TAMPA, Fla. — Terran Orbital chair and CEO Marc Bell said it is lowering 2023 revenue guidance following payment delays from Rivada Space, even though the satellite maker’s largest customer still expects to pay $180 million later this year under their $2.4 billion constellation contract.
In an Oct. 26 virtual town hall meeting with shareholders, Bell said Terran Orbital’s upcoming full-year revenue projection would be lower than an earlier $250 million forecast, but still represent a “material increase” over the $94 million made in 2022. Terran Orbital recorded about $60 million in revenue for the first half of 2023.
The updated guidance will be published during the Boca Raton, Florida-headquartered company’s third-quarter earnings update Nov. 14, and follows delays with other “key awards” that were not named.
Terran Orbital also supports Lockheed Martin, an investor in the publicly listed company, on programs for the Space Development Agency (SDA).
According to Bell, Terran Orbital currently has more than 120 satellites under construction or recently launched — not including the 300 satellites under contract for Rivada Space’s low Earth orbit (LEO) broadband network.
The company also announced three awards this week that Bell said are worth more than $160 million in total:
However, the Rivada Space contract for 300 satellites to be delivered for SpaceX launches starting 2025 represents the bulk of Terran Orbital’s backlog of future revenues.
The Rivada distraction
Privately held Rivada Space’s highly guarded plans to finance the 500-kilogram satellites have been a concern for Terran Orbital investors as the manufacturer’s shares significantly underperform on the New York Stock Exchange.
Questions around the Rivada Space contract have taken attention away from Terran Orbital’s other growth opportunities, Bell said during a town hall event the company launched to help revive flagging shares now…
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