Annual sales are approaching $100 million

Terran Orbital, a small satellite manufacturing specialist, reported its fourth-quarter results on Tuesday, with annual revenues approaching $100 million as it continued to build its backlog.

For the full year 2022, Terran Orbital brought in $94.2 million in revenue – more than double the 2021 total.

The Irvine, California-based company reported that revenue grew to $31.9 million in the fourth quarter, compared to $27.8 million in the third quarter. However, Terran Orbital’s adjusted EBITDA loss doubled, both quarterly and year-over-year, to $26.1 million, which the company attributed to an increase in expenses such as payroll, sales and marketing.

Shares of Terran Orbital fell about 8% on Tuesday from the stock’s previous close at $1.73.

While Terran Orbital’s order book fell quarter-over-quarter to $170.8 million in Q4 from $198 million in Q3, that number excludes the $2.4 billion deal with Rivada, announced in February. Terran Orbital’s year-end backlog was about 60 satellites, and the Rivada contract added about 300 to that total.

Terran Orbital delivered 19 satellites in the fourth quarter, including 10 under contract through the Pentagon’s Space Development Agency. The company is expanding its production facilities to make up to 250 satellites per year.