secwatch.observer — SEC 8-K summary
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Issuer:     Terran Orbital Corp (—)
CIK:        0001835512
Form:       8-K
Filed at:   2024-05-14T23:59:59+00:00
Accession:  0000950170-24-059066
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1835512/000095017024059066/0000950170-24-059066-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1835512/000095017024059066/llap-20240514.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-059066

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