LLAP - Terran Orbital receives milestone payment for $2.4B contract with Rivada Space Networks for 300 spacecraft

2023-04-27 09:59:30 ET

• Terran Orbital ( NYSE: LLAP ) is trading ~8% higher after the company announced that it had received a milestone payment for completing the screening of industrial partners and trade studies that will support the acquisition process and system engineering for its $2.4B contract with Rivada Space Networks to manufacture 300 spacecraft.
• Under the $2.4B contract with Rivada Space Networks, Terran Orbital's subsidiary Tyvak Nano-Satellite Systems will be responsible for the design, construction, and deployment of 288 low-Earth orbit satellites, along with 12 additional spare satellites, resulting in a total of 300 spacecraft.
• Each spacecraft is expected to weigh approximately 500 kg. Terran Orbital will also handle the integration of the communication payload and conduct the final assembly, integration, and testing of the satellites. Additionally, Terran Orbital will develop certain components of the ground segment for the project.
• Press Release

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