Terran Orbital Reports Q1 Results

Image: Terran Orbital

Terran Orbital’s ($LLAP) losses piled up despite progress on its monster $2.4B Rivada contract, the satellite bus manufacturer revealed Monday in its Q1 financial results. 

By the numbers:

  • Revenue of $28.2M, up 115% YoY
  • Net income of -$54.4M, a 24% annual improvement 
  • Cash of $57.4M
  • Backlog of $2.5B and 360 satellites

Rivada’s three-year, 300 satellite contract accounts for the vast majority of the backlog. Terran received its first milestone payment from the contract last month as it inches closer to ramping up manufacturing. 

Outlook: Terran expects the Rivada contract to begin paying dividends in the second half of the year. CEO Marc Bell said in a statement that the company’s newest expansion will come online in the next few weeks, with a capacity increase expected in Fall 2024. As a result, the company projects revenue to jump, driving an estimated $250M in total sales for 2023.  

Cash: Heavy investment to meet the massive backlog has drained the company’s liquidity. Terran burned through $36.2M last quarter, leaving it with just $57.4M in its coffers. 

  • Management announced it will continue to explore raising additional funds in the capital markets to bridge the gap until the Rivada contract begins generating revenue.  

+ Market reaction: As of market close Monday, $LLAP traded down 17.7%.

Related Stories

Aerospace and Defense Primes Q3 Earnings Roundup

The aerospace and defense primes had a busy Q3 marked by massive SDA contracts, growing space divisions, and a few hiccups along the way.


Astra Stock Drops with No End in Sight

Astra stock dropped another 19% yesterday to 75 cents a pop as it continues its downhill march.


Payload Pioneers 2023: Stephanie DelPozzo

Stephanie DelPozzo is making a name for herself in the business of space as an associate specializing in aerospace and defense at Nextfed, an M&A firm.


Antaris Raises $3.5M In Seed Funding

Antaris is hoping to bring enterprise tech concepts to space—and now it has additional seed funding to try to make that a reality.  Antaris, a SaaS platform for space, announced Wednesday that it raised $3.5M in seed funding. Streamlined Ventures, which specializes in early-stage investments, led the round, which brings Antaris’s total funding to $10M. […]