Terran Orbital Awarded $7.7 Million Lockheed Martin Contract

Rhea-AI Summary

Terran Orbital awarded ECP by Lockheed Martin to host additional payloads, adding $7.7M to existing program. Total contract value now over $52M.

Positive

• Terran Orbital awarded $7.7M contract modification by Lockheed Martin to host additional payloads. Total contract value now over $52M.

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• None.

Terran Orbital Awarded ECP to Host Additional Payloads

BOCA RATON, Fla.--(BUSINESS WIRE)-- Lockheed Martin has awarded Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, an Engineering Change Proposal (ECP) to host additional payloads. The contract modification adds $7.7M to an existing satellite design and manufacturing program. This addition was awarded following a successful Critical Design Review (CDR) earlier this year. The modification incorporates additional previously anticipated scope into the contract. This modification brings the total value of the contract to just over $52 million.

Photo Credit: Terran Orbital

Last year, Terran Orbital delivered 10 satellite buses to Lockheed Martin in support of their Tranche 0 Transport Layer contract with SDA. Terran Orbital is currently building 42 buses for Lockheed Martin to help the company fulfill its $700 million contract for the SDA’s Tranche 1 Transport Layer (T1TL), currently scheduled for a late 2024 launch, and, as previously announced this week, Terran Orbital was just awarded 36 buses to help the company fulfill its $816 million contract for the SDA’s Tranche 2 Transport Layer (T2TL), currently scheduled for late 2026.

About Terran Orbital

Terran Orbital is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers. Learn more at www.terranorbital.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231026631594/en/

Media Contact

Public Relations

pr@terranorbital.com

949-508-8484

Investor Relations Contact

Jonathan Siegmann

ir@terranorbital.com

949-202-8476

Source: Terran Orbital

FAQ

What is the contract modification awarded to Terran Orbital by Lockheed Martin?

Terran Orbital has been awarded an Engineering Change Proposal (ECP) to host additional payloads.

How much value does the contract modification add to the existing program?

The contract modification adds $7.7M to the existing satellite design and manufacturing program.

What is the total value of the contract now?

The total value of the contract is now just over $52 million.

What is Terran Orbital's role in the contract with Lockheed Martin?

Terran Orbital is building satellite buses for Lockheed Martin to fulfill their contracts with the Space Development Agency (SDA).

What are the scheduled launch dates for the Tranche 1 and Tranche 2 Transport Layer contracts?

The Tranche 1 Transport Layer (T1TL) is scheduled for a late 2024 launch, while the Tranche 2 Transport Layer (T2TL) is scheduled for late 2026.