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Terran Orbital, a leading manufacturer of satellite products primarily for the aerospace and defense industries, has reported a significant increase in revenue for the second quarter of 2023. The company generated .2 million in revenue, representing a year-over-year growth of 51%.

During the same period, Terran Orbital’s net loss narrowed to .1 million, compared to .3 million in the previous year. The improvement in financial performance can be attributed to enhancements in the company’s loss from operations and gains in financial instruments.

The CEO of Terran Orbital, Marc Bell, highlighted the company’s achievements in the first half of 2023. These include increasing the backlog to .6 billion from new constellation awards and securing over 30 programs and 370 satellites under contract. Bell expressed optimism that approximately 80% of the backlog will convert into revenue within the next two and a half years.

Terran Orbital’s contract with Rivada Space Network is progressing as planned, with the development phase ramping up. The company expects milestone payments from this contract in the second half of 2023. Additionally, Terran Orbital is leveraging its strategic investments in capacity to support Rivada, Lockheed Martin, and other customers. The recent opening of the company’s new facility in Irvine has doubled its satellite manufacturing capacity.

Looking ahead, Terran Orbital projects full-year revenue to exceed 0 million as it continues to expand operations. The company expects quarter-over-quarter improvements in gross margins, although the pace and size of improvement may vary depending on program mix and execution. Capital expenditures for 2023 are anticipated to be under million.

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