Particle.news
Download on the App Store
4 ARTICLES
·
last yr.

Terran Orbital's Financial Outlook Improves with Payment from Rivada Space Networks

The satellite manufacturer adjusts year-end cash balance to over $70 million following receipt of long-awaited payment, boosting investor confidence.

Image
WASHINGTON, DC - MARCH 15: Marc Bell speaks on stage as Terran Orbital celebrates its PropCube display at Smithsonian’s National Air and Space Museum on March 15, 2023 in Washington, DC. (Photo by Paul Morigi/Getty Images for Terran Orbital Corporation)

Overview

  • Terran Orbital received a long-awaited payment from its largest customer, Rivada Space Networks, making Rivada up-to-date on all outstanding invoices.
  • The payment led Terran Orbital to adjust its anticipated year-end cash balance from $38.7 million to over $70 million.
  • Rivada Space Networks contracted Terran Orbital to build 300 satellites at a total anticipated cost of $2.4 billion.
  • Terran Orbital expects to receive additional incremental payments this year and is on track to deliver satellites in 2025 and 2026.
  • The news of the payment resulted in a slight increase in Terran Orbital's stock price.