Terran Orbital Q1 2022

Note – These are the company’s first reported fiscal results after it went public in March 2022

In Q1 2022, small satellite manufacturer Terran Orbital reported:

• $13.1 million of revenues, a 25% increase from the first quarter of 2021.
• Net loss was $71 million, compared to $77 million in the same time last year. Net loss decreased because of a reduction in loss on extinguishment of debt.
• An increase in general expenses – $20.2 million in Q1 compared to $6.7 million in the same period last year. The increase was due to $15.1 million of non-recurring share-based compensation expense with the special purpose acquisition company (SPAC) merger, and increased wages due to inflation.
• Backlog at the end of the quarter was a $222 million, up 200% from December 31, 2021.
• Contract awards during the quarter include the Lockheed Martin contract to build 42 satellites for the Space Development Agency‘s Tranche 1 Transport Layer.
• As of March 31, 2022, Terran Orbital had $76.7 million of cash on hand and approximately $204.5 million in gross debt obligations.
• Terran Orbital was one of the wave of companies to recently go public through a SPAC merger.