Terran Orbital (NYSE:LLAP) posted record revenue and gross profit for 2023 driven by the delivery of its satellite products to customers and new contract wins.
For the full year ended December 31, 2023, Terran generated revenue of $135.9 million, up 44% year-over-year.
It swung from a $17.3 million loss in 2022 to a profit of $8.6 million and improved its net loss from $164 million to $151.8 million.
The company exited 2023 with $71.7 million in cash on hand and approximately $313.8 million in gross debt obligations.
During the year, Terran launched 12 satellites into space and was awarded $2.7 billion in new contracts representing more than 360 satellites for customers including Rivada Space Networks and Lockheed Martin and introduced new standard bus designs which span multiple size classes of satellites.
The company also executed its expansion plans, including completing the addition of 60,000 square feet to its existing manufacturing facility and breaking ground on a new 94,000 square feet satellite assembly facility, which Terran expects to take possession of in the second quarter.
CEO Marc Bell said the company’s revenue growth and gross margin improvement affirmed the strength of our strategy and execution.
“The future of space is responsive, and Terran Orbital (NYSE:LLAP) is well-positioned to capitalize on this growing market segment,” Bell said in a statement.
“We're focused on sustainable growth, achieving profitability, and delivering solutions that meet evolving customer needs. Terran Orbital isn't just keeping pace with disruption, we're at the forefront, shaping the future of the space economy through responsive space.”
Meanwhile, Terran’s wholly owned subsidiary Tyvak International announced that it has secured a service subcontract for the European Defense Agency’s Hub for EU Defense Innovation proof-of-concept prototype 2023.
Torino, Italy-based Tyvak International said that this project is focused on Very Low Earth Orbit (VLEO) satellite exploration.
The contract Is for Phase A of the Low Earth Orbit to VLEO spacecraft, which will culminate in a design review.
Tyvak International said it will take on a leading role within a consortium including prime contractor CNIT, collaborating with FlySight and Politecnico di Milano, to spearhead critical aspects of the projecting, such as leading market analysis, identifying key components, defining requirements based on the business case, and ultimately assessing the feasibility of satellite development.
“This collaboration presents a remarkable opportunity to leverage our expertise and innovative solutions to support the critical mission objectives of the European Defence Agency,” Tyvak International CEO Fabio Nichel commented.
“By doing so, we will drive advancements in satellite technology and propel future defense capabilities.”