Satellite tv for pc maker Terran Orbital sees annual income climb close to $100 million

Terran Orbital, a specialist in manufacturing small satellites, reported fourth-quarter outcomes on Tuesday, with annual income nearing $100 million because it continued to construct its order backlog.

For the total yr of 2022, Terran Orbital introduced in $94.2 million in income – greater than double its 2021 complete.

The Irvine, California-based firm reported that income grew to $31.9 million within the fourth quarter, up from $27.Eight million within the third quarter. Terran Orbital’s adjusted EBITDA loss doubled, nonetheless, each on a quarter-over-quarter and year-over-year foundation, to $26.1 million, which the corporate attributed to a rise in bills reminiscent of payroll, gross sales and advertising.

Shares of Terran Orbital slipped about 8% Tuesday from the inventory’s earlier shut at $1.73.

Whereas Terran Orbital’s order backlog fell on a quarter-over-quarter foundation, to $170.Eight million in This fall from $198 million in Q3, that quantity doesn’t embrace its $2.four billion cope with Rivada, introduced in February. Terran Orbital’s year-end backlog was for about 60 satellites, with the Rivada contract including round 300 to that complete.

Terran Orbital delivered 19 satellites in the course of the fourth quarter, together with 10 below a contract via the Pentagon’s House Growth Company. The corporate is increasing its manufacturing amenities to have the ability to make as much as 250 satellites a yr.