $68.6M, unexercised option $79.7M, performance incentive up to $15.0M) and the IM-6 award in March 2026 (estimated $160.1M, performance through May 2031), total backlog grew to $1.76B from $213.1M at year-end 2025.
IM-3 (NASA CLPS) was approximately 91% complete and IM-4 approximately 45% complete as of June 30, 2026; both remain loss contracts, with additional six-month 2026 losses of $6.3M (IM-3) and $16.2M (IM-4) driven by payload obligation cost adjustments and, for IM-3, alignment of mission schedule with an internally-developed NSN satellite. Remaining fixed-price performance obligations were $814.7M.
EchoStar-affiliated entities commenced Chapter 11 proceedings on June 30, 2026, and Hughes Satellite Systems followed on August 2, 2026. As of June 30, the company held approximately $10.1M in accounts receivable and $41.4M in orbital receivables tied to EchoStar-affiliated entities, with zero related contract assets; no incremental credit-loss provision or revenue-recognition adjustment was recorded, but the company noted that contract rejection, payment delays, or additional affiliate filings could result in future losses.
Subsequent to quarter-end: on August 3, 2026 the company acquired Goonhilly Earth Station Limited (UK ground-station and satellite-comms business) for £37M (half cash, half stock) and COMSAT LLC (US operations) for a base $10M cash price; and the company disclosed selection by L3Harris to build and deliver 18 IM 300 spacecraft platforms for the Space Development Agency's Accelerated Missile Defense Tranche 3 mission for hypersonic and ballistic missile tracking.
(Filed on May 15, 2026)
+198.7%
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$231.6M
On January 13, 2026, Intuitive Machines completed the acquisition of 100% of Lanteris Space Holdings LLC (formerly Maxar Space Systems) from Advent International for total consideration of $851.0 million ($403.3M cash, $43.7M transaction bonuses, and 22,991,028 Class A shares valued at $404.0M). Lanteris, a spacecraft manufacturer serving national security, civil, and commercial customers, contributed $141.6M in revenue and $0.2M operating income for the quarter, with major programs including the Tracking Layer ($39.5M), NASA Power & Propulsion Element ($30.6M), EchoStar ($23.7M), and SiriusXM ($11.8M). The acquisition added $361.1M in goodwill, $297M in intangible assets (customer relationships $138M, developed technologies $154M), $217.5M in non-current orbital receivables, $57.9M in inventory, and $244.2M in property and equipment, and assumed frozen defined-benefit pension and postretirement obligations of approximately $56.7M. The company also became a guarantor under an orbital receivables purchase facility with ING Belgium NV/SA allowing up to $250M in discretionary receivable purchases through December 1, 2026.
Total backlog grew to $1.06 billion as of March 31, 2026 from $213.1 million at year-end 2025, driven by $612.8M of acquired Lanteris backlog and $428.9M in new awards (primarily the IM-5 mission, a government defense contract, and other contracts), partially offset by $186.7M of revenue recognized. The initial NASA CLPS payload contract for the IM-5 mission was awarded in March 2026 with a targeted launch of mid-year 2030 and total estimated fixed-price revenue of $161.4 million (excluding $18.3M in constrained landing-contingent revenue). Remaining fixed-price performance obligations stood at $792.3 million, with 60-65% expected to be recognized in the remaining 9 months of 2026.
The IM-3 lunar payload mission contract (total estimated revenue $91.3M excluding $9.7M constrained) was approximately 89% complete as of March 31, 2026, with performance running through March 2027, and remained in a loss position with a $5.2M contract loss provision; IM-3 revenue decreased $3.6M year-over-year due to a launch delay. The IM-4 mission contract ($124.5M estimated revenue, launch expected in second half of 2027) was 42% complete with a $0.5M loss provision, and IM-4 revenue increased $3.6M as activity ramped. Total revenue for the quarter was $186.7M (product $141.6M, service $42.1M, grant $3.1M) versus $62.5M in the prior-year quarter; operating loss was $39.2M and Adjusted EBITDA was $2.7M versus -$6.6M a year earlier.
On May 14, 2026 (subsequent to quarter-end), Intuitive Machines entered into a Share Purchase Agreement to acquire all shares of Goonhilly Earth Station Limited, a UK ground station and satellite communications company, for £37 million split equally between stock (960,649 Class A shares) and cash, with a separate Membership Interest Purchase Agreement contemplated for Goonhilly's U.S. operations (not yet executed as of the filing date). The acquisition is subject to FCC approval and other U.S. regulatory conditions.
Construction in progress included $66.7M in capitalized costs for communications satellites and ground network assets primarily supporting the NASA Near Space Network contract, and the company is expanding its Lunar Production and Operations Center at Houston Spaceport with approximately $12.6M in investment for new production and testing facilities to scale lunar lander assembly, Earth-reentry systems, Lunar Terrain Vehicle development, and NSN Services. Separately, the U.S. Department of Justice, which had issued a 2023 Civil Investigative Demand regarding Lanteris cybersecurity-related False Claims Act allegations, presented its initial civil investigation review in late 2025; Lanteris is cooperating, the seller (Vantor Holdings) agreed to indemnify Intuitive Machines for related liability, and a formal response and counter-arguments are expected in the coming months.
(Filed on March 19, 2026)
-18.1%
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$582.6M
On October 1, 2025 (Q4), the company completed its acquisition of KinetX, Inc., an Arizona-based aerospace firm with over 30 years in deep-space navigation, systems engineering, ground software, and constellation mission design, for approximately $31.3 million ($15.0M cash, $1.1M seller adjustments, 1,104,178 Class A shares valued at $11.7M, with ~330K shares held in escrow). KinetX contributed $1.3M in revenue and a $0.9M operating loss for the three months ended December 31, 2025. The acquisition was intended to reinforce the company's 'connect' capabilities for NASA's Near Space Network, potential TDRSS replacement, Mars data relay, and commercial Deep Space Network operations.
In Q4 2025 the company signed two material strategic agreements: on November 3, the Lanteris Purchase Agreement to acquire 100% of Lanteris (formerly Maxar Space Systems), a GEO spacecraft manufacturer whose 1300-class bus has over 95 spacecraft in service, which closed January 13, 2026 for approximately $705.8M in aggregate consideration ($403.3M cash, 22.99M Class A shares valued at $283.7M, plus ~$134.9M assumed debt and $11.7M transaction expenses); and in December 2025, a strategic cooperation agreement with Leonardo and Telespazio to advance interoperable communications and navigation infrastructure supporting lunar exploration.
As of December 31, 2025 (point-in-time from the annual filing): the IM-3 lunar delivery contract was approximately 85% complete with a timeline through March 2027 and a targeted launch window of late 2026; the IM-4 contract (awarded August 2024) was approximately 32% complete with an expected launch in H2 2027; and total contracted backlog was $213.1 million (down from $328.3 million a year earlier), with the company expecting to recognize 60–65% of backlog in 2026. Both IM-3 (cumulative loss provision $6.5M, driven by Q2 2025 cost adjustments to align the schedule with an internally-developed NSN satellite) and IM-4 (became a loss contract in Q2 2025; $1.4M loss for the year) remained in loss positions.
(Annual context) Full-year 2025 revenue of $210.1M declined 8% year-over-year, primarily due to NASA's cancellation of OSAM project task orders under the OMES III contract (~$71.9M revenue decrease) and completion of the Moon RACER LTV contract in Q2 2025; these were partially offset by $25.3M in CLPS mission revenue growth, a $16.8M increase on the NSN satellite communications and navigation contract, and IM-4 revenue ramping to $37.0M (vs. $2.4M in 2024). The IM-2 mission was completed in March 2025 with close-out finalized in Q3. The U.S. government entered a shutdown on September 30, 2025, which the company noted could impact funding, stop-work orders, contract awards, and payments during Q4.
(Annual context) The company employed 525 people as of December 31, 2025 (including KinetX) across its Houston LPOC, a mechanisms/robotics facility in Maryland, engineering offices in Phoenix, and additional sites added via KinetX in Arizona, Colorado, and California. In July 2025 the company subleased an additional ~116,000 sq ft at the Houston Spaceport and amended its LPOC ground lease to expand production by ~3 acres for an estimated $12.6M investment to scale lunar lander assembly, Earth-reentry systems, LTV development, and NSN services. Annual capital expenditures were $41.6M, with $50.8M in construction-in-progress tied to NSN communications satellite and ground network fabrication. The company received an IDIQ contract from the Missile Defense Agency for the SHIELD program during 2025 (quarter not specified).
(Filed on November 13, 2025)
-10.3%
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$622M
IM-2 mission closed out in Q3 2025 after landing at the southernmost point on the Moon (5 degrees from south pole) in March 2025, releasing $5.7M in previously constrained revenue and bringing total IM-2 contract revenue to $131.2M. IM-3 (approx. 80% complete) is expected to extend its launch window into H2 2026 to align with completion of an internally-developed satellite for the NSNS contract; IM-3 carries a $8.3M contract loss provision. IM-4 (approx. 24% complete, performance period through August 2028) became a loss contract in Q2 2025 with a $2.5M loss provision; IM-4 recognized $13.7M in Q3 revenue versus $0.1M in Q3 2024.
Subsequent to quarter-end, the Company entered a definitive agreement on November 3, 2025 to acquire 100% of Lanteris Space Holdings LLC (formerly Maxar Space Systems) from Advent International for $800M ($450M cash + $350M Class A shares), expected to close in Q1 2026 subject to regulatory approvals; the acquisition is described as positioning the Company as a vertically integrated space prime. Separately, the Company completed the acquisition of KinetX, Inc. on October 1, 2025 for approximately $31.1M ($16.1M cash + 1.43M shares), adding deep space navigation, systems engineering, and ground software capabilities to its Data Transmission Services pillar.
In July 2025 the Company received a $9.8M phase-two government contract from a National Security customer to advance its Orbital Transfer Vehicle design, the final engineering milestone before manufacturing as early as 2026. Construction in progress rose to $39.5M (from $17.1M at year-end 2024), including $32.7M in capitalized costs for communications satellites and ground network assets supporting the NASA NSNS contract, and the Company subleased approximately 116,000 sq ft of additional production space at the Houston Spaceport in July 2025.
Backlog declined to $235.9M from $328.3M at December 31, 2024, driven by $165.3M in performance against existing contracts, partly offset by $83.0M in new awards (NSNS $18.0M, TSC grant $10.0M, OMES III $16.2M, other). Revenue for Q3 2025 was $52.4M (down 10% YoY), with the decrease attributable primarily to ~$17.1M lower OMES III revenue following NASA's cancellation of OSAM project task orders and $9.9M lower LTV contract revenue (completed in Q2 2025), partially offset by $13.1M higher CLPS mission revenue and $1.8M NSNS ramp. One customer still accounted for 72% of Q3 revenue (vs. 90% in Q3 2024).
The U.S. federal government shutdown that began October 1, 2025 (when the prior continuing resolution expired) is flagged as a risk to contract performance, task order flow, payments, and new program starts; management noted the indefinite nature of the shutdown creates continued volatility in the federal contracting environment. The Company also issued $345M of 2.500% convertible senior notes due 2030 in August 2025 (net proceeds $334.6M) and held $622.0M in cash and equivalents at quarter-end, and it will lose emerging growth company and smaller reporting company status effective December 31, 2025, becoming a large accelerated filer.
