---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-059066"
form_type: "8-K"
ticker: null
cik: "0001835512"
company_name: "Terran Orbital Corp"
filed_at: "2024-05-14T23:59:59+00:00"
generated_at: "2026-06-02T01:11:51.750495+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0000950170-24-059066
- form_type: 8-K
- cik: 0001835512
- company_name: Terran Orbital Corp
- filed_at: 2024-05-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1835512/000095017024059066/0000950170-24-059066-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1835512/000095017024059066/llap-20240514.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-059066
- JSON: https://secwatch.observer/filing/0000950170-24-059066.json
- Plain text: https://secwatch.observer/filing/0000950170-24-059066.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835512/000095017024059066/0000950170-24-059066-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.