Why Terran Orbital (LLAP) Shares Are Surging Today

Terran Orbital Corporation LLAP reported fourth-quarter FY22 revenue of $31.92 million, an increase of 197% year-over-year, beating the consensus of $31.17 million.
The company stated that the increase in revenue was primarily due to the continued support of the SDA's Transport Layer, including the completion and delivery of 10 satellites to Lockheed Martin Corporation LMT for the Tranche 0 program.
Q4 loss per share was $(0.23) versus $(0.51) in the prior year period. Adjusted EPS loss of $(0.06) topped the consensus loss of $(0.20).
Q4 net loss narrowed to $(32.98) million compared to $(40.3) million in 4Q21, driven by a decrease in the fair values of warrant and derivative liabilities following the Tailwind Two Merger.
The company recorded an adjusted gross loss of $(7.31) million for Q4, compared to a gross profit of $1.69 million in 4Q21.
Adjusted EBITDA loss expanded to $(26.08) million, compared to a loss of $(11.29) million in 4Q21.
As of Dec. 31, 2022, the company's backlog totaled ~$170.8 million (+131% Y/Y), not including the $2.4 billion Rivada order.
Also Read: Why Terran Orbital Stock Is Rocketing Higher Today
The company is commissioning Irvine expansion in 2023 to bring capacity up to 250 satellites per year.
"We expect to begin delivery of 42 Transport Layer Tranche 1 satellites in 2023. Leveraging this performance, we are preparing bids for Transport Layer Tranche 2 and other SDA programs including T2DES and Tracking Layer which represent nearly 300 satellites this and next year," commented Marc Bell, Co-Founder, Chairman & CEO.
Net cash used in operating activities for FY22 was $(81.8) million versus $(34.88) million in FY21.
Terran Orbital held $93.6 million of cash on hand and ~$302.2 million in gross debt obligations as of Dec. 31, 2022.
Price Action: LLAP shares are trading higher by 10.4% at $1.91 in the premarket on the last check Tuesday.

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Why Terran Orbital Shares Are Surging Today

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