Satellite company Terran Orbital Corp., which has the bulk of its operations in Irvine, has doubled its spacecraft output to 20 per month, with a string of orders already extending several years out.
The backlog has increased more than 1,400% to over $2.6 billion and more than 370 satellites since last Dec. 31.
“We estimate 80% of our backlog will convert into revenue during the next two and a half years,” Marc Bell, Terran Orbital’s co-founder, chairman and chief executive, said in presenting the second-quarter and first-half results on Aug. 14.
Terran Orbital (NYSE: LLAP) also expects revenue to grow to $250 million this year from just over $94 million last year.
The company said in February it had won its biggest contract ever, a $2.4 billion order from Rivada Space Networks for 300 Low Earth Orbit, or LEO, spacecraft.
Ramping Up
The development phase of the Rivada contract is ramping up and is on schedule, Bell said earlier this month, adding that Rivada “remains current on all payments.”
“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,” according to Bell.
Shares in Terran Orbital were trading at $1.25 apiece for a market cap of $201 million as of Aug. 18, representing a 20% drop so far this year.
Terran, headquartered in Baco Raton, Fla., is riding the satellite boom; the industry projects tens of thousands of satellites to be launched in the coming years.
