Terran Orbital, the satellite company with most of its operations in Irvine, said it has been awarded a Lockheed Martin sub-contract to produce 18 satellite “buses” for the Space Development Agency project. The body of a satellite, also known as a “bus,” holds the scientific equipment and other necessary components that are sent into space.
No price was disclosed.
Following the announcement, shares in after-hours trading rose 4.8% to $1.11. During regular trading, shares in Florida-headquartered Terran closed up 1% at $1.05 apiece for a market cap of $212 million.
Lockheed owns an estimated 6.7% of the shares of Terran Orbital.
