Terran’s CEO, Marc Bell, commented: “The demand signals from our market remain strong. The company is engaged in over 80 near-term opportunities relating to more than 2,800 satellite buses for 40 different customers. Stepping back to our broader total pipeline, our team has identified opportunities totaling over 4,400 satellites across 140 individual projects. For perspective, there have been just 5,000 satellites launched worldwide over the last decade.”

“On the commercial market front, we were pleased to be awarded a $2.4 billion contract to build 300 satellites for Rivada Space Networks. Our team will design and manufacture the 500kg satellites, integrate the communication payload, and perform final assembly, integration, and testing. Our year-to-date revenue through September 30th is $104.3 million, up 67 per cent YoY. Gross profit was $9.1 million for the same period. Our year-to-date adjusted gross profit was $17.2 million. Represented as a percentage of sales, our year-date adjusted gross profit margin was 16.5 per cent – more than double the 8.2 per cent margin from the prior year period. Our headcount increased to over 650 employees this year, which demonstrates the company’s attractiveness to new team members in a competitive labour market. I am proud to report we opened our 60,000-square-foot expansion to our existing manufacturing facility. This new addition enables us to boost satellite production significantly, increasing it from an estimated 10 satellites per month to more than 20. We also broke ground on a 94,000-square-foot manufacturing facility which will increase our satellite assembly, integration, and test operations by more than three times its current size,” added Bell.

The new factory contains what Terran describes as the world’s largest robotic satellite assembly facility.