Terran Orbital reports Q2 EPS (18c), consensus (21c)

Reports Q2 revenue $32.23M, consensus $44.58M. Reports backlog of over $2.6B. Marc Bell, Terran Orbital’s co-founder, chairman and CEO, said, “I am excited to report our positive momentum continues. First half 2023 highlights include increasing our backlog to $2.6 billion from our new constellation awards. We now have over 30 programs and over 370 satellites on contract. We estimate 80% of our backlog will convert into revenue during the next two and a half years. The development phase of the Rivada Space Networks contract is ramping up and is on schedule. Rivada remains current on all payments, and material milestone payments are expected in the second half of this year. We are leveraging our strategic investments in capacity to support Rivada, Lockheed Martin, and other new and existing customers. With the opening of our new 50 Tech facility in Irvine we have doubled our satellite manufacturing capacity.”