Terran Orbital Corp (NYSE: LLAP) Q1 2023 Financial Results
$28.2 million first quarter 2023 revenues, up 115% year over year #llap #news #richtvlive
Over $2.5 billion and with a record 360 satellites in backlog as of quarter end
Announcing a new $87 million constellation order
Guiding FY2023 revenue in excess of $250 million
BOCA RATON, Fla.--(BUSINESS WIRE)-- Terran Orbital Corporation (NYSE: LLAP) ("Terran Orbital" or the "Company"), a leading manufacturer of satellite products primarily serving the aerospace and defense industries, today announced financial results and operational highlights for the three months ended March 31, 2023.
Terran Orbital Corp (NYSE: LLAP) Q1 2023 Financial Results
First Quarter 2023 Highlights
Generated $28.2 million of revenue with contribution from over 20 programs
Backlog of over $2.5 billion represents over 1,300% increase since December 31, 2022
Expansion of capacity on track – commissioning new 50 Tech facility
Net loss of $54.4 million improved from net loss of $71.4 million in 1Q22
Subsequent Events
Received initial milestone payment under contract with Rivada Space Networks
Awarded $87 million, 16 satellite order from a new customer
Marc Bell, Co-Founder, Chairman & CEO, said, “I am excited to announce our record recent awards and solid operational progress. Our momentum in new constellation awards and over 30 programs on contract today sets the stage for us to harvest the benefits of our strategic investments in capacity ahead of the market’s explosion of demand. We are building a new satellite production system that will have a level of scale, vertical integration, and automation not available today. Our production system is designed to deliver satellites at mass scale at the speed and quality our customers desire, at a price point to stimulate new markets, and at margins to reward our shareholders. Our newest expansion will be coming online in the next few weeks and our next capacity increase is on schedule for a fall 2024 opening.”
Backlog
Backlog represents the estimated dollar value of executed contracts, including both funded (firm orders for which funding is authorized and appropriated) and unfunded portions of such contracts, for which work has not been performed.
As of March 31, 2023, the Company’s backlog totaled over $2.5 billion, driven primarily by the Company’s $2.4 billion contract with Rivada Space Networks. The Company’s first quarter backlog includes over 360 satellites of which the majority are expected to be completed in the next 3 years.
Balance Sheet and Liquidity
As of March 31, 2023, Terran Orbital had $57.4 million of cash on hand and approximately $305.3 million in gross debt obligations. The Company’s debt includes $22.5 million in connection with an obligation under one of its PIPE investment subscription agreements, all of which is payable in cash or equity at the Company’s option, subject to certain requirements.
In order to proceed with our strategic business plan, we continue to explore raising additional funds in the future through the issuance of additional debt or equity, or through other commercial arrangements, which may not be available to us when needed or on terms that we deem to be favorable.
JOIN RICH TV LIVE TRADING CLUB HERE - http://www.richtv.io
Social Media Links - https://linktr.ee/richtvlive
Ledger - Home of the first and only certified Hardware wallets
https://bit.ly/richtv-Ledger
Popular Uploads - https://goo.gl/tbvXGg
Most Recent Upload - https://goo.gl/unKXBy
YouTube Channel Page - https://goo.gl/yUdG7w
Disclaimer
RICH TV LIVE INC. company profiles and other investor relations materials, publications or presentations, including web content, are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed in RICH TV LIVE reports company profiles or other investor relations materials and presentations are subject to change. RICH TV LIVE and its affiliates may buy and sell shares of securities or options of the issuers mentioned on this website at any time.
Investing is inherently risky. RICH TV LIVE is not responsible for any gains or losses that result from the opinions expressed on this website, in its research reports, company profiles or in other investor relations materials or presentations that it publishes electronically or in print.
We strongly encourage all investors to conduct their own research before making any investment decision. For more information on stock market investing, visit the Securities and Exchange Commission ("SEC") at www.sec.gov/Canadian CSA https://www.securities-administrators....
-
DVR
Kim Iversen
4 hours agoYouTubers Caught SECRETLY Taking $10 Million From Russians | Tucker's Historian Learns Not To Question WW2
20.6K39 -
1:51:37
Glenn Greenwald
3 hours agoPutin Supporting Kamala Fallout and Reactions; Pro-Palestinian Protesters Targeted Under U.K. Anti-Terrorism Law; Interview With Journalist Zaid Jilani | SYSTEM UPDATE #328
41.4K35 -
LIVE
Drew Hernandez
12 hours agoTRUMP TOWN HALL PART 2
2,800 watching -
1:10:22
Donald Trump Jr.
8 hours agoIn 2024, Pennsylvania Really is the Keystone State, Interview with Scott Presler | TRIGGERED Ep.171
90.7K132 -
1:19:00
Havoc
3 hours agoDoes Hip Hop Need an "Old" Category? | Stuck Off the Realness Ep. 12
19.7K -
1:18:28
Roseanne Barr
5 hours agoAre We Racist? with Matt Walsh | The Roseanne Barr Podcast #64
35.7K62 -
1:08:17
Josh Pate's College Football Show
3 hours agoEp 550: Week 2 Upset Alerts | Big Ten Catching SEC | Billy Napier In Trouble? | FSU War Chant Drama
12.6K2 -
49:43
The StoneZONE with Roger Stone
5 hours agoWill a NY Judge Jail Trump Next Week? w/ Trump Impeachment Lawyer David Schoen | The StoneZONE
6.79K4 -
LIVE
Tundra Gaming Live
2 hours agoThe Worlds Worst Horror Streamer Has Heart Attack Playing Resident Evil Village
199 watching -
21:56
Standpoint with Gabe Groisman
4 hours agoEp. 45. The Life of a New York Republican Congressman. Rep. Mike Lawler
19.9K3