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Terran Orbital has announced a significant increase in revenue for the second quarter, driven by winning a greater number of contracts for its satellite products and services. The leading manufacturer of satellite products, primarily serving the aerospace and defense industries, reported revenue of .2 million for the three-month period ending June 30, 2023, marking a 51% year-over-year increase.

The company also saw a decrease in net loss during the same period, with losses narrowing to .1 million compared to .3 million in the previous year. This improvement was a result of enhanced operational performance and gains in financial instruments.

Terran Orbital’s backlog has grown to .6 billion, thanks to the addition of new constellation awards. With more than 30 programs and over 370 satellites under contract, the company expects approximately 80% of its backlog to convert into revenue over the next two and a half years.

CEO Marc Bell highlighted the progress of the company’s contract with Rivada Space Network, stating that the development phase is on schedule and anticipates significant milestone payments in the second half of 2023. Terran Orbital has also increased its satellite manufacturing capacity with the opening of a new facility in Irvine, doubling its production capabilities.

The company projects that its full-year revenue will exceed 0 million as it continues to grow and improve its gross margins. However, the pace and size of improvement may be influenced by program mix and execution. Capital expenditures for 2023 are expected to remain below million.

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