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Terran Orbital expected to receive $180,000,000 from its biggest customer before the end of 2023 for the Rivada Space contract.
Terran Orbital received a payment from Rivada Space Networks pursuant to the companies' previously announced contract.
Terran Orbital expects to receive additional milestone payments under the Rivada Contract in 2024.
The Rivada Space contract with Terran Orbital is a $2,400,000,000 project.
At Rivada's request, Terran Orbital does not plan to provide further public updates or comments on the Rivada Contract except as required by the Securities and Exchange Commission or in its quarterly and annual financial reports.
Terran Orbital received a past-due payment for the 300 satellites it is building for Rivada Space Networks on 2024-01-02.
Terran Orbital expects to receive additional milestone payments from Rivada Space in 2024.
Rivada Space has plans for 576 satellites in low Earth orbit and must deploy 288 of them by mid-2026 to comply with its regulatory license.
By using Rivada’s OuterNET, Tekniam can provide an emergency network intended to help businesses resume full function and prevent major business interruptions.
Rivada Networks previously provided emergency communication services in the United States to customers including the National Guard and leading police forces.
Tekniam partnered with Rivada Space Networks to use The OuterNET to provide a resilient and easy-to-deploy network for emergency communications.
Rivada’s OuterNET combines inter-satellite laser links with advanced onboard processing to provide routing and switching capabilities that create an optical mesh network in space.
Terran Orbital’s stock had not reached an average closing price of $1 since the 2023-10-20 NYSE notice as it awaited a large payment from prospective constellation operator Rivada Space.
Globalsat Group is partnering with Rivada Space Networks to provide access to a next-generation data network for customers in the energy, government, NGO, agriculture, utilities, and transportation sectors throughout the Americas and beyond.
Rivada’s OuterNET is a global, low-latency, point-to-point connectivity network of 600 LEO satellites that combines inter-satellite laser links with advanced onboard processing to create an optical mesh network in space.
Terran Orbital expects to receive more than $180,000,000 of customer payments from Rivada Space Networks and maintains near-daily engagement with Rivada Space Networks.
Terran Orbital expects to reduce its 2023 revenue guidance to below its previously announced guidance of at least $250 million, primarily due to delays in payments from Rivada that affect the timing of revenue recognition.
The Rivada Space contract for 300 satellites to be delivered on SpaceX launches starting in 2025 represents the bulk of Terran Orbital’s backlog of future revenues.
Terran Orbital currently has more than 120 satellites under construction or recently launched, not including 300 satellites under contract for Rivada Space’s LEO broadband network.
Rivada Space does not expect issues meeting its regulatory commitments, including deploying 288 satellites by mid-2026.