Terran Orbital<\/b>\u2019s revenue decreased nearly 6% in the second quarter of 2024 as the company\u2019s supply of cash dwindles. <\/p>\n
The satellite manufacturer filed its 10-Q with the Securities and Exchange Commission (SEC) on August 12, but did not publish a press release or hold a call with investors. <\/p>\n
Revenue in the second quarter was $30.3 million, down 5.7% year-over-year. The company reported the decline was due to a decrease in the level of progress in satisfying certain customer contracts.<\/p>\n
Net loss was $35.4 million during the quarter. <\/p>\n
Terran Orbital reported that as of July 31, 2024, it had $14.6 million in cash on hand, which will not meet financial obligations over the next year without additional funding. There is a \u201cgoing concern\u201d about the company\u2019s ability to continue operating. <\/p>\n
The company is pursuing additional sources of capital. Terran Orbital is undergoing a strategic review that began before the start of 2024. <\/p>\n
\u201cWe are considering a range of strategic options to address our near-term need for capital including, but not limited to, one or more debt financings, which could take the form of a working capital facility, term loan, receivables financing, or other financing against contract awards to bridge us to expected near-term customer payments on existing and newly-awarded contracts, a sale of the Company, or an alternative strategic relationship,\u201d Terran Orbital said in the 10-Q. <\/p>\n
Earlier this year, Lockheed Martin, the company\u2019s largest customer, placed a bid to acquire the company, then withdrew it. Lockheed Martin represented 71% of the company\u2019s revenue in the first six months of the year. <\/p>\n
Rivada Space Networks, which signed Terran Orbital for an eye-catching $2.4 billion, 300-satellite deal, has paid just $6.2 million to Terran Orbital in the first six months of this year. Rivada paid $4.6 million during the second quarter. <\/p>\n
Terran Orbital removed unpaid Rivada commitments from its backlog. One year ago, backlog was $2.7 billion with the Rivada deal, and backlog is now at $312.7 million. <\/p>\n
The company\u2019s stock dropped 29% on Tuesday after the results were issued. Terran Orbital stock is valued at 46 cents and is at risk of being delisted by the New York Stock Exchange for having a share price under $1. <\/p>\n","protected":false},"excerpt":{"rendered":"
Terran Orbital\u2019s revenue decreased nearly 6% in the second quarter of 2024 as the company\u2019s supply of cash dwindles. The satellite manufacturer filed its 10-Q with the Securities and Exchange Commission (SEC) on August 12, but did not publish a press release or hold a call with investors. Revenue in the second quarter was $30.3 […]<\/p>\n","protected":false},"author":1,"featured_media":50770,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-50769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/50769"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=50769"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/50769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/50770"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=50769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=50769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=50769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}