Terran Orbital Holds Town Hall Meeting; Discusses Recently Announced $160 Million in New Awards

Rhea-AI Summary

Terran Orbital Corporation held its first Shareholder Town Hall Meeting, discussing recent contract wins, active engagement on 80 opportunities for satellite buses valued at over $2.7 billion, and reduced revenue guidance for 2023.

Positive

• Terran Orbital announced contract wins valued at over $160 million across three programs. They are actively engaged in 80 opportunities for satellite buses collectively valued at over $2.7 billion. They expect to have sufficient cash until becoming cash-flow positive in 2024. The independent directors support Marc Bell as CEO. They expect to receive more than $180 million of customer payments from Rivada Space Networks. They are committed to advancing space and satellite technology.

Negative

• The Company expects to reduce its revenue guidance for 2023 to less than $250 million due to delays in payments from Rivada Space Networks.

Actively Engaged in 80 New Opportunities for More Than 2,800 Satellite Buses Collectively Valued Over $2.7 Billion

BOCA RATON, Fla.--(BUSINESS WIRE)-- Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, held its first live Shareholder Town Hall Meeting (the “Town Hall”) yesterday. The virtual Town Hall was open to the public and included a live audio and video stream, during which the Company's Chief Executive Officer, Marc Bell, and the lead independent director of the Company's board of directors, Stratton Sclavos, provided a financial, operational, and strategic update and held a Q&A session.

Terran Orbital's Seven Standard Platforms. Over a decade ago, Terran Orbital pioneered the creation of CubeSat standards, and today, they are establishing new benchmarks for satellite technology for the coming decade. These standards are built upon Terran Orbital's manufacturing capabilities, featuring components and modules that can be readily swapped out to accommodate different bus sizes and configurations. Photo Credit: Terran Orbital

The following topics, among others, were discussed during the Town Hall:

• The Company’s recently announced contract wins valued at over $160 million across three separate programs and spanning two continents over the past week;
• The Company’s active engagement on 80 opportunities relating to more than 2,800 satellite buses for 40 different customers, collectively valued at over $2.7 billion, not including additional opportunities valued at $1.6 billion for its new Components & Module segment.
• The Company’s current expectation that it will have sufficient cash to cover capital investments and operations until becoming cash-flow positive, which is expected in 2024;
• The independent directors’ continued support of Marc Bell as Chief Executive Officer;
• The Company’s continued expectations to receive more than $180 million of customer payments from Rivada Space Networks and continued, near-daily, engagement with Rivada; and
• The Company’s expectation to reduce its revenue guidance for 2023, to be announced at the next earnings call, to less than previously announced guidance of at least $250 million, primarily resulting from delays in payments from Rivada and resulting impacts on expected timing of revenue recognition.

These significant achievements primarily reflect the Company’s continued growth and excellence in providing innovative space-based solutions. Terran Orbital’s commitment to advancing space and satellite technology, as well as setting new standards every decade, has earned the trust of a diverse range of customers ranging from government to commercial.

“These awards are evidence of the hard work and dedication of each Terran at Terran Orbital,” said Marc Bell, Co-Founder, Chairman, and Chief Executive Officer at Terran Orbital. “We received an overwhelming amount of questions and were able to answer many of them during the meeting. We hope that our transparency yesterday demonstrates our continued commitment to be accessible to our shareholders; based on the feedback we received, we plan to do another town hall in the future.”

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/20231027979251/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 were the topics discussed during the Town Hall Meeting?

The topics discussed included recent contract wins, active engagement on 80 opportunities for satellite buses, revenue guidance, and support for the CEO.

What is the value of Terran Orbital's contract wins?

The contract wins are valued at over $160 million.

How many opportunities is Terran Orbital actively engaged in?

Terran Orbital is actively engaged in 80 opportunities for satellite buses.

What is the value of these opportunities?

The opportunities are collectively valued at over $2.7 billion.

When does Terran Orbital expect to become cash-flow positive?

Terran Orbital expects to become cash-flow positive in 2024.

Who supports Marc Bell as CEO?

The independent directors of the company support Marc Bell as CEO.

How much customer payments does Terran Orbital expect to receive from Rivada Space Networks?

Terran Orbital expects to receive more than $180 million of customer payments from Rivada Space Networks.

What is the reason for the reduced revenue guidance for 2023?

The reduced revenue guidance is primarily due to delays in payments from Rivada Space Networks.