EquitiesSatcom

Terran Orbital Releases Q2 2022 Earnings

Terran Orbital’s ticker is $LLAP, which stands for “live long and prosper.” And that rules. 

Anyways, the satellite manufacturer reported $21.4M in Q2 revenue, a 127% jump YoY, and ended the quarter with $62.3M cash on hand. The company also announced a record backlog of $224.1M, up 200% since the end of last year but only a $2M increase from Q1. 

  • Terran Orbital’s Q2 Adj. EBITDA was -$14.8M, compared to -$2.5M this time last year. 
  • The company signed a $100M common stock purchase agreement with B. Riley. This is the 4th space deal struck by B. Riley and brings its total committed to $355M, also funding Astra, Redwire, and AST SpaceMobile. 

Missions this quarter: Terran Orbital delivered five satellites in Q2, including the first of ten planned satellite buses to Lockheed Martin for the SDA’s Tranche 0 Transport Layer and NASA’s CAPSTONE. 

Hard infrastructure investments: Terran Orbital announced an expansion of its Irvine, CA facilities in Q1 of this year. This extension intends to facilitate the completion of 10 satellite buses for Lockheed Martin for the SDA’s Transport Layer Tranche 0. The company also plans on building a larger manufacturing facility at Kennedy Space Center in Florida but no details have been announced yet. 

Priorities: Terran Orbital is prioritizing the SDA contract over the company’s own PredaSAR synthetic aperture radar (SAR) satellite constellation, the first two of which will launch in H1 2023. Terran Orbital hopes to complete all 10 Tranche 0 satellites by the end of 2022 and has already begun work on the 42 birds part of Tranche 1.  

PredaSAR: Terran Orbital’s delayed plan for the PredaSAR constellation is shifting. It was originally supposed to consist of 96 satellites, but the company did not disclose any specifics about the changes. Prioritizing the DoD/Lockheed constellation over PredaSAR may put them behind in the SAR constellation race.

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