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Terran Orbital
Terran Orbital (LLAP) investor relations material
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Terran Orbital Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary11 Aug, 2024
Executive summary
Revenue for Q2 2024 was $30.4M, down 6% year-over-year, with a net loss of $35.4M, widening from $28.1M in Q2 2023.
Six-month revenue was $57.6M, down 5% year-over-year, with a net loss of $88.6M, compared to $82.6M in the prior year.
Adjusted EBITDA for Q2 2024 improved to $(17.4)M from $(21.4)M in Q2 2023, but six-month Adjusted EBITDA declined to $(45.6)M from $(43.9)M.
Backlog dropped sharply to $312.7M from $2.7B at year-end 2023, mainly due to the removal of the unpaid portion of the Rivada contract.
Substantial doubt exists about the company's ability to continue as a going concern due to liquidity constraints and upcoming debt covenants.
Financial highlights
Q2 2024 gross profit was $2.8M, up from $0.8M in Q2 2023; six-month gross loss was $(3.3)M, compared to $(0.6)M last year.
Adjusted gross profit for Q2 2024 was $6.1M, up from $2.8M in Q2 2023; six-month adjusted gross profit was $2.6M, down from $5.1M.
Cash and cash equivalents were $30.6M as of June 30, 2024, down from $71.7M at year-end 2023; further declined to $14.6M by July 31, 2024.
Long-term debt stood at $187.4M, with total debt at $200.4M as of June 30, 2024.
Q2 2024 net loss per share was $(0.17), compared to $(0.18) in Q2 2023.
Outlook and guidance
Management warns that current cash is insufficient to meet obligations over the next twelve months without additional funding.
The company is exploring strategic options, including debt or equity financing, asset sales, or a potential sale of the company.
Uncertainty remains regarding compliance with EBITDA financial covenants by year-end 2024; failure could trigger debt acceleration.
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Frequently asked questions
Terran Orbital Corporation, together with its subsidiaries, provides satellite solutions in the aerospace and defense industry in the United States. The company designs, develops, launches, and operates a constellation of earth observation satellites that has synthetic aperture radar capabilities to provide earth observation data and mission solutions. It also offers end-to-end satellite solutions for various missions across a range of applications. The company was founded in 2013 and is headquartered in Boca Raton, Florida.
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