Terran Orbital, a specialist in manufacturing small satellites, reported fourth-quarter results on Tuesday, with annual revenue nearing $100 million as it continued to build its order backlog.
For the full year of 2022, Terran Orbital brought in $94.2 million in revenue – more than double its 2021 total.
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The Irvine, California-based company reported that revenue grew to $31.9 million in the fourth quarter, up from $27.8 million in the third quarter. Terran Orbital’s adjusted EBITDA loss doubled, however, both on a quarter-over-quarter and year-over-year basis, to $26.1 million, which the company attributed to an increase in expenses such as payroll, sales and marketing.
Shares of Terran Orbital slipped about 8% Tuesday from the stock’s previous close at $1.73.
While Terran Orbital’s order backlog fell on a quarter-over-quarter basis, to $170.8 million in Q4 from $198 million in Q3, that number does not include its $2.4 billion deal with Rivada, announced in February. Terran Orbital’s year-end backlog was for about 60 satellites, with the Rivada contract adding around 300 to that total.
Terran Orbital delivered 19 satellites during the fourth quarter, including 10 under a contract through the Pentagon’s Space Development Agency. The company is expanding its manufacturing facilities to be able to make up to 250 satellites a year.