Satellite maker Terran Orbital Corp., which has most of its operations in Irvine, confirmed it’s cutting its 2023 revenue guidance almost in half due to “delay and uncertainty” of a payment from its partner Rivada Space Networks.
Terran’s shares closed down 4.9% following the announcement to 71 cents apiece and a $149 million market cap.
Florida-based Terran Orbital (NYSE: LLAP) specified it was lowering its 2023 revenue guidance from $250 million to an amount “in excess” of $130 million. The company had said last month there would be a reduction without specifying a new projected number.
Terran Orbital’s third-quarter revenue rose 58% to $43.9 million. Terran Orbital said its backlog has jumped from $171 million on Dec. 31 to an estimated $2.75 billion as of last month.