The following is a summary of the Terran Orbital Corporation (LLAP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Terran Orbital reported a Q1 2024 revenue of $27.2 million, marking a 3% decrease from the same quarter in 2023, mainly due to subcontractor issues on one program.

• The company registered a gross loss of $6.2 million for Q1 2024, compared to $1.4 million in Q1 2023.

• Selling, general, and administrative expenses for Q1 2024 came in at $28.3 million, lower than the $32.5 million reported in Q1 2023 due to decreased R&D activity and share-based compensation expenses.

• Terran Orbital's adjusted EBITDA for Q1 2024 was negative $28.2 million, compared to $22.6 million in Q1 2023.

• The company had roughly $43.7 million in cash and $316.7 million in gross debt obligations as of March 2024.

Business Progress:

• Terran Orbital reported a backlog of $2.7 billion by the end of Q1 2024, which is now projected to exceed $2.8 billion.

• The company plans to become adjusted EBITDA positive in 2024, prioritizing efficient and successful execution of new and existing contracts.

• Significant investments are being made in manufacturing capacity to support high-volume production, coupled with a strategy to use modular design and automation.

• The workforce has expanded from 675 to 695 and is set to continue to grow to meet the needs of confidential government and Department of Defense projects.

• The company has short and long-term plans to reduce manufacturing time and expand production facilities.

• Terran Orbital disclosed that they are strategically reviewing a proposal from Lockheed Martin.

More details: Terran Orbital IR

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