Terran Orbital Reports Net Loss of $71.4 Million on $13.1 Million in Revenues, Record Order Backlog

by Douglas Messier
Managing Editor

Small satellite manufacturer Terran Orbital reported a first quarter net loss of $71.4 million on $13.1 million in revenues, but the company said it had a record backlog of $222 million at the end of March. The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $14.7 million for the quarter.

“We had a record quarter of contract wins and grew our backlog to more than $220 million by quarter end. We are focused on delivering satellites and expanding our production capacity to satisfy our growing customer demand. Market demand signals for small satellites have been increasing rapidly in 2022 as evidenced by the growth in defense budgets. We continue to see tremendous demand for our satellite manufacturing business going into 2022 and have built our pipeline to over $12 billion of opportunities,” said CEO/Chairman Marc Bell.

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Terran Orbital Awarded Contract in Support of the Space Development Agency’s Tranche 1 Transport Layer

Terran Orbital to build 42 Satellites for Space Development Agency’s Tranche 1 Transport Layer which will support global warfighter missions as part of a contract Lockheed Martin was awarded by the Space Development Agency

Satellites will provide and support global communications access and persistent regional encrypted connectivity enabling warfighters across all areas of operation

BOCA RATON, Fla., March 15, 2022 (Terran Orbital PR) –Terran Orbital Corporation (“Terran Orbital”), a leading vertically integrated provider of end-to-end satellite solutions, announced that its wholly owned subsidiary, Tyvak Nano Satellite Systems, Inc., was awarded a contract by Lockheed Martin to build 42 satellites for the Space Development Agency’s Tranche 1 Transport Layer, the Initial Warfighting Capability Tranche of the National Defense Space Architecture (NDSA). 

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Terran Orbital to Significantly Expand Manufacturing Capability in Irvine, California

Leading small satellite provider to expand production by leasing a new manufacturing facility in Irvine

BOCA RATON, Fla., February 15, 2022 – Terran Orbital Corporation (“Terran Orbital,” or the “Company”), a leading vertically integrated provider of end-to-end satellite solutions, signed a 10-year lease for a 60,000 square-foot commercial facility in Irvine, California. The location of the facility is adjacent to the Company’s existing facility.

“Terran Orbital continues to expand our status as an industry leader by growing our portfolio of satellite production and assembly facilities,” said Terran Orbital Co-Founder, Chairman and Chief Executive Officer Marc Bell. “This is another in a long line of developments to maintain our leadership as a top small satellite manufacturer in the country.”

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Tailwind Two Acquisition Corp. and Terran Orbital Announce March 22, 2022 Extraordinary General Meeting of Shareholders to Approve Business Combination

BOCA RATON, Fla. (Terra Orbital/Tailwind Two PR) — Terran Orbital Corporation (“Terran Orbital”), a leading vertically integrated provider of end-to-end satellite solutions and Tailwind Two Acquisition Corp. (NYSE: TWNT) (“Tailwind Two”), a publicly traded special purpose acquisition company, today announced that the extraordinary general meeting of shareholders of Tailwind Two (the “Extraordinary General Meeting”) to approve the pending business combination (the “Business Combination”) between Terran Orbital and Tailwind Two is scheduled to be held on Tuesday, March 22, 2022 at 9:00 a.m. Eastern Time. Holders of Tailwind Two’s Class A ordinary shares and Class B ordinary shares at the close of business on the record date of February 4, 2022 will be entitled to notice of the Extraordinary General Meeting and to vote at the Extraordinary General Meeting.

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Terran Orbital Announces a Record $170+ Million in New Contracts and Awards Since September 30, 2021

BOCA RATON, Fla., February 15, 2022 (Terran Orbital PR) — Terran Orbital Corporation (“Terran Orbital”), a leading vertically integrated provider of end-to-end satellite solutions, announced  contracts and awards totaling over $170 million since September 30, 2021. This includes multiple agreements and awards from several government and commercial customers.

“Terran Orbital is fortunate to enjoy unique relationships with leaders in the defense, civil, and commercial sectors,” said Marc Bell, Co-Founder, Chairman and Chief Executive Officer of Terran Orbital. “Our team continues to focus on delivering the highest quality solutions at a compelling price. We are honored by the trust and partnership of our customers and look forward to delivering the capabilities they need.”

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Terran Orbital Appoints Eric Leeds as Vice President Investor Relations

Eric Leeds (Credit: Terran Orbital)

BOCA RATON, Fla., Feb. 10, 2022 (Terran Orbital PR) — Terran Orbital Corporation (“Terran Orbital”), a leading vertically integrated provider of end-to-end satellite solutions, announced today the appointment of Eric Leeds as Vice President of Investor Relations.

Mr. Leeds is a graduate of New York University’s Stern School of Business and holds an Investor Relations Charter (IRC) from the National Investor Relations Institute. He is a Founding Board Member of Institutional Investor Magazine’s Journal of Strategic Investor Relations and Member of Standard & Poor’s Institutional Market Services Advisory Council.

Terran Orbital Chief Executive Officer Marc Bell said, “Eric is an experienced investor relations advisor and a strategic addition to the Terran Orbital team. His background will prove vital to our company and its upward growth trajectory as he ensures we have the capital to redefine next-gen space and deliver outstanding shareholder returns for years to come.”

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Tailwind Two Acquisition Corp. Signs Definitive Agreement to Take Terran Orbital Public Using a SPAC; Valuation of $1.58 Billion

  • $345 million cash-in-trust from Tailwind Two
  • $50 million PIPE with participation from AE Industrial Partners, Beach Point Capital, Daniel Staton and Lockheed Martin
  • $75 million of additional financial commitments from Francisco Partners and Beach Point Capital
  • Transaction expected to close in first quarter of 2022

New York, NY. and BOCA RATON, FL. (October 28, 2021) Tailwind Two Acquisition Corp. (NYSE:TWNT) (“Tailwind Two”), a special purpose acquisition company, and Terran Orbital Corporation, the global leader and pioneer in the development, innovation and operation of small satellites and earth observation solutions, jointly announced today that they have entered into a definitive business combination agreement.  Upon the closing of the transaction, the combined company (the “Company”) will operate as Terran Orbital Corporation, with plans to list on the NYSE under the symbol LLAP. The pro forma total enterprise value of the combined companies is approximately $1.58 billion. The transaction is expected to close in the first quarter of 2022.

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