Terran Orbital Q1 revenue $27.2M, net loss $53.2M; backlog tops $2.8B

Terran Orbital Corp

2024-Q1 EPS reported -$0.26 revenue$27,235,000

Q1 revenue $27.2M (down 3% YoY), hit by $13.1M negative EAC adjustments; gross loss $6.2M; net loss $53.2M; adj. EBITDA -$28.2M.
Backlog $2.7B at 3/31/24 (incl. $2.4B Rivada); updated >$2.8B at May 14, with $400M non-Rivada programs.
Awarded 18 space vehicles from Lockheed Martin for SDA Tranche 2 Tracking Layer; total 106 vehicles for SDA.
Strategic review ongoing; Lockheed's $1/share proposal discussed at April 16 meeting; Q2 awards exceed $100M to-date.
Cash $43.7M, gross debt $316.7M (incl. $15M PIPE obligation payable in cash/equity).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Terran Orbital Corp reported the three months ended March 31, 2024 results: revenue $27.2 million, net income $53.2 million.

Period: the three months ended March 31, 2024
Revenue: $27.2 million
Net income: $53.2 million
Result: reported results

Exact text from the filing

is still ongoing. This process includes a range of options, including staying independent.” Results for the First Quarter of 2024 Revenue for the first quarter of 2024 was $27.2 million, down 3% compared to $28.2 million for the same quarter in 2023. The decrease in revenue was driven by unfavorable Estimate-at-Completion (EAC) adjustments, primarily on a single

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Source: SEC EDGAR

accession 0000950170-24-059066

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