Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 4 - REVENUE

Disaggregated Revenue

The following table disaggregates our revenue by contract type for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026				2025
Revenue by contract type
Fixed price	$	162,087	87	%	$	38,183	61	%
Cost reimbursable	19,304		10	%	22,597		36	%
Time and materials	2,239		1	%	1,744		3	%
Revenue from contracts with customers	183,630		98	%	62,524		100	%
Grant revenue	3,100		2	%	—		—	%
Total revenue	$	186,730	100	%	$	62,524	100	%

The following table disaggregates our revenue by customer type for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026				2025
Revenue by customer type
Commercial	$	61,089	33	%	$	10,078	16	%
Civil	71,673		38	%	52,091		83	%
National security	50,868		27	%	355		1	%
Revenue from contracts with customers	183,630		98	%	62,524		100	%
Grant revenue	3,100		2	%	—		—	%
Total revenue	$	186,730	100	%	$	62,524	100	%

We geographically disaggregate our revenues based on the customer’s country of domicile. Most of our revenues are derived from customers in the U.S., and our revenues from foreign customers were nil and 8% of total revenues for the three months ended March 31, 2026 and 2025, respectively.

Contract Assets and Liabilities

Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our condensed consolidated balance sheets. Contract assets related to deferred contract costs are

amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our condensed consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our condensed consolidated balance sheets.

The following table presents contract assets as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Contract assets
Unbilled receivables(1)	$	41,320	$	12,228
Deferred contract costs	6,702		8
Total	$	48,022	$	12,236

(1)    The balance as of March 31, 2026 includes approximately $23.5 million related to Lanteris, which was recently acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of revenue and was $7.2 million and $8.0 million for the three months ended March 31, 2026 and 2025, respectively. Launch delay fees are recorded directly to the cost of revenue and was $1.4 million for the three months ended March 31, 2025 and no launch delay fees were incurred for the three months ended March 31, 2026.

The following table presents contract liabilities as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Contract liabilities – current
Deferred revenue(1)	$	198,329	$	45,712
Contract loss provision	5,701		6,996
Accrued launch costs	1,545		4,660
Total contract liabilities – current	205,575		57,368
Contract liabilities – long-term
Deferred revenue	2,434		5,900
Contract loss provision	297		441
Total contract liabilities – long-term	2,731		6,341
Total contract liabilities	$	208,306	$	63,709

(1)    The balance as of March 31, 2026 includes approximately $160.2 million in contract liabilities, current, related to Lanteris, which was recently acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $11.2 million and $14.9 million during the three months ended March 31, 2026 and 2025, respectively.

Loss Contracts

A contract loss occurs when the current estimate of the consideration that we expect to receive is less than the current estimate of total estimating costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, we consider total contract consideration, including any variable consideration constrained for revenue recognition purposes. We may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded net losses related to contracts with customers of and $2.7 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively.

The status of these loss contracts was as follows:

•Our IM-2 mission contract for lunar payload services, became a loss contract in 2023 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The IM-2 mission associated with this contract was completed in March 2025. For the three months ended March 31, 2025, changes in estimated contract costs resulted in an $1.0 million in contract loss. During the third quarter of 2025, the IM-2 mission contract was closed-out and we recognized revenue of approximately $5.5 million was recognized in revenue. As of December 31, 2025, there were no contract loss provisions remaining recorded in contract liabilities, current in our condensed consolidated balance sheets.

•Our IM-3 mission contract for lunar payload services became a loss contract in 2021 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. For the three months ended March 31, 2026 and 2025, changes in estimated contract costs resulted in an additional $2.8 million and $0.2 million in contract loss, respectively. The period of performance for this contract currently runs through March 2027. As of March 31, 2026, this contract was approximately 89% complete. As of March 31, 2026 and December 31, 2025, the contract loss provision recorded in contract liabilities, current was $5.2 million and $6.5 million, respectively in our condensed consolidated balance sheets.

•Our IM-4 mission contract for lunar payload services, became a loss contract during the second quarter of 2025 due to estimated contract costs exceeding the estimated amount of consideration that we expect to receive. For the three months ended March 31, 2026, changes in estimated contract costs resulted in a favorable change in contract loss of $51 thousand. As of March 31, 2026 this contract was approximately 42% complete. The period of performance for this contract currently runs through August 2028. As of March 31, 2026 and December 31, 2025, the contract loss provision recorded in contract liabilities, current was $0.5 million for both periods. The contract loss provision recorded in contract liabilities, non-current was $0.3 million and $0.4 million, respectively, in our condensed consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the remaining transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining fixed price performance obligations was $792.3 million. The Company expects to recognize revenue on approximately 60-65% of the remaining performance obligations over the remaining 9 months, 25-30% in 2027 and the remaining thereafter over the next 3 years. Remaining performance obligations do not include variable consideration that was determined to be constrained as of March 31, 2026 due to the uncertainty of achieving performance milestones or other factors not yet resolved.

For time and materials contracts and cost reimbursable contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials and cost reimbursable agreements.

Grant Revenue and Related Matters

In April 2025, the Texas Space Commission (“TSC”) selected Intuitive Machines for a grant up to $10.0 million from the Space Exploration and Research Fund. This funding supports the development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions. Under the TSC grant, the Company will apply up to $10.0 million in funds pursuant to budget periods defined in the TSC award through June 30, 2026 as reimbursement for costs incurred in completing the tasks, specified by the Company, to complete the design of the Earth reentry vehicle. The TSC can terminate the TSC award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred through the date of termination. During the three months ended March 31, 2026, the Company recognized grant revenue of $3.1 million and corresponding cost of grant revenue on the condensed consolidated statement of operations.

Revenue

NOTE 4 - REVENUE

Disaggregated Revenue

The following table disaggregates our revenue by contract type for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026				2025
Revenue by contract type
Fixed price	$	162,087	87	%	$	38,183	61	%
Cost reimbursable	19,304		10	%	22,597		36	%
Time and materials	2,239		1	%	1,744		3	%
Revenue from contracts with customers	183,630		98	%	62,524		100	%
Grant revenue	3,100		2	%	—		—	%
Total revenue	$	186,730	100	%	$	62,524	100	%

The following table disaggregates our revenue by customer type for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026				2025
Revenue by customer type
Commercial	$	61,089	33	%	$	10,078	16	%
Civil	71,673		38	%	52,091		83	%
National security	50,868		27	%	355		1	%
Revenue from contracts with customers	183,630		98	%	62,524		100	%
Grant revenue	3,100		2	%	—		—	%
Total revenue	$	186,730	100	%	$	62,524	100	%

We geographically disaggregate our revenues based on the customer’s country of domicile. Most of our revenues are derived from customers in the U.S., and our revenues from foreign customers were nil and 8% of total revenues for the three months ended March 31, 2026 and 2025, respectively.

Contract Assets and Liabilities

Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our condensed consolidated balance sheets. Contract assets related to deferred contract costs are

amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our condensed consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our condensed consolidated balance sheets.

The following table presents contract assets as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Contract assets
Unbilled receivables(1)	$	41,320	$	12,228
Deferred contract costs	6,702		8
Total	$	48,022	$	12,236

(1)    The balance as of March 31, 2026 includes approximately $23.5 million related to Lanteris, which was recently acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of revenue and was $7.2 million and $8.0 million for the three months ended March 31, 2026 and 2025, respectively. Launch delay fees are recorded directly to the cost of revenue and was $1.4 million for the three months ended March 31, 2025 and no launch delay fees were incurred for the three months ended March 31, 2026.

The following table presents contract liabilities as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Contract liabilities – current
Deferred revenue(1)	$	198,329	$	45,712
Contract loss provision	5,701		6,996
Accrued launch costs	1,545		4,660
Total contract liabilities – current	205,575		57,368
Contract liabilities – long-term
Deferred revenue	2,434		5,900
Contract loss provision	297		441
Total contract liabilities – long-term	2,731		6,341
Total contract liabilities	$	208,306	$	63,709

(1)    The balance as of March 31, 2026 includes approximately $160.2 million in contract liabilities, current, related to Lanteris, which was recently acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $11.2 million and $14.9 million during the three months ended March 31, 2026 and 2025, respectively.

Loss Contracts

A contract loss occurs when the current estimate of the consideration that we expect to receive is less than the current estimate of total estimating costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, we consider total contract consideration, including any variable consideration constrained for revenue recognition purposes. We may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded net losses related to contracts with customers of and $2.7 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively.

The status of these loss contracts was as follows:

•Our IM-2 mission contract for lunar payload services, became a loss contract in 2023 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The IM-2 mission associated with this contract was completed in March 2025. For the three months ended March 31, 2025, changes in estimated contract costs resulted in an $1.0 million in contract loss. During the third quarter of 2025, the IM-2 mission contract was closed-out and we recognized revenue of approximately $5.5 million was recognized in revenue. As of December 31, 2025, there were no contract loss provisions remaining recorded in contract liabilities, current in our condensed consolidated balance sheets.

•Our IM-3 mission contract for lunar payload services became a loss contract in 2021 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. For the three months ended March 31, 2026 and 2025, changes in estimated contract costs resulted in an additional $2.8 million and $0.2 million in contract loss, respectively. The period of performance for this contract currently runs through March 2027. As of March 31, 2026, this contract was approximately 89% complete. As of March 31, 2026 and December 31, 2025, the contract loss provision recorded in contract liabilities, current was $5.2 million and $6.5 million, respectively in our condensed consolidated balance sheets.

•Our IM-4 mission contract for lunar payload services, became a loss contract during the second quarter of 2025 due to estimated contract costs exceeding the estimated amount of consideration that we expect to receive. For the three months ended March 31, 2026, changes in estimated contract costs resulted in a favorable change in contract loss of $51 thousand. As of March 31, 2026 this contract was approximately 42% complete. The period of performance for this contract currently runs through August 2028. As of March 31, 2026 and December 31, 2025, the contract loss provision recorded in contract liabilities, current was $0.5 million for both periods. The contract loss provision recorded in contract liabilities, non-current was $0.3 million and $0.4 million, respectively, in our condensed consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the remaining transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining fixed price performance obligations was $792.3 million. The Company expects to recognize revenue on approximately 60-65% of the remaining performance obligations over the remaining 9 months, 25-30% in 2027 and the remaining thereafter over the next 3 years. Remaining performance obligations do not include variable consideration that was determined to be constrained as of March 31, 2026 due to the uncertainty of achieving performance milestones or other factors not yet resolved.

For time and materials contracts and cost reimbursable contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials and cost reimbursable agreements.

Grant Revenue and Related Matters

In April 2025, the Texas Space Commission (“TSC”) selected Intuitive Machines for a grant up to $10.0 million from the Space Exploration and Research Fund. This funding supports the development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions. Under the TSC grant, the Company will apply up to $10.0 million in funds pursuant to budget periods defined in the TSC award through June 30, 2026 as reimbursement for costs incurred in completing the tasks, specified by the Company, to complete the design of the Earth reentry vehicle. The TSC can terminate the TSC award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred through the date of termination. During the three months ended March 31, 2026, the Company recognized grant revenue of $3.1 million and corresponding cost of grant revenue on the condensed consolidated statement of operations.