WASHINGTON — Terran Orbital reported higher revenues but a significant loss in 2023 as it continues to evaluate options after a takeover bid from Lockheed Martin.
The smallsat manufacturer released its 2023 financial results April 1, reporting revenue for the year of $135.9 million, an increase of 44% over the $94.2 million in revenue the company reported in 2022.
Despite the increase in revenue, Terran Orbital still reported a net loss of $151.8 million for the year, down only slightly from the $164 million net loss the company had in 2022. It has an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $77.4 million in 2023, slightly worse than the $69.5 million adjusted EBITDA loss in 2022. The company ended 2023 with $71.7 million of cash and equivalents on hand, compared to $93.6 million at the end of 2022.
The company credited the increase in revenue to “continued and increased level of progress made in satisfying our customer contracts and reflects the ongoing favorable impact from significant contract wins and modifications in recent periods.” However, it said “growth initiatives” linked to those efforts factored into its bigger adjusted EBITDA loss.
“Our revenue growth and gross margin improvement affirm the strength of our strategy and execution. The future of space is responsive, and Terran Orbital is well-positioned to capitalize on this growing market segment,” Marc Bell, chief executive of the company, said in a statement.
Terran Orbital was scheduled to release its financial results and hold an earnings call March 26. However, a day before that scheduled release, the company said it would release its results on April 1 and hold an earnings call the next day. In the April 1 release, the company said it was cancelling its earnings call “in light of the company’s ongoing strategic review.”
That review has taken on added urgency after Lockheed Martin announced March 1 it…
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