Terran Orbital Corporation (“Terran Orbital”) has announced that the firm has received contracts and awards totaling more than $170 million since September 30, 2021 — this includes multiple agreements and awards from several government and commercial customers.
Terran Orbital previously announced that the firm had entered into a business combination agreement with Tailwind Two Acquisition Corp. (NYSE: TWNT), (“Tailwind Two”), a special purpose acquisition company (SPAC), pursuant to which Terran Orbital will combine with Tailwind Two.
“Terran Orbital is fortunate to enjoy unique relationships with leaders in the defense, civil, and commercial sectors,” said Marc Bell, Co-Founder, Chairman and Chief Executive Officer of Terran Orbital. “Our team continues to focus on delivering the highest quality solutions at a compelling price. We are honored by the trust and partnership of our customers and look forward to delivering the capabilities they need.”
As always, government contracts and programs are subject to the availability of Congressional appropriations and authorizations, as well as the federal budget process. Accordingly, Terran Orbital may not predict if and when the anticipated revenue from these government programs and awards will be recognized.
Additionally, Terran Orbital Corporation has signed a 10-year lease for a 60,000 square-foot commercial facility in Irvine, California — the location of the facility is adjacent to the Company’s existing facility. The new facility will focus on pure assembly and production. The facility will house staff and equipment starting later this year.
In September 2021, Terran Orbital announced it planned to build what the Company believes will be one of the largest satellite manufacturing complexes in the world in Brevard County, Florida. Once completed, it is expected that the 660,000 square-foot facility will create approximately 2,100 new jobs on Florida’s Space Coast.
“Terran Orbital continues to expand our status as an industry leader by growing our portfolio of satellite production and assembly facilities,” said Terran Orbital Co-Founder, Chairman and Chief Executive Officer, Marc Bell. “This is another in a long line of developments to maintain our leadership as a top small satellite manufacturer in the country.“
