Why Satellite-Based Solutions Provider Terran Orbital Shares Are Gaining Today

Zinger Key Points
  • Terran Orbital had received a payment from Rivada Space Networks for completion of a program milestone.
  • Terran Orbital continues to expect to meet its delivery obligations under the Rivada Contract.

Terran Orbital Corp LLAP shares are trading higher by around 11% after it disclosed receiving a milestone payment and pre-announced its 2023 year-end cash balance.

In particular, the company got a payment from Rivada Space Networks related to its previously announced contract for the completion of a program milestone

Rivada is current on all outstanding invoices. LLAP anticipates receiving additional milestone payments in 2024 and expects to meet its delivery obligations under the Rivada Contract on schedule in 2025 and 2026.

The company expects to report cash and cash equivalents of over $70 million as of December 31, 2023 (vs. $38.7 million as of September 30, 2023). The company had over $70 million cash on hand as of October 31, 2023.

"We are entering 2024 with a strong financial foundation that we believe will enable us to continue to execute on our strategic and operational objectives," said Marc Bell, Terran Orbital's Co-Founder, Chairman, and CEO.

Price Action: LLAP shares are up 10.6% at $1.27 on the last check Tuesday.

Photo via Company

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