Terran orbital Rivada Space Networks has updated its projected year-end financial results after the company received a long-awaited boost from its largest customer, Rivada Space Networks.
The news announced today, It confirms previous reports from TechCrunch Terran CEO Mark Bell was expecting at least some payments from Rivada before the end of the year.
Rivada, a German subsidiary of US-based Rivada Networks, has ambitious plans to build a massive constellation in low Earth orbit. The company has contracted with Terran to build 300 satellites at a total expected cost of $2.4 billion. This contract is Terran’s largest ever, and represents the bulk of the company’s backlog.
While Terran did not disclose the exact payment amount, the company said that Rivada is now on top of all outstanding invoices. Terran added that it expects to receive additional additional payments this year and is on track to deliver the satellites in 2025 and 2026.
As a result of this push, Terran revised its projected year-end cash balance from $38.7 million as of the end of September to more than $70 million by the end of December. All in all, it’s great news for Terran Orbital, which has seen its stock collapse since its public market debut at $10.96 per share. But the extra push from its largest customer will undoubtedly help boost investor confidence as the company moves into a new year.
Terran Orbital, listed on the NYSE under the ticker symbol LLAP, saw its stock price rise slightly on the news, going from $1.14 as of the previous close to $1.26 as of press time.