Terran Orbital, the renowned satellite maker, announced that it has received a payment from Rivada Space Networks. This news has led to a significant boost in the company’s stock, with an increase of nearly 18% to $1.33 during premarket trading. It is worth noting that the stock had experienced a decline of approximately 28% throughout 2023.
Thanks to Rivada’s payment, Terran Orbital confirmed that it is now up-to-date on all outstanding invoices. Additionally, the company expects to receive further milestone payments in the coming year.
In an unrelated update, Terran revealed that its cash and cash equivalents have exceeded $70 million as of December 31, a notable increase from $38.7 million on September 30. This follows the previous announcement that the company already had over $70 million in cash on hand as of October 31.
Chief Executive Marc Bell expressed his confidence in the company’s financial position as it enters 2024. “We are starting the year with a solid financial foundation that we believe will empower us to continue achieving our strategic and operational objectives,” he stated.
(Written by Will Feuer)