Satellite maker Terran Orbital Corp. (NYSE: LLAP) in Irvine said today it expects to lower its 2023 revenue guidance, primarily due to delays in payments from customer Rivada Space Networks and the resulting impacts on estimated timing of revenue recognition.
Terran said the revision from the previously stated figure of at least $250 million will be announced as part of the next earnings release on Nov. 14. The company is headquartered in Florida, but has the bulk of its operations in Irvine.
Shares in Terran Orbital rose 0.3% to 83 cents apiece for a market cap of $164 million.
Terran also said in a news release today that during an online town hall meeting yesterday, it discussed 80 new opportunities for more than 2,800 “satellite buses” collectively valued at over $2.7 billion. The company expects to be cash-flow positive next year.