Terran Orbital 2023 revenue $135.9M (+44% YoY); net loss narrows to $151.8M; backlog $2.7B

Full Year 2023 Financial Highlights • Generated record revenue of $135.9 million up 44% year-over-year • Gross profit of $8.6 million compared to $17.3 million loss in 2022 • Adjusted gross profit (1) of $19.4 million compared to $2.2 million loss in 2022 • Net loss of $151.8 million improved from a net loss of $164.0 million in prior year

Revenue for the fourth quarter of 2023 was $31.6 million, compared to $31.9 million for the same quarter in 2022, and $135.9 million for the full year, up 44% over the prior year. The increase in annual revenue was primarily due to the 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. Revenue for 2023 was negatively impacted by an estimated $6.1 million of EAC adjustments on certain firm fixed price programs. EAC represents the total estimated cost-at-completion and is comprised of direct material, direct labor and manufacturing overhead applicable to a performance obligation. Cost of sales for the quarter was $32.1 million compared to $42.7 million in the same period in the prior year, and $127.4 million for the full year, compared to $111.5 million for the prior year. The increase in cost of sales for the full year was primarily due to an inc