Delaware | 3760 | 98-1572314 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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F-1 |
Issuer | Terran Orbital Corporation | |
Issuance of common stock: | ||
Shares of common stock offered by us | Up to 30,355,566 shares of common stock issuable upon exercise of | |
a. up to 11,499,960 shares of common stock that are issuable upon the exercise of the public warrants; | ||
b. up to 7,800,000 shares of common stock that are issuable upon the exercise of the private placement warrants; and | ||
c. up to 11,055,606 shares of common stock that are issuable upon the exercise of the debt provider warrants | ||
Shares of common stock outstanding as of | ||
Exercise price of public warrants and private placement warrants | $11.50 per share, subject to adjustments as described herein | |
Exercise price of debt provider warrants | $10.00 per share, subject to adjustments as described herein | |
Use of proceeds | We will receive up to an aggregate of approximately $332.5 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. There is no assurance that the holders of the Warrants will elect to exercise for cash any or all of such Warrants. We believe the likelihood that warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the market price of our common stock. If the market price for our common stock is less than $10.00 per share, we believe warrant holders will be unlikely to exercise their debt provider warrants, and if the market price for our common stock is less than $11.50 per share, we believe warrant holders will be unlikely to exercise their public warrants and private placement warrants. We expect to use the net proceeds from the exercise of the Warrants, if any, for investment in growth and general corporate purposes. See “ Use of Proceeds |
Resale of common stock and warrants: | ||
Shares of common stock offered by the Selling Securityholders | Up to a. up to 5,080,409 PIPE Shares; | |
b. up to 8,100,000 Founder Shares; | ||
c. up to | ||
(i) up to 83,481,806 shares of our common stock; and | ||
(ii) up to 82,616 shares of common stock issuable upon the exercise of certain options; and | ||
(iii) up to | ||
d. up to 8,420,569 shares of common stock issued to certain debt providers; | ||
e. up to 7,800,000 shares of common stock issuable upon the exercise of the private placement warrants; | ||
f. up to 11,055,606 shares of common stock issuable upon the exercise of the debt provider | ||
g. up to 4,746,835 shares of common stock issuable pursuant to the Subscription Agreement for the Insider PIPE Investor. | ||
Warrants offered by the Selling Securityholders | Up to 18,855,606 warrants, consisting of: | |
a. up to 7,800,000 private placement warrants; and | ||
b. up to 11,055,606 debt provider warrants | ||
Terms of the offering | The Selling Securityholders will determine when and how they will dispose of the shares of common stock and warrants registered under this prospectus for resale. | |
Use of proceeds | We will not receive any proceeds from the sale of shares of common stock or | |
Lock-up restrictions | Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “ Certain Relationships and Related Person Transactions — Tailwind Two — Investor Rights Agreement | |
NYSE symbols | Our common stock and public warrants are listed on the NYSE under the symbols LLAP and LLAP WS, respectively. |
Risk factors | See “Risk Factors” and other information included in this prospectus for a discussion of factors you should consider before investing in our common stock or Warrants. |
Issuer | Terran Orbital Corporation | |
Issuance of common stock: | ||
Shares of common stock offered by us | Up to 30,355,566 shares of common stock issuable upon exercise of the Warrants, consisting of: | |
a. up to 11,499,960 shares of common stock that are issuable upon the exercise of the public warrants; | ||
b. up to 7,800,000 shares of common stock that are issuable upon the exercise of the private placement warrants; and | ||
c. up to 11,055,606 shares of common stock that are issuable upon the exercise of the debt provider warrants | ||
Shares of common stock outstanding as of May 25, 2022 | 137,556,122 shares of common stock | |
Exercise price of public warrants and private placement warrants | $11.50 per share, subject to adjustments as described herein | |
Exercise price of debt provider warrants | $10.00 per share, subject to adjustments as described herein | |
Use of proceeds | We will receive up to an aggregate of approximately $332.5 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. There is no assurance that the holders of the Warrants will elect to exercise for cash any or all of such Warrants. We believe the likelihood that warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the market price of our common stock. If the market price for our common stock is less than $10.00 per share, we believe warrant holders will be unlikely to exercise their debt provider warrants, and if the market price for our common stock is less than $11.50 per share, we believe warrant holders will be unlikely to exercise their public warrants and private placement warrants. We expect to use the net proceeds from the exercise of the Warrants, if any, for investment in growth and general corporate purposes. See “ Use of Proceeds |
Resale of common stock and warrants: | ||
Shares of common stock offered by the Selling Securityholders | Up to 140,155,860 shares of common stock, consisting of: a. up to 5,080,409 PIPE Shares; | |
b. up to 8,100,000 Founder Shares; | ||
c. up to 94,952,441 shares of common stock issued or issuable to the Legacy Terran Orbital equity holders in connection with or as a result of the consummation of the Business Combination consisting of: | ||
(i) up to 83,481,806 shares of our common stock; and | ||
(ii) up to 82,616 shares of common stock issuable upon the exercise of certain options; and | ||
(iii) up to 11,388,019 shares of common stock issuable upon the settlement of outstanding vested and unvested restricted stock unit awards upon of certain conditions | ||
d. up to 8,420,569 shares of common stock issued to certain debt providers; | ||
e. up to 7,800,000 shares of common stock issuable upon the exercise of the private placement warrants; | ||
f. up to 11,055,606 shares of common stock issuable upon the exercise of the debt provider warrants; and | ||
g. up to 4,746,835 shares of common stock issuable pursuant to the Subscription Agreement for the Insider PIPE Investor. | ||
Warrants offered by the Selling Securityholders | Up to 18,855,606 warrants, consisting of: | |
a. up to 7,800,000 private placement warrants; and | ||
b. up to 11,055,606 debt provider warrants | ||
Terms of the offering | The Selling Securityholders will determine when and how they will dispose of the shares of common stock and warrants registered under this prospectus for resale. | |
Use of proceeds | We will not receive any proceeds from the sale of shares of common stock or Offered Warrants by the Selling Securityholders. | |
Lock-up restrictions | Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “ Certain Relationships and Related Person Transactions — Tailwind Two — Investor Rights Agreement | |
NYSE symbols | Our common stock and public warrants are listed on the NYSE under the symbols LLAP and LLAP WS, respectively. |
Risk factors | See “Risk Factors” and other information included in this prospectus for a discussion of factors you should consider before investing in our common stock or Warrants. |
Issuer | Terran Orbital Corporation | |
Issuance of common stock: | ||
Shares of common stock offered by us | Up to 30,355,566 shares of common stock issuable upon exercise of the Warrants, consisting of: | |
a. up to 11,499,960 shares of common stock that are issuable upon the exercise of the public warrants; | ||
b. up to 7,800,000 shares of common stock that are issuable upon the exercise of the private placement warrants; and | ||
c. up to 11,055,606 shares of common stock that are issuable upon the exercise of the debt provider warrants | ||
Shares of common stock outstanding as of May 25, 2022 | 137,556,122 shares of common stock | |
Exercise price of public warrants and private placement warrants | $11.50 per share, subject to adjustments as described herein | |
Exercise price of debt provider warrants | $10.00 per share, subject to adjustments as described herein | |
Use of proceeds | We will receive up to an aggregate of approximately $332.5 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. There is no assurance that the holders of the Warrants will elect to exercise for cash any or all of such Warrants. We believe the likelihood that warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the market price of our common stock. If the market price for our common stock is less than $10.00 per share, we believe warrant holders will be unlikely to exercise their debt provider warrants, and if the market price for our common stock is less than $11.50 per share, we believe warrant holders will be unlikely to exercise their public warrants and private placement warrants. We expect to use the net proceeds from the exercise of the Warrants, if any, for investment in growth and general corporate purposes. See “ Use of Proceeds |
Resale of common stock and warrants: | ||
Shares of common stock offered by the Selling Securityholders | Up to 140,155,860 shares of common stock, consisting of: a. up to 5,080,409 PIPE Shares; | |
b. up to 8,100,000 Founder Shares; | ||
c. up to 94,952,441 shares of common stock issued or issuable to the Legacy Terran Orbital equity holders in connection with or as a result of the consummation of the Business Combination consisting of: | ||
(i) up to 83,481,806 shares of our common stock; and | ||
(ii) up to 82,616 shares of common stock issuable upon the exercise of certain options; and | ||
(iii) up to 11,388,019 shares of common stock issuable upon the settlement of outstanding vested and unvested restricted stock unit awards upon of certain conditions | ||
d. up to 8,420,569 shares of common stock issued to certain debt providers; | ||
e. up to 7,800,000 shares of common stock issuable upon the exercise of the private placement warrants; | ||
f. up to 11,055,606 shares of common stock issuable upon the exercise of the debt provider warrants; and | ||
g. up to 4,746,835 shares of common stock issuable pursuant to the Subscription Agreement for the Insider PIPE Investor. | ||
Warrants offered by the Selling Securityholders | Up to 18,855,606 warrants, consisting of: | |
a. up to 7,800,000 private placement warrants; and | ||
b. up to 11,055,606 debt provider warrants | ||
Terms of the offering | The Selling Securityholders will determine when and how they will dispose of the shares of common stock and warrants registered under this prospectus for resale. | |
Use of proceeds | We will not receive any proceeds from the sale of shares of common stock or Offered Warrants by the Selling Securityholders. | |
Lock-up restrictions | Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “ Certain Relationships and Related Person Transactions — Tailwind Two — Investor Rights Agreement | |
NYSE symbols | Our common stock and public warrants are listed on the NYSE under the symbols LLAP and LLAP WS, respectively. |
Risk factors | See “Risk Factors” and other information included in this prospectus for a discussion of factors you should consider before investing in our common stock or Warrants. |
Issuer | Terran Orbital Corporation | |
Issuance of common stock: | ||
Shares of common stock offered by us | Up to 30,355,566 shares of common stock issuable upon exercise of the Warrants, consisting of: | |
a. up to 11,499,960 shares of common stock that are issuable upon the exercise of the public warrants; | ||
b. up to 7,800,000 shares of common stock that are issuable upon the exercise of the private placement warrants; and | ||
c. up to 11,055,606 shares of common stock that are issuable upon the exercise of the debt provider warrants | ||
Shares of common stock outstanding as of May 25, 2022 | 137,556,122 shares of common stock | |
Exercise price of public warrants and private placement warrants | $11.50 per share, subject to adjustments as described herein | |
Exercise price of debt provider warrants | $10.00 per share, subject to adjustments as described herein | |
Use of proceeds | We will receive up to an aggregate of approximately $332.5 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. There is no assurance that the holders of the Warrants will elect to exercise for cash any or all of such Warrants. We believe the likelihood that warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the market price of our common stock. If the market price for our common stock is less than $10.00 per share, we believe warrant holders will be unlikely to exercise their debt provider warrants, and if the market price for our common stock is less than $11.50 per share, we believe warrant holders will be unlikely to exercise their public warrants and private placement warrants. We expect to use the net proceeds from the exercise of the Warrants, if any, for investment in growth and general corporate purposes. See “ Use of Proceeds |
Resale of common stock and warrants: | ||
Shares of common stock offered by the Selling Securityholders | Up to 140,155,860 shares of common stock, consisting of: a. up to 5,080,409 PIPE Shares; | |
b. up to 8,100,000 Founder Shares; | ||
c. up to 94,952,441 shares of common stock issued or issuable to the Legacy Terran Orbital equity holders in connection with or as a result of the consummation of the Business Combination consisting of: | ||
(i) up to 83,481,806 shares of our common stock; and | ||
(ii) up to 82,616 shares of common stock issuable upon the exercise of certain options; and | ||
(iii) up to 11,388,019 shares of common stock issuable upon the settlement of outstanding vested and unvested restricted stock unit awards upon of certain conditions | ||
d. up to 8,420,569 shares of common stock issued to certain debt providers; | ||
e. up to 7,800,000 shares of common stock issuable upon the exercise of the private placement warrants; | ||
f. up to 11,055,606 shares of common stock issuable upon the exercise of the debt provider warrants; and | ||
g. up to 4,746,835 shares of common stock issuable pursuant to the Subscription Agreement for the Insider PIPE Investor. | ||
Warrants offered by the Selling Securityholders | Up to 18,855,606 warrants, consisting of: | |
a. up to 7,800,000 private placement warrants; and | ||
b. up to 11,055,606 debt provider warrants | ||
Terms of the offering | The Selling Securityholders will determine when and how they will dispose of the shares of common stock and warrants registered under this prospectus for resale. | |
Use of proceeds | We will not receive any proceeds from the sale of shares of common stock or Offered Warrants by the Selling Securityholders. | |
Lock-up restrictions | Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “ Certain Relationships and Related Person Transactions — Tailwind Two — Investor Rights Agreement | |
NYSE symbols | Our common stock and public warrants are listed on the NYSE under the symbols LLAP and LLAP WS, respectively. |
Risk factors | See “Risk Factors” and other information included in this prospectus for a discussion of factors you should consider before investing in our common stock or Warrants. |
Issuer | Terran Orbital Corporation | |
Issuance of common stock: | ||
Shares of common stock offered by us | Up to 30,355,566 shares of common stock issuable upon exercise of the Warrants, consisting of: | |
a. up to 11,499,960 shares of common stock that are issuable upon the exercise of the public warrants; | ||
b. up to 7,800,000 shares of common stock that are issuable upon the exercise of the private placement warrants; and | ||
c. up to 11,055,606 shares of common stock that are issuable upon the exercise of the debt provider warrants | ||
Shares of common stock outstanding as of May 25, 2022 | 137,556,122 shares of common stock | |
Exercise price of public warrants and private placement warrants | $11.50 per share, subject to adjustments as described herein | |
Exercise price of debt provider warrants | $10.00 per share, subject to adjustments as described herein | |
Use of proceeds | We will receive up to an aggregate of approximately $332.5 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. There is no assurance that the holders of the Warrants will elect to exercise for cash any or all of such Warrants. We believe the likelihood that warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the market price of our common stock. If the market price for our common stock is less than $10.00 per share, we believe warrant holders will be unlikely to exercise their debt provider warrants, and if the market price for our common stock is less than $11.50 per share, we believe warrant holders will be unlikely to exercise their public warrants and private placement warrants. We expect to use the net proceeds from the exercise of the Warrants, if any, for investment in growth and general corporate purposes. See “ Use of Proceeds |
Resale of common stock and warrants: | ||
Shares of common stock offered by the Selling Securityholders | Up to 140,155,860 shares of common stock, consisting of: a. up to 5,080,409 PIPE Shares; | |
b. up to 8,100,000 Founder Shares; | ||
c. up to 94,952,441 shares of common stock issued or issuable to the Legacy Terran Orbital equity holders in connection with or as a result of the consummation of the Business Combination consisting of: | ||
(i) up to 83,481,806 shares of our common stock; and | ||
(ii) up to 82,616 shares of common stock issuable upon the exercise of certain options; and | ||
(iii) up to 11,388,019 shares of common stock issuable upon the settlement of outstanding vested and unvested restricted stock unit awards upon of certain conditions | ||
d. up to 8,420,569 shares of common stock issued to certain debt providers; | ||
e. up to 7,800,000 shares of common stock issuable upon the exercise of the private placement warrants; | ||
f. up to 11,055,606 shares of common stock issuable upon the exercise of the debt provider warrants; and | ||
g. up to 4,746,835 shares of common stock issuable pursuant to the Subscription Agreement for the Insider PIPE Investor. | ||
Warrants offered by the Selling Securityholders | Up to 18,855,606 warrants, consisting of: | |
a. up to 7,800,000 private placement warrants; and | ||
b. up to 11,055,606 debt provider warrants | ||
Terms of the offering | The Selling Securityholders will determine when and how they will dispose of the shares of common stock and warrants registered under this prospectus for resale. | |
Use of proceeds | We will not receive any proceeds from the sale of shares of common stock or Offered Warrants by the Selling Securityholders. | |
Lock-up restrictions | Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “ Certain Relationships and Related Person Transactions — Tailwind Two — Investor Rights Agreement | |
NYSE symbols | Our common stock and public warrants are listed on the NYSE under the symbols LLAP and LLAP WS, respectively. |
Risk factors | See “Risk Factors” and other information included in this prospectus for a discussion of factors you should consider before investing in our common stock or Warrants. |
Terran Orbital Historical | Tailwind Two Historical | Pro Forma Adjustments | New Terran Orbital Pro Forma Combined | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,325 | $ | 1,553 | $ | 345,090 | (A | ) | $ | 102,846 | ||||||||||
(315,657 | ) | (B | ) | |||||||||||||||||
50,804 | (C | ) | ||||||||||||||||||
(45,957 | ) | (D | ) | |||||||||||||||||
(4,480 | ) | (K | ) | |||||||||||||||||
(29,620 | ) | (L | ) | |||||||||||||||||
78,557 | (M | ) | ||||||||||||||||||
(4,769 | ) | (O | ) | |||||||||||||||||
Accounts receivable, net | 3,723 | — | — | 3,723 | ||||||||||||||||
Contract assets | 2,757 | — | — | 2,757 | ||||||||||||||||
Inventory | 7,783 | — | — | 7,783 | ||||||||||||||||
Prepaid expenses and other current assets | 57,639 | 467 | (6,085 | ) | (D | ) | 5,389 | |||||||||||||
(46,632 | ) | (M | ) | |||||||||||||||||
Total current assets | 99,227 | 2,020 | 21,251 | 122,498 | ||||||||||||||||
Property, plant and equipment, net | 35,530 | — | — | 35,530 | ||||||||||||||||
Other assets | 639 | — | (0 | ) | 639 | |||||||||||||||
Investments held in trust account | — | 345,090 | (345,090 | ) | (A | ) | — | |||||||||||||
Total assets | $ | 135,396 | $ | 347,110 | $ | (323,839 | ) | $ | 158,667 | |||||||||||
Liabilities, mezzanine equity, and shareholders’ deficit | ||||||||||||||||||||
Accounts payable | $ | 9,366 | $ | — | $ | (3,385 | ) | (D | ) | $ | 5,981 | |||||||||
Current portion of long-term debt | 14 | — | — | 14 | ||||||||||||||||
Contract liabilities | 17,558 | — | — | 17,558 | ||||||||||||||||
Reserve for anticipated losses on contracts | 886 | — | — | 886 | ||||||||||||||||
Accrued offering costs | — | 12 | — | 12 | ||||||||||||||||
Accrued expenses and other current liabilities | 76,136 | 2,146 | (512 | ) | (D | ) | 36,933 | |||||||||||||
(6,666 | ) | (K | ) | |||||||||||||||||
(3,395 | ) | (J | ) | |||||||||||||||||
(6,666 | ) | (L | ) | |||||||||||||||||
(24,110 | ) | (M | ) | |||||||||||||||||
Total current liabilities | 103,960 | 2,158 | (44,734 | ) | 61,384 | |||||||||||||||
Deferred underwriting fee payable | — | 12,075 | (12,075 | ) | (D | ) | — | |||||||||||||
Warrant liabilities | 5,631 | 16,405 | (5,631 | ) | (J | ) | 16,405 | |||||||||||||
Long-term debt | 115,134 | — | (6,880 | ) | (K | ) | 89,699 | |||||||||||||
(31,342 | ) | (L | ) | |||||||||||||||||
17,222 | (M | ) | ||||||||||||||||||
(4,435 | ) | (O | ) | |||||||||||||||||
Other liabilities | 2,028 | — | 12,980 | (C | ) | 14,814 | ||||||||||||||
(71 | ) | (K | ) | |||||||||||||||||
(55 | ) | (L | ) | |||||||||||||||||
(68 | ) | (O | ) | |||||||||||||||||
Terran Orbital Historical | Tailwind Two Historical | Pro Forma Adjustments | Terran Orbital Pro Forma Combined | |||||||||||||||||||||
Revenue | $ | 13,120 | $ | — | $ | — | $ | 13,120 | ||||||||||||||||
Cost of sales | 15,953 | — | (2,053 | ) | (H | ) | 13,900 | |||||||||||||||||
Gross loss | (2,833 | ) | — | 2,053 | (780 | ) | ||||||||||||||||||
Selling, general, and administrative expenses | 30,217 | 12,005 | 2,365 | (A | ) | 17,672 | ||||||||||||||||||
(11,794 | ) | (F | ) | |||||||||||||||||||||
(15,121 | ) | (H | ) | |||||||||||||||||||||
Loss from operations | (33,050 | ) | (12,005 | ) | 26,603 | (18,452 | ) | |||||||||||||||||
Interest expense, net | 2,923 | — | 8,496 | (B | ) | 7,943 | ||||||||||||||||||
(4,194 | ) | (D | ) | |||||||||||||||||||||
718 | (E | ) | ||||||||||||||||||||||
Loss on extinguishment of debt | 23,141 | — | (23,141 | ) | (E | ) | — | |||||||||||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (3,281 | ) | (17,043 | ) | (G | ) | (8,471 | ) | |||||||||||||||
Interest earned on marketable securities held in trust | — | (22 | ) | 22 | (C | ) | — | |||||||||||||||||
Other expense | 403 | — | (370 | ) | (E | ) | 33 | |||||||||||||||||
Loss before income taxes | (71,370 | ) | (8,702 | ) | 62,115 | (17,957 | ) | |||||||||||||||||
Provision for income taxes | 2 | — | — | 2 | ||||||||||||||||||||
Net loss | $ | (71,372 | ) | $ | (8,702 | ) | $ | 62,115 | $ | (17,959 | ) | |||||||||||||
Weighted average shares outstanding - Class A redeemable common stock | 34,500,000 | |||||||||||||||||||||||
Basic and diluted loss per share - Class A redeemable common stock | $ | (0.20 | ) | |||||||||||||||||||||
Weighted average shares outstanding - Class B common stock | 8,625,000 | |||||||||||||||||||||||
Basic and diluted loss per share - Class B common stock | $ | (0.20 | ) | |||||||||||||||||||||
Weighted-average shares outstanding - basic and diluted | 83,643,940 | 137,295,455 | (I | ) | ||||||||||||||||||||
Net loss per share - basic and diluted | $ | (0.85 | ) | $ | (0.13 | ) | (I | ) |
Terran Orbital Historical | Tailwind Two Historical | Pro Forma Adjustments | New Terran Orbital Pro Forma Combined | |||||||
Total liabilities | 226,753 | 30,638 | (75,089) | 182,302 | ||||||
Commitments and contingencies | ||||||||||
Mezzanine equity: | ||||||||||
Class A ordinary shares subject to possible redemption (P) | — | 345,000 | (345,000) | (B) | — | |||||
Redeemable convertible preferred stock (P) | 8,000 | — | (8,000) | (G) | — | |||||
Shareholders’ deficit: | ||||||||||
Common stock (P) | — | — | 1 | (C) | 13 | |||||
8 | (E) | |||||||||
1 | (F) | |||||||||
1 | (G) | |||||||||
2 | (I) | |||||||||
Class B ordinary shares (P) | — | 1 | (1) | (F) | — | |||||
Additional paid-in capital | 97,745 | — | 29,343 | (B) | 241,683 | |||||
37,823 | (C) | |||||||||
(21,736) | (D) | |||||||||
(8) | (E) | |||||||||
7,999 | (G) | |||||||||
15,196 | (H) | |||||||||
(2) | (I) | |||||||||
6,949 | (J) | |||||||||
36,049 | (K) | |||||||||
9,745 | (L) | |||||||||
51,109 | (M) | |||||||||
(28,529) | (N) | |||||||||
Accumulated deficit | (197,066) | (28,529) | (14,334) | (D) | (265,295) | |||||
(15,196) | (H) | |||||||||
2,077 | (J) | |||||||||
(26,912) | (K) | |||||||||
(1,302) | (L) | |||||||||
(12,296) | (M) | |||||||||
28,529 | (N) | |||||||||
(266) | (O) | |||||||||
Accumulated other comprehensive loss | (36) | — | — | (36) | ||||||
Total shareholders’ deficit | (99,357) | (28,528) | 104,250 | (23,635) | ||||||
Total liabilities, mezzanine equity and shareholders’ deficit | $135,396 | $347,110 | $(323,839) | $158,667 | ||||||
Terran Orbital Historical | Tailwind Two Historical | Pro Forma Adjustments | Terran Orbital Pro Forma Combined | Legacy Terran Orbital Historical | Tailwind Two Historical | Pro Forma Adjustments | Terran Orbital Pro Forma Combined | |||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 40,906 | $ | — | $ | — | $ | 40,906 | $ | 40,906 | $ | — | $ | — | $ | 40,906 | ||||||||||||||||||||||||||||||||
Cost of sales | 33,912 | — | — | 33,912 | 33,912 | — | — | 33,912 | ||||||||||||||||||||||||||||||||||||||||
Gross profit | 6,994 | — | — | 6,994 | 6,994 | — | — | 6,994 | ||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 43,703 | 4,400 | 15,196 | (AA | ) | 121,678 | 43,703 | 4,400 | 16,432 | (AA | ) | 122,703 | ||||||||||||||||||||||||||||||||||||
14,253 | (BB | ) | 13,646 | (BB | ) | |||||||||||||||||||||||||||||||||||||||||||
44,126 | (CC | ) | 44,522 | (CC | ) | |||||||||||||||||||||||||||||||||||||||||||
Loss from operations | (36,709 | ) | (4,400 | ) | (73,575 | ) | (114,684 | ) | (36,709 | ) | (4,400 | ) | (74,600 | ) | (115,709 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net | 7,965 | — | 22,589 | (DD | ) | 34,615 | 7,965 | — | 25,867 | (DD | ) | 33,114 | ||||||||||||||||||||||||||||||||||||
(194 | ) | (II | ) | (718 | ) | (FF | ) | |||||||||||||||||||||||||||||||||||||||||
4,255 | (JJ | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 96,024 | — | 23,904 | (FF | ) | 118,540 | 96,024 | — | 23,141 | (FF | ) | 119,165 | ||||||||||||||||||||||||||||||||||||
(1,722 | ) | (GG | ) | |||||||||||||||||||||||||||||||||||||||||||||
334 | (HH | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | (2,509 | ) | (2,077 | ) | (KK | ) | 12,593 | (1,716 | ) | (2,509 | ) | 17,043 | (GG | ) | 13,259 | |||||||||||||||||||||||||||||||
441 | (MM | ) | ||||||||||||||||||||||||||||||||||||||||||||||
18,454 | (NN | ) | 441 | (II | ) | |||||||||||||||||||||||||||||||||||||||||||
Transaction costs allocable to warrants | — | 649 | — | 649 | — | 649 | — | 649 | ||||||||||||||||||||||||||||||||||||||||
Interest earned on investments held in trust account | — | (90 | ) | 90 | (EE | ) | — | — | (90 | ) | 90 | (EE | ) | — | ||||||||||||||||||||||||||||||||||
Other (income) expense | (38 | ) | — | 14,334 | (LL | ) | 14,296 | (38 | ) | — | 370 | (FF | ) | 12,126 | ||||||||||||||||||||||||||||||||||
11,794 | (HH | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (138,944 | ) | (2,450 | ) | (153,983 | ) | (295,377 | ) | (138,944 | ) | (2,450 | ) | (152,628 | ) | (294,022 | ) | ||||||||||||||||||||||||||||||||
Provision for income taxes | 38 | — | 38 | 38 | — | 38 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (138,982 | ) | $ | (2,450 | ) | $ | (153,983 | ) | $ | (295,415 | ) | $ | (138,982 | ) | $ | (2,450 | ) | $ | (152,628 | ) | $ | (294,060 | ) | ||||||||||||||||||||||||
Weighted average shares outstanding - Class A redeemable common stock | 28,167,123 | 28,167,123 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted loss per share - Class A redeemable common stock | $ | (0.07 | ) | $ | (0.07 | ) | ||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding - Class B common stock | Weighted average shares outstanding - Class B common stock | 8,418,493 | Weighted average shares outstanding - Class B common stock | 8,418,493 | ||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted loss per share - Class B common stock | $ | (0.07 | ) | $ | (0.07 | ) | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding - basic and diluted | 2,780,993 | 137,295,455 | (OO | ) | 2,780,993 | 137,295,455 | (JJ | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss per share - basic and diluted | $ | (49.98 | ) | $ | (2.15 | ) | (OO | ) | $ | (49.98 | ) | $ | (2.14 | ) | (JJ | ) |
(A) | Represents the |
(B) | Represents the ongoing recognition of interest expense, inclusive of amortization of discount on debt and deferred issuance costs, on the Company’s long-term debt structure as revised in connection with the Merger. |
(C) | Represents the removal of interest earned on marketable securities held in the trust account. |
(D) | Represents the removal of recorded interest expense, inclusive of amortization of discount on debt and deferred issuance costs, on the Company’s long-term debt structure prior to the Merger. |
(E) | Represents the removal of non-recurring entries recorded related to interest expense, loss on extinguishment of debt, and financing fees expensed in connection with the Merger. |
(F) | Represents the removal of non-recurring direct and incremental transaction costs recorded by Tailwind Two prior to the Merger. |
(G) | Represents the removal of non-recurring entries recorded related to fair value remeasurements of certain liability-classified warrants and derivatives that were settled or reclassified to equity in connection with the Merger. |
(H) | Represents the removal of the non-recurring cumulative recognition of share-based compensation expense recorded associated with Terran Orbital RSUs that included a liquidity event, such as the Merger, as a vesting condition. |
(I) | Represents net loss per share computed by dividing net loss by the |
As of December 31, 2021 | Pro Forma Combined | |||||||||||||||||||||||
Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | |||||||||||||||||||
Terran Orbital redeemable convertible preferred stock | 744,130 | 396,870 | 396,870 | — | — | — | ||||||||||||||||||
Terran Orbital common stock | 5,500,000 | 2,849,414 | 2,849,414 | — | — | — | ||||||||||||||||||
Tailwind Two preference shares | 1,000,000 | — | — | — | — | — | ||||||||||||||||||
Tailwind Two Class A ordinary shares subject to possible redemption | 500,000,000 | 34,500,000 | 34,500,000 | — | — | — | ||||||||||||||||||
Tailwind Two Class B ordinary shares | 50,000,000 | 8,625,000 | 8,625,000 | — | — | — | ||||||||||||||||||
Terran Orbital preferred stock | — | — | — | 50,000,000 | — | — | ||||||||||||||||||
Terran Orbital common stock | — | — | — | 300,000,000 | 137,295,455 | 137,295,455 |
(AA) | Represents the non-recurring cumulative recognition of share-based compensation expense associated with Terran Orbital RSUs that included a liquidity event, such as the Merger, as a vesting condition. Prior to the Merger, the RSUs were not probable of vesting and no share-based compensation expense was previously recognized. |
(BB) | Represents the ongoing recognition of share-based compensation expense associated with Terran Orbital RSUs discussed in (AA). |
(CC) | Represents the recognition of share-based compensation expense associated with Terran Orbital retention restricted stock units (“ Retention RSUs 30-trading day one-year period beginning from the consummation of the Merger. Accordingly, the recognition of the share-based compensation expense has been applied on a nonrecurring basis. |
(DD) | Represents the ongoing recognition of interest expense, |
(EE) | Represents the removal of interest earned on marketable securities held in the trust account. |
(FF) | Represents the recognition of non-recurring |
(GG) | Represents the recognition of non-recurring |
(HH) | Represents the recognition of non-recurring |
(II) |
Represents the removal of recorded fair value remeasurements on Terran Orbital’s liability-classified warrants and derivatives that were settled, issued, or expired in connection with the Merger. |
Represents net loss per share computed by dividing net loss by the weighted-average shares outstanding. |
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Revenue | $ | 13,120 | $ | 10,494 | $ | 2,626 | ||||||
Cost of sales | 15,953 | 9,734 | 6,219 | |||||||||
Gross (loss) profit | (2,833 | ) | 760 | (3,593 | ) | |||||||
Selling, general, and administrative expenses | 30,217 | 6,673 | 23,544 | |||||||||
Loss from operations | (33,050 | ) | (5,913 | ) | (27,137 | ) | ||||||
Interest expense, net | 2,923 | 907 | 2,016 | |||||||||
Loss on extinguishment of debt | 23,141 | 70,667 | (47,526 | ) | ||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | 11,887 | ||||||||
Other expense | 403 | 15 | 388 | |||||||||
Loss before income taxes | (71,370 | ) | (77,468 | ) | 6,098 | |||||||
Provision for income taxes | 2 | 28 | (26 | ) | ||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | $ | 6,124 | ||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Satellite Solutions | $ | 12,974 | $ | 10,494 | $ | 2,480 | ||||||
Earth Observation Solutions | 146 | — | 146 | |||||||||
Revenue | $ | 13,120 | $ | 10,494 | $ | 2,626 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Satellite Solutions | $ | 13,803 | $ | 9,720 | $ | 4,083 | ||||||
Earth Observation Solutions | 37 | — | 37 | |||||||||
Share-based compensation expense | 2,113 | 14 | 2,099 | |||||||||
Cost of Sales | $ | 15,953 | $ | 9,734 | $ | 6,219 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $Change | |||||||||
Satellite Solutions | $ | 5,219 | $ | 1,754 | $ | 3,465 | ||||||
Earth Observation Solutions | 768 | 912 | (144 | ) | ||||||||
Corporate and other | 9,008 | 3,853 | 5,155 | |||||||||
Share-based compensation expense | 15,222 | 154 | 15,068 | |||||||||
Selling, general, and administrative expenses | $ | 30,217 | $ | 6,673 | $ | 23,544 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 16,027 | ||||||
Cost of sales | 33,912 | 16,860 | 17,052 | |||||||||
Gross profit | 6,994 | 8,019 | (1,025 | ) | ||||||||
Selling, general, and administrative expenses | 43,703 | 17,438 | 26,265 | |||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Loss from operations | (36,709 | ) | (9,419 | ) | (27,290 | ) | ||||||
Interest expense, net | 7,965 | 1,216 | 6,749 | |||||||||
Loss on extinguishment of debt | 96,024 | — | 96,024 | |||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | — | (1,716 | ) | |||||||
Other (income) expense | (38 | ) | 4 | (42 | ) | |||||||
Loss before income taxes | (138,944 | ) | (10,639 | ) | (128,305 | ) | ||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 222 | ||||||||
Net loss | ($ | 138,982 | ) | $ | (10,455 | ) | ($ | 128,527 | ) | |||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 40,736 | $ | 24,860 | $ | 15,876 | ||||||
Earth Observation Solutions | 170 | 19 | 151 | |||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 16,027 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 33,712 | $ | 16,657 | $ | 17,055 | ||||||
Earth Observation Solutions | 75 | 8 | 67 | |||||||||
Share-based compensation expense | 125 | 195 | (70 | ) | ||||||||
Cost of sales | $ | 33,912 | $ | 16,860 | $ | 17,052 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 10,350 | $ | 10,331 | $ | 19 | ||||||
Earth Observation Solutions | 4,369 | 2,714 | 1,655 | |||||||||
Corporate and other | 28,431 | 3,394 | 25,037 | |||||||||
Share-based compensation expense | 553 | 999 | (446 | ) | ||||||||
Selling, general, and administrative expenses | $ | 43,703 | $ | 17,438 | $ | 26,265 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Gross (loss) profit | $ | (2,833 | ) | $ | 760 | (3,593 | ) | |||||
Share-based compensation expense | 2,113 | 14 | 2,099 | |||||||||
Depreciation and amortization | 513 | 453 | 60 | |||||||||
Adjusted gross (loss) profit | $ | (207 | ) | $ | 1,227 | (1,434 | ) | |||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Gross profit | $ | 6,994 | $ | 8,019 | $ | (1,025 | ) | |||||
Share-based compensation expense | 125 | 195 | (70 | ) | ||||||||
Depreciation and amortization | 2,350 | 1,718 | 632 | |||||||||
Adjusted gross profit | $ | 9,469 | $ | 9,932 | $ | (463 | ) | |||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | $ | 6,124 | ||||
Interest expense, net | 2,923 | 907 | 2,016 | |||||||||
Provision for income taxes | 2 | 28 | (26 | ) | ||||||||
Depreciation and amortization | 846 | 671 | 175 | |||||||||
Share-based compensation expense | 17,335 | 168 | 17,167 | |||||||||
Loss on extinguishment of debt | 23,141 | 70,667 | (47,526 | ) | ||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | 11,887 | ||||||||
Other, net(a) | 555 | 1,452 | (897 | ) | ||||||||
Adjusted EBITDA | $ | (14,717 | ) | $ | (3,637 | ) | $ | (11,080 | ) | |||
(a) | Represents other expense and other charges and items. Non-recurring legal and accounting fees related to the Company’s transition to a public company are herein. |
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Net loss | $ | (138,982 | ) | $ | (10,455 | ) | $ | (128,527 | ) | |||
Interest expense, net | 7,965 | 1,216 | 6,749 | |||||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 222 | ||||||||
Depreciation and amortization | 3,053 | 2,934 | 119 | |||||||||
Share-based compensation expense | 678 | 1,194 | (516 | ) | ||||||||
Loss on extinguishment of debt | 96,024 | — | 96,024 | |||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | — | (1,716 | ) | |||||||
Other, net(a) | 6,796 | 4 | 6,792 | |||||||||
Adjusted EBITDA | $ | (26,144 | ) | $ | (5,291 | ) | $ | (20,853 | ) | |||
(a) | Represents other expense and other charges and items. Non-recurring legal and accounting fees related to the Company’s transition to a public company are herein. |
(in thousands) Description | Issued | Maturity | Interest Rate | Interest Payable | March 31, 2022 | |||||||||||||||
Francisco Partners Facility | November 2021 | April 2026 | 9.25% | Quarterly | $ | 120,023 | ||||||||||||||
Senior Secured Notes due 2026 (1) | March 2021 | April 2026 | 9.25% and 11.25% | Quarterly | 56,267 | |||||||||||||||
PIPE Investment Obligation | March 2022 | December 2025 | N/A | N/A | 28,125 | |||||||||||||||
Finance leases | N/A | N/A | N/A | N/A | 49 | |||||||||||||||
Unamortized deferred issuance costs | (2,115 | ) | ||||||||||||||||||
Unamortized discount on debt | (99,905 | ) | ||||||||||||||||||
Total debt | 102,444 | |||||||||||||||||||
Current portion of long-term debt | 7,515 | |||||||||||||||||||
Long-term debt | $ | 94,929 | ||||||||||||||||||
(1) | Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below. |
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Revenue | $ | 13,120 | $ | 10,494 | $ | 2,626 | ||||||
Cost of sales | 15,953 | 9,734 | 6,219 | |||||||||
Gross (loss) profit | (2,833 | ) | 760 | (3,593 | ) | |||||||
Selling, general, and administrative expenses | 30,217 | 6,673 | 23,544 | |||||||||
Loss from operations | (33,050 | ) | (5,913 | ) | (27,137 | ) | ||||||
Interest expense, net | 2,923 | 907 | 2,016 | |||||||||
Loss on extinguishment of debt | 23,141 | 70,667 | (47,526 | ) | ||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | 11,887 | ||||||||
Other expense | 403 | 15 | 388 | |||||||||
Loss before income taxes | (71,370 | ) | (77,468 | ) | 6,098 | |||||||
Provision for income taxes | 2 | 28 | (26 | ) | ||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | $ | 6,124 | ||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Satellite Solutions | $ | 12,974 | $ | 10,494 | $ | 2,480 | ||||||
Earth Observation Solutions | 146 | — | 146 | |||||||||
Revenue | $ | 13,120 | $ | 10,494 | $ | 2,626 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Satellite Solutions | $ | 13,803 | $ | 9,720 | $ | 4,083 | ||||||
Earth Observation Solutions | 37 | — | 37 | |||||||||
Share-based compensation expense | 2,113 | 14 | 2,099 | |||||||||
Cost of Sales | $ | 15,953 | $ | 9,734 | $ | 6,219 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $Change | |||||||||
Satellite Solutions | $ | 5,219 | $ | 1,754 | $ | 3,465 | ||||||
Earth Observation Solutions | 768 | 912 | (144 | ) | ||||||||
Corporate and other | 9,008 | 3,853 | 5,155 | |||||||||
Share-based compensation expense | 15,222 | 154 | 15,068 | |||||||||
Selling, general, and administrative expenses | $ | 30,217 | $ | 6,673 | $ | 23,544 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 16,027 | ||||||
Cost of sales | 33,912 | 16,860 | 17,052 | |||||||||
Gross profit | 6,994 | 8,019 | (1,025 | ) | ||||||||
Selling, general, and administrative expenses | 43,703 | 17,438 | 26,265 | |||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Loss from operations | (36,709 | ) | (9,419 | ) | (27,290 | ) | ||||||
Interest expense, net | 7,965 | 1,216 | 6,749 | |||||||||
Loss on extinguishment of debt | 96,024 | — | 96,024 | |||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | — | (1,716 | ) | |||||||
Other (income) expense | (38 | ) | 4 | (42 | ) | |||||||
Loss before income taxes | (138,944 | ) | (10,639 | ) | (128,305 | ) | ||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 222 | ||||||||
Net loss | ($ | 138,982 | ) | $ | (10,455 | ) | ($ | 128,527 | ) | |||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 40,736 | $ | 24,860 | $ | 15,876 | ||||||
Earth Observation Solutions | 170 | 19 | 151 | |||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 16,027 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 33,712 | $ | 16,657 | $ | 17,055 | ||||||
Earth Observation Solutions | 75 | 8 | 67 | |||||||||
Share-based compensation expense | 125 | 195 | (70 | ) | ||||||||
Cost of sales | $ | 33,912 | $ | 16,860 | $ | 17,052 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 10,350 | $ | 10,331 | $ | 19 | ||||||
Earth Observation Solutions | 4,369 | 2,714 | 1,655 | |||||||||
Corporate and other | 28,431 | 3,394 | 25,037 | |||||||||
Share-based compensation expense | 553 | 999 | (446 | ) | ||||||||
Selling, general, and administrative expenses | $ | 43,703 | $ | 17,438 | $ | 26,265 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Gross (loss) profit | $ | (2,833 | ) | $ | 760 | (3,593 | ) | |||||
Share-based compensation expense | 2,113 | 14 | 2,099 | |||||||||
Depreciation and amortization | 513 | 453 | 60 | |||||||||
Adjusted gross (loss) profit | $ | (207 | ) | $ | 1,227 | (1,434 | ) | |||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Gross profit | $ | 6,994 | $ | 8,019 | $ | (1,025 | ) | |||||
Share-based compensation expense | 125 | 195 | (70 | ) | ||||||||
Depreciation and amortization | 2,350 | 1,718 | 632 | |||||||||
Adjusted gross profit | $ | 9,469 | $ | 9,932 | $ | (463 | ) | |||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | $ | 6,124 | ||||
Interest expense, net | 2,923 | 907 | 2,016 | |||||||||
Provision for income taxes | 2 | 28 | (26 | ) | ||||||||
Depreciation and amortization | 846 | 671 | 175 | |||||||||
Share-based compensation expense | 17,335 | 168 | 17,167 | |||||||||
Loss on extinguishment of debt | 23,141 | 70,667 | (47,526 | ) | ||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | 11,887 | ||||||||
Other, net(a) | 555 | 1,452 | (897 | ) | ||||||||
Adjusted EBITDA | $ | (14,717 | ) | $ | (3,637 | ) | $ | (11,080 | ) | |||
(a) | Represents other expense and other charges and items. Non-recurring legal and accounting fees related to the Company’s transition to a public company are herein. |
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Net loss | $ | (138,982 | ) | $ | (10,455 | ) | $ | (128,527 | ) | |||
Interest expense, net | 7,965 | 1,216 | 6,749 | |||||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 222 | ||||||||
Depreciation and amortization | 3,053 | 2,934 | 119 | |||||||||
Share-based compensation expense | 678 | 1,194 | (516 | ) | ||||||||
Loss on extinguishment of debt | 96,024 | — | 96,024 | |||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | — | (1,716 | ) | |||||||
Other, net(a) | 6,796 | 4 | 6,792 | |||||||||
Adjusted EBITDA | $ | (26,144 | ) | $ | (5,291 | ) | $ | (20,853 | ) | |||
(a) | Represents other expense and other charges and items. Non-recurring legal and accounting fees related to the Company’s transition to a public company are herein. |
(in thousands) Description | Issued | Maturity | Interest Rate | Interest Payable | March 31, 2022 | |||||||||||||||
Francisco Partners Facility | November 2021 | April 2026 | 9.25% | Quarterly | $ | 120,023 | ||||||||||||||
Senior Secured Notes due 2026 (1) | March 2021 | April 2026 | 9.25% and 11.25% | Quarterly | 56,267 | |||||||||||||||
PIPE Investment Obligation | March 2022 | December 2025 | N/A | N/A | 28,125 | |||||||||||||||
Finance leases | N/A | N/A | N/A | N/A | 49 | |||||||||||||||
Unamortized deferred issuance costs | (2,115 | ) | ||||||||||||||||||
Unamortized discount on debt | (99,905 | ) | ||||||||||||||||||
Total debt | 102,444 | |||||||||||||||||||
Current portion of long-term debt | 7,515 | |||||||||||||||||||
Long-term debt | $ | 94,929 | ||||||||||||||||||
(1) | Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below. |
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Revenue | $ | 13,120 | $ | 10,494 | $ | 2,626 | ||||||
Cost of sales | 15,953 | 9,734 | 6,219 | |||||||||
Gross (loss) profit | (2,833 | ) | 760 | (3,593 | ) | |||||||
Selling, general, and administrative expenses | 30,217 | 6,673 | 23,544 | |||||||||
Loss from operations | (33,050 | ) | (5,913 | ) | (27,137 | ) | ||||||
Interest expense, net | 2,923 | 907 | 2,016 | |||||||||
Loss on extinguishment of debt | 23,141 | 70,667 | (47,526 | ) | ||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | 11,887 | ||||||||
Other expense | 403 | 15 | 388 | |||||||||
Loss before income taxes | (71,370 | ) | (77,468 | ) | 6,098 | |||||||
Provision for income taxes | 2 | 28 | (26 | ) | ||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | $ | 6,124 | ||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Satellite Solutions | $ | 12,974 | $ | 10,494 | $ | 2,480 | ||||||
Earth Observation Solutions | 146 | — | 146 | |||||||||
Revenue | $ | 13,120 | $ | 10,494 | $ | 2,626 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Satellite Solutions | $ | 13,803 | $ | 9,720 | $ | 4,083 | ||||||
Earth Observation Solutions | 37 | — | 37 | |||||||||
Share-based compensation expense | 2,113 | 14 | 2,099 | |||||||||
Cost of Sales | $ | 15,953 | $ | 9,734 | $ | 6,219 | ||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $Change | |||||||||
Satellite Solutions | $ | 5,219 | $ | 1,754 | $ | 3,465 | ||||||
Earth Observation Solutions | 768 | 912 | (144 | ) | ||||||||
Corporate and other | 9,008 | 3,853 | 5,155 | |||||||||
Share-based compensation expense | 15,222 | 154 | 15,068 | |||||||||
Selling, general, and administrative expenses | $ | 30,217 | $ | 6,673 | $ | 23,544 | ||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | $ Change | 2021 | 2020 | $ Change | ||||||||||||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 16,027 | $ | 40,906 | $ | 24,879 | $ | 16,027 | ||||||||||||
Cost of sales | 33,912 | 16,860 | 17,052 | 33,912 | 16,860 | 17,052 | ||||||||||||||||||
Gross profit | 6,994 | 8,019 | (1,025 | ) | 6,994 | 8,019 | (1,025 | ) | ||||||||||||||||
Selling, general and administrative expenses | 43,703 | 17,438 | 26,265 | |||||||||||||||||||||
Selling, general, and administrative expenses | 43,703 | 17,438 | 26,265 | |||||||||||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Loss from operations | (36,709 | ) | (9,419 | ) | (27,290 | ) | ||||||
Interest expense, net | 7,965 | 1,216 | 6,749 | |||||||||
Loss on extinguishment of debt | 96,024 | — | 96,024 | |||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | — | (1,716 | ) | |||||||
Other (income) expense | (38 | ) | 4 | (42 | ) | |||||||
Loss before income taxes | (138,944 | ) | (10,639 | ) | (128,305 | ) | ||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 222 | ||||||||
Net loss | ($ | 138,982 | ) | $ | (10,455 | ) | ($ | 128,527 | ) | |||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 40,736 | $ | 24,860 | $ | 15,876 | ||||||
Earth Observation Solutions | 170 | 19 | 151 | |||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 16,027 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Satellite Solutions | $ | 33,712 | $ | 16,657 | $ | 17,055 | ||||||
Earth Observation Solutions | 75 | 8 | 67 | |||||||||
Share-based compensation expense | 125 | 195 | (70 | ) | ||||||||
Cost of sales | $ | 33,912 | $ | 16,860 | $ | 17,052 | ||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | $ Change | 2021 | 2020 | $ Change | ||||||||||||||||||
Satellite Solutions | $ | 10,350 | $ | 10,331 | $ | 19 | $ | 10,350 | $ | 10,331 | $ | 19 | ||||||||||||
Earth Observation Solutions | 4,369 | 2,714 | 1,655 | 4,369 | 2,714 | 1,655 | ||||||||||||||||||
Corporate and other | 28,431 | 3,394 | 25,037 | 28,431 | 3,394 | 25,037 | ||||||||||||||||||
Share-based compensation expense | 553 | 999 | (446 | ) | 553 | 999 | (446 | ) | ||||||||||||||||
Selling, general and administrative expenses | $ | 43,703 | $ | 17,438 | $ | 26,265 | ||||||||||||||||||
Selling, general, and administrative expenses | $ | 43,703 | $ | 17,438 | $ | 26,265 | ||||||||||||||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Gross (loss) profit | $ | (2,833 | ) | $ | 760 | (3,593 | ) | |||||
Share-based compensation expense | 2,113 | 14 | 2,099 | |||||||||
Depreciation and amortization | 513 | 453 | 60 | |||||||||
Adjusted gross (loss) profit | $ | (207 | ) | $ | 1,227 | (1,434 | ) | |||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Gross profit | $ | 6,994 | $ | 8,019 | $ | (1,025 | ) | |||||
Share-based compensation expense | 125 | 195 | (70 | ) | ||||||||
Depreciation and amortization | 2,350 | 1,718 | 632 | |||||||||
Adjusted gross profit | $ | 9,469 | $ | 9,932 | $ | (463 | ) | |||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | $ | 6,124 | ||||
Interest expense, net | 2,923 | 907 | 2,016 | |||||||||
Provision for income taxes | 2 | 28 | (26 | ) | ||||||||
Depreciation and amortization | 846 | 671 | 175 | |||||||||
Share-based compensation expense | 17,335 | 168 | 17,167 | |||||||||
Loss on extinguishment of debt | 23,141 | 70,667 | (47,526 | ) | ||||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | 11,887 | ||||||||
Other, net(a) | 555 | 1,452 | (897 | ) | ||||||||
Adjusted EBITDA | $ | (14,717 | ) | $ | (3,637 | ) | $ | (11,080 | ) | |||
(a) | Represents other expense and other charges and items. Non-recurring legal and accounting fees related to the Company’s transition to a public company are herein. |
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Net loss | $ | (138,982 | ) | $ | (10,455 | ) | $ | (128,527 | ) | |||
Interest expense, net | 7,965 | 1,216 | 6,749 | |||||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 222 | ||||||||
Depreciation and amortization | 3,053 | 2,934 | 119 | |||||||||
Share-based compensation expense | 678 | 1,194 | (516 | ) | ||||||||
Loss on extinguishment of debt | 96,024 | — | 96,024 | |||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | — | (1,716 | ) | |||||||
Other, net(a) | 6,796 | 4 | 6,792 | |||||||||
Adjusted EBITDA | $ | (26,144 | ) | $ | (5,291 | ) | $ | (20,853 | ) | |||
(a) | Represents other Non-recurring legal and accounting fees related to the Company’s transition to a public company are |
(in thousands) Description | Issued | Maturity | Interest Rate | Interest Payable | Balance | Issued | Maturity | Interest Rate | Interest Payable | March 31, 2022 | ||||||||||||||||||||||||||||||
Pre-Combination Notes | November 2021 | November 2026 | 9.25 | % | Quarterly | $ | 30,289 | |||||||||||||||||||||||||||||||||
Senior Secured notes due 2026 | March 2021 | April 2026 | 11.00 | % | Quarterly | 94,686 | ||||||||||||||||||||||||||||||||||
Francisco Partners Facility | November 2021 | April 2026 | 9.25% | Quarterly | $ | 120,023 | ||||||||||||||||||||||||||||||||||
Senior Secured Notes due 2026 (1) | March 2021 | April 2026 | 9.25% and 11.25% | Quarterly | 56,267 | |||||||||||||||||||||||||||||||||||
PIPE Investment Obligation | March 2022 | December 2025 | N/A | N/A | 28,125 | |||||||||||||||||||||||||||||||||||
Finance leases | N/A | N/A | N/A | N/A | 53 | N/A | N/A | N/A | N/A | 49 | ||||||||||||||||||||||||||||||
Unamortized deferred issuance costs | (761 | ) | (2,115 | ) | ||||||||||||||||||||||||||||||||||||
Unamortized discount on debt | (9,119 | ) | (99,905 | ) | ||||||||||||||||||||||||||||||||||||
Total debt | 115,148 | 102,444 | ||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 14 | 7,515 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | 115,134 | $ | 94,929 | ||||||||||||||||||||||||||||||||||||
(1) | Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below. |
(in thousands, except share and per share amounts) | Number of Issuable Shares as of March 31, 2022 | Issuance | Maturity | Exercise Price | March 31, 2022 | |||||||||||||||||||
Public Warrants | 11,499,960 | March 2021 | March 2027 | $ | 11.50 | 5,750 | ||||||||||||||||||
Private Placement Warrants | 7,800,000 | March 2021 | March 2027 | $ | 11.50 | 3,900 | ||||||||||||||||||
FP Combination Warrants | 8,291,704 | March 2022 | March 2027 | $ | 10.00 | 25,966 | ||||||||||||||||||
Warrant liabilities | 27,591,664 | $ | 35,616 | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||
(in thousands) | 2022 | 2021 | $ Change | |||||||||
Net cash used in operating activities | $ | (29,300 | ) | $ | (548 | ) | $ | (28,752 | ) | |||
Net cash used in investing activities | (4,030 | ) | (2,422 | ) | (1,608 | ) | ||||||
Net cash provided by financing activities | 82,687 | 44,348 | 38,339 | |||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | (28 | ) | (66 | ) | 38 | |||||||
Net increase in cash and cash equivalents | $ | 49,329 | $ | 41,312 | $ | 8,017 | ||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2021 | 2020 | $ Change | |||||||||
Net cash used in operating activities | $ | (34,887 | ) | $ | (11,474 | ) | $ | (23,413 | ) | |||
Net cash used in investing activities | (16,352 | ) | (7,325 | ) | (9,027 | ) | ||||||
Net cash provided by financing activities | 66,352 | 15,101 | 51,251 | |||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | (124 | ) | 138 | (262 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | $ | 14,989 | $ | (3,560 | ) | $ | 18,549 | |||||
satellite and on to the customer. This use of power is enabled by Terran Orbital Earth Observation Solutions’ satellite bus which is larger than small satellite competitors. This will deliver significantly more power throughput than commercial off-the-shelf |
Name | Age | Position | ||
Marc H. Bell | 54 | Co-Founder, Chairman and Chief Executive Officer | ||
Anthony Previte | 57 | Co-Founder, Director, Chief Strategy Officer and Executive Vice President | ||
Marco Villa | 47 | Chief Revenue Officer and Executive Vice President | ||
Gary A. Hobart | 54 | Chief Financial Officer, Executive Vice President and Treasurer | ||
Mathieu Riffel | 37 | Vice President and Controller | ||
Daniel C. Staton | 69 | Vice Chairman | ||
James LaChance | 57 | Director | ||
Tom Manion | 68 | Director | ||
Richard Y. Newton III | 66 | Director | ||
Tobi Petrocelli | 38 | Director | ||
Douglas L. Raaberg | 67 | Director | ||
Stratton Sclavos | 60 | Director |
Name and Principal Position(1) | Year | Salary ($)(2) | Bonus ($)(3) | Stock Awards ($)(4) | Non-Equity Incentive Plan Compensation ($)(5) | All Other Compensation ($)(6) | Total ($) | |||||||||||||||||||||
Marc Bell, | 2021 | 803,654 | — | 5,685,698 | 1,592,000 | 125,000 | 8,206,352 | |||||||||||||||||||||
Co-Founder, ExecutiveChairman | 2020 | — | — | — | — | 1,116,667 | 1,116,667 | |||||||||||||||||||||
Anthony Previte, Co-Founder, ChiefExecutive Officer and President | | 2021 2020 | | | 872,885 333,665 | | | 200,000 — | | | 12,439,047 — | | | 770,000 — | | | 10,356 12,862 | | | 14,293,134 333,665 | | |||||||
Marco Villa, Chief Revenue Officer, Executive Vice President and Head of International Business of Terran Orbital | | 2021 2020 | | | 439,423 394,939 | | | 140,000 — | | | 3,003,349 — | | | 321,741 — | | | 16,524 8,158 | | | 3,921,037 352,469 | |
(1) | Effective March 2021, Mr. Previte was appointed to serve as Terran Orbital’s Co-Founder, Chief Strategy Officer and Executive Vice President, Mr. Bell was appointed to serve as Terran Orbital’sCo-Founder, Chairman, Chief Executive Officer and President, and Mr. Villa was appointed to serve as Terran Orbital’s Chief Revenue Officer, Executive Vice President and Head of International Business. During 2020 and until March 2021, Mr. Previte served as Terran Orbital’sCo-Founder, Chief Executive Officer and President, Mr. Bell served as Terran Orbital’sCo-Founder and Chairman, and Mr. Villa served as Tyvak’s Chief Operations Officer. |
(2) | During 2020, each of Messrs. Previte’s and Mr. Villa’s annual base salary was $360,000 and $400,000, respectively; provided, that, in March 2020, Mr. Villa’s annual base salary was increased from $300,000 to $400,000. Of Mr. Villa’s $394,939 salary, $42,470 was paid through an Italian subsidiary of the Company. |
(3) | Mr. Previte and Mr. Villa were each paid a one-time signing and relocation bonus equal to $200,000 and $140,000, respectively. |
(4) | The amounts represented in the “Stock Awards” column reflect the aggregate grant date fair value of restricted stock units awarded during 2021 computed in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, using methodologies and assumptions as described in the Fair Value Measurements section located in the Critical Accounting Policies under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” |
(5) | The bonus payment amounts for 2021 were approved by the Board of Directors and are expected to be paid in April 2022. |
(6) | During 2020 and 2021 the Company paid for a supplemental executive health care policy for Mr. Previte and Mr. Villa. During 2020 Mr. Bell was paid an annual consulting fee equal to $416,667 and Mr. Bell’s single member limited liability company, Satellite Solutions Group LLC, received an aggregate consulting fee equal to $700,000 and during 2021 Mr. Bell was paid a consulting fee equal to $125,000. |
Restricted Stock Unit Awards | ||||||||||||||||
Name | Number of Units of Stock that Have Not Vested (#) | Market Value of Units of Stock that Have not Vested ($) | Equity Incentive Plan: Number of Unearned Units that Have Not Vested (#) | Equity Incentive Plan: Market or Payout Value of Unearned Units That Have not Vested ($)(*) | ||||||||||||
Marc Bell | 70,000 | (1) | 13,513,500 | |||||||||||||
Anthony Previte | 84,633 | (2) | 16,338,401 | |||||||||||||
70,000 | (3) | 13,513,500 | ||||||||||||||
Marco Villa | 22,316 | (4) | 4,308,104 | |||||||||||||
15,000 | (5) | 2,895,750 |
(*) | The market value of the restricted stock units that have not vested was calculated by multiplying the number of units shown in the table by the fair market value per share of our common stock as of December 31, 2021, which was $193.05. The fair market value of our common stock was estimated using the methodologies and assumptions described in the Fair Value Measurements section located in the Critical Accounting Policies and Estimates section under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” |
Note | Grant Date | Vesting | ||
(1) | 3/15/2021 | Vest based on satisfaction of (x) a service condition; annually over four years with 25% of the units vesting on each the first, second, third, and fourth anniversary of the vesting start date, subject to full acceleration on a change in control and (y) the occurrence of a liquidity event. | ||
(2) | 2/24/2021 | Vest based on the satisfaction of (x) a service condition; 34,633 units vest annually over four years with 25% of the units vesting on each the first, second, third, and fourth anniversary of the vesting start date and 40,000 units vest annually over two years with 50% of the units vesting on the first anniversary of the vesting start date and 50% of the units vesting on the second anniversary of the vesting start date, in each case, subject to full acceleration on a change in control and (y) the occurrence of a liquidity event. |
(3) | 3/15/2021 | Vest based on the satisfaction of (x) a service condition; annually over four years with 25% of the units vesting on each the first, second, third, and fourth anniversary of the vesting start date, subject to full acceleration on a change in control and (y) the occurrence of a liquidity event. | ||
(4) | 2/24/2021 | Vest based on the satisfaction of (x) a service condition; annually over four years with 25% of the units vesting on each the first, second, third, and fourth anniversary of the vesting start date, subject to full acceleration on a change in control and (y) the occurrence of a liquidity event. | ||
(5) | 3/22/2021 | Vest based on the satisfaction of (x) a service condition; annually over four years with 25% of the units vesting on each the first, second, third, and fourth anniversary of the vesting start date, subject to full acceleration on a change in control and (y) the occurrence of a liquidity event. |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1)(2) | Total ($) | |||||||||
Daniel Staton | — | 2,865,590 | 2,865,590 | |||||||||
James LaChance | — | 1,069,578 | 1,069,578 | |||||||||
Stratton Sclavos | — | 818,740 | 818,740 | |||||||||
Joseph Berenato | — | 818,740 | 818,740 | |||||||||
Mark Calassa | — | 818,740 | 818,740 |
(1) | The amounts represented in the “Stock Awards” column reflect the aggregate grant date fair value of restricted stock units awarded during 2021 computed in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, using methodologies and assumptions as described in the Fair Value Measurements section located in the Critical Accounting Policies and Estimates section under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” |
(2) | Effective as of March 31, 2021, each of Daniel Staton, James LaChance, Stratton Sclavos, and Joseph Berenato was granted 35,000, 10,000, 10,000 and 10,000 restricted stock units, respectively, and effective August 2, 2021, Mr. LaChance was granted 2,500 restricted stock units, in each case, under the terms and conditions of the 2014 Plan, a grant notice and a restricted stock unit award agreement, the material terms of which are described in “Additional Narrative Disclosure — 2014 Plan, Grant Notice and Restricted Stock Unit Award Agreement” above; provided, however that the restricted stock units effective as of March 31, 2021 satisfy the service condition in the following percentages on each of the following dates: (i) 50% on February 24, 2022 and (ii) 50% on February 24, 2023, and Mr. LaChance’s August 2, 2021 grant of 2,500 restricted stock units satisfies the service condition in the following percentages on each of the following dates (y) 50% on July 1, 2022 and (z) 50% on July 1, 2023. In addition, in connection with Mark Calassa’s service on the board of directors on behalf of Lockheed Martin Corporation, effective as of March 31, 2021, AstroLink International LLC was awarded 10,000 restricted stock units pursuant to the terms and conditions of a grant notice and a restricted stock unit award agreement, the material terms of which are substantially similar to the terms described herein. |
Name and Address of Beneficial Owners | Number of Shares | % of Ownership | Number of Shares | % of Ownership | ||||||||||||
Five Percent Holders: | ||||||||||||||||
Beach Point Capital Parties (1) | 24,119,581 | 17.393 | % | 24,119,581 | 17.360 | % | ||||||||||
Lockheed Martin Parties (2) | 14,725,883 | 10.608 | % | 14,725,883 | 10.588 | % | ||||||||||
Tailwind Two Sponsor LLC (3) | 14,044,905 | 9.805 | % | 14,044,905 | 9.782 | % | ||||||||||
Francisco Partners Parties (4) | 13,538,381 | 9.299 | % | 13,538,381 | 9.283 | % | ||||||||||
Austin Williams | 7,443,113 | 5.421 | % | 7,443,113 | 5.411 | % | ||||||||||
Roland Coelho | 7,443,113 | 5.421 | % | 7,443,113 | 5.411 | % | ||||||||||
Directors and Executive Officers: | ||||||||||||||||
Marc H. Bell (5) | 12,017,340 | 8.722 | % | 12,017,339 | 8.706 | % | ||||||||||
Anthony Previte (6) | 11,714,358 | 8.450 | % | 11,714,357 | 8.434 | % | ||||||||||
Marco Villa (7) | 6,114,742 | 4.445 | % | 6,114,741 | 4.437 | % | ||||||||||
Gary A. Hobart | 241,369 | * | 241,369 | * | ||||||||||||
Hilary Hageman | 0 | * | ||||||||||||||
Mathieu Riffel | 0 | * | 6,082 | * | ||||||||||||
Daniel C. Staton (8)(9) | 12,772,511 | 9.270 | % | 12,772,510 | 9.253 | % | ||||||||||
James LaChance | 220,543 | * | 255,024 | * | ||||||||||||
Tom Manion | 0 | * | 0 | * | ||||||||||||
Richard Y. Newton, III | 14,565 | * | 14,564 | * | ||||||||||||
Tobi Petrocelli | 0 | * | 0 | * | ||||||||||||
Douglas L. Raaberg | 14,565 | * | 14,564 | * | ||||||||||||
Stratton Sclavos | 413,776 | * | 413,776 | * | ||||||||||||
Directors and executive officers as a group (13 persons) | 43,523,769 | 30.980 | % | |||||||||||||
Directors and executive officers as a group (12 persons) | 43,564,326 | 30.943 | % |
* | Less than 1% |
(1) | Represents the common stock held by the following: Beach Point SCF XI LP, a Delaware limited partnership (“ SCF XI SCF IV SCF Multi Opportunities Select Securitized TX Fund GP Funds BPCM BPGP |
(2) | Represents the common stock held by Lockheed Martin Corporation, a Maryland corporation (“ Lockheed Martin Astrolink |
(3) | Represents the common stock held by Tailwind Two Sponsor LLC, a Delaware limited liability company (“ Tailwind Two Sponsor |
(4) | Represents the common stock held by FP Credit Partners II, L.P., a Cayman Islands limited partnership (“ FP Credit II FP Phoenix II |
(5) | Includes 70,991 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Bell shares voting and dispositive power. |
(6) | Includes 35,495 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Previte shares voting and dispositive power. |
(7) | Includes 70,991 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Villa shares voting and dispositive power. |
(8) | Includes 53,243 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Staton shares voting and dispositive power. |
(9) | Includes 8,133,126 common stock held by Staton Tyvak Family Limited Partnership and 3,000,000 common shares held by Staton Orbital Family Limited Partnership over which Mr. Staton has sole voting and dispositive power. |
Shares of Common Stock | ||||||||||||||||
Name | Number Owned Prior to Offering (1) | Number Registered for Sale Hereby | Number Owned After Offering | Percent Owned After Offering | ||||||||||||
Beach Point Capital Parties (2) | 24,119,581 | 24,119,581 | — | |||||||||||||
Tailwind Two Sponsor LLC (3) | 15,747,000 | 15,747,000 | — | |||||||||||||
Anthony Previte (4) | 14,961,883 | 14,961,883 | — | |||||||||||||
Lockheed Martin Parties (5) | 14,863,808 | 14,863,808 | — | |||||||||||||
Marc H. Bell (6) | 13,789,761 | 13,789,761 | — | |||||||||||||
Francisco Partners Parties (7) | 13,538,381 | 13,538,381 | — | |||||||||||||
Daniel C. Staton (8)(9) | 13,255,250 | 13,255,250 | — | |||||||||||||
Austin Williams | 7,555,961 | 7,555,961 | — | |||||||||||||
Marco Villa (10) | 7,033,436 | 7,033,436 | — | |||||||||||||
Fuel Venture Capital Parties | 6,210,857 | 6,210,857 | — | |||||||||||||
Gary A. Hobart | 1,103,979 | 1,103,979 | — | |||||||||||||
AE Industrial Parties (11) | 1,000,000 | 1,000,000 | — | |||||||||||||
Broad Street Principal Investments, L.L.C. (12) | 808,761 | 808,761 | — | |||||||||||||
Stratton Sclavos | 620,664 | 620,664 | — | |||||||||||||
James LaChance | 427,433 | 427,433 | — | |||||||||||||
Hilary Hageman | 362,769 | 362,769 | — | |||||||||||||
Mathieu Riffel | 161,012 | 161,012 | — | |||||||||||||
Tommy Stadlen (13) | 153,000 | 153,000 | — | |||||||||||||
Richard T. Newton, III | 29,129 | 29,129 | — | |||||||||||||
Douglas L. Raaberg | 29,129 | 29,129 | — |
Shares of Common Stock | ||||||||||||||||
Name | Number Owned Prior to Offering (1) | Number Registered for Sale Hereby | Number Owned After Offering | Percent Owned After Offering | ||||||||||||
Beach Point Capital Parties (2) | 24,119,581 | 24,119,581 | — | — | ||||||||||||
Daniel C. Staton (3) | 18,002,085 | 18,002,085 | — | — | ||||||||||||
Tailwind Two Sponsor LLC (4) | 15,747,000 | 15,747,000 | — | — | ||||||||||||
Anthony Previte (5) | 14,961,883 | 14,961,883 | — | — | ||||||||||||
Lockheed Martin Parties (6) | 14,863,808 | 14,863,808 | — | — | ||||||||||||
Marc H. Bell (7) | 13,789,761 | 13,789,761 | — | — | ||||||||||||
Francisco Partners Parties (8) | 13,538,381 | 13,538,381 | — | — | ||||||||||||
Austin Williams | 7,555,961 | 7,555,961 | — | — | ||||||||||||
Marco Villa (9) | 7,033,436 | 7,033,436 | — | — | ||||||||||||
Fuel Venture Capital Parties | 6,210,857 | 6,210,857 | — | — | ||||||||||||
Gary A. Hobart | 1,103,979 | 1,103,979 | — | — | ||||||||||||
AE Industrial Parties (10) | 1,000,000 | 1,000,000 | — | — | ||||||||||||
Broad Street Principal Investments, L.L.C. (11) | 808,761 | 808,761 | — | — | ||||||||||||
Stratton Sclavos | 620,664 | 620,664 | — | — | ||||||||||||
James LaChance | 427,433 | 427,433 | — | — | ||||||||||||
Mathieu Riffel | 161,012 | 161,012 | — | — | ||||||||||||
Tommy Stadlen (12) | 153,000 | 153,000 | — | — | ||||||||||||
Richard T. Newton, III | 29,129 | 29,129 | — | — | ||||||||||||
Douglas L. Raaberg | 29,129 | 29,129 | — | — |
Warrants to Purchase Common Stock | Warrants to Purchase Common Stock | |||||||||||||||||||||||||||||||
Name | Number Owned Prior to Offering (1) | Number Registered for Sale Hereby | Number Owned After Offering | Percent Owned After Offering | Number Owned Prior to Offering (1) | Number Registered for Sale Hereby | Number Owned After Offering | Percent Owned After Offering | ||||||||||||||||||||||||
Francisco Partners Parties | 8,291,704 | 8,291,704 | — | 8,291,704 | 8,291,704 | — | — | |||||||||||||||||||||||||
Tailwind Two Sponsor LLC | 7,722,000 | 7,722,000 | — | 7,722,000 | 7,722,000 | — | — | |||||||||||||||||||||||||
Beach Point Capital Parties (2) | 1,381,951 | 1,381,951 | — | 1,381,951 | 1,381,951 | — | — | |||||||||||||||||||||||||
Lockheed Martin Parties | 1,381,951 | 1,381,951 | — | 1,381,951 | 1,381,951 | — | — | |||||||||||||||||||||||||
Tommy Stadlen | 78,000 | 78,000 | — | 78,000 | 78,000 | — | — |
(1) | The first table includes shares of our common stock (both shares beneficially owned as determined in accordance with Rule 13d-3 of the Exchange Act and shares which the holder has a contingent right to receive), and shares of common stock issuable upon exercise of the Warrants that may be offered by the Selling Securityholders, and the second table includes the Warrants that may be offered by the Selling Security Holders (collectively, the “ Resale Securities |
(2) | For purposes of the first table, represents the common stock held by the following: Beach Point SCF XI LP, a Delaware limited partnership (“ SCF XI SCF IV SCF Multi Select Securitized TX |
(3) | Includes (i) 53,243 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Staton shares voting and dispositive power, (ii) 8,133,126 common stock held by Staton Tyvak Family Limited Partnership, (iii) 3,000,000 common shares held by Staton Orbital Family Limited Partnership over which Mr. Staton has sole voting and dispositive power, and (iv) up to 4,746,835 common shares that may be issued at the discretion of Terran Orbital in lieu of cash beginning with the quarterly period ending March 31, 2023 for aggregate quarterly payments of $22.5 million payable under the PIPE Investment Obligation (with the number of such common shares estimated to be issuable calculated based on the $4.74 closing stock price per share on May 25, 2022). |
(4) | Represents the common stock held by Tailwind Two Sponsor LLC, a Delaware limited liability company (“ Tailwind Two Sponsor |
( ) | Includes 35,495 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Previte shares voting and dispositive power. |
Represents the common stock held by Lockheed Martin Corporation, a Maryland corporation (“ Lockheed Martin Astrolink |
Includes 70,991 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Bell shares voting and dispositive power. |
Represents the common stock held by FP Credit Partners II, L.P., a Cayman Islands limited partnership (“ FP Credit II FP Phoenix II |
(9) |
Includes 70,991 common stock held by Terran Orbital Management Investors LLC, an investment vehicle over which Mr. Villa shares voting and dispositive power. |
( | Represents the common stock held by AE RED Aggregator, LP, a Delaware limited partnership (“AE RED”), BBAI”) |
Represents the common stock held by Broad Street Principal Investments, L.L.C. (“BSPI”), a Delaware limited liability company. BSPI is managed by Goldman Sachs & Co. LLC (“GS”), which is wholly owned by The Goldman Sachs Group, Inc. (“GS Group”) |
Includes the 78,000 shares of common stock issuable upon exercise of the warrants listed in the second table. |
1. | Prior to such time the Board of Directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; |
2. | Upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or |
3. | At or subsequent to such time the business combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66-2/3% of the outstanding voting stock which is not owned by the interested stockholder. |
REDEMPTION DATE (PERIOD TO EXPIRATION OF WARRANTS) | FAIR MARKET VALUE OF CLASS A ORDINARY SHARES | |||||||||||||||||||||||||||||||||||
$10.00 | 11.00 | 12.00 | 13.00 | 14.00 | 15.00 | 16.00 | 17.00 | 18.00 | ||||||||||||||||||||||||||||
60 months | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | |||||||||||||||||||||||||||
57 months | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | |||||||||||||||||||||||||||
54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 | |||||||||||||||||||||||||||
51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 | |||||||||||||||||||||||||||
48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 | |||||||||||||||||||||||||||
45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 | |||||||||||||||||||||||||||
42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 | |||||||||||||||||||||||||||
39 months | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 | |||||||||||||||||||||||||||
36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 | |||||||||||||||||||||||||||
33 months | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 | |||||||||||||||||||||||||||
30 months | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 | |||||||||||||||||||||||||||
27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 | |||||||||||||||||||||||||||
24 months | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 | |||||||||||||||||||||||||||
21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 | |||||||||||||||||||||||||||
18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 | |||||||||||||||||||||||||||
15 months | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 | |||||||||||||||||||||||||||
12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 | |||||||||||||||||||||||||||
9 months | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 | |||||||||||||||||||||||||||
6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 | |||||||||||||||||||||||||||
3 months | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | |||||||||||||||||||||||||||
0 months | — | — | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 | |||||||||||||||||||||||||||
Page | ||||
Unaudited Condensed Consolidated Financial Statements for Terran Orbital Corporation | ||||
Consolidated Financial Statements | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-6 | ||||
F-7 |
Page | ||||
Audited Consolidated Financial Statements for Tailwind Two Acquisition Corp. (now renamed Terran Orbital Corporation): | ||||
Consolidated Financial Statements | ||||
Page | ||||
Audited Consolidated Financial Statements for Terran Orbital | ||||
Consolidated Financial Statements | ||||
March 31, 2022 | December 31, 2021 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 76,654 | $ | 27,325 | ||||
Accounts receivable, net of allowance for credit losses of $883 and $945 as of March 31, 2022 and December 31, 2021, respectively | 18,626 | 3,723 | ||||||
Contract assets, net | 3,609 | 2,757 | ||||||
Inventory | 9,191 | 7,783 | ||||||
Prepaid expenses and other current assets | 6,258 | 57,639 | ||||||
Total current assets | 114,338 | 99,227 | ||||||
Property, plant and equipment, net | 38,334 | 35,530 | ||||||
Other assets | 17,316 | 639 | ||||||
Total assets | $ | 169,988 | $ | 135,396 | ||||
Liabilities, mezzanine equity and shareholders’ deficit: | ||||||||
Current portion of long-term debt | $ | 7,515 | $ | 14 | ||||
Accounts payable | 10,833 | 9,366 | ||||||
Contract liabilities | 24,204 | 17,558 | ||||||
Reserve for anticipated losses on contracts | 965 | 886 | ||||||
Accrued expenses and other current liabilities | 13,082 | 76,136 | ||||||
Total current liabilities | 56,599 | 103,960 | ||||||
Long-term debt | 94,929 | 115,134 | ||||||
Warrant liabilities | 35,616 | 5,631 | ||||||
Other liabilities | 16,995 | 2,028 | ||||||
Total liabilities | 204,139 | 226,753 | ||||||
Commitments and contingencies (Note 12) | 0 | 0 | ||||||
Mezzanine equity: | ||||||||
Redeemable convertible preferred stock - authorized 0 and 20,526,878 shares of $0.0001 par value as of March 31, 2022 and December 31, 2021, respectively; issued and outstanding shares of 0 and 10,947,686 as of March 31, 2022 and December 31, 2021, respectively | — | 8,000 | ||||||
Shareholders’ deficit: | ||||||||
Preferred stock - authorized 50,000,000 and 0 shares of $0.0001 par value as of March 31, 2022 and December 31, 2021, respectively; 0 issued and outstanding | — | — | ||||||
Common stock - authorized 300,000,000 and 151,717,882 shares of $0.0001 par value as of March 31, 2022 and December 31, 2021, respectively; issued and outstanding shares of 137,295,455 and 78,601,283 as of March 31, 2022 and December 31, 2021, respectively | 14 | 8 | ||||||
Additional paid-in capital | 234,384 | 97,737 | ||||||
Accumulated deficit | (268,560 | ) | (197,066 | ) | ||||
Accumulated other comprehensive income (loss) | 11 | (36 | ) | |||||
Total shareholders’ deficit | (34,151 | ) | (99,357 | ) | ||||
Total liabilities, mezzanine equity and shareholders’ deficit | $ | 169,988 | $ | 135,396 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Revenue | $ | 13,120 | $ | 10,494 | ||||
Cost of sales | 15,953 | 9,734 | ||||||
Gross (loss) profit | (2,833 | ) | 760 | |||||
Selling, general, and administrative expenses | 30,217 | 6,673 | ||||||
Loss from operations | (33,050 | ) | (5,913 | ) | ||||
Interest expense, net | 2,923 | 907 | ||||||
Loss on extinguishment of debt | 23,141 | 70,667 | ||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | |||||
Other expense | 403 | 15 | ||||||
Loss before income taxes | (71,370 | ) | (77,468 | ) | ||||
Provision for income taxes | 2 | 28 | ||||||
Net loss | (71,372 | ) | (77,496 | ) | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustments | 47 | (58 | ) | |||||
Total comprehensive loss | $ | (71,325 | ) | $ | (77,554 | ) | ||
Weighted-average shares outstanding - basic and diluted | 83,643,940 | 71,431,259 | ||||||
Net loss per share - basic and diluted | $ | (0.85 | ) | $ | (1.08 | ) |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||
Mezzanine Equity | Shareholders’ Deficit | |||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amounts | Shares | Amounts | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total Shareholders’ Deficit | ||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 396,870 | $ | 8,000 | 2,849,414 | $ | — | $ | 97,745 | $ | (197,066 | ) | $ | (36 | ) | $ | — | $ | (99,357 | ) | |||||||||||||||||
Retroactive application of reverse recapitalization | 10,550,816 | — | 75,751,869 | 8 | (8 | ) | — | — | — | — | ||||||||||||||||||||||||||
Balance as of December 31, 2021 - Recast | 10,947,686 | $ | 8,000 | 78,601,283 | $ | 8 | $ | 97,737 | $ | (197,066 | ) | $ | (36 | ) | $ | — | $ | (99,357 | ) | |||||||||||||||||
Adoption of accounting standard, net of tax | — | — | — | — | — | (122 | ) | — | — | (122 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | (71,372 | ) | — | — | (71,372 | ) | |||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 47 | — | 47 | |||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock | (10,947,686 | ) | (8,000 | ) | 10,947,686 | 1 | 7,999 | — | — | — | 8,000 | |||||||||||||||||||||||||
Net settlement of liability-classified warrants into common stock | — | — | 694,873 | — | 7,616 | — | — | — | 7,616 | |||||||||||||||||||||||||||
Net settlement of equity-classified warrants into common stock | — | — | 22,343,698 | 2 | (2 | ) | — | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock in connection with the Tailwind Two Merger and PIPE Investment, net of issuance costs | — | — | 16,114,695 | 2 | 6,926 | — | — | — | 6,928 | |||||||||||||||||||||||||||
Issuance of common stock in connection with financing transactions, net of issuance costs | — | — | 4,325,000 | 1 | 40,733 | — | — | — | 40,734 | |||||||||||||||||||||||||||
Reclassification of liability-classified warrants and derivatives to equity-classified | — | — | — | — | 11,007 | — | — | — | 11,007 | |||||||||||||||||||||||||||
Issuance of contingently issuable common stock | — | — | 4,095,569 | — | 44,887 | 44,887 | ||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 17,335 | — | — | — | 17,335 | |||||||||||||||||||||||||||
Exercise of stock options | — | — | 172,651 | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||
Balance as of March 31, 2022 | — | $ | — | 137,295,455 | $ | 14 | $ | 234,384 | $ | (268,560 | ) | $ | 11 | $ | — | $ | (34,151 | ) | ||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Mezzanine Equity | Shareholders’ Deficit | |||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amounts | Shares | Amounts | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non- controlling Interest | Total Shareholders’ Deficit | ||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 396,870 | $ | 8,000 | 2,439,634 | $ | — | $ | 7,454 | $ | (58,084 | ) | $ | (204 | ) | $ | 23,743 | $ | (27,091 | ) | |||||||||||||||||
Retroactive application of reverse recapitalization | 10,550,816 | — | 64,857,839 | 7 | (7 | ) | — | — | — | — | ||||||||||||||||||||||||||
Balance as of December 31, 2020 - Recast | 10,947,686 | $ | 8,000 | 67,297,473 | $ | 7 | $ | 7,447 | $ | (58,084 | ) | $ | (204 | ) | $ | 23,743 | $ | (27,091 | ) | |||||||||||||||||
Net loss | — | — | — | — | — | (77,496 | ) | — | — | (77,496 | ) | |||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 110 | — | 110 | |||||||||||||||||||||||||||
Issuance of common stock in exchange for non-controlling interest, net of issuance costs | — | — | 10,704,772 | 1 | 23,310 | — | — | (23,743 | ) | (432 | ) | |||||||||||||||||||||||||
Issuance of warrants, net of issuance costs | — | — | — | — | 66,060 | — | — | — | 66,060 | |||||||||||||||||||||||||||
Share-based compensation | — | �� | — | — | 168 | — | — | — | 168 | |||||||||||||||||||||||||||
Exercise of stock options | — | — | 164,352 | — | 19 | — | — | — | 19 | |||||||||||||||||||||||||||
Balance as of March 31, 2021 | 10,947,686 | $ | 8,000 | 78,166,597 | $ | 8 | $ | 97,004 | $ | (135,580 | ) | $ | (94 | ) | $ | — | $ | (38,662 | ) | |||||||||||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 846 | 671 | ||||||
Non-cash interest expense | 1,215 | 889 | ||||||
Share-based compensation expense | 17,335 | 168 | ||||||
Provision for losses on receivables and inventory | 169 | 444 | ||||||
Loss on extinguishment of debt | 23,141 | 70,667 | ||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | |||||
Amortization of operating right-of-use | 305 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (15,002 | ) | (226 | ) | ||||
Contract assets | (928 | ) | (785 | ) | ||||
Inventory | (1,550 | ) | 998 | |||||
Prepaid expenses and other current assets | (1,384 | ) | 216 | |||||
Accounts payable | 2,134 | 2,202 | ||||||
Contract liabilities | 6,708 | 728 | ||||||
Reserve for anticipated losses on contracts | 79 | (52 | ) | |||||
Accrued expenses and other current liabilities | 4,032 | 1,047 | ||||||
Accrued interest | (4,803 | ) | — | |||||
Other, net | (2,078 | ) | 15 | |||||
Net cash used in operating activities | (29,300 | ) | (548 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (4,030 | ) | (2,422 | ) | ||||
Net cash used in investing activities | (4,030 | ) | (2,422 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term debt | 35,942 | 47,481 | ||||||
Proceeds from warrants and derivatives | 42,247 | 2,519 | ||||||
Proceeds from Tailwind Two Merger and PIPE Investment | 58,424 | — | ||||||
Proceeds from issuance of common stock | 14,791 | — | ||||||
Repayment of long-term debt | (27,171 | ) | (4 | ) | ||||
Payment of issuance costs | (41,681 | ) | (5,667 | ) | ||||
Proceeds from exercise of stock options | 135 | 19 | ||||||
Net cash provided by financing activities | 82,687 | 44,348 | ||||||
Effect of exchange rate fluctuations on cash and cash equivalents | (28 | ) | (66 | ) | ||||
Net increase in cash and cash equivalents | 49,329 | 41,312 | ||||||
Cash and cash equivalents at beginning of period | 27,325 | 12,336 | ||||||
Cash and cash equivalents at end of period | $ | 76,654 | $ | 53,648 | ||||
Non-cash investing and financing activities: | ||||||||
Purchases of property, plant and equipment not yet paid | $ | 211 | $ | 111 | ||||
Non-cash interest capitalized to property, plant and equipment | 555 | 121 | ||||||
Depreciation and amortization capitalized to construction in process | 77 | — | ||||||
Issuance costs not yet paid | 5,983 | 2,361 | ||||||
Non-cash exchange and extinguishment of long-term debt | 40,432 | 36,859 | ||||||
Issuance of common stock in exchange for non-controlling interest | — | 23,743 | ||||||
Conversion of redeemable convertible preferred stock into common stock | 8,000 | — | ||||||
Net settlement of liability-classified warrants into common stock | 7,616 | — | ||||||
Net settlement of equity-classified warrants into common stock | (2 | ) | — | |||||
Non-cash issuance of common stock in connection with PIPE Investment | 10,060 | — | ||||||
Non-cash issuance of common stock in connection with financing transactions | 26,304 | — | ||||||
Reclassification of liability-classified warrants and derivatives to equity-classified | 11,007 | — | ||||||
Issuance of contingently issuable common stock | 44,887 | — |
(in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Deferred debt commitment costs | $ | — | $ | 46,632 | ||||
Deferred equity issuance costs | — | 6,085 | ||||||
Deferred cost of sales | 1,585 | 2,950 | ||||||
Other current assets | 4,673 | 1,972 | ||||||
Prepaid expenses and other current assets | $ | 6,258 | $ | 57,639 | ||||
(in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Current warrant and derivative liabilities (1) | $ | — | $ | 68,518 | ||||
Payroll-related accruals | 8,547 | 5,771 | ||||||
Current operating lease liabilities | 834 | — | ||||||
Accrued interest | 298 | — | ||||||
Other current liabilities | 3,403 | 1,847 | ||||||
Accrued expenses and other current liabilities | $ | 13,082 | $ | 76,136 | ||||
(1) | Refer to Note 6 “Warrants and Derivatives” for further discussion. |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Customer A | 77 | % | 37 | % | ||||
Customer B | 1 | % | 16 | % | ||||
Total | 78 | % | 53 | % | ||||
March 31, 2022 | December 31, 2021 | |||||||
Customer A | 82 | % | 14 | % | ||||
Customer B | 6 | % | 32 | % | ||||
Customer C | 3 | % | 13 | % | ||||
Customer D | 2 | % | 19 | % | ||||
Customer E | 2 | % | 10 | % | ||||
Total | 95 | % | 88 | % | ||||
(in thousands) | December 31, 2021 | Lease Standard Adoption Adjustment | January 1, 2022 | |||||||||
Assets | ||||||||||||
Other assets | $ | 639 | $ | 6,550 | $ | 7,189 | ||||||
Liabilities | ||||||||||||
Accrued expenses and other current liabilities | 76,136 | 166 | 76,302 | |||||||||
Other liabilities | 2,028 | 6,384 | 8,412 |
Three Months Ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Mission support | $ | 12,770 | $ | 8,747 | ||||
Launch support | 36 | 692 | ||||||
Operations | 192 | 644 | ||||||
Studies, design and other | 122 | 411 | ||||||
Revenue | $ | 13,120 | $ | 10,494 | ||||
Three Months Ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
U.S. Government contracts | ||||||||
Fixed price | $ | 8,492 | $ | 5,478 | ||||
Cost-plus fee | 2,272 | 676 | ||||||
10,764 | 6,154 | |||||||
Foreign government contracts | ||||||||
Fixed price | 556 | 543 | ||||||
Commercial contracts | ||||||||
Fixed price, U.S. | 1,650 | 2,192 | ||||||
Fixed price, International | 150 | 1,577 | ||||||
Cost-plus fee | — | 28 | ||||||
1,800 | 3,797 | |||||||
Revenue | $ | 13,120 | $ | 10,494 | ||||
(in thousands) | March 31, 2022 | January 1, 2022 (1) | ||||||
Contract assets, gross | $ | 3,685 | $ | 2,757 | ||||
Allowance for credit losses | (76 | ) | (82 | ) | ||||
Contract assets, net | $ | 3,609 | $ | 2,675 | ||||
(1) | Balances reflected are subsequent to the adoption of CECL on January 1, 2022. |
Three Months Ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Beginning balance | $ | (945 | ) | $ | (635 | ) | ||
Adoption of CECL | (39 | ) | — | |||||
Provision for credit losses | (26 | ) | (99 | ) | ||||
Write-offs | 127 | 3 | ||||||
Ending balance | $ | (883 | ) | $ | (731 | ) | ||
(in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Raw materials | $ | 5,994 | $ | 4,782 | ||||
Work in process | 3,197 | 3,001 | ||||||
Total inventory | $ | 9,191 | $ | 7,783 | ||||
Machinery and equipment | 5-7 years | |
Satellites | 3-5 years | |
Ground station equipment | 5-7 years | |
Office equipment and furniture | 5-7 years | |
Computer equipment and software | 3-5 years | |
Leasehold improvements | Shorter of the estimated useful life or remaining lease term |
(in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Machinery and equipment | $ | 7,595 | $ | 7,607 | ||||
Satellites | 2,209 | 2,209 | ||||||
Ground station equipment | 1,944 | 1,944 | ||||||
Office equipment and furniture | 2,292 | 2,239 | ||||||
Computer equipment and software | 141 | 142 | ||||||
Leasehold improvements | 8,911 | 8,533 | ||||||
Construction in process | 26,959 | 23,647 | ||||||
Property, plant and equipment, gross | 50,051 | 46,321 | ||||||
Accumulated depreciation | (11,717 | ) | (10,791 | ) | ||||
Property, plant and equipment, net | $ | 38,334 | $ | 35,530 | ||||
Description | Issued | Maturity | Interest Rate | Interest Payable | March 31, 2022 | December 31, 2021 | ||||||||||||||||||
Francisco Partners Facility | November 2021 | April 2026 | 9.25% | Quarterly | $ | 120,023 | $ | 30,289 | ||||||||||||||||
Senior Secured Notes due 2026 (1) | March 2021 | April 2026 | | 9.25% and 11.25% | | Quarterly | 56,267 | 94,686 | ||||||||||||||||
PIPE Investment Obligation | March 2022 | | December 2025 | N/A | N/A | 28,125 | — | |||||||||||||||||
Finance leases | N/A | N/A | N/A | N/A | 49 | 53 | ||||||||||||||||||
Unamortized deferred issuance costs | (2,115) | (761) | ||||||||||||||||||||||
Unamortized discount on debt | (99,905) | (9,119) | ||||||||||||||||||||||
Total debt | 102,444 | 115,148 | ||||||||||||||||||||||
Current portion of long-term debt | 7,515 | 14 | ||||||||||||||||||||||
Long-term debt | $ | 94,929 | $ | 115,134 | ||||||||||||||||||||
(in thousands, except share and per share amounts) | Number of Issuable Shares as of March 31, 2022 | Issuance | Maturity | Exercise Price | March 31, 2022 | December 31, 2021 | ||||||||||||||||||
Inducement Warrants | — | March 2021 | March 2041 | $ | 0.01 | $ | — | $ | 5,631 | |||||||||||||||
Public Warrants | 11,499,960 | March 2021 | March 2027 | $ | 11.50 | 5,750 | — | |||||||||||||||||
Private Placement Warrants | 7,800,000 | March 2021 | March 2027 | $ | 11.50 | 3,900 | — | |||||||||||||||||
FP Combination Warrants | 8,291,704 | March 2022 | March 2027 | $ | 10.00 | 25,966 | — | |||||||||||||||||
Warrant liabilities | 27,591,664 | $ | 35,616 | $ | 5,631 | |||||||||||||||||||
(in thousands) | March 31, 2022 | December 31, 2021 | ||||||
FP Pre-Combination Warrants | $ | — | $ | 2,546 | ||||
Pre-Combination Warrants | — | 849 | ||||||
FP Combination Warrants | — | 27,682 | ||||||
Combination Warrants | — | 7,602 | ||||||
FP Combination Equity | — | 24,110 | ||||||
Combination Equity | — | 5,729 | ||||||
Current warrant and derivative liabilities | $ | — | $ | 68,518 | ||||
(in thousands) | Current Warrant and Derivative Liabilities | Warrant Liabilities | Total | |||||||||
Beginning balance | $ | 68,518 | $ | 5,631 | $ | 74,149 | ||||||
Initial recognition from Tailwind Two Merger | — | 13,124 | 13,124 | |||||||||
Change in fair value of warrant and derivative liabilities | 13,342 | (1,489 | ) | 11,853 | ||||||||
Reclassification of current warrant and derivative liabilities to warrant liabilities | (25,966 | ) | 25,966 | — | ||||||||
Reclassification of liability-classified warrants and derivatives to equity-classified | (11,007 | ) | — | (11,007 | ) | |||||||
Net settlement of liability-classified warrants into common stock | — | (7,616 | ) | (7,616 | ) | |||||||
Issuance of contingently issuable shares | (44,887 | ) | — | (44,887 | ) | |||||||
Ending balance | $ | — | $ | 35,616 | $ | 35,616 | ||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt | $ | 91,264 | $ | 173,524 | $ | 115,095 | $ | 124,221 | ||||||||
PIPE Investment Obligation | 11,131 | 25,075 | — | — |
Three Months Ended March 31, | ||||||||
(in shares of common stock) | 2022 | 2021 | ||||||
Series A Preferred Stock | — | 10,947,686 | ||||||
Stock options | 1,938,804 | 2,836,655 | ||||||
Restricted stock units | 16,076,087 | 14,121,542 | ||||||
Detachable Warrants | — | 26,029,630 | ||||||
Inducement Warrants | — | 479,208 | ||||||
FP Combination Warrants | 8,291,704 | — | ||||||
Combination Warrants | 2,763,902 | — | ||||||
Public Warrants | 11,499,960 | — | ||||||
Private Placement Warrants | 7,800,000 | |||||||
PIPE Investment Obligation | 3,270,349 | — |
Three Months Ended March 31, | ||||||||
(in thousands, except per share and share amounts) | 2022 | 2021 | ||||||
Numerator: | ||||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | ||
Denominator: | ||||||||
Weighted-average shares outstanding - basic and diluted | 83,643,940 | 71,431,259 | ||||||
Net loss per share - basic and diluted | $ | (0.85 | ) | $ | (1.08 | ) |
Three Months Ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Satellite Solutions | $ | 12,974 | $ | 10,494 | ||||
Earth Observation Solutions | 146 | — | ||||||
Revenue | $ | 13,120 | $ | 10,494 | ||||
Three Months Ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Satellite Solutions | $ | (6,048 | ) | $ | (980 | ) | ||
Earth Observation Solutions | (660 | ) | (912 | ) | ||||
Loss from operations by segment | $ | (6,708 | ) | $ | (1,892 | ) | ||
Three Months Ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Loss from operations by segment | $ | (6,708 | ) | $ | (1,892 | ) | ||
Corporate and other | (9,007 | ) | (3,853 | ) | ||||
Share-based compensation expense | (17,335 | ) | (168 | ) | ||||
Loss from operations | (33,050 | ) | (5,913 | ) | ||||
Interest expense, net | 2,923 | 907 | ||||||
Loss on extinguishment of debt | 23,141 | 70,667 | ||||||
Change in fair value of warrant and derivative liabilities | 11,853 | (34 | ) | |||||
Other expense | 403 | 15 | ||||||
Loss before income taxes | (71,370 | ) | (77,468 | ) | ||||
Provision for income taxes | 2 | 28 | ||||||
Net loss | $ | (71,372 | ) | $ | (77,496 | ) | ||
(in thousands) | Classification | March 31, 2022 | January 1, 2022 | |||||||
Right-of-Use | ||||||||||
Operating | Other assets | $ | 14,119 | $ | 6,550 | |||||
Finance | Property, plant and equipment, net | 44 | 48 | |||||||
�� | ||||||||||
Total right-of-use | $ | 14,163 | $ | 6,598 | ||||||
Lease Liabilities | ||||||||||
Operating | Accrued expenses and other current liabilities | $ | 834 | $ | 166 | |||||
Finance | Current portion of long-term debt | 15 | 14 | |||||||
Operating | Other liabilities | 15,640 | 7,962 | |||||||
Finance | Long-term debt | 34 | 39 | |||||||
Total lease liabilities | $ | 16,523 | $ | 8,181 | ||||||
Lease Cost ( in thousands ) | Three Months Ended March 31, 2022 | |||
Operating lease cost | $ | 1,263 | ||
Finance lease cost | ||||
Amortization of right-of-use | 4 | |||
Interest on lease liabilities | 2 | |||
Variable lease costs | 140 | |||
Total lease cost | $ | 1,409 | ||
Other information ( in thousands ) | Three Months Ended March 31, 2022 | |||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ | 486 | ||
Operating cash flows from finance leases | 2 | |||
Financing cash flows from finance leases | 3 | |||
Right-of-use | ||||
Operating leases | 7,384 | |||
Finance leases | — |
Lease Term and Discount Rate | March 31, 2022 | |||
Weighted-average remaining lease term (years) | ||||
Operating leases | 7.7 | |||
Finance leases | 3.4 | |||
Weighted-average discount rate | ||||
Operating leases | 29.69 | % | ||
Finance leases | 14.96 | % |
Maturity of Lease Liabilities ( in thousands ) | Operating Leases | Finance Leases | ||||||
2022 | $ | 3,053 | $ | 16 | ||||
2023 | 5,666 | 21 | ||||||
2024 | 5,771 | 11 | ||||||
2025 | 5,709 | 8 | ||||||
2026 | 5,705 | 7 | ||||||
Thereafter | 21,522 | — | ||||||
Total lease payments | 47,426 | 63 | ||||||
Less interest | 30,952 | 14 | ||||||
Total lease liabilities | $ | 16,474 | $ | 49 | ||||
(in thousands) | Operating Leases | Finance Leases | ||||||
2022 | $ | 3,484 | $ | 21 | ||||
2023 | 4,865 | 21 | ||||||
2024 | 4,970 | 11 | ||||||
2025 | 4,928 | 8 | ||||||
2026 | 4,896 | 7 | ||||||
Thereafter | 5,167 | — | ||||||
Total lease payments | 28,310 | 68 | ||||||
Less interest on finance leases | — | 15 | ||||||
Total | $ | 28,310 | $ | 53 | ||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 1,552,520 | $ | — | $ | 1,552,520 | $ | — | ||||||||
Prepaid expenses and other current assets | 467,371 | — | 467,371 | — | ||||||||||||
Total Current Assets | 2,019,891 | — | 2,019,891 | — | ||||||||||||
Deferred offering costs | — | 197,790 | — | 197,790 | ||||||||||||
Investments held in Trust Account | 345,089,823 | — | 345,089,823 | — | ||||||||||||
TOTAL ASSETS | $ | 347,109,714 | $ | 197,790 | $ | 347,109,714 | $ | 197,790 | ||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable and accrued expenses | $ | 2,140,014 | $ | 6,093 | $ | 2,140,014 | $ | 6,093 | ||||||||
Accrued offering costs | 12,000 | 120,540 | 12,000 | 120,540 | ||||||||||||
Advances from related party | 5,360 | — | 5,360 | — | ||||||||||||
Promissory note – related party | — | 52,250 | — | 52,250 | ||||||||||||
Total Current Liabilities | 2,157,374 | 178,883 | 2,157,374 | 178,883 | ||||||||||||
Warrant liabilities | 16,405,000 | — | 16,405,000 | — | ||||||||||||
Deferred underwriting fee payable | 12,075,000 | — | 12,075,000 | — | ||||||||||||
Total Liabilities | 30,637,374 | 178,883 | 30,637,374 | 178,883 | ||||||||||||
Commitments and contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 34,500,000 and 0 shares issued and outstanding at $10.00 per share redemption value as of December 31, 2021 and 2020, respectively | 345,000,000 | — | 345,000,000 | — | ||||||||||||
Shareholders’ (Deficit) Equity | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding | 0 | 0 | — | — | ||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 shares issued and outstanding, excluding 34,500,000 and 0 shares subject to possible redemption, as of December 31, 2021 and 2020, respectively | — | — | — | — | ||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding as of December 31, 2021 and 2020 | 863 | 863 | 863 | 863 | ||||||||||||
Additional paid-in capital | — | 24,137 | — | 24,137 | ||||||||||||
Accumulated deficit | (28,528,523 | ) | (6,093 | ) | (28,528,523 | ) | (6,093 | ) | ||||||||
Total Shareholders’ (Deficit) Equity | (28,527,660 | ) | 18,907 | (28,527,660 | ) | 18,907 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | $ | 347,109,714 | $ | 197,790 | $ | 347,109,714 | $ | 197,790 | ||||||||
Year Ended December 31, 2021 | For the Period from November 18, 2020 (Inception) through December 31, 2020 | |||||||
General and administrative expenses | $ | 4,400,069 | $ | 6,093 | ||||
Loss from operations | (4,400,069 | ) | (6,093 | ) | ||||
Other income (expense): | ||||||||
Change in fair value of warrant liabilities | 2,509,000 | — | ||||||
Transaction costs allocable to warrants | (649,349 | ) | — | |||||
Interest earned on investments held in Trust Account | 89,823 | — | ||||||
Total other income, net | 1,949,474 | — | ||||||
Net loss | $ | (2,450,595 | ) | $ | (6,093 | ) | ||
Weighted average shares outstanding, Class A ordinary shares | 28,167,123 | — | ||||||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.07 | ) | $ | — | |||
Weighted average shares outstanding, Class B ordinary shares | 8,418,493 | 7,500,000 | ||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.07 | ) | $ | (0.00 | ) | ||
Class A | Class B | Additional | Total | Class A | Class B | Additional | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Ordinary Shares | Paid in | Accumulated | Shareholders’ | Ordinary Shares | Ordinary Shares | Paid in | Accumulated | Shareholders’ | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||
Balance—November 18, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 8,625,000 | 863 | 24,137 | — | 25,000 | — | — | 8,625,000 | 863 | 24,137 | — | 25,000 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (6,093 | ) | (6,093 | ) | — | — | — | — | — | (6,093 | ) | (6,093 | ) | ||||||||||||||||||||||||||||||||||||||
Balance—December 31, 2020 | — | $ | — | 8,625,000 | $ | 863 | $ | 24,137 | $ | (6,093 | ) | $ | 18,907 | — | $ | — | 8,625,000 | $ | 863 | $ | 24,137 | $ | (6,093 | ) | $ | 18,907 | ||||||||||||||||||||||||||||||
Proceeds received in excess of fair value of Private Placement Warrants | — | — | — | — | 4,056,000 | — | 4,056,000 | — | — | — | — | 4,056,000 | — | 4,056,000 | ||||||||||||||||||||||||||||||||||||||||||
Accretion to Class A ordinary shares subject to possible redemption | — | — | — | — | (4,080,137 | ) | (26,071,835 | ) | (30,151,972 | ) | — | — | — | — | (4,080,137 | ) | (26,071,835 | ) | (30,151,972 | ) | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (2,450,595 | ) | (2,450,595 | ) | — | — | — | — | — | (2,450,595 | ) | (2,450,595 | ) | ||||||||||||||||||||||||||||||||||||||
Balance—December 31, 2021 | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (28,528,523 | ) | $ | (28,527,660 | ) | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (28,528,523 | ) | $ | (28,527,660 | ) | ||||||||||||||||||||||||||||
Year Ended December 31, | For the Period from November 18, 2020 (Inception) through December 31, | Year Ended December 31, | For the Period from November 18, 2020 (Inception) through December 31, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net loss | $ | (2,450,595 | ) | $ | (6,093 | ) | $ | (2,450,595 | ) | $ | (6,093 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Interest earned on investments held in Trust Account | (89,823 | ) | 0 | (89,823 | ) | — | ||||||||||
Change in fair value of warrant liabilities | (2,509,000 | ) | 0 | (2,509,000 | ) | — | ||||||||||
Transaction cost allocable to warrants | 649,349 | 0 | 649,349 | — | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses and other current assets | (467,371 | ) | 0 | (467,371 | ) | — | ||||||||||
Accounts payable and accrued expenses | 2,133,921 | 6,093 | 2,133,921 | 6,093 | ||||||||||||
Net cash used in operating activities | (2,733,519 | ) | 0 | (2,733,519 | ) | — | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Investment of cash in Trust Account | (345,000,000 | ) | 0 | (345,000,000 | ) | — | ||||||||||
Net cash used in investing activities | (345,000,000 | ) | 0 | (345,000,000 | ) | — | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from sale of Units, net of underwriting discounts paid | 338,100,000 | 0 | 338,100,000 | — | ||||||||||||
Proceeds from sale of Private Placement Warrants | 11,700,000 | 0 | 11,700,000 | — | ||||||||||||
Advances from related party | 5,360 | 5,360 | ||||||||||||||
Repayment of promissory note – related party | (89,890 | ) | 0 | (89,890 | ) | — | ||||||||||
Payment of offering costs | (429,431 | ) | 0 | (429,431 | ) | — | ||||||||||
Net cash provided by financing activities | 349,286,039 | 0 | 349,286,039 | — | ||||||||||||
Net Change in Cash | 1,552,520 | 0 | 1,552,520 | — | ||||||||||||
Cash – Beginning | 0 | 0 | — | — | ||||||||||||
Cash – Ending | $ | 1,552,520 | $ | 0 | $ | 1,552,520 | $ | — | ||||||||
Non-cash investing and financing activities: | ||||||||||||||||
Offering costs included in accrued offering costs | $ | 12,000 | $ | 120,540 | $ | 12,000 | $ | 120,540 | ||||||||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares | $ | — | $ | 25,000 | $ | — | $ | 25,000 | ||||||||
Offering costs paid through promissory note | $ | 37,640 | $ | 52,250 | $ | 37,640 | $ | 52,250 | ||||||||
Deferred underwriting fee payable | $ | 12,075,000 | $ | 0 | $ | 12,075,000 | $ | — | ||||||||
Gross proceeds | $ | 345,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (11,270,000 | ) | ||
Class A ordinary shares issuance costs | (18,881,972 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 30,151,972 | |||
Class A ordinary shares subject to possible redemption | $ | 345,000,000 | ||
Year Ended December 31, 2021 | For the Period from November 18, 2020 (Inception) through December 31, 2020 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (1,886,704 | ) | $ | (563,891 | ) | $ | — | $ | (6,093 | ) | |||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 28,167,123 | 8,418,493 | — | 7,500,000 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.07 | ) | $ | (0.07 | ) | $ | — | $ | (0.00 | ) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Held-To-Maturity | Amortized Cost | Gross Holding Gain | Fair Value | |||||||||||
December 31, 2021 | U.S. Treasury Securities (Mature on 01/04/2022) (1) | $ | 345,088,635 | $ | 1,365 | $ | 345,090,000 | |||||||
(1) | On January 4, 2022, the U.S. Treasury Securities matured and were reinvested on similar instruments. As of the date of these financial statements, the U.S. Treasury Securities held by the company are set to mature on May 19, 2022. |
Description | Level | December 31, 2021 | ||||||
Liabilities: | ||||||||
Warrant Liability – Public Warrants | 1 | $ | 9,775,000 | |||||
Warrant Liability – Private Placement Warrants | 2 | $ | 6,630,000 |
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of January 1, 2021 | $ | — | $ | — | $ | — | ||||||
Initial measurement on March 9, 2021 | 7,644,000 | 11,270,000 | 18,914,000 | |||||||||
Change in fair value | 156,000 | 230,000 | 386,000 | |||||||||
Transfer to Level 1 | — | (11,500,000 | ) | (11,500,000 | ) | |||||||
Transfer to Level 2 | (7,800,000 | ) | — | (7,800,000 | ) | |||||||
Fair value as of December 31, 2021 | $ | — | $ | — | $ | — | ||||||
December 31, | December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 27,325 | $ | 12,336 | $ | 27,325 | $ | 12,336 | ||||||||
Accounts receivable, net of allowance for credit losses of $945 and $635 as of December 31, 2021 and 2020, respectively | 3,723 | 2,526 | 3,723 | 2,526 | ||||||||||||
Contract assets | 2,757 | 1,859 | 2,757 | 1,859 | ||||||||||||
Inventory | 7,783 | 2,819 | 7,783 | 2,819 | ||||||||||||
Prepaid expenses and other current assets | 57,639 | 5,216 | 57,639 | 5,216 | ||||||||||||
Total current assets | 99,227 | 24,756 | 99,227 | 24,756 | ||||||||||||
Property, plant and equipment, net | 35,530 | 19,521 | 35,530 | 19,521 | ||||||||||||
Other assets | 639 | 0 | 639 | — | ||||||||||||
Total assets | $ | 135,396 | $ | 44,277 | $ | 135,396 | $ | 44,277 | ||||||||
Liabilities, mezzanine equity and shareholders’ deficit: | ||||||||||||||||
Current portion of long-term debt | $ | 14 | $ | 1,403 | $ | 14 | $ | 1,403 | ||||||||
Accounts payable | 9,366 | 2,904 | 9,366 | 2,904 | ||||||||||||
Contract liabilities | 17,558 | 18,069 | 17,558 | 18,069 | ||||||||||||
Reserve for anticipated losses on contracts | 886 | 2,220 | 886 | 2,220 | ||||||||||||
Accrued expenses and other current liabilities | 76,136 | 2,631 | 76,136 | 2,631 | ||||||||||||
Total current liabilities | 103,960 | 27,227 | 103,960 | 27,227 | ||||||||||||
Long-term debt | 115,134 | 35,629 | 115,134 | 35,629 | ||||||||||||
Warrant liabilities | 5,631 | 0 | 5,631 | — | ||||||||||||
Other liabilities | 2,028 | 512 | 2,028 | 512 | ||||||||||||
Total liabilities | 226,753 | 63,368 | 226,753 | 63,368 | ||||||||||||
Commitments and contingencies (Note 12) | 0 | 0 | 0 | 0 | ||||||||||||
Mezzanine equity: | ||||||||||||||||
Redeemable convertible preferred stock - authorized 744,130 shares of $0.0001 par value; issued and outstanding shares of 396,870 as of December 31, 2021 and 2020 | 8,000 | 8,000 | 8,000 | 8,000 | ||||||||||||
Shareholders’ deficit: | ||||||||||||||||
Common stock - authorized 5,500,000 and 5,000,000 shares of $0.0001 par value; issued and outstanding shares of 2,849,414 and 2,439,634 as of December 31, 2021 and 2020, respectively | 0 | 0 | ||||||||||||||
Common stock - authorized 5,500,000 and 5,000,000 shares of $0.0001 par value; issued and outstanding shares of 2,849,414 and 2,439,634 as of December 31, 2021 and 2020, respectively | — | 0— | ||||||||||||||
Additional paid-in capital | 97,745 | 7,454 | 97,745 | 7,454 | ||||||||||||
Accumulated deficit | (197,066 | ) | (58,084 | ) | (197,066 | ) | (58,084 | ) | ||||||||
Accumulated other comprehensive loss | (36 | ) | (204 | ) | (36 | ) | (204 | ) | ||||||||
Non-controlling interest | 0 | 23,743 | — | 23,743 | ||||||||||||
Total shareholders’ deficit | (99,357 | ) | (27,091 | ) | (99,357 | ) | (27,091 | ) | ||||||||
Total liabilities, mezzanine equity and shareholders’ deficit | $ | 135,396 | $ | 44,277 | $ | 135,396 | $ | 44,277 | ||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 40,906 | $ | 24,879 | ||||||||
Cost of sales | 33,912 | 16,860 | 33,912 | 16,860 | ||||||||||||
Gross profit | 6,994 | 8,019 | 6,994 | 8,019 | ||||||||||||
Selling, general, and administrative expenses | 43,703 | 17,438 | 43,703 | 17,438 | ||||||||||||
Loss from operations | (36,709 | ) | (9,419 | ) | (36,709 | ) | (9,419 | ) | ||||||||
Interest expense, net | 7,965 | 1,216 | 7,965 | 1,216 | ||||||||||||
Loss on extinguishment of debt | 96,024 | 0 | 96,024 | — | ||||||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | 0 | (1,716 | ) | — | ||||||||||
Other (income) expense | (38 | ) | 4 | (38 | ) | 4 | ||||||||||
Loss before income taxes | (138,944 | ) | (10,639 | ) | (138,944 | ) | (10,639 | ) | ||||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 38 | (184 | ) | ||||||||||
Net loss | (138,982 | ) | (10,455 | ) | (138,982 | ) | (10,455 | ) | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | 168 | (194 | ) | 168 | (194 | ) | ||||||||||
Total comprehensive loss | $ | (138,814 | ) | $ | (10,649 | ) | $ | (138,814 | ) | $ | (10,649 | ) | ||||
Weighted-average shares outstanding - basic and diluted | 2,780,993 | 2,403,755 | 2,780,993 | 2,403,755 | ||||||||||||
Net loss per share - basic and diluted | $ | (49.98 | ) | $ | (4.35 | ) | $ | (49.98 | ) | $ | (4.35 | ) |
Mezzanine Equity Redeemable Convertible Preferred Stock | Shareholders’ Deficit | Mezzanine Equity Redeemable Convertible Preferred Stock | Shareholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Non-controlling | Total Shareholders’ | Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Non-controlling | Total Shareholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amounts | Shares | Amounts | Capital | Deficit | Loss | Interest | Deficit | Shares | Amounts | Shares | Amounts | Capital | Deficit | Loss | Interest | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 396,870 | $ | 8,000 | 2,407,946 | $ | 0 | $ | 6,111 | $ | (47,629 | ) | $ | (10 | ) | $ | 9,268 | $ | (32,260 | ) | 396,870 | $ | 8,000 | 2,407,946 | $ | — | $ | 6,111 | $ | (47,629 | ) | $ | (10 | ) | $ | 9,268 | $ | (32,260 | ) | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (10,455 | ) | — | — | (10,455 | ) | — | — | — | — | — | (10,455 | ) | — | — | (10,455 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | (194 | ) | — | (194 | ) | — | — | — | — | — | — | (194 | ) | — | (194 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interest, net of issuance costs | — | — | — | — | — | — | — | 14,475 | 14,475 | — | — | — | — | — | — | — | 14,475 | 14,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | (6,250 | ) | — | 1,230 | — | — | — | 1,230 | — | — | (6,250 | ) | — | 1,230 | — | — | — | 1,230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 37,938 | — | 113 | — | — | — | 113 | — | — | 37,938 | — | 113 | — | — | — | 113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 396,870 | $ | 8,000 | 2,439,634 | $ | 0 | $ | 7,454 | $ | (58,084 | ) | $ | (204 | ) | $ | 23,743 | $ | (27,091 | ) | 396,870 | $ | 8,000 | 2,439,634 | $ | — | $ | 7,454 | $ | (58,084 | ) | $ | (204 | ) | $ | 23,743 | $ | (27,091 | ) | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (138,982 | ) | — | — | (138,982 | ) | — | — | — | — | — | (138,982 | ) | — | — | (138,982 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 168 | — | 168 | — | — | — | — | — | — | 168 | — | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in exchange for non-controlling interest, net of issuance costs | — | — | 388,064 | — | 23,311 | — | — | (23,743 | ) | (432 | ) | — | — | 388,064 | — | 23,311 | — | — | (23,743 | ) | (432 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants, net of issuance costs | — | — | — | — | 66,060 | — | — | — | 66,060 | — | — | — | — | 66,060 | — | — | — | 66,060 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 678 | — | — | — | 678 | — | — | — | — | 678 | — | — | — | 678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 21,716 | — | 242 | — | — | — | 242 | — | — | 21,716 | — | 242 | — | — | — | 242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 396,870 | $ | 8,000 | 2,849,414 | $ | 0 | $ | 97,745 | $ | (197,066 | ) | $ | (36 | ) | $ | 0 | $ | (99,357 | ) | 396,870 | $ | 8,000 | 2,849,414 | $ | — | $ | 97,745 | $ | (197,066 | ) | $ | (36 | ) | $ | — | $ | (99,357 | ) | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (138,982 | ) | $ | (10,455 | ) | $ | (138,982 | ) | $ | (10,455 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization | 3,053 | 2,934 | 3,053 | 2,934 | ||||||||||||
Non-cash interest expense | 7,908 | 1,286 | 7,908 | 1,286 | ||||||||||||
Share-based compensation expense | 678 | 1,194 | 678 | 1,194 | ||||||||||||
Provision for losses on receivables and inventory | 877 | 1,690 | 877 | 1,690 | ||||||||||||
Loss on extinguishment of debt | 96,024 | 0 | 96,024 | — | ||||||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | 0 | (1,716 | ) | — | ||||||||||
Other non-cash, net | (567 | ) | (13 | ) | (567 | ) | (13 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable, net | (1,687 | ) | (1,980 | ) | (1,687 | ) | (1,980 | ) | ||||||||
Contract assets | (901 | ) | (195 | ) | (901 | ) | (195 | ) | ||||||||
Inventory | (5,393 | ) | (3,188 | ) | (5,393 | ) | (3,188 | ) | ||||||||
Prepaid expenses and other current assets | 596 | (4,058 | ) | 596 | (4,058 | ) | ||||||||||
Accounts payable | 2,161 | (438 | ) | 2,161 | (438 | ) | ||||||||||
Contract liabilities | (229 | ) | 6,591 | (229 | ) | 6,591 | ||||||||||
Reserve for anticipated losses on contracts | (1,322 | ) | (4,796 | ) | (1,322 | ) | (4,796 | ) | ||||||||
Accrued expenses and other current liabilities | 4,634 | (123 | ) | 4,634 | (123 | ) | ||||||||||
Other, net | (21 | ) | 77 | (21 | ) | 77 | ||||||||||
Net cash used in operating activities | (34,887 | ) | (11,474 | ) | (34,887 | ) | (11,474 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property, plant and equipment | (16,352 | ) | (7,325 | ) | (16,352 | ) | (7,325 | ) | ||||||||
Net cash used in investing activities | (16,352 | ) | (7,325 | ) | (16,352 | ) | (7,325 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from long-term debt | 58,241 | 2,537 | 58,241 | 2,537 | ||||||||||||
Proceeds from warrants and derivatives | 16,759 | 0 | 16,759 | — | ||||||||||||
Contributions from non-controlling interest, net of issuance costs | 0 | 14,475 | — | 14,475 | ||||||||||||
Repayment of long-term debt | (10 | ) | (15 | ) | (10 | ) | (15 | ) | ||||||||
Payment of issuance costs | (8,880 | ) | (2,009 | ) | (8,880 | ) | (2,009 | ) | ||||||||
Proceeds from exercise of stock options | 242 | 113 | 242 | 113 | ||||||||||||
Net cash provided by financing activities | 66,352 | 15,101 | 66,352 | 15,101 | ||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | (124 | ) | 138 | (124 | ) | 138 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 14,989 | (3,560 | ) | 14,989 | (3,560 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 12,336 | 15,896 | 12,336 | 15,896 | ||||||||||||
Cash and cash equivalents at end of period | $ | 27,325 | $ | 12,336 | $ | 27,325 | $ | 12,336 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Share-based compensation included in inventory | $ | 0 | $ | 36 | $ | — | $ | 36 | ||||||||
Non-cash investing and financing activities: | ||||||||||||||||
Purchases of property, plant and equipment not yet paid | 845 | 125 | 845 | 125 | ||||||||||||
Non-cash interest capitalized to property, plant and equipment | 1,265 | 119 | 1,265 | 119 | ||||||||||||
Depreciation and amortization capitalized to construction in process | 479 | 0 | 479 | — | ||||||||||||
Issuance costs not yet paid | 4,141 | 0 | 4,141 | — | ||||||||||||
Non-cash exchange and extinguishment of long-term debt | 125,857 | 0 | 125,857 | — | ||||||||||||
Issuance of common stock in exchange for non-controlling interest | 23,743 | 0 | 23,743 | — |
December 31, | December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Deferred debt commitment costs | $ | 46,632 | $ | 0 | $ | 46,632 | $ | — | ||||||||
Deferred equity issuance costs | 6,085 | 0 | 6,085 | — | ||||||||||||
Deferred cost of sales | 2,950 | 3,573 | 2,950 | 3,573 | ||||||||||||
Other current assets | 1,972 | 1,643 | 1,972 | 1,643 | ||||||||||||
Prepaid expenses and other current assets | $ | 57,639 | $ | 5,216 | $ | 57,639 | $ | 5,216 | ||||||||
December 31, | December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Current warrant and derivative liabilities (1) | $ | 68,518 | $ | 0 | $ | 68,518 | $ | — | ||||||||
Payroll-related accruals | 5,771 | 1,834 | 5,771 | 1,834 | ||||||||||||
Other current liabilities | 1,847 | 797 | 1,847 | 797 | ||||||||||||
Accrued expenses and other current liabilities | $ | 76,136 | $ | 2,631 | $ | 76,136 | $ | 2,631 | ||||||||
(1) | Refer to Note 6 “Warrants and Derivatives” for further discussion. |
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Customer A | 50 | % | 22 | % | ||||
Customer B | 6 | % | 13 | % | ||||
Total | 56 | % | 35 | % | ||||
December 31, | ||||||||
2021 | 2020 | |||||||
Customer A | 32 | % | 9 | % | ||||
Customer B | 19 | % | 37 | % | ||||
Customer C | 14 | % | 15 | % | ||||
Customer D | 13 | % | 3 | % | ||||
Customer E | 10 | % | 9 | % | ||||
Total | 88 | % | 73 | % | ||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Mission support | $ | 37,109 | $ | 19,362 | ||||
Launch support | 1,144 | 1,304 | ||||||
Operations | 2,039 | 2,558 | ||||||
Studies, design and other | 614 | 1,655 | ||||||
Revenue | $ | 40,906 | $ | 24,879 | ||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
U.S Government contracts | ||||||||||||||||
U.S. Government contracts | ||||||||||||||||
Fixed price | $ | 17,036 | $ | 8,871 | $ | 17,036 | $ | 8,871 | ||||||||
Cost-plus fee | 4,912 | 3,053 | 4,912 | 3,053 | ||||||||||||
21,948 | 11,924 | 21,948 | 11,924 | |||||||||||||
Foreign government contracts | ||||||||||||||||
Fixed price | 4,623 | 884 | 4,623 | 884 | ||||||||||||
Commercial contracts | ||||||||||||||||
Fixed price, U.S. | 9,005 | 5,602 | 9,005 | 5,602 | ||||||||||||
Fixed price, International | 5,210 | 6,414 | 5,210 | 6,414 | ||||||||||||
Cost-plus fee | 120 | 55 | 120 | 55 | ||||||||||||
14,335 | 12,071 | 14,335 | 12,071 | |||||||||||||
Revenue | $ | 40,906 | $ | 24,879 | $ | 40,906 | $ | 24,879 | ||||||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Beginning balance | $ | (635 | ) | $ | (116 | ) | ||
Provision for credit losses | (407 | ) | (794 | ) | ||||
Write-offs | 97 | 275 | ||||||
Ending balance | $ | (945 | ) | $ | (635 | ) | ||
December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Raw materials | $ | 4,782 | $ | 681 | ||||
Work in process | 3,001 | 2,138 | ||||||
Total inventory | $ | 7,783 | $ | 2,819 | ||||
Machinery and equipment | 5-7 years | |
Satellites | 3-5 years | |
Ground station equipment | 5-7 years | |
Office equipment and furniture | 5-7 years | |
Computer equipment and software | 3-5 years | |
Leasehold improvements | Shorter of the estimated useful life or remaining lease term |
December 31, | December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Machinery and equipment | $ | 7,607 | $ | 5,742 | $ | 7,607 | $ | 5,742 | ||||||||
Satellites | 2,209 | 0 | 2,209 | — | ||||||||||||
Ground station equipment | 1,944 | 1,331 | 1,944 | 1,331 | ||||||||||||
Office equipment and furniture | 2,239 | 2,106 | 2,239 | 2,106 | ||||||||||||
Computer equipment and software | 142 | 149 | 142 | 149 | ||||||||||||
Leasehold improvements | 8,533 | 7,391 | 8,533 | 7,391 | ||||||||||||
Construction in process | 23,647 | 10,039 | 23,647 | 10,039 | ||||||||||||
Property, plant and equipment, gross | 46,321 | 26,758 | 46,321 | 26,758 | ||||||||||||
Accumulated depreciation | (10,791 | ) | (7,237 | ) | (10,791 | ) | (7,237 | ) | ||||||||
Property, plant and equipment, net | $ | 35,530 | $ | 19,521 | $ | 35,530 | $ | 19,521 | ||||||||
(in thousands) | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Description | Issued | Maturity | Interest Rate | Interest Payable | 2021 | 2020 | Issued | Maturity | Interest Rate | Interest Payable | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Pre-Combination Notes | November 2021 | November 2026 | 9.25% | Quarterly | 30,289 | 0 | November 2021 | November 2026 | 9.25% | Quarterly | 30,289 | — | ||||||||||||||||||||||||||||||||||||
Senior Secured Notes due 2026 | March 2021 | April 2026 | 11.00% | Quarterly | 94,686 | 0 | March 2021 | April 2026 | 11.00% | Quarterly | 94,686 | — | ||||||||||||||||||||||||||||||||||||
Convertible Notes due 2028 | July and August 2018 | July 2028 | 3.05% | 6/30 and 12/31 | 0 | 36,654 | July and August 2018 | July 2028 | 3.05% | 6/30 and 12/31 | — | 36,654 | ||||||||||||||||||||||||||||||||||||
PPP Loan | May 2020 | May 2022 | 1.00% | Monthly | 0 | 2,537 | May 2020 | May 2022 | 1.00% | Monthly | — | 2,537 | ||||||||||||||||||||||||||||||||||||
Finance leases | N/A | N/A | N/A | N/A | 53 | 49 | N/A | N/A | N/A | N/A | 53 | 49 | ||||||||||||||||||||||||||||||||||||
Unamortized deferred issuance costs | (761 | ) | (2,208 | ) | (761 | ) | (2,208 | ) | ||||||||||||||||||||||||||||||||||||||||
Unamortized discount on debt | (9,119 | ) | 0 | (9,119 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total debt | 115,148 | 37,032 | 115,148 | 37,032 | ||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 14 | 1,403 | 14 | 1,403 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | 115,134 | $ | 35,629 | $ | 115,134 | $ | 35,629 | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except share amounts) | Number of Issuable Shares | Issuance | Maturity | Fair Value | ||||||||||||
Inducement Warrants | 17,230 | March 2021 | March 2041 | $ | 5,631 | |||||||||||
Warrant liabilities | $ | 5,631 | ||||||||||||||
(in thousands) | Fair Value | |||
FP Pre-Combination Warrants | $ | 2,546 | ||
Pre-Combination Warrants | 849 | |||
FP Combination Warrants | 27,682 | |||
Combination Warrants | 7,602 | |||
FP Combination Equity | 24,110 | |||
Combination Equity | 5,729 | |||
Current warrant and derivative liabilities | $ | 68,518 | ||
(in thousands) | Current Warrant and Derivative Liabilities | Warrant Liabilities | Total | Current Warrant and Derivative Liabilities | Warrant Liabilities | Total | ||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Initial recognition from discount on debt | 14,240 | 2,519 | 16,759 | 14,240 | 2,519 | 16,759 | ||||||||||||||||||
Initial recognition from deferred debt commitment costs | 42,247 | 0 | 42,247 | 42,247 | — | 42,247 | ||||||||||||||||||
Initial recognition from loss on extinguishment of debt | 15,002 | 1,857 | 16,859 | 15,002 | 1,857 | 16,859 | ||||||||||||||||||
Change in fair value of warrant and derivative liabilities | (2,971 | ) | 1,255 | (1,716 | ) | (2,971 | ) | 1,255 | (1,716 | ) | ||||||||||||||
Ending balance | $ | 68,518 | $ | 5,631 | $ | 74,149 | $ | 68,518 | $ | 5,631 | $ | 74,149 | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt | $ | 115,095 | $ | 124,221 | $ | 34,446 | $ | 106,679 |
Years ended December 31, | Years ended December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Stock options | $ | 416 | $ | 580 | $ | 416 | $ | 580 | ||||||||
Restricted stock units | 225 | 0 | 225 | — | ||||||||||||
Restricted stock awards | 0 | 540 | — | 540 | ||||||||||||
PredaSAR options | 37 | 110 | 37 | 110 | ||||||||||||
Share-based compensation | $ | 678 | $ | 1,230 | $ | 678 | $ | 1,230 | ||||||||
Years ended December 31, | ||||||||
2020 | ||||||||
Range | ||||||||
Low | High | |||||||
Expected term (in years) | 6.25 | 6.25 | ||||||
Expected volatility | 110 | % | 120 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
Risk-free interest rate | 0.46 | % | 0.56 | % |
Number of Options | Weighted- Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted- Average Remaining Contractual Term (Years) | Number of Options | Weighted- Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted- Average Remaining Contractual Term (Years) | |||||||||||||||||||||||||
Outstanding as of December 31, 2020 | 115,791 | $ | 24.59 | $ | 5,763 | 6.25 | 115,791 | $ | 24.59 | $ | 5,763 | 6.25 | ||||||||||||||||||||
Granted | 0 | 0 | — | — | ||||||||||||||||||||||||||||
Exercised | (21,716 | ) | 10.90 | (21,716 | ) | 10.90 | ||||||||||||||||||||||||||
Forfeited | (17,119 | ) | 32.16 | (17,119 | ) | 32.16 | ||||||||||||||||||||||||||
Outstanding as of December 31, 2021 | 76,956 | $ | 26.76 | $ | 12,797 | 5.39 | 76,956 | $ | 26.76 | $ | 12,797 | 5.39 | ||||||||||||||||||||
Exercisable as of December 31, 2021 | 58,445 | $ | 23.16 | $ | 9,929 | 4.62 | 58,445 | $ | 23.16 | $ | 9,929 | 4.62 | ||||||||||||||||||||
Number of RSUs | Weighted- Average Grant-Date Fair Value | Number of RSUs | Weighted- Average Grant-Date Fair Value | |||||||||||||
Unvested as of December 31, 2020 | 0 | $ | 0 | — | $ | — | ||||||||||
Granted | 568,414 | 83.60 | 568,414 | 83.60 | ||||||||||||
Vested | 0 | 0 | — | — | ||||||||||||
Forfeited | (31,788 | ) | 89.26 | (31,788 | ) | 89.26 | ||||||||||
Unvested as of December 31, 2021 | 536,626 | $ | 83.27 | 536,626 | $ | 83.27 | ||||||||||
Year ended December 31, | ||||||||
2020 | ||||||||
Range | ||||||||
Low | High | |||||||
Expected term (in years) | 6.25 | 6.25 | ||||||
Expected volatility | 110 | % | 110 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
Risk-free interest rate | 0.43 | % | 0.65 | % |
Range | ||||||||
Low | High | |||||||
Expected term (in years) | 5.50 | 6.01 | ||||||
Expected volatility | 105 | % | 105 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
Risk-free interest rate | 0.95 | % | 0.95 | % |
Number of Options | Weighted- Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted- Average Remaining Contractual Term (Years) | Number of Options | Weighted- Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted- Average Remaining Contractual Term (Years) | |||||||||||||||||||||||||
Outstanding as of December 31, 2020 | 1,967 | $ | 988.64 | $ | 0 | 9.50 | 1,967 | $ | 988.64 | $ | — | 9.50 | ||||||||||||||||||||
Granted | 0 | 0 | — | — | ||||||||||||||||||||||||||||
Exercised | 0 | 0 | — | — | ||||||||||||||||||||||||||||
Forfeited | (45 | ) | 917.25 | (45 | ) | 917.25 | ||||||||||||||||||||||||||
Cancelled and replaced | (1,922 | ) | 990.31 | (1,922 | ) | 990.31 | ||||||||||||||||||||||||||
Outstanding as of December 31, 2021 | 0 | $ | 0 | $ | 0 | — | — | $ | — | $ | — | — | ||||||||||||||||||||
Exercisable as of December 31, 2021 | 0 | $ | 0 | $ | 0 | — | — | $ | — | $ | — | — | ||||||||||||||||||||
December 31, | ||||||||
(in shares of common stock) | 2021 | 2020 | ||||||
Convertible Notes due 2028 | — | 940,160 | ||||||
Series A Preferred Stock | 396,870 | 396,870 | ||||||
Series Seed Preferred Stock | — | 25,000 | ||||||
Stock options | 76,956 | 115,791 | ||||||
Restricted stock units | 536,626 | — | ||||||
PredaSAR stock options | — | 1,967 | ||||||
Warrants | 1,060,023 | — |
Years Ended December 31, | ||||||||
(in thousands, except per share and share amounts) | 2021 | 2020 | ||||||
Numerator: | ||||||||
Net loss | $ | (138,982 | ) | $ | (10,455 | ) | ||
Denominator: | ||||||||
Weighted-average shares outstanding - basic and diluted | 2,780,993 | 2,403,755 | ||||||
Net loss per share - basic and diluted | $ | (49.98 | ) | $ | (4.35 | ) |
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
United States | $ | (140,563 | ) | $ | (10,727 | ) | ||
Foreign | 1,619 | 88 | ||||||
Loss before income taxes | $ | (138,944 | ) | $ | (10,639 | ) | ||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Current: | ||||||||||||||||
Federal | $ | (5 | ) | $ | (186 | ) | $ | (5 | ) | $ | (186 | ) | ||||
State | 2 | 2 | 2 | 2 | ||||||||||||
Foreign | 41 | 0 | 41 | — | ||||||||||||
Current income tax expense (benefit) | 38 | (184 | ) | 38 | (184 | ) | ||||||||||
Deferred: | ||||||||||||||||
Federal | 0 | 0 | — | — | ||||||||||||
State | 0 | 0 | — | — | ||||||||||||
Foreign | 0 | 0 | — | — | ||||||||||||
Deferred income tax benefit | 0 | 0 | — | — | ||||||||||||
Provision for (benefit from) income taxes | $ | 38 | $ | (184 | ) | $ | 38 | $ | (184 | ) | ||||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Income taxes computed at the U.S. federal statutory rate | $ | (29,178 | ) | $ | (2,234 | ) | ||
State and local income taxes, net of federal benefit | (2,960 | ) | (616 | ) | ||||
Permanent differences | 18,417 | 83 | ||||||
Change in valuation allowance | 14,548 | 3,055 | ||||||
Federal refunds | (5 | ) | (186 | ) | ||||
Other, net | (784 | ) | (286 | ) | ||||
Provision for (benefit from) income taxes | $ | 38 | $ | (184 | ) | |||
December 31, | December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Deferred tax assets: | ||||||||||||||||
Share-based compensation | $ | 670 | $ | 552 | $ | 670 | $ | 552 | ||||||||
Property, plant and equipment | 95 | 52 | 95 | 52 | ||||||||||||
Disallowed interest | 2,194 | 715 | 2,194 | 715 | ||||||||||||
Legal accrual | 224 | 230 | 224 | 230 | ||||||||||||
Reserve for anticipated losses on contracts | 224 | 540 | 224 | 540 | ||||||||||||
Net operating losses | 25,109 | 13,695 | 25,109 | 13,695 | ||||||||||||
Accrued liabilities | 2,011 | 226 | 2,011 | 226 | ||||||||||||
Total deferred tax assets | 30,527 | 16,010 | 30,527 | 16,010 | ||||||||||||
Valuation allowance | (30,046 | ) | (15,498 | ) | (30,046 | ) | (15,498 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 481 | $ | 512 | $ | 481 | $ | 512 | ||||||||
Deferred tax liabilities: | ||||||||||||||||
Deferred financing costs | $ | 0 | $ | (512 | ) | $ | — | $ | (512 | ) | ||||||
Warrants and derivatives | (481 | ) | 0 | (481 | ) | — | ||||||||||
Total deferred tax liabilities | (481 | ) | (512 | ) | (481 | ) | (512 | ) | ||||||||
Net deferred tax assets | $ | 0 | $ | 0 | $ | — | $ | — | ||||||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Beginning balance | $ | (15,498 | ) | $ | (12,443 | ) | ||
Change in valuation allowance | (14,548 | ) | (3,055 | ) | ||||
Ending balance | $ | (30,046 | ) | $ | (15,498 | ) | ||
Jurisdiction | Years Open to Audit | |||
Federal | 2018 - 2020 | |||
State | 2017 - 2020 | |||
Italy | 2016 - 2020 |
(in thousands) | Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||
2022 | $ | 3,484 | $ | 21 | $ | 3,484 | $ | 21 | ||||||||
2023 | 4,865 | 21 | 4,865 | 21 | ||||||||||||
2024 | 4,970 | 11 | 4,970 | 11 | ||||||||||||
2025 | 4,928 | 8 | 4,928 | 8 | ||||||||||||
2026 | 4,896 | 7 | 4,896 | 7 | ||||||||||||
Thereafter | 5,167 | 0 | 5,167 | — | ||||||||||||
Subtotal | 28,310 | 68 | 28,310 | 68 | ||||||||||||
Less interest on finance leases | — | 15 | — | 15 | ||||||||||||
Total | $ | 28,310 | $ | 53 | $ | 28,310 | $ | 53 | ||||||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Satellite Solutions | $ | 40,736 | $ | 24,860 | ||||
Earth Observation Solutions | 170 | 19 | ||||||
Revenue | $ | 40,906 | $ | 24,879 | ||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Satellite Solutions | $ | (3,326 | ) | $ | (2,128 | ) | ||
Earth Observation Solutions | (4,274 | ) | (2,703 | ) | ||||
Loss from operations by segment | $ | (7,600 | ) | $ | (4,831 | ) | ||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Loss from operations by segment | $ | (7,600 | ) | $ | (4,831 | ) | $ | (7,600 | ) | $ | (4,831 | ) | ||||
Corporate and other | (28,431 | ) | (3,394 | ) | (28,431 | ) | (3,394 | ) | ||||||||
Share-based compensation expense | (678 | ) | (1,194 | ) | (678 | ) | (1,194 | ) | ||||||||
Loss from operations | (36,709 | ) | (9,419 | ) | (36,709 | ) | (9,419 | ) | ||||||||
Interest expense, net | 7,965 | 1,216 | 7,965 | 1,216 | ||||||||||||
Loss on extinguishment of debt | 96,024 | 0 | 96,024 | — | ||||||||||||
Change in fair value of warrant and derivative liabilities | (1,716 | ) | 0 | (1,716 | ) | — | ||||||||||
Other (income) expense | (38 | ) | 4 | (38 | ) | 4 | ||||||||||
Loss before income taxes | (138,944 | ) | (10,639 | ) | (138,944 | ) | (10,639 | ) | ||||||||
Provision for (benefit from) income taxes | 38 | (184 | ) | 38 | (184 | ) | ||||||||||
Net loss | $ | (138,982 | ) | $ | (10,455 | ) | $ | (138,982 | ) | $ | (10,455 | ) | ||||
Years Ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
United States | $ | 32,960 | $ | 21,215 | ||||
Europe | 7,946 | 3,664 | ||||||
Revenue | $ | 40,906 | $ | 24,879 | ||||
December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
United States | $ | 34,840 | $ | 18,956 | ||||
Europe | 690 | 565 | ||||||
Property, plant and equipment, net | $ | 35,530 | $ | 19,521 | ||||
SEC registration fee | $ | |||
Legal fees and expenses | * | |||
Accounting fees and expenses | * | |||
Financial printing and miscellaneous expenses | * | |||
Total | * | |||
* | Except for the SEC registration fee, estimated expenses are not presently known. The foregoing sets forth the general categories of expenses (other than underwriting discounts and commissions) that we anticipate we will incur in connection with the offering of securities under this Registration Statement on Form S-1. To the extent required, any applicable prospectus supplement will set forth the estimated aggregate amount of expenses payable in respect of any offering of securities under the registration statement. |
** | Filed herewith. |
† | Schedules and exhibits to this Exhibit omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant hereby agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request. |
+ | Indicates a management contract or compensatory plan. |
# | Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit. |
(1) | to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”); |
(ii) | to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; |
(3) | to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; |
(4) | that, for the purpose of determining liability under the Securities Act to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and |
(5) | that, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(a) | any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(b) | any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(c) | the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and |
(d) | any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
TERRAN ORBITAL CORPORATION | ||
By: | /s/ Marc H. Bell | |
Marc H. Bell | ||
Chief Executive Officer |
Signature | Title | Date | ||
/s/ Marc H. Bell Marc H. Bell | Chairman and Chief Executive Officer ( Principal Executive Officer | |||
/s/ Gary A. Hobart Gary A. Hobart | Chief Financial Officer, Executive Vice President and Treasurer ( Principal Financial Officer | |||
/s/ Mathieu Riffel Mathieu Riffel | Vice President and Controller ( Principal Accounting Officer | |||
Anthony Previte | Director | |||
Daniel C. Staton | Director | |||
James LaChance | Director |
Tom Manion | Director | |||
Richard Y. Newton III | Director | |||
Tobi Petrocelli | Director | |||
Douglas L. Raaberg | Director | |||
Stratton Sclavos | Director |
*By: /s/ Marc H. Bell | ||||
Marc H. Bell | ||||
Attorney-in-fact |