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Terran Orbital Slashes 2023 Revenue Outlook Almost in Half

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.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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