Terran Orbital Receives Rivada Payment

Terran Orbital facility in Irvine, California. Photo: Terran Orbital

Terran Orbital has started the year by announcing two significant financial updates regarding its cash balance as well as an update on its contract with Rivada Space Networks. The company received a milestone payment from Rivada on its constellation contract.

Terran Orbital said the amount was for the completion of a program milestone. As a result, Rivada is current on all outstanding invoices. Terran Orbital 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. Terran announced both pieces of news, Jan. 2.

Terran Orbital now expects to report an excess of $70 million in cash and cash equivalents as of December 31, 2023, compared to cash and cash equivalents of $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,” Marc Bell, co-founder, chairman, and CEO, of Terran Orbital said in a statement.

This will impact Terran Orbital’s full year financial results. Rivada was previously delayed on making this payment, which caused Terran Orbital to cut its financial projections for 2023.