Form 8-K

8-K — Intuitive Machines, Inc.

Accession: 0001628280-26-056476

Filed: 2026-08-13

Period: 2026-08-13

CIK: 0001844452

SIC: 3812 (SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lunr-20260813.htm (Primary)

EX-99.1 (lunr-20260630xexx991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lunr-20260813.htm · Sequence: 1

lunr-20260813

0001844452FALSE00018444522026-08-132026-08-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 13, 2026

INTUITIVE MACHINES, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-40823 36-5056189

(State or other jurisdiction

of incorporation) (Commission File Number) (IRS Employer

Identification No.)

13467 Columbia Shuttle Street

Houston, TX 77059

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (281) 520-3703

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Class A Common stock, par value $0.0001 per share LUNR The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On August 13, 2026, the Company issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. The full text of the Company's press release is furnished herewith as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information furnished in this Current Report (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No. Description

99.1

Intuitive Machines Reports Second Quarter 2026 Financial Results; Continues Record Backlog Expansion With Quarter-end Backlog of $1.8 Billion

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 13, 2026

INTUITIVE MACHINES, INC.

By: /s/ Peter McGrath

Name: Peter McGrath

Title: Chief Financial Officer and Senior Vice President

EX-99.1

Filename: lunr-20260630xexx991.htm · Sequence: 2

Document

Exhibit 99.1

Intuitive Machines Reports Second Quarter 2026 Financial Results; Continues Record Backlog Expansion With Quarter-end Backlog of $1.8 Billion

Houston, TX, August 13, 2026 -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a

leading space technology and infrastructure services company, today announced its financial results for the second quarter ended June 30, 2026.

Intuitive Machines CEO Steve Altemus said, “We delivered a strong quarter, highlighted by revenue over four times Q2 2025 as we executed across our programs, recorded unprecedented bookings and backlog, and positioned the Company for the next phase of growth.”

Highlights

•Closed Goonhilly Earth Station and COMSAT acquisition in August to expand our space‑to‑ground data services network configured to support missions across LEO, MEO, GEO, cislunar, and deep space environments

•Booked $920 million of awards in Q2 with an additional $300 million of awards in Q3 QTD across commercial, civil, and national security space customers

•Signed $600+ million contract for three commercial GEO satellites as commercial demand strength continues

•Awarded additional CLPS lander contract under NASA’s Moonbase program, Intuitive Machines’ sixth CLPS mission, for a standardized production lander

•Expanded YoY National Security revenue from 3% to 30% in Q2 2026; expect continued growth driven by an award in July for 18 spacecraft to support Accelerated Missile Defense Tranche 3 ("AMDT3") Golden Dome constellation

•Contracted with NASA for two prime lunar reconnaissance awards (Lunar Reconnaissance Orbiter Camera “LROC” and ShadowCam) to lead lunar imaging operations, data storage, data processing, and analytics in support of NASA’s Artemis Program / Moonbase Initiatives and commercial lunar missions

Financial Highlights

•Achieved record quarterly revenue of $206 million driven by spacecraft production, CLPS, OMES, and NSNS execution

•Ended Q2 with a strong cash balance of $367 million; Q2 included strategic growth investments through the procurement of advanced inventory that directly resulted in new awards during the quarter; additional investments were made across our ground station network, along with long-lead material purchases for satellites two through five of our lunar constellation, as we look to accelerate NSNS recurring service revenues

•Ended Q2 with record backlog of $1.8 billion, an increase of $1.5 billion from year-end 2025 as Intuitive Machines booked record levels of diverse awards across commercial, civil, and national security space customers

Mr. Altemus continued, “We believe the next era of space will require a next-generation space prime, capable of building spacecraft, connecting them through resilient networks, and operating the resulting infrastructure across civil, commercial, and national security markets. Over the past eighteen months, every strategic decision we have made has been focused on building that next-generation space prime.”

Outlook

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

•Full-year 2026 Adjusted EBITDA positive

Conference Call Information

Intuitive Machines will host a conference call today, August 13, 2026, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines’ website at https://investors.intuitivemachines.com.

Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines’ website at https://investors.intuitivemachines.com.

Key Business Metrics and Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles (“GAAP”) and constitute “non-GAAP financial measures” as defined by the SEC. This includes adjusted EBITDA (“Adjusted EBITDA”).

Adjusted EBITDA is a key performance measure that our management team uses to assess the Company’s operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income or interest expense from cash deposits, loans, or investments, transaction and integration costs related to acquisitions, gain on extinguishing of debt, share-based compensation, change in fair value instruments, gain or loss on issuance of securities, other income/expense, depreciation, impairment of property and equipment, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company’s operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.

Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Other companies, including companies in Intuitive Machines’ industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading “Reconciliation of GAAP to Non-GAAP Financial Measure.”

We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading “Reconciliation of GAAP to Non-GAAP Financial Measure.”

The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized. Intuitive Machines monitors its backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of its business and identifying trends over time.

About Intuitive Machines

Intuitive Machines is a next-generation space infrastructure company delivering integrated capabilities across spacecraft manufacturing, communications, networks, mission operations, and ground infrastructure to build, connect, and operate systems across Earth orbit, cislunar space, and deep space. Serving commercial, civil, and national security customers, Intuitive Machines is focused on enabling resilient, scalable infrastructure for sustained operations in space.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans related to any proposed business combination; our expectations and plans relating to our missions to the Moon, including the expected timing of launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our expectations regarding changes to government contracts or programs; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information under “Outlook,” or “Guidance” including, our expectations on revenue generation, backlog and cash. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; cyber incidents; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any litigation, including securities litigation or stockholder activism; our public securities’ potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

These forward-looking statements are based on information available as of the date of this presentation and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Contacts

For investor inquiries:

investors@intuitivemachines.com

For media inquiries:

press@intuitivemachines.com

INTUITIVE MACHINES, INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

June 30,

2026 December 31, 2025

ASSETS

Current assets

Cash and cash equivalents

$ 367,354 $ 582,606

Restricted cash

11,668 2,733

Trade accounts receivable 119,670 12,193

Contract assets

50,992 12,236

Inventory, net 59,941 —

Advances to suppliers

32,558 3,353

Prepaid and other current assets

20,637 5,693

Total current assets

662,820 618,814

Orbital receivables, non-current 209,833 —

Property and equipment, net

264,626 68,550

Intangible assets, net 297,069 12,968

Goodwill 379,216 18,697

Operating lease right-of-use assets

72,704 36,755

Finance lease right-of-use assets 78 94

Other assets

935 1,276

Total assets

$ 1,887,281 $ 757,154

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities

Accounts payable and accrued expenses $ 64,603 $ 22,199

Accounts payable - affiliated companies 2,870 1,723

Contract liabilities, current

215,518 57,368

Operating lease liabilities, current

25,104 10,466

Finance lease liabilities, current 27 48

Other current liabilities

91,709 33,028

Total current liabilities

399,831 124,832

Long-term debt, net

336,352 335,335

Contract liabilities, non-current

4,065 6,341

Pension and other postretirement benefits 48,739 —

Operating lease liabilities, non-current

68,298 26,290

Finance lease liabilities, non-current 19 20

Warrant liabilities 81,438 60,394

Other non-current liabilities

37,023 240

Total liabilities

975,765 553,452

Commitments and contingencies

MEZZANINE EQUITY

Series A preferred stock subject to possible redemption 6,945 6,613

Redeemable noncontrolling interests 1,194,653 951,536

SHAREHOLDERS’ DEFICIT

Class A common stock

17 12

Class C common stock 6 6

Treasury Stock (33,525) (33,525)

Paid-in capital

— —

Accumulated deficit

(257,147) (721,457)

Total shareholders’ deficit attributable to the Company

(290,649) (754,964)

Noncontrolling interests

567 517

Total shareholders’ deficit

(290,082) (754,447)

Total liabilities, mezzanine equity and shareholders’ deficit

$ 1,887,281 $ 757,154

INTUITIVE MACHINES, INC.

Condensed Consolidated Statements of Operations

(In thousands)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenues:

Product revenue

$ 166,735 $ — $ 308,289 $ —

Service revenue

36,677 50,313 78,753 112,837

Grant revenue

2,756 — 5,856 —

Total revenues

206,168 50,313 392,898 112,837

Operating expenses:

Cost of product revenue (excluding depreciation and amortization) 119,328 — 233,241 —

Cost of service revenue (excluding depreciation and amortization)

41,126 56,047 74,786 104,972

Cost of grant revenue (excluding depreciation and amortization) 2,760 — 5,861 —

Cost of service revenue (excluding depreciation and amortization) - affiliated companies

7,088 6,109 13,037 13,031

Total cost of revenues

170,302 62,156 326,925 118,003

Depreciation and amortization

14,927 752 27,975 1,375

Research and development 7,729 461 13,318 1,372

General and administrative expense (excluding depreciation and amortization)

60,346 15,584 111,017 30,804

Total operating expenses

253,304 78,953 479,235 151,554

Operating loss

(47,136) (28,640) (86,337) (38,717)

Other income (expense), net:

Interest income

1,476 3,500 2,907 4,919

Interest expense

(4,483) (72) (9,368) (97)

Change in fair value of earn-out liabilities — — — (33,369)

Change in fair value of warrant liabilities (11,622) (13,033) (21,044) 29,969

Change in fair value of contingent consideration liabilities (890) — (1,411) —

Other income (expense), net

(178) 39 (106) 65

Total other income (expense), net

(15,697) (9,566) (29,022) 1,486

Loss before income taxes

(62,833) (38,206) (115,359) (37,231)

Income tax expense

(8) — (10) —

Net loss

(62,841) (38,206) (115,369) (37,231)

Net loss attributable to redeemable noncontrolling interest (16,781) (13,408) (32,265) (1,499)

Net income attributable to noncontrolling interest 385 383 728 845

Net loss attributable to the Company (46,445) (25,181) (83,832) (36,577)

Less: Preferred dividends (167) (151) (329) (298)

Net loss attributable to Class A common shareholders $ (46,612) $ (25,332) $ (84,161) $ (36,875)

Net loss per share

Net loss per share of Class A common stock - basic and diluted

$ (0.29) $ (0.22) $ (0.54) $ (0.33)

Weighted-average common shares outstanding

Weighted average shares outstanding - basic and diluted 162,172,470 117,434,775 155,064,726 112,286,945

INTUITIVE MACHINES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Cash flows from operating activities:

Net loss

$ (62,841) $ (38,206) $ (115,369) $ (37,231)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

14,927 752 27,975 1,375

Provision for credit losses

— 135 357 135

Amortization of debt discount and issuance costs

509 — 786 —

Share-based compensation expense

10,491 2,520 19,333 5,364

Change in fair value of earn-out liabilities

— — — 33,369

Change in fair value of warrant liabilities

11,622 13,033 21,044 (29,969)

Change in fair value of contingent consideration liabilities 890 — 1,411 —

Other

(1,884) (17) (3,811) 177

Changes in operating assets and liabilities:

Trade and other receivables, net

(14,654) (7,365) (13,379) 8,053

Inventory, net

(2,068) — (3,794) —

Contract assets

(2,971) 13,077 (15,613) 26,154

Prepaid expenses

(2,993) 445 (20,678) (1,131)

Orbital receivables, net 8,457 — 16,146 —

Other assets, net

(6,665) 544 (3,653) 1,091

Accounts payable and accrued expenses

(26,086) (5,551) 397 305

Accounts payable – affiliated companies

465 (231) 1,147 1,558

Contract liabilities – current and long-term

11,277 750 (5,842) (7,876)

Pension and other postretirement benefits (3,291) — (6,054) —

Other liabilities

5,013 851 (12,281) (1,218)

Net cash provided by (used in) operating activities

(59,802) (19,263) (111,878) 156

Cash flows from investing activities:

Purchase of property and equipment

(24,065) (8,054) (33,941) (14,176)

Acquisition of businesses, net of cash acquired (2,283) — (447,062) —

Net cash used in investing activities

(26,348) (8,054) (481,003) (14,176)

Cash flows from financing activities:

Proceeds from issuance of securities 238,772 — 413,772 —

Warrants exercised — — — 176,620

Redemption of warrants — — — (66)

Transaction costs related to the issuance of securities (4,159) — (11,709) —

Repurchase of Class A Common Stock — — — (20,700)

Settlement of securitization facility

(10,896) — (13,588) —

Payment of withholding taxes from share-based awards (1,232) (1,035) (1,233) (4,540)

Distributions to noncontrolling interests (678) — (678) —

Net cash provided by financing activities

221,807 (1,035) 386,564 151,314

Net increase (decrease) in cash, cash equivalents and restricted cash

135,657 (28,352) (206,317) 137,294

Cash, cash equivalents and restricted cash at beginning of the period

243,365 375,295 585,339 209,649

Cash, cash equivalents and restricted cash at end of the period

379,022 346,943 379,022 346,943

Less: restricted cash

11,668 2,042 11,668 2,042

Cash and cash equivalents at end of the period

$ 367,354 $ 344,901 $ 367,354 $ 344,901

INTUITIVE MACHINES, INC.

Reconciliation of GAAP to Non-GAAP Financial Measure

Adjusted EBITDA

The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA.

Three Months Ended June 30, Six Months Ended June 30,

(in thousands)

2026 2025 2026 2025

Net loss $ (62,841) $ (38,206) $ (115,369) $ (37,231)

Adjusted to exclude the following:

Income tax expense 8 — 10 —

Depreciation and amortization 14,927 752 27,975 1,375

Impairment of property and equipment — — — —

Interest income (1,476) (3,500) (2,907) (4,919)

Interest expense 4,483 72 9,368 97

Transaction and integration costs related to acquisitions

7,919 — 27,897 —

Share-based compensation expense 10,491 2,520 19,333 5,364

Change in fair value of earn-out liabilities — — — 33,369

Change in fair value of warrant liabilities 11,622 13,033 21,044 (29,969)

Change in fair value of contingent consideration liabilities 890 — 1,411 —

Other income, net 178 (39) 106 (65)

Adjusted EBITDA $ (13,799) $ (25,368) $ (11,132) $ (31,978)

Free Cash Flow

Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are:

•Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP.

•Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation.

•Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle.

The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow:

Six Months Ended June 30,

(in thousands)

2026 2025

Net cash provided by (used in) operating activities $ (111,878) $ 156

Purchases of property and equipment

(33,941) (14,176)

Free cash flow

$ (145,819) $ (14,020)

Backlog

The following table presents our backlog as of the periods indicated:

(in thousands)

June 30,

2026 December 31,

2025

Backlog

$ 1,761,950 $ 213,070

Backlog increased by $1.55 billion as of June 30, 2026 compared to December 31, 2025, which includes $612.8 million of acquired backlog associated with the Lanteris acquisition in January 2026, new awards of $1.34 billion primarily associated with a multi-satellite program in support of three commercial satellites, for which we received a $45.0 million authority to proceed and recorded backlog reflecting an estimated total program value of more than $600.0 million. Additionally, we recognized new awards or expanded contract values for the IM-5 and IM-6 missions, the NSN contract, a government defense contract, and various other contract award. These increases were partially offset by continued performance on existing contracts of $392.9 million, and several adjustments of $15.5 million mostly related to the descoping of a rideshare contract associated with the IM-4 mission.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the City or Town

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No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Code for the postal or zip code

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No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the state or province.

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No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

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dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

Namespace Prefix:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Period Type:

duration

- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

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Namespace Prefix:

dei_

Data Type:

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Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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