Satellite developer and manufacturer Terran Orbital [LLAP] said it received a long-awaited payment from Rivada Space Networks and expects additional milestone payments from the company this year.
Terran also said it ended 2023 with more than $70 million in cash and cash equivalents, highlighting a stronger cash position than it had at the end of last September when it reported $38.7 million of cash on its balance sheet.
“We are entering 2024 with a strong financial foundation that we believe will enable us to continue to execute on our strategic and operational objectives,” Marc Bell, Terran’s chairman and CEO, said in a statement.
The higher cash position was the result of customer payments that came late in 2023, Terran said.
The amount of the milestone payment from Rivada was not disclosed and was for completion of a program milestone. Terran is under contract to supply satellite buses to Rivada for a space-based data network.
Rivada is up to date on its payments, Terran said, adding that it expects to meet scheduled delivery plans in 2025 and 2026.
Bell in October said delays in the Rivada payments and other awards would lead to lower revenue than expected sales in 2023. Some investors are concerned the company is too reliant on two customers, Rivada and Lockheed Martin [LMT], for which it provides satellite buses for Space Development Agency programs.
Terran has been under attack from a group of minority shareholders that want Bell removed as CEO as well as improved governance and a review of strategic alternatives that could include a sale of the company.