Terran Orbital Reports an Excess of US$ 70 Million Year-End Cash Balance

Boca Raton, FL., January 2, 2024 – Terran Orbital Corporation (NYSE: LLAP) today pre-announced its 2023 year-end cash balance. Terran Orbital expects to report an excess of US$ 70 million in cash and cash equivalents as of December 31, 2023, compared to cash and cash equivalents of US$ 38.7 million as of September 30, 2023, primarily resulting from the receipt of key customer payments at year-end. 

"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 Chief Executive Officer.

The company also announced that it had received a payment from Rivada Space Networks  pursuant to the company’s previously announced contract with Rivada. The amount was for the completion of a program milestone.  As a result, Rivada is current on all outstanding invoices.  The company expects to receive additional milestone payments in 2024 and continues to expect to meet its delivery obligations under the Rivada contract on schedule in 2025 and 2026.