Terran Orbital (NYSE:LLAP) has reported second-quarter revenue up by over half as it won more contracts for its satellite products and services.
The company, which is a leading manufacturer of satellite products primarily for the aerospace and defense industries, generated revenue of $32.2 million for the three months to June 30, 2023, a year-over-year increase of 51%.
Its net loss for the period narrowed to $28.1 million from $32.3 million a year earlier, driven by improvements in its loss from operations and gains in financial instruments.
“First half 2023 highlights include increasing our backlog to $2.6 billion from our new constellation awards. We now have over 30 programs and over 370 satellites on contract,” co-founder, chairman and CEO Marc Bell commented in a statement.
“We estimate 80% of our backlog will convert into revenue during the next two and a half years.”
Bell noted that the development phase of Terran Orbital’s contract with Rivada Space Network is ramping up and is on schedule, with material milestone payments expected in the second half of 2023.
“We are leveraging our strategic investments in capacity to support Rivada, Lockheed Martin, and other new and existing customers,” Bell added.
“With the opening of our new 50 Tech facility in Irvine we have doubled our satellite manufacturing capacity.”
The company confirmed it expects full-year revenue to top $250 million as it continues to ramp up, with its gross margins improving quarter-over-quarter. The pace and size of improvement may vary depending on program mix and execution, it added. Capital expenditures for 2023 are expected to be under $30 million.
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