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Terran Orbital, a leading manufacturer of satellite products primarily for the aerospace and defense industries, has announced a significant increase in second-quarter revenue. The company generated .2 million in revenue for the three-month period ending June 30, 2023, representing a year-over-year growth of 51%.

During this period, Terran Orbital also saw a narrowing of its net loss. The company reported a net loss of .1 million compared to .3 million in the previous year. This improvement was driven by advancements in its loss from operations and gains in financial instruments.

Co-founder, chairman, and CEO Marc Bell highlighted the company’s achievements in the first half of 2023. He mentioned the increase in backlog to .6 billion due to the receipt of new constellation awards. Terran Orbital currently has over 30 programs and more than 370 satellites under contract. Bell expressed confidence that roughly 80% of the backlog will convert into revenue within the next two and a half years.

Bell also provided updates on the company’s contract with Rivada Space Network, stating that the development phase is progressing as planned. Terran Orbital expects to receive significant milestone payments from this contract in the second half of 2023. The company is leveraging its strategic investments in capacity to support Rivada, Lockheed Martin, and other customers. With the opening of the new 50 Tech facility in Irvine, Terran Orbital has doubled its satellite manufacturing capacity.

Looking ahead, Terran Orbital anticipates surpassing 0 million in revenue for the full year, with improving gross margins quarter-over-quarter. However, the rate and scale of improvement may vary depending on program mix and execution. The company expects capital expenditures for 2023 to be under million.

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