Terran Orbital (LLAP) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Entity Registrant Name	TERRAN ORBITAL CORPORATION
Entity Central Index Key	0001835512
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	LLAP
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,381,222
Entity File Number	001-40170
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1572314
Entity Address, Address Line One	6800 Broken Sound Parkway NW
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Boca Raton
Entity Address State Or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	988-1704
Document Quarterly Report	true
Document Transition Report	false
Entity Ex Transition Period	false
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share
Trading Symbol	LLAP WS
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 35,823	$ 27,325
Accounts receivable, net of allowance for credit losses of $234 and $945 as of September 30, 2022 and December 31, 2021, respectively	5,039	3,723
Contract assets, net	15,013	2,757
Inventory	16,958	7,783
Prepaid expenses and other current assets	8,675	57,639
Total current assets	81,508	99,227
Property, plant, and equipment, net	48,864	35,530
Other assets	20,149	639
Total assets	150,521	135,396
Liabilities, mezzanine equity and shareholders' deficit:
Current portion of long-term debt	7,735	14
Accounts payable	19,970	9,366
Contract liabilities	34,460	17,558
Reserve for anticipated losses on contracts	1,456	886
Accrued expenses and other current liabilities	14,053	76,136
Total current liabilities	77,674	103,960
Long-term debt	99,337	115,134
Warrant liabilities	21,438	5,631
Other liabilities	19,676	2,028
Total liabilities	218,125	226,753
Commitments and contingencies (Note 12)
Mezzanine equity:
Redeemable convertible preferred stock - authorized zero and 20,526,878 shares of $0.0001 par value as of September 30, 2022 and December 31, 2021, respectively; issued and outstanding shares of zero and 10,947,686 as of September 30, 2022 and December 31, 2021, respectively	0	8,000
Shareholders' deficit:
Preferred stock - authorized 50,000,000 and zero shares of $0.0001 par value as of September 30, 2022 and December 31, 2021, respectively; zero issued and outstanding	0	0
Common stock - authorized 300,000,000 and 151,717,882 shares of $0.0001 par value as of September 30, 2022 and December 31, 2021, respectively; issued and outstanding shares of 139,962,656 and 78,601,283 as of September 30, 2022 and December 31, 2021, respectively	14	8
Additional paid-in capital	260,280	97,737
Accumulated deficit	(328,189)	(197,066)
Accumulated other comprehensive income (loss)	291	(36)
Total shareholders' deficit	(67,604)	(99,357)
Total liabilities, mezzanine equity and shareholders' deficit	$ 150,521	135,396
Redeemable Convertible Preferred Stock
Mezzanine equity:
Redeemable convertible preferred stock - authorized zero and 20,526,878 shares of $0.0001 par value as of September 30, 2022 and December 31, 2021, respectively; issued and outstanding shares of zero and 10,947,686 as of September 30, 2022 and December 31, 2021, respectively		$ 8,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable, net of allowance for credit losses	$ 234	$ 945
Preferred stock, shares authorized	50,000,000	0
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	300,000,000	151,717,882
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	139,962,656	78,601,283
Common stock, shares outstanding	139,962,656	78,601,283
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, shares authorized	0	20,526,878
Redeemable convertible preferred stock, par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares issued	0	10,947,686
Redeemable convertible preferred stock, shares outstanding	0	10,947,686

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Revenue	$ 27,830	$ 10,255	$ 62,314	$ 30,158
Cost of sales	27,793	8,768	68,784	23,905
Gross profit (loss)	37	1,487	(6,470)	6,253
Selling, general, and administrative expenses	24,696	11,432	84,283	30,580
Loss from operations	(24,659)	(9,945)	(90,753)	(24,327)
Interest expense, net	7,147	2,630	17,007	6,174
Loss on extinguishment of debt			23,141	68,102
Change in fair value of warrant and derivative liabilities	(6,001)	(205)	(2,325)	76
Other expense (income)	1,496	(5)	2,367	28
Loss before income taxes	(27,301)	(12,365)	(130,943)	(98,707)
Provision for income taxes	54	0	58	22
Net loss	(27,355)	(12,365)	(131,001)	(98,729)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	138	76	327	162
Total comprehensive loss	$ (27,217)	$ (12,289)	$ (130,674)	$ (98,567)
Weighted Average Number of Shares Outstanding, Basic	143,276,708	78,420,818	123,317,997	76,099,905
Weighted Average Number of Shares Outstanding, Diluted	143,276,708	78,420,818	123,317,997	76,099,905
Earnings Per Share, Basic	$ (0.19)	$ (0.16)	$ (1.06)	$ (1.30)
Earnings Per Share, Diluted	$ (0.19)	$ (0.16)	$ (1.06)	$ (1.30)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Previously Reported	Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Previously Reported	Redeemable Convertible Preferred Stock Retroactive Application of Reverse Capitalization	Common Stock	Common Stock Previously Reported	Common Stock Retroactive Application of Reverse Capitalization	Additional Paid-in Capital	Additional Paid-in Capital Previously Reported	Additional Paid-in Capital Retroactive Application of Reverse Capitalization	Accumulated Deficit	Accumulated Deficit Previously Reported	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Previously Reported	Non-controlling Interest	Non-controlling Interest Previously Reported
Beginning balance at Dec. 31, 2020	$ (27,091)	$ (27,091)				$ 7		$ 7	$ 7,447	$ 7,454	$ (7)	$ (58,084)	$ (58,084)	$ (204)	$ (204)	$ 23,743	$ 23,743
Beginning balance, Shares at Dec. 31, 2020						67,297,473	2,439,634	64,857,839
Beginning balance at Dec. 31, 2020			$ 8,000	$ 8,000
Beginning balance, Shares at Dec. 31, 2020			10,947,686	396,870	10,550,816
Net loss	(98,729)											(98,729)
Other comprehensive income (loss), net of tax	162													162
Issuance of common stock in exchange for non-controlling interest, net of issuance costs	(432)					$ 1			23,310							(23,743)
Issuance of common stock in exchange for non-controlling interest, net of issuance costs, Shares						10,704,772
Issuance of warrants, net of issuance costs	66,060								66,060
Share-based compensation	531								531
Exercise of stock options	98								98
Exercise of stock options, Shares						425,169
Ending balance at Sep. 30, 2021	(59,401)					$ 8			97,446			(156,813)		(42)
Ending balance, Shares at Sep. 30, 2021						78,427,414
Ending balance at Sep. 30, 2021			$ 8,000
Ending balance, Shares at Sep. 30, 2021			10,947,686
Beginning balance at Jun. 30, 2021	(47,289)	(47,289)				$ 8		$ 8	97,269	97,277	(8)	(144,448)	(144,448)	(118)	(118)
Beginning balance, Shares at Jun. 30, 2021						78,413,622	2,842,611	75,571,011
Beginning balance at Jun. 30, 2021			$ 8,000	$ 8,000
Beginning balance, Shares at Jun. 30, 2021			10,947,686	396,870	10,550,816
Net loss	(12,365)											(12,365)
Other comprehensive income (loss), net of tax	76													76
Share-based compensation	177								177
Exercise of stock options, Shares						13,792
Ending balance at Sep. 30, 2021	(59,401)					$ 8			97,446			(156,813)		(42)
Ending balance, Shares at Sep. 30, 2021						78,427,414
Ending balance at Sep. 30, 2021			$ 8,000
Ending balance, Shares at Sep. 30, 2021			10,947,686
Beginning balance at Dec. 31, 2021	(99,357)	$ (99,357)				$ 8		$ 8	97,737	$ 97,745	$ (8)	(197,066)	$ (197,066)	(36)	$ (36)
Beginning balance (ASU 2016-13) at Dec. 31, 2021	(122)											(122)
Beginning balance, Shares at Dec. 31, 2021						78,601,283	2,849,414	75,751,869
Beginning balance at Dec. 31, 2021	8,000		$ 8,000	$ 8,000
Beginning balance, Shares at Dec. 31, 2021			10,947,686	396,870	10,550,816
Net loss	(131,001)											(131,001)
Other comprehensive income (loss), net of tax	327													327
Conversion of redeemable convertible preferred stock into common stock	8,000					$ 1			7,999
Conversion of redeemable convertible preferred stock into common stock, Shares						10,947,686
Conversion of redeemable convertible preferred stock into common stock			$ (8,000)
Conversion of redeemable convertible preferred stock into common stock, Shares			10,947,686
Net settlement of liability-classified warrants into common stock	7,616								7,616
Net settlement of liability-classified warrants into common stock, Shares						694,873
Net settlement of equity-classified warrants into common stock						$ 2			(2)
Net settlement of equity-classified warrants into common stock, Shares						22,343,698
Issuance of common stock in connection with the Tailwind Two Merger and PIPE Investment, net of issuance costs	6,928					$ 2			6,926
Issuance of common stock in connection with the Tailwind Two Merger and PIPE Investment, net of issuance costs, Shares						16,114,695
Issuance of common stock in connection with financing transactions, net of issuance costs	40,734					$ 1			40,733
Issuance of common stock in connection with financing transactions, net of issuance costs, Shares						4,325,000
Reclassification of liability-classified warrants and derivatives to equity-classified	11,007								11,007
Issuance of contingently issuable common stock	44,887								44,887
Issuance of contingently issuable common stock, Shares						4,095,569
Issuance of common stock under the Committed Equity Facility	2,795								2,795
Issuance of common stock under the Committed Equity Facility, shares						637,487
Share-based compensation	40,354								40,354
Settlement of vested restricted stock units, Shares						1,932,541
Exercise of stock options	269								269
Exercise of stock options, Shares						269,824
Other	(41)								(41)
Ending balance at Sep. 30, 2022	(67,604)					$ 14			260,280			(328,189)		291
Ending balance, Shares at Sep. 30, 2022						139,962,656
Ending balance at Sep. 30, 2022	0
Ending balance, Shares at Sep. 30, 2022			0
Beginning balance at Jun. 30, 2022	(52,534)					$ 14			248,133			(300,834)		153
Beginning balance, Shares at Jun. 30, 2022						137,590,808
Net loss	(27,355)											(27,355)
Other comprehensive income (loss), net of tax	138													138
Issuance of common stock under the Committed Equity Facility	2,795								2,795
Issuance of common stock under the Committed Equity Facility, shares						637,487
Share-based compensation	9,204								9,204
Settlement of vested restricted stock units, Shares						1,637,188
Exercise of stock options	123								123
Exercise of stock options, Shares						97,173
Other	25								25
Ending balance at Sep. 30, 2022	(67,604)					$ 14			$ 260,280			$ (328,189)		$ 291
Ending balance, Shares at Sep. 30, 2022						139,962,656
Ending balance at Sep. 30, 2022	$ 0
Ending balance, Shares at Sep. 30, 2022			0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (131,001)	$ (98,729)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,612	2,217
Non-cash interest expense	8,581	6,149
Share-based compensation expense	40,354	531
Provision for losses on receivables and inventory	295	570
Loss on extinguishment of debt	23,141	67,954
Change in fair value of warrant and derivative liabilities	(2,325)	76
Amortization of operating right-of-use assets	1,003
Other non-cash, net	1,000
Changes in operating assets and liabilities:
Accounts receivable, net	(1,565)	3,471
Contract assets	(12,370)	(1,740)
Inventory	(9,338)	(4,117)
Prepaid expenses and other current assets	707	(363)
Accounts payable	11,532	2,595
Contract liabilities	17,156	(133)
Reserve for anticipated losses on contracts	572	(1,337)
Accrued expenses and other current liabilities	(690)	2,060
Accrued interest	(2,289)
Other, net	(1,508)	(148)
Net cash used in operating activities	(54,133)	(27,886)
Cash flows from investing activities:
Purchases of property, plant and equipment	(15,013)	(10,523)
Net cash used in investing activities	(15,013)	(10,523)
Cash flows from financing activities:
Proceeds from long-term debt	36,856	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
Proceeds from Issuance of Common Stock under Committed Equity Facility	1,795
Repayment of long-term debt	(30,958)	(13)
Payment of issuance costs	(45,746)	(6,356)
Proceeds from exercise of stock options	269	98
Net cash provided by financing activities	77,678	43,729
Effect of exchange rate fluctuations on cash and cash equivalents	(34)	(126)
Net increase (decrease) in cash and cash equivalents	8,498	5,194
Cash and cash equivalents at beginning of period	27,325	12,336
Cash and cash equivalents at end of period	35,823	17,530
Non-cash investing and financing activities:
Purchases of property, plant and equipment not yet paid	1,557	701
Interest capitalized to property, plant, and equipment not yet paid	639	798
Depreciation and amortization capitalized to construction-in-process	158
Issuance costs not yet paid	2,687	713
Non-cash exchange and extinguishment of long-term debt	40,432	36,859
Issuance of common stock in exchange for non-controlling interest	0	$ 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	27,304
Reclassification of liability-classified warrants and derivatives to equity-classified	11,007
Issuance of contingently issuable common stock	$ 44,887

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 Organization and Summary of Significant Accounting Policies Organization and Business Terran Orbital Corporation, formerly known as Tailwind Two Acquisition Corp. (“Tailwind Two”), together with its wholly-owned subsidiaries (the “Company”), is a leading manufacturer of small satellites primarily serving the United States (“U.S.”) aerospace and defense industry. The Company provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and in-orbit support to meet the needs of its military, civil, and commercial customers. The Company has a foreign subsidiary based in Torino, Italy. Tailwind Two Merger Prior to March 25, 2022, Tailwind Two was a publicly listed special purpose acquisition company incorporated as a Cayman Islands exempted company. On March 25, 2022 , Tailwind Two acquired Terran Orbital Operating Corporation, formerly known as Terran Orbital Corporation (“Legacy Terran Orbital”) (the “Tailwind Two Merger”). In connection with the Tailwind Two Merger, Tailwind Two filed a notice of deregistration with the Cayman Islands Registrar of Companies and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, resulting in Tailwind Two becoming a Delaware corporation and changing its name from Tailwind Two to Terran Orbital Corporation. The Tailwind Two Merger resulted in Legacy Terran Orbital becoming a wholly-owned subsidiary of Terran Orbital Corporation. As a result of the Tailwind Two Merger, all of Legacy Terran Orbital's issued and outstanding common stock was converted into shares of Terran Orbital Corporation's common stock using an exchange ratio of 27.585 shares of Terran Orbital Corporation's common stock per each share of Legacy Terran Orbital's common stock. In addition, Legacy Terran Orbital's convertible preferred stock and certain warrants were exercised and converted into shares of Legacy Terran Orbital's common stock immediately prior to the Tailwind Two Merger, and in turn, were converted into shares of Terran Orbital Corporation's common stock as a result of the Tailwind Two Merger. Further, in connection with the Tailwind Two Merger, Legacy Terran Orbital's share-based compensation plan and related share-based compensation awards were cancelled and exchanged or converted, as applicable, with a new share-based compensation plan and related share-based compensation awards of Terran Orbital Corporation. While Legacy Terran Orbital became a wholly-owned subsidiary of Terran Orbital Corporation, Legacy Terran Orbital was deemed to be the acquirer in the Tailwind Two Merger for accounting purposes. Accordingly, the Tailwind Two Merger was accounted for as a reverse recapitalization, in which case the condensed consolidated financial statements of the Company represent a continuation of Legacy Terran Orbital and the issuance of common stock in exchange for the net assets of Tailwind Two recognized at historical cost and no recognition of goodwill or other intangible assets. Operations prior to the Tailwind Two Merger are those of Legacy Terran Orbital and all share and per-share data included in these condensed consolidated financial statements have been retroactively adjusted to give effect to the Tailwind Two Merger. In addition, the number of shares subject to, and the exercise price of, the Company’s outstanding options and warrants were adjusted to reflect the Tailwind Two Merger. The treatment of the Tailwind Two Merger as a reverse recapitalization was based upon the pre-merger shareholders of Legacy Terran Orbital holding the majority of the voting interests of Terran Orbital Corporation, Legacy Terran Orbital's existing management team serving as the initial management team of Terran Orbital Corporation, Legacy Terran Orbital's appointment of the majority of the initial board of directors of Terran Orbital Corporation, and Legacy Terran Orbital's operations comprising the ongoing operations of the Company. In connection with the Tailwind Two Merger, approximately $ 29 million of cash and marketable securities held in trust, net of redemptions by Tailwind Two's public shareholders, became available for use by the Company as well as proceeds received from the contemporaneous sale of common stock in connection with the closing of a PIPE investment with a contractual amount of $ 51 million (the “PIPE Investment”). In addition, the Company received additional proceeds from the issuance of debt contemporaneously with the Tailwind Two Merger. The cash raised was used for general corporate purposes, the partial paydown of debt, the payment of transaction costs and the payment of other costs directly or indirectly attributable to the Tailwind Two Merger. Beginning on March 28, 2022, the Company's common stock and public warrants began trading on the New York Stock Exchange (the “NYSE”) under the symbols “LLAP” and “LLAP WS,” respectively. Further information regarding the Tailwind Two Merger is included in the respective notes that follow. Basis of Presentation and Significant Accounting Policies The preparation of the condensed consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”) requires the Company to select accounting policies and make estimates that affect amounts reported in the condensed consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions. The condensed consolidated financial statements included herein are unaudited, but in the opinion of management, they include all adjustments, consisting of normal recurring adjustments, necessary to summarize fairly the Company’s financial position, results of operations, and cash flows for the interim periods presented. The interim results reported in these condensed consolidated financial statements should not be taken as indicative of results that may be expected for future interim periods or the full year. For a more comprehensive understanding of the Company and its interim results, these condensed consolidated financial statements should be read in conjunction with Legacy Terran Orbital’s audited consolidated financial statements as of and for the years ended December 31, 2021 and 2020 included in the Registration Statement on Form S-1 (File No. 333-264447), as amended, which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 23, 2022 (the “Form S-1”). The Company’s accounting policies used in the preparation of these condensed consolidated financial statements do not differ from those used for the annual consolidated financial statements of Legacy Terran Orbital, unless otherwise noted. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements of Legacy Terran Orbital as of that date but does not include all the footnote disclosures from the annual consolidated financial statements. The condensed consolidated financial statements include the accounts of Terran Orbital Corporation and its subsidiaries, and have been prepared in U.S. dollars in accordance with GAAP. All intercompany transactions have been eliminated. COVID-19 Pandemic During March 2020, the World Health Organization declared the outbreak of a novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has become increasingly widespread across the globe. The COVID-19 Pandemic has negatively impacted the global economy, disrupted global supply chains, and created significant volatility and disruption in the financial and capital markets. The COVID-19 Pandemic has contributed to a worldwide shortage of electronic components which has resulted in longer than historically experienced lead times for such electronic components. The reduced availability to receive electronic components used in the Company’s operations has negatively affected its timing and ability to deliver products and services to customers as well as increased its costs in recent periods. The Company considered the emergence and pervasive economic impact of the COVID-19 Pandemic in its assessment of its financial position, results of operations, cash flows, and certain accounting estimates as of and for the three and nine months ended September 30, 2022 . Due to the evolving and uncertain nature of the COVID-19 Pandemic, it is possible that the effects of the COVID-19 Pandemic could materially impact the Company’s estimates and condensed consolidated financial statements in future reporting periods. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less from the time of purchase. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Deferred debt commitment costs $ 76 $ 46,632 Deferred equity issuance costs - 6,085 Deferred cost of sales 1,158 2,950 Other current assets 7,441 1,972 Prepaid expenses and other current assets $ 8,675 $ 57,639 As of December 31, 2021, d eferred debt commitment costs related to warrants and other consideration transferred in association with a financing arrangement entered into in anticipation of the Tailwind Two Merger. The deferred debt commitment costs related to the Tailwind Two Merger were reclassified to discount on debt and deferred issuance costs in connection with the issuance of the associated debt in March 2022. As of September 30, 2022, deferred debt commitment costs related to third-party issuance costs for a financing transaction executed during the fourth quarter of 2022. Refer to Note 5 “Debt” and Note 6 “Warrants and Derivatives” for further discussion. Deferred equity issuance costs relate to direct and incremental legal, accounting, and other transaction costs incurred in connection with the Tailwind Two Merger. Upon closing of the Tailwind Two Merger, the deferred equity issuance costs were reclassified as a reduction to additional paid-in capital. Payments associated with deferred equity issuance costs are reflected in payment of issuance costs in the condensed consolidated statements of cash flows. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Current warrant and derivative liabilities (1) $ - $ 68,518 Payroll-related accruals 5,346 5,771 Current operating lease liabilities 1,253 - Accrued interest 2,105 - Other current liabilities 5,349 1,847 Accrued expenses and other current liabilities $ 14,053 $ 76,136 (1) Refer to Note 6 “Warrants and Derivatives” for further discussion. Research and Development Research and development includes materials, labor, and overhead allocations attributable to the development of new products and solutions and significant improvements to existing products and solutions. Research and development costs are expensed as incurred and recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Research and development expense was $ 5.5 million and $ 248 thousand during the three months ended September 30, 2022 and 2021, respectively, and $ 11.7 million and $ 1 million during the nine months ended September 30, 2022 and 2021, respectively. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and contract assets. The majority of the Company’s cash and cash equivalents are held at major financial institutions. Certain account balances exceed the Federal Deposit Insurance Corporation insurance limits of $ 250,000 per account. As a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. The Company regularly monitors the financial stability of these financial institutions and believes that there is no exposure to any significant credit risk in cash and cash equivalents. Concentrations of credit risk with respect to accounts receivable and contract assets are limited because the Company performs credit evaluations, sets credit limits, and monitors the payment patterns of its customers. The table below presents individual customers who accounted for more than 10% of the Company’s revenue for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer A 77 % 62 % 75 % 47 % Customer B 4 % 15 % 3 % 7 % Total 81 % 77 % 78 % 54 % The table below presents individual customers who accounted for more than 10% of the Company’s combined accounts receivable, net of allowance for credit losses, and contract assets, net of allowance for credit losses, as of the dates presented: September 30, 2022 December 31, 2021 Customer A 64 % 19 % Customer B 14 % 11 % Customer C 9 % 22 % Customer D 2 % 12 % Customer E 2 % 20 % Total 91 % 84 % Recently Adopted Accounting Pronouncements Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument , and related amendments, introduces new guidance which makes substantive changes to the accounting for credit losses. This guidance introduces the current expected credit losses model (“CECL”) which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions, and reasonable and supportable forecasts and is generally expected to result in earlier recognition of credit losses. The Company adopted this guidance on January 1, 2022 using the modified retrospective approach and recognized a cumulative effect adjustment to the opening balance of accumulated deficit with no restatement of comparative periods. The impact of adoption was no t material. Lease Accounting ASU 2016-02 , Leases (Topic 842) , and related amendments, require lessees to recognize a right-of-use asset and a lease liability for substantially all leases and to disclose key information about leasing arrangements. The Company adopted the guidance on January 1, 2022 using the optional transition method, which allowed the Company to apply the guidance at the adoption date and recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption with no restatement of comparative periods. T he Company has also elected to apply the package of transitional practical expedients under which the Company did not reassess prior conclusions about lease identification, lease classification, and initial direct costs of existing leases as of the date of adoption. Additionally, the Company has elected the practical expedients to not separate non-lease components from lease components. The Company did not elect to apply the practical expedient related to short-term lease recognition exemption. Upon transition to the guidance as of the date of adoption, the Company recognized operating lease liabilities on the condensed consolidated balance sheets with a corresponding amount of right-of-use assets, net of amounts reclassified from other assets and liabilities as specified by the guidance. The adoption did no t have a material effect on the condensed consolidated statements of operations and comprehensive loss or cash flows. Refer to Note 15 “Leases” for further discussion. The net impact of the adoption to the condensed consolidated balance sheet was as follows: (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

Revenue and Receivables

Revenue and Receivables	9 Months Ended
	Sep. 30, 2022
RevenueFromContractWithCustomerAndReceivables [Abstract]
Revenue and Receivables	Note 2 Revenue and Receivables The Company applies the following five steps in order to recognize revenue from contracts with customers: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses whether the goods or services promised within the contract represent a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on a relative basis using the best estimate of the stand-alone selling price of each performance obligation, which is estimated using the expected-cost-plus-margin approach. Generally, the Company’s contracts with customers are structured such that the customer has the option to purchase additional goods or services. Customer options to purchase additional goods or services do not represent a separate performance obligation as the prices for such options reflect the stand-alone selling prices for the additional goods or services. The majority of the Company’s contracts with customers have a single performance obligation. The Company recognizes the transaction price allocated to the respective performance obligation as revenue as the performance obligation is satisfied. The majority of the Company's contracts with customers relate to the creation of specialized assets that do not have alternative use and entitle the Company to an enforceable right to payment for performance completed to date. Accordingly, the Company generally measures progress towards the satisfaction of a performance obligation over time using the cost-to-cost input method. Payments for costs not yet incurred or for costs incurred in anticipation of providing a good or service under a contract with a customer in the future are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. Estimate-at-Completion (“EAC”) As the majority of the Company’s revenue is recognized over time using the cost-to-cost input method, the recognition of revenue and the estimate of cost-at-completion is complex, subject to many variables and requires significant judgment. EAC represents the total estimated cost-at-completion and is comprised of direct material, direct labor and manufacturing overhead applicable to a performance obligation. There is a company-wide standard and periodic EAC process in which the Company reviews the progress and execution of outstanding performance obligations. As part of this process, the Company reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include the Company’s judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. The Company must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables. Based on the results of the periodic EAC process, any adjustments to revenue, cost of sales, and the related impact to gross profit are recognized on a cumulative catch-up basis in the period they become known. These adjustments may result from positive program performance, and may result in an increase in gross profit during the performance of individual performance obligations, if it is determined the Company will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities. Likewise, these adjustments may result in a decrease in gross profit if it is determined the Company will not be successful in mitigating these risks or realizing related opportunities. A significant change in one or more of these estimates could affect the profitability of one or more of the Company’s performance obligations. Contract modifications often relate to changes in contract specifications and requirements. Contract modifications are considered to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue either as an increase in or a reduction of revenue on a cumulative catch-up basis. Some of the Company’s long-term contracts contain award fees, incentive fees, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. Variable consideration is estimated at the most likely amount to which the Company is expected to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available. The unfunded portion of enforceable contracts are accounted for as variable consideration. Disaggregation of Revenue Below is a summary of the Company’s accounting by type of revenue: • Mission Support: Mission support services primarily relate to the integrated design, manufacture, and final assembly of satellites for government and commercial entities. Revenue associated with mission support services is recognized over time using the cost-to-cost input method. Mission support services are generally either firm-fixed price or cost-plus fee arrangements. • Launch Support: Launch support services relate to the design and manufacture of deployment systems in order to launch satellites for government and commercial customers. In addition, the Company will assist in the launch of a satellite into space by coordinating and securing launch opportunities with launch providers on behalf of a customer. Revenue associated with launch support services is recognized over time using the cost-to-cost input method. In certain instances, revenue associated with ensuring a successful launch of the satellite into space is recognized at a point in time when certain contractual milestones are achieved and invoiced. Launch support services are generally firm-fixed price arrangements. • Operations: Operations relates to the monitoring or operation of satellites in orbit on behalf of a customer. Revenue associated with operations is recognized monthly at a fixed contractual rate. Accordingly, the revenue is recognized in proportion to the amount the Company has the right to invoice for services performed. • Studies, Design and Other: Studies, design and other services primarily relate to special consulting studies and other design projects for government and commercial entities. Revenue associated with studies, design and other services is primarily recognized over time using the cost-to-cost input method. Studies, design, and other are generally either firm-fixed price or cost-plus fee arrangements. The following tables present the Company’s disaggregated revenue by offering and customer type for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Mission support $ 25,554 $ 9,674 $ 57,945 $ 26,874 Launch support 826 14 1,422 1,030 Operations 865 539 1,598 1,653 Studies, design and other 585 28 1,349 601 Revenue $ 27,830 $ 10,255 $ 62,314 $ 30,158 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 U.S. Government contracts Fixed price $ 13,505 $ 4,245 $ 34,173 $ 14,377 Cost-plus fee 2,320 1,485 7,408 2,911 15,825 5,730 41,581 17,288 Foreign government contracts Fixed price 1,420 1,748 3,031 2,745 Commercial contracts Fixed price, U.S. 8,323 1,964 14,400 5,732 Fixed price, International 2,262 749 3,302 4,274 Cost-plus fee - 64 - 119 10,585 2,777 17,702 10,125 Revenue $ 27,830 $ 10,255 $ 62,314 $ 30,158 For contracts in which the U.S. Government is the ultimate customer, the Company follows U.S. Government procurement and accounting standards in assessing the allowability and the allocability of costs to contracts. Due to the significance of the judgments and estimation processes, it is likely that materially different amounts could be recorded if different assumptions were used or if the underlying circumstances were to change. The Company monitors the consistent application of its critical accounting policies and compliance with contract accounting. Business operations personnel conduct periodic contract status and performance reviews. When adjustments in estimated contract revenues or costs are determined, any material changes from prior estimates are included in earnings in the current period. Also, regular and recurring evaluations of contract cost, scheduling and technical matters are performed by Company personnel who are independent from the business operations personnel performing work under the contract. Costs incurred and allocated to contracts with the U.S. Government are subject to audit by the Defense Contract Audit Agency for compliance with regulatory standards. Remaining Performance Obligations Revenue from remaining performance obligations is calculated as the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period on executed contracts, including both funded (firm orders for which funding is authorized and appropriated) and unfunded portions of such contracts . Remaining performance obligations exclude contracts in which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed and does not include unexercised contract options and potential orders under indefinite delivery/indefinite quantity contracts. As of September 30, 2022, the Company had approximately $ 198.0 million of remaining performance obligations. The Company estimates that approximately 71 % of the remaining performance obligations as of September 30, 2022 will be completed and recognized as revenue by December 31, 2023 , with the rest thereafter. Contract Assets and Contract Liabilities For each of the Company’s contracts with customers, the timing of revenue recognition, customer billings, and cash collections results in a net contract asset or liability at the end of each reporting period. Fixed-price contracts are typically billed to the customer either using progress payments, whereby amounts are billed monthly as costs are incurred or work is completed, or performance-based payments, which are based upon the achievement of specific, measurable events or accomplishments defined and valued at contract inception. Cost-type contracts are typically billed to the customer on a monthly or semi-monthly basis. Contract assets Contract assets relate to instances in which revenue recognized exceeds amounts billed to customers and are reclassified to accounts receivable when the Company has an unconditional right to the consideration and bills the customer. Contract assets are classified as current and non-current based on the estimated timing in which the Company will bill the customer and are not considered to include a significant financing component as the payment terms are intended to protect the customer in the event the Company does not perform on its obligations under the contract. The Company records an allowance for credit losses against its contract assets for amounts not expected to be recovered. The allowance is recognized at inception and is reassessed each reporting period. The allowance for credit losses on contract assets was not material for the periods presented. Contract assets from products and services for which the U.S. Government is the ultimate customer included in contract assets was $ 12.4 million and $ 1.1 million as of September 30, 2022 and December 31, 2021, respectively. The following is a summary of contract assets, net, recognized in the condensed consolidated balance sheets as of the dates presented: (in thousands) September 30, 2022 January 1, 2022 (1) Contract assets, gross $ 15,117 $ 2,757 Allowance for credit losses ( 104 ) ( 82 ) Contract assets, net $ 15,013 $ 2,675 (1) Balances reflected are subsequent to the adoption of CECL on January 1, 2022. As of September 30, 2022 and December 31, 2021, all contract assets were classified as current assets. There were no material impairments of contract assets during the three or nine months ended September 30, 2022 or 2021. Contract liabilities Contract liabilities relate to advance payments and billings in excess of revenue recognized and are recognized into revenue as the Company satisfies the underlying performance obligations. Contract liabilities are classified as current and non-current based on the estimated timing in which the Company will satisfy the underlying performance obligations and are not considered to include a significant financing component as they are generally utilized to procure materials needed to satisfy a performance obligation or are used to ensure the customer meets contractual requirements. As of September 30, 2022 and December 31, 2021, substantially all contract liabilities were classified as current liabilities. During the nine months ended September 30, 2022 and 2021, the Company recognized revenue of $ 17.1 million and $ 16.1 million, respectively, that was previously included in the beginning balance of contract liabilities. Accounts Receivable Accounts receivable represent unconditional rights to consideration due from customers in the ordinary course of business and are generally due in one year or less. Accounts receivable are recorded at amortized cost less an allowance for credit losses, which is based on the Company’s assessment of the collectability of its accounts receivable. The Company reviews the adequacy of the allowance for credit losses by considering the age of each outstanding invoice and the collection history of each customer. Accounts receivable that are deemed uncollectible are charged against the allowance for credit losses when identified. Receivables from products and services for which the U.S. Government is the ultimate customer included in accounts receivable was $ 3.9 million and $ 2.1 million as of September 30, 2022 and December 31, 2021, respectively. The following table presents changes in the allowance for credit losses for the periods presented: Nine Months Ended September 30, (in thousands) 2022 2021 Beginning balance $ ( 945 ) $ ( 635 ) Adoption of CECL ( 39 ) - Provision for credit losses ( 40 ) ( 226 ) Write-offs 790 4 Ending balance $ ( 234 ) $ ( 857 ) Reserve for Anticipated Losses on Contracts When the estimated cost-at-completion exceeds the estimated revenue to be earned for a performance obligation, the Company records a reserve for the anticipated losses in the period the loss is determined. The reserve for anticipated losses on contracts is presented as a current liability in the condensed consolidated balance sheets and as a component of cost of sales in the condensed consolidated statements of operations and comprehensive loss in accordance with ASC 605-35, Revenue Recognition – Construction-Type and Production-Type Contracts . The Company recorded increases in cost of sales related to the reserve for anticipated losses on contracts of $ 83 thousand and $ 572 thousand during the three and nine months ended September 30, 2022, respectively. The Company recorded decreases in cost of sales related to the reserve for anticipated losses on contracts of $ 501 thousand and $ 1.3 million during the three and nine months ended September 30, 2021 , respectively.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Note 3 Inventory Inventory consists of parts and sub-assemblies that are ultimately consumed in the manufacturing and final assembly of satellites. When an item in inventory has been identified and incorporated into a specific satellite, the cost of the sub-assembly is charged to cost of sales in the condensed consolidated statements of operations and comprehensive loss. Inventory is measured at the lower of cost or net realizable value. The cost of inventory includes direct material, direct labor, and manufacturing overhead and is determined on a first-in-first-out basis. Inventory is presented net of an allowance for losses associated with excess and obsolete items, which is estimated based on the Company’s current knowledge with respect to inventory levels, planned production, and customer demand. The components of inventory as of the dates presented were as follows: (in thousands) September 30, 2022 December 31, 2021 Raw materials $ 12,043 $ 4,782 Work-in-process 4,915 3,001 Total inventory $ 16,958 $ 7,783

Property, Plant, and Equipment,

Property, Plant, and Equipment, net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, net	Note 4 Property, Plant, and Equipment, net Property, plant, and equipment, net is stated at historical cost less accumulated depreciation. Cost for company-owned satellite assets includes amounts related to design, construction, launch, and commission. Cost for ground stations includes amounts related to construction and testing. Interest is capitalized on certain qualifying assets that take a substantial period of time to develop for their intended use. Depreciation expense is calculated using the sum-of-the-years’ digits or straight-line method over the estimated useful lives of the related assets as follows: 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 The determination of the estimated useful life of company-owned satellites involves an analysis that considers design life, random part failure probabilities, expected component degradation and cycle life, predicted fuel consumption and experience with satellite parts, vendors and similar assets. Depreciation expense was $ 911 thousand and $ 885 thousand during the three months ended September 30, 2022 and 2021, respectively, and $ 2.6 million and 2.2 million during the nine months ended September 30, 2022 and 2021, respectively. Repairs and maintenance expenditures are expensed when incurred. The gross carrying amount, accumulated depreciation and net carrying amount of property, plant, and equipment, net as of the dates presented were as follows: (in thousands) September 30, 2022 December 31, 2021 Machinery and equipment $ 10,106 $ 7,607 Satellites 2,209 2,209 Ground station equipment 1,944 1,944 Office equipment and furniture 2,695 2,239 Computer equipment and software 133 142 Leasehold improvements 9,073 8,533 Construction-in-process 36,307 23,647 Property, plant, and equipment, gross 62,467 46,321 Accumulated depreciation ( 13,603 ) ( 10,791 ) Property, plant, and equipment, net $ 48,864 $ 35,530 Construction-in-process includes company-owned satellites, ground station equipment, and machinery not yet placed into service. The Company capitalized interest to construction-in-process of $ 648 thousand and $ 360 thousand during the three months ended September 30, 2022 and 2021, respectively, and $ 1.8 million and $ 798 thousand during the nine months ended September 30, 2022 and 2021, respectively. The Company reviews property, plant, and equipment, net for impairment whenever events or changes in business circumstances indicate that the net carrying amount of an asset or asset group may not be fully recoverable. The Company groups assets at the lowest level for which cash flows are separately identified. Recoverability is measured by a comparison of the net carrying amount of the asset group to its expected future undiscounted cash flows. If the expected future undiscounted cash flows of the asset group are less than its net carrying amount, an impairment loss is recognized based on the amount by which the net carrying amount exceeds the fair value less costs to sell. The calculation of the fair value less costs to sell of an asset group is based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. There were no impairments of property, plant, and equipment during the three and nine months ended September 30, 2022 and 2021.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 5 Debt Long-term debt as of the presented dates was comprised of the following: (in thousands) Description Issued Maturity Interest Rate Interest Payable September 30, 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 56,581 94,686 PIPE Investment Obligation March 2022 December 2025 N/A N/A 24,375 - Equipment financings (2) 895 - Finance leases 432 53 Unamortized deferred issuance costs ( 1,989 ) ( 761 ) Unamortized discount on debt ( 93,245 ) ( 9,119 ) Total debt 107,072 115,148 Current portion of long-term debt 7,735 14 Long-term debt $ 99,337 $ 115,134 (1) - Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below. (2) - Consists of equipment financing debt agreements with maturities through July 2028 , annual interest rates ranging from 6.25 % to 6.50 %, and requiring monthly payments of interest and principal. N/A - Not meaningful or applicable. Significant changes in the Company’s long-term debt during the nine months ended September 30, 2022 were as follows: Francisco Partners Facility On March 9, 2022, the Company amended the note purchase agreement (the “FP Note Purchase Agreement”) governing the issuance and sale of senior secured notes due on November 24, 2026 (the “Francisco Partners Facility”) to, among other things, (i) increase the principal amount of senior secured notes that may be issued under the FP Note Purchase Agreement to up to $ 154 million, (ii) increase the second tranche of the Francisco Partners Facility (the “Delayed Draw Notes”) to $ 24 million of senior secured notes, and (iii) accelerate the funding of the Delayed Draw Notes. The Delayed Draw Notes were issued net of a $ 4 million original issue discount and resulted in proceeds received of $ 20 million, of which $ 8.6 million was allocated to proceeds from debt and $ 11.4 million was allocated to proceeds from warrants and derivatives in the condensed consolidated statements of cash flows. The Company reclassified deferred debt commitment costs of $ 13.2 million to discount on debt and $ 137 thousand to deferred issuance costs related to the issuance of the Delayed Draw Notes. The Company incurred an incremental $ 208 thousand of deferred issuance costs related to the issuance of the Delayed Draw Notes. On March 25, 2022, the Company further amended the FP Note Purchase Agreement to, among other things, (i) decrease the principal amount of senior secured notes that may be issued under the Francisco Partners Facility to up to $ 119 million, (ii) amend certain existing covenants, as described below, (iii) add an additional covenant, as described below, (iv) revise the maturity date to April 1, 2026 , and (v) change the timing of quarterly interest payments to May 15th, August 15th, November 15th and February 15th of each calendar year, with the first such interest payment required to be made on May 15, 2022. As consideration for the amendment on March 25, 2022, Francisco Partners received an additional 1.9 million shares of Terran Orbital Corporation's common stock in connection with the Tailwind Two Merger. Upon closing of the Tailwind Two Merger, the Company issued $ 65 million of senior secured notes as the third tranche of the Francisco Partners Facility (the “Conditional Notes”). The Conditional Notes were issued net of a $ 5 million original issue discount and resulted in proceeds received of $ 60 million, of which $ 14.4 million was allocated to proceeds from debt, $ 30.8 million was allocated to proceeds from warrants and derivatives, and $ 14.8 million was allocated to proceeds from the issuance of common stock in the condensed consolidated statements of cash flows. The Company reclassified deferred debt commitment costs of $ 32.8 million to discount on debt and $ 509 thousand to deferred issuance costs upon the issuance of the Conditional Notes. The Company incurred an incremental $ 851 thousand of issuance costs related to the issuance of the Conditional Notes, of which $ 641 thousand was allocated to debt and $ 210 thousand was allocated to equity. As part of the amendment on March 25, 2022, the liquidity maintenance financial covenant of the Francisco Partners Facility was modified to require that as of the last day of each fiscal quarter, the Company must have an aggregate amount of unrestricted cash and cash equivalents of at least (i) $ 20 million in the case of the fiscal quarters ending March 31, 2022, June 30, 2022 and September 30, 2022, (ii) $ 10 million in the case of the fiscal quarter ending December 31, 2022, and (iii) $ 20 million plus 15 % of certain aggregate funded indebtedness of the Company in the case of each fiscal quarter thereafter. In addition, a new covenant was added requiring the Company to at least break even on an EBITDA basis (as defined in the FP Note Purchase Agreement) by December 31, 2023, subject to certain extensions. As of September 30, 2022 and December 31, 2021, approximately $ 1.0 million and $ 289 thousand of contractual paid-in-kind interest was included in the outstanding principal balance of the Francisco Partners Facility, respectively. Senior Secured Notes due 2026 On March 8, 2021, the Company issued $ 87 million aggregate principal amount of senior secured notes due April 1, 2026 (the “Senior Secured Notes due 2026”) which resulted in gross proceeds of $ 50 million from Lockheed Martin Corporation (“Lockheed Martin”) and the exchange and extinguishment of $ 37 million then outstanding convertible notes. The loss on extinguishment of debt totaled $ 70.6 million and primarily related to the recognition of warrants issued at fair value. The Company allocated $ 47.5 million of the proceeds received to the Senior Secured Notes due 2026 and the remainder of the proceeds were allocated to warrants issued upon funding of the Senior Secured Notes due 2026 in the condensed consolidated statements of cash flows. Refer to Note 6 “Warrants and Derivatives” for further discussion regarding warrants. On March 25, 2022, the Senior Secured Notes due 2026 were impacted as follows: Exchange of Debt for Equity In connection with the PIPE Investment, two holders of the Senior Secured Notes due 2026 agreed to, in substance, exchange the outstanding amount of principal and interest for common stock of Terran Orbital Corporation with any residual amounts settled in cash, resulting in a loss on extinguishment of debt of $ 727 thousand related to $ 4.6 million of the carrying amount of Senior Secured Notes due 2026 on March 25, 2022. The consideration transferred as part of the extinguishment included common stock with a fair value of $ 4.6 million and a cash payment of $ 703 thousand, of which $ 293 thousand represents the repayment of debt and $ 410 thousand represents the payment of interest in the condensed consolidated statements of cash flows. Rollover Debt On March 25, 2022, the note purchase agreement governing the Senior Secured Notes due 2026 was amended to, among other things, (i) set the amount of senior secured notes that will remain outstanding with Lockheed Martin subsequent to the Tailwind Two Merger to $ 25 million (the “Lockheed Martin Rollover Debt”), (ii) increase and set the amount of senior secured notes that will remain outstanding with Beach Point Capital ("Beach Point") subsequent to the Tailwind Two Merger to $ 31.3 million (the “Beach Point Rollover Debt”), (iii) set the terms of the Lockheed Martin Rollover Debt and the Beach Point Rollover Debt to have substantially similar terms as the terms of the Francisco Partners Facility, excluding call protection and the Beach Point Rollover Debt bearing interest at 11.25 % ( 9.25 % of which is payable in cash and 2.0 % of which is payable in kind), and (iv) cause the Beach Point Rollover Debt to be subordinated in right of payment to the Francisco Partners Facility. In connection with the Tailwind Two Merger, the Company partially extinguished Lockheed Martin's portion of the Senior Secured Notes due 2026, resulting in a gain on extinguishment of debt of $ 1.8 million related to $ 32.6 million of the carrying amount, inclusive of an unamortized premium, of Senior Secured Notes due 2026 on March 25, 2022. The consideration transferred as part of the partial extinguishment included a cash payment of $ 30.8 million, of which $ 25 million represents the repayment of debt and $ 5.8 million represents the payment of interest in the condensed consolidated statements of cash flows. In addition, the Lockheed Martin Rollover Debt represents a modification of Lockheed Martin's portion of the Senior Secured Notes due 2026. The Company expensed $ 323 thousand of third-party expenses related to the modification. In connection with the PIPE Investment and the amendment on March 25, 2022, Beach Point agreed to, in substance, exchange a portion of the outstanding amount of principal and interest for common stock of Terran Orbital Corporation with the remainder representing the Beach Point Rollover Debt. As consideration for the amendment on March 25, 2022, Beach Point received an additional 2.4 million shares of Terran Orbital Corporation's common stock as part of the Tailwind Two Merger. Accordingly, Beach Point's portion of the Senior Secured Notes due 2026 was deemed to have been extinguished for the issuance of the Beach Point Rollover Debt and common stock of Terran Orbital Corporation, resulting in a loss on extinguishment of debt of $ 24.2 million related to $ 38.6 million carrying amount of Senior Secured Notes due 2026 on March 25, 2022. The consideration transferred as part of the extinguishment included common stock with a fair value of $ 31.8 million and the Beach Point Rollover Debt with a fair value of $ 31 million. The Company incurred $ 328 thousand of third-party expenses related to the Beach Point Rollover Debt, of which $ 178 thousand was allocated to debt and $ 151 thousand was allocated to equity. As of September 30, 2022, the amount of contractual paid-in-kind interest that was included in the outstanding principal balance of the Beach Point Rollover Debt was not material. PIPE Investment Obligation An affiliate of a director and shareholder of the Company invested $ 30 million as part of the PIPE Investment (the "Insider PIPE Investment"). The subscription agreement for the Insider PIPE Investment included a provision that obligates the Company to pay the affiliate a quarterly fee of $ 1.875 million for sixteen quarters beginning with the period ending March 31, 2022 (the “PIPE Investment Obligation”). The first four quarterly payments are to be paid in cash and the remaining payments are to be paid, at the Company's option, in cash or common stock of the Company, subject to subordination to and compliance with the Company's debt facilities. The PIPE Investment Obligation represents a liability within scope of ASC 480 , Distinguishing Liabilities from Equity, (“ASC 480”) with subsequent measurement within scope of ASC 835, Interest (“ASC 835”). The Insider PIPE Investment resulted in proceeds received of $ 30 million, of which $ 13 million was allocated to proceeds from debt and $ 17 million was allocated to proceeds from the PIPE Investment in the condensed consolidated statements of cash flows based on relative fair value. The Company incurred $ 259 thousand of issuance costs related to the Insider PIPE Investment, of which $ 112 thousand was allocated to debt and $ 147 was allocated to equity. Subsequent Event: Convertible Notes due 2027 On October 31, 2022, the Company entered into a convertible note and warrant purchase agreement (the “Convertible Note and Warrant Purchase Agreement”) for the issuance and sale of second lien secured convertible notes in an aggregate principal amount of $ 100 million to Lockheed Martin (the “Convertible Notes due 2027”). The Convertible Notes due 2027 will mature on October 31, 2027 and bear interest at a rate of 10 % per annum. Interest is payable quarterly on May 15th, August 15th, November 15th and February 15th of each calendar year, with the first such interest payment required to be made on February 15, 2023, and may be paid in cash or in kind at the election of the Company subject to the satisfaction of certain conditions. The Company intends to use the net proceeds from this transaction for general corporate purposes, including acquiring additional satellite assembly space, increasing its module production and for operating and working capital needs related to the manufacture and sale of small satellites to existing government, civil, and commercial customers, including Lockheed Martin. The Convertible Notes due 2027 are convertible by their holders at any time prior to maturity into the number of shares of the Company’s common stock on the date of conversion obtained by dividing (i) the outstanding principal amount of the Convertible Notes due 2027, plus any accrued but unpaid interest, by (ii) a conversion price equal to $ 2.898 per share, representing the average of the closing price of the Company’s common stock from October 24, 2022 through October 28, 2022 plus a 15 % premium. The conversion price is subject to anti-dilution adjustments customary for convertible debt securities. The Company has agreed to use reasonable best efforts to obtain shareholder approval for the issuance of shares of common stock issuable upon conversion of the Convertible Notes due 2027 and the exercise of the related 2027 Warrants (as defined below) by the holders that would exceed 30 % of the common stock then outstanding at its next annual meeting; provided that, if such approval is not obtained and the holders seek to convert Convertible Notes due 2027 or exercise any related 2027 Warrants, the Company may settle the excess above any limit on said conversion and exercise of the warrants set by applicable stock exchange rules in cash, as permitted by the Company’s Existing Debt Agreements (as defined below). Shares of common stock issuable upon conversion of the Convertible Notes due 2027 are subject to customary registration rights. On or after May 1, 2024, the Company may redeem, at its option, for cash, all or any portion of the Convertible Notes due 2027, at a redemption price equal to 100 % of the applicable principal amount to be redeemed, plus accrued and unpaid interest, subject to certain conditions. Upon the occurrence of a fundamental change, including certain change of control transactions of the Company, holders may require the Company to repurchase all or a portion of their Convertible Notes due 2027 at a repurchase price equal to 100 % of the applicable principal amount to be repurchased, plus accrued and unpaid interest, subject to the satisfaction of certain conditions. The Convertible Notes due 2027 are secured by a second lien on substantially all of the Company’s assets and are guaranteed, jointly and severally, by each of the Company’s wholly-owned domestic subsidiaries. The Convertible Notes due 2027 include financial covenants that require that as of the last day of each fiscal quarter, the Company must have an aggregate amount of unrestricted cash and cash equivalents of at least (i) $ 10 million in the case of the fiscal quarter ending December 31, 2022 and (ii) $ 20 million plus 15 % of certain aggregate funded indebtedness of the Company in the case of each fiscal quarter thereafter. In addition, the Company is required to at least break even on an EBITDA basis (as defined in the Convertible Note and Warrant Purchase Agreement) by June 30, 2024, subject to certain extensions. In connection with the Convertible Note and Warrant Purchase Agreement, the Company entered into amendments to the FP Note Purchase Agreement and the note purchase agreements governing the Lockheed Martin Rollover Debt and Beach Point Rollover Debt (collectively, the “Existing Debt Agreements”), to among other things, provide consent for the Company to enter into the Convertible Note and Warrant Purchase Agreement as well as a First Lien/Second Lien Intercreditor Agreement to govern the relative priorities of the security interests and certain other matters related to the Existing Debt Agreements. In addition, these amendments made certain changes to the Company’s Existing Debt Agreements to conform them to the language of the Convertible Note and Warrant Purchase Agreement, including amending the existing financial covenants to require the Company to at least break even on an EBITDA basis (as defined in the Existing Debt Agreements) by June 30, 2024, subject to certain extensions.

Warrants and Derivatives

Warrants and Derivatives	9 Months Ended
	Sep. 30, 2022
Disclosure of Warrants and Derivatives [Abstract]
Warrants and Derivatives	Note 6 Warrants and Derivatives The Company’s warrants and derivatives consist of freestanding financial instruments issued in connection with the Company’s debt and equity financing transactions. The Company does not have any derivatives designated as hedging instruments. For each freestanding financial instrument, the Company evaluates whether it represents a liability-classified financial instrument within the scope of ASC 480, or either a liability-classified or equity-classified financial instrument within the scope of ASC 815, Derivatives and Hedging (“ASC 815”). Warrants and derivatives classified as liabilities are recognized at fair value in the condensed consolidated balance sheets and are remeasured at fair value as of each reporting period with changes in fair value recorded in the condensed consolidated statements of operations and comprehensive loss. Warrants and derivatives classified as equity are recognized at fair value in additional paid-in capital in the condensed consolidated balance sheets and are not subsequently remeasured. Liability-classified Warrants and Derivatives The fair values of liability-classified warrants recorded in warrant liabilities on the condensed consolidated balance sheets as of the presented dates were as follows: (in thousands, except share and per share amounts) Number of Issuable Shares as of Issuance Maturity Exercise Price September 30, 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 2,300 - Private Placement Warrants 7,800,000 March 2021 March 2027 $ 11.50 1,560 - FP Combination Warrants 8,291,704 March 2022 March 2027 $ 10.00 17,578 - Warrant liabilities 27,591,664 $ 21,438 $ 5,631 The fair values of liability-classified warrants and derivatives recorded in accrued expenses and other current liabilities on the consolidated balance sheets as of the presented dates were as follows: (in thousands) September 30, 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 The changes in fair value of liability-classified warrants and derivatives during the nine months ended September 30, 2022 were as follows: (in thousands) Current Warrant Warrant 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 ( 15,667 ) ( 2,325 ) 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 $ - $ 21,438 $ 21,438 Inducement Warrants During the nine months ended September 30, 2021, warrants issued by Legacy Terran Orbital in connection with the issuance of the Senior Secured Notes due 2026 (the “Inducement Warrants”) were recognized at a fair value of $ 4.4 million in the condensed consolidated balance sheets, of which $ 2.5 million were recognized as discount on debt from the issuance of the Senior Secured Notes due 2026 and $ 1.9 million were recognized as a component of loss on extinguishment of debt in connection with the extinguishment of convertible notes. The change in fair value of the Inducement Warrants was not material during the three and nine months ended September 30, 2021. As part of the Tailwind Two Merger, all of the Inducement Warrants were ultimately net settled into approximately 695 thousand shares of Terran Orbital Corporation’s common stock. As a result of the net settlement of the Inducement Warrants, the Company reclassified the fair value of the Inducement Warrants as of the date of the Tailwind Two Merger of $ 7.6 million to additional paid-in capital. The Company recorded a loss on change in fair value of the Inducement Warrants of $ 2.0 million during the nine months ended September 30, 2022. Francisco Partners Warrants and Derivatives As part of the Francisco Partners Facility, the Company issued warrants to Francisco Partners in November 2021 to purchase 1.5 % of the fully diluted shares of Legacy Terran Orbital’s common stock (the “FP Pre-Combination Warrants”). The FP Pre-Combination Warrants terminated unexercised upon consummation of the Tailwind Two Merger pursuant to their contractual provisions. During the nine months ended September 30, 2022 , t he Company recorded a gain on change in fair value of the FP Pre-Combination Warrants of $ 2.5 million. As additional consideration for the Francisco Partners Facility in November 2021, the Company committed to the issuance of (i) an equity grant package equal to 1.5 % of the fully diluted shares of Terran Orbital Corporation’s common stock outstanding as of immediately following the closing of the Tailwind Two Merger, plus an additional one million shares of Terran Orbital Corporation's common stock (the “FP Combination Equity”), and (ii) warrants to purchase 5.0 % of the Terran Orbital Corporation's common stock on a fully diluted basis as of immediately following the closing of the Tailwind Two Merger at a strike price of $ 10.00 per share, redeemable at the option of Francisco Partners for $ 25 million on the third anniversary of the closing of the Tailwind Two Merger, and expiring on March 25, 2027 (the “FP Combination Warrants”). The FP Combination Equity and the FP Combination Warrants were contingently issuable upon closing of the Tailwind Two Merger. Upon consummation of the Tailwind Two Merger, approximately 3.3 million shares of the Company's common stock were issued related to the FP Combination Equity, which resulted in the reclassification of the fair value of the FP Combination Equity as of the Tailwind Two Merger date of $ 36.4 million to additional paid-in capital. The Company recorded a loss on change in fair value of the FP Combination Equity of $ 12.3 million during the nine months ended September 30, 2022 . In addition, approximately 8.3 million warrants were issued related to the FP Combination Warrants, resulting in the reclassification of the FP Combination Warrants to warrant liabilities on the condensed consolidated balance sheets. The Company recorded a gain on change in fair value of the FP Combination Warrants of $ 404 thousand and $ 10.1 million during the three and nine months ended September 30, 2022, respectively. Pre-Combination and Combination Warrants and Derivatives Upon initial funding of the Francisco Partners Facility and in connection with the amendment to the Senior Secured Notes due 2026 note purchase agreement in November 2021, the Company issued warrants to each of Lockheed Martin and Beach Point to purchase 0.25 % of the fully diluted shares of Legacy Terran Orbital’s common stock on the same valuation and terms and conditions as the FP Pre-Combination Warrants (the “Pre-Combination Warrants”). The Pre-Combination Warrants terminated unexercised upon consummation of the Tailwind Two Merger pursuant to their contractual provisions. The Company recorded a gain on change in fair value of the Pre-Combination Warrants of $ 849 thousand during the nine months ended September 30, 2022. In November 2021 , the Company committed to issue to each of Lockheed Martin and Beach Point (i) an equity grant package equal to 0.25 % of the fully diluted shares of Terran Orbital Corporation’s common stock outstanding as of immediately following the closing of the Tailwind Two Merger (the “Combination Equity”), and (ii) warrants to purchase 0.83333 % of Terran Orbital Corporation's common stock on a fully diluted basis as of immediately following the closing of the Tailwind Two Merger at a strike price of $ 10.00 per share expiring on March 25, 2027 (the “Combination Warrants”). The Combination Equity and the Combination Warrants were contingently issuable upon closing of the Tailwind Two Merger. Upon consummation of the Tailwind Two Merger, approximately 774 thousand shares of the Company's common stock were issued related to the Combination Equity resulting in the reclassification of the fair value of the Combination Equity as of the Tailwind Two Merger of $ 8.5 million to additional paid-in capital. The Company recorded a loss on change in fair value of the Combination Equity of $ 2.8 million during the nine months ended September 30, 2022 . In addition, approximately 2.8 million warrants were issued related to the Combination Warrants, resulting in the reclassification of the fair value of the Combination Warrants as of the Tailwind Two Merger of $ 11 million to additional paid-in capital as the Combination Warrants now represent equity-classified financial instruments. The Company recorded a loss on change in fair value of the Combination Warrants of $ 3.4 million during the nine months ended September 30, 2022. Public Warrants As part of the Tailwind Two Merger, the Company assumed outstanding warrants giving the holders the right to purchase an aggregate of 11.5 million shares of the Company's common stock for $ 11.50 per share (the “Public Warrants”). The Public Warrants became exercisable on April 24, 2022, 30 days after the completion of the Tailwind Two Merger, and will expire five years from the completion of the Tailwind Two Merger. The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise unless a registration statement with respect to the shares underlying the warrants is then effective and a related prospectus is current, unless a valid exemption from registration is available. On April 22, 2022, the Company filed the Form S-1 with the SEC for, among other transactions, the registration of the shares of common stock issuable by the Company upon exercise of the Public Warrants. The Form S-1 was declared effective by the SEC on June 23, 2022. The Company will use its commercially reasonable efforts to maintain the effectiveness of the Form S-1, and a current prospectus relating thereto, until the expiration or redemption of the Public Warrants in accordance with the provisions of the warrant agreement. If the effectiveness of the Form S-1 or another registration statement covering the issuance of the shares of common stock issuable upon exercise of the Public Warrants is not maintained, holders may exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exemption. No Public Warrant will be exercisable for cash or on a cashless basis and the Company will not be obligated to issue shares upon exercise of a Public Warrant unless the underlying shares have been registered, qualified, or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company may redeem the outstanding Public Warrants when the price per share of the Company’s common stock equals or exceeds $ 18.00 as follows: • in whole and not in part; • at a price of $ 0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the Company’s shares of common stock equals or exceeds $ 18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. In addition, the Company may redeem the outstanding Public Warrants when the price per share of the Company’s common stock equals or exceeds $ 10.00 as follows: • in whole and not in part; • at $ 0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Company’s shares of common stock; • if, and only if, the closing price of the Company’s shares of common stock equals or exceeds $ 10.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption of the warrant holders; and • if the closing price of the Company’s shares of common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $ 18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. If and when the Public Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for redemption, as described above, the Company will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and the number of common shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuances of common shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. The Company recorded a gain on change in fair value of the Public Warrants of $ 3.3 million and $ 5.5 million during the three and nine months ended September 30, 2022, respectively. Private Placement Warrants As part of the Tailwind Two Merger, the Company assumed outstanding warrants that were previously issued in a private placement and that give the holders thereof the right to purchase an aggregate of 7.8 million shares of the Company's common stock for $ 11.50 per share (the “Private Placement Warrants”). The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the common shares issuable upon their exercise were not transferable, assignable or salable until 30 days after the completion of the Tailwind Two Merger. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. During April 2022, the Company filed a registration statement for the registration of the Private Placement Warrants and the shares of common stock issuable upon exercise of the Private Placement Warrants, which was declared effective by the SEC on June 23, 2022. The Company recorded a gain on change in fair value of the Private Placement Warrants of $ 2.3 million and $ 3.7 million during the three and nine months ended September 30, 2022, respectively. Equity-classified Warrants Detachable Warrants In March 2021, Legacy Terran Orbital issued warrants in connection with the extinguishment of convertible notes (the “Detachable Warrants”), which were recognized at a fair value of $ 68.4 million in additional paid-in capital in the condensed consolidated balance sheets and as a component of loss on extinguishment of debt in the condensed consolidated statements of operations and comprehensive loss. The issuance costs related to the Detachable Warrants totaled $ 2.3 million and were recognized in additional capital in the consolidated balance sheets and as financing cash flows in the consolidated statements of cash flows. As part of the Tailwind Two Merger, all of the Detachable Warrants were ultimately net settled into approximately 22.3 million shares of the Terran Orbital Corporation’s common stock. Subsequent Event: 2027 Warrants In connection with the Convertible Note and Warrant Purchase Agreement, the Company issued warrants to purchase 17,253,279 shares of the Company’s common stock at an exercise price of $ 2.898 per share, representing the average of the closing price of the Company’s common stock from October 24, 2022 through October 28, 2022 plus a 15 % premium, and expiring five years after the issuance date to Lockheed Martin (the “2027 Warrants”). Shares of common stock issuable upon exercise of the 2027 Warrants are subject to customary registration rights.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 7 Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. A fair value measurement is assigned a level within the fair value hierarchy depending on the source of the inputs utilized in estimating the fair value measurement as follows: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. • Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The carrying amounts of cash and cash equivalents, accounts receivable, contract assets, contract liabilities, and accounts payable approximate their fair values due to the short-term maturities of these financial instruments. Warrant and Derivative Liabilities As a result of the Tailwind Two Merger, the fair value measurements related to warrants and derivatives during the nine months ended September 30, 2022 were primarily based on the quoted market price of Terran Orbital Corporation's common stock and Public Warrants. The final fair values of the Inducement Warrants, Combination Equity, and FP Combination Equity were based on the number of shares of Terran Orbital Corporation common stock issued as part of the Tailwind Two Merger and the price per share of Terran Orbital Corporation's common stock as of the Tailwind Two Merger and represent Level 1 fair value measurements. The fair value of the Public Warrants was based on the quoted market price of the Public Warrants as of each valuation date and represents a Level 1 fair value measurement. As the Private Placement Warrants are similar to the Public Warrants, the fair value of the Private Placement Warrants was based on the quoted market price of the Public Warrants as of each valuation date and represents a Level 2 fair value measurement. The fair values of the Combination Warrants and FP Combination Warrants were derived using the Black-Scholes option pricing model and a lattice model, respectively, with the following significant inputs and assumptions as of the valuation date: (i) the price per share of Terran Orbital Corporation's common stock, (ii) the exercise price, (iii) the risk-free interest rate, (iv) the dividend yield, (v) the contractual term, and (vi) the estimated volatility. In addition, as a result of the FP Combination Warrants’ put feature, the valuation also considers counterparty credit spread based on an estimated credit rating of CCC and below. The resulting fair values represent Level 3 fair value measurements. Long-term Debt The following table presents the total net carrying amount and estimated fair value of the Company’s long-term debt instruments, excluding finance leases, as of the dates presented: September 30, 2022 December 31, 2021 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value $ 96,018 $ 151,018 $ 115,095 $ 124,221 PIPE Investment Obligation 10,622 17,964 - - As of September 30, 2022, the fair value of the Company's long-term debt related to the Francisco Partners Facility, Lockheed Martin Rollover Debt, and Beach Point Rollover Debt was estimated using a lattice model with the following significant inputs and assumptions: (i) time to maturity, (ii) coupon rate, (iii) discount rate based on an estimated credit rating of CCC and below, (iv) risk-free interest rate, and (v) contractual features such as prepayment options, call premiums and default provisions. The fair value of long-term debt related to the PIPE Investment Obligation was estimated using a discounted cash flow valuation method applied to the remaining quarterly payments using a discount rate based on a risk-free rate derived from constant maturity yields ranging plus a credit risk derived from an estimated credit rating of CCC and below. The resulting fair values represent Level 3 fair value measurements.

Mezzanine Equity and Shareholde

Mezzanine Equity and Shareholders' Deficit	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Mezzanine Equity and Shareholders' Deficit	Note 8 Mezzanine Equity and Shareholders’ Deficit Significant changes in the Company’s mezzanine equity and shareholders’ deficit during the periods presented were as follows: Common Stock Subsequent to the Tailwind Two Merger, the Company is authorized to issue up to 300 million shares of common stock with a par value of $ 0.0001 per share. Each share of common stock entitles the shareholder to one vote . The Company issued 11 million shares of common stock in exchange for the net assets of Tailwind Two, which were recognized at historical cost, in connection with the Tailwind Two Merger and issued 5.1 million shares of common stock in connection with the PIPE Investment. The Tailwind Two Merger and PIPE Investment resulted in allocated cash proceeds of $ 58.4 million with aggregate allocated third-party issuance costs of $ 48.4 million and the assumption of the Public Warrants and Private Placement Warrants with an aggregate fair value of $ 13.1 million. PredaSAR Merger In March 2021, the Company entered into an agreement with non-controlling interest holders of convertible preferred stock in PredaSAR Corporation (“PredaSAR”) (the “Series Seed Preferred Stock”) to exchange all of the shares of the Series Seed Preferred Stock for shares of the Legacy Terran Orbital’s common stock (the “PredaSAR Merger”). The PredaSAR Merger resulted in the issuance of 10.7 million shares of common stock. The PredaSAR Merger resulted in PredaSAR becoming a wholly-owned subsidiary of Legacy Terran Orbital. Accordingly, non-controlling interest was reclassified to additional paid-in capital in the condensed consolidated balance sheets. The issuance costs related to the PredaSAR Merger totaled $ 432 thousand and were recognized in additional paid-in capital in the condensed consolidated balance sheets and as financing cash flows in the condensed consolidated statements of cash flows. Committed Equity Facility On July 5, 2022, the Company entered into a common stock purchase agreement (the “Committed Equity Facility”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley”). Pursuant to the Committed Equity Facility, the Company has the right, but not the obligation, subject to certain conditions, to sell to B. Riley over a 24-month period up to the lesser of (i) $ 100 million of newly issued shares of the Company’s common stock and (ii) 27,500,000 shares of the Company’s common stock, which represents approximately 19.99 % of the shares of the Company’s common stock outstanding immediately prior to the execution of the Committed Equity Facility, unless the Company obtains shareholder approval to issue excess shares. In addition, the Company may not issue or sell any shares of common stock to B. Riley under the Committed Equity Facility that would result in B. Riley and its affiliates beneficially owning more than 4.99 % of the Company’s outstanding shares of common stock. Pursuant to the Registration Rights Agreement, the Company filed a registration statement on Form S-1 with the SEC on July 8, 2022, registering the resale by B. Riley of up to 27,714,791 shares of common stock to be issued by the Company to B. Riley pursuant to the Committed Equity Facility. Such resale registration statement was declared effective by the SEC on July 15, 2022. The price per share of common stock sold by the Company to B. Riley is determined by reference to the volume weighted average price of the Company’s common stock as defined within the Committed Equity Facility less a 3 % discount, subject to certain limitations and conditions. The total net proceeds that the Company will receive under the Committed Equity Facility will depend on the frequency and prices at which the Company sells common stock to B. Riley. The Company intends to use the net proceeds from the Committed Equity Facility for investment in growth and general corporate purposes. The Committed Equity Facility represents a derivative instrument with a fair value of $ 0 . Upon the sale and issuance of common stock under the Committed Equity Facility, the Company records the fair value of the common stock in additional paid-in capital and the difference in relation to the proceeds received to other expense in the condensed consolidated statements of operations and comprehensive loss as well as other non-cash operating cash flows in the condensed consolidated statements of cash flows. In addition, third-party costs incurred in connection with the Committed Equity Facility are expensed as incurred and included in other expense in the condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2022, the Company sold and issued 637,487 shares of common stock to B. Riley under the Committed Equity Facility, including 214,791 shares issued on July 5, 2022 as consideration for B. Riley’s commitment to enter into the Committed Equity Facility, resulting in proceeds received of $ 1.8 million and $ 1 million of other expense in the condensed consolidated statements of operations and comprehensive loss. In addition, the Company expensed third-party costs associated with the Committed Equity Facility of approximately $ 380 thousand and $ 773 thousand during the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, the remaining availability under the Committed Equity Facility was the lesser of 27,077,304 shares of common stock or $ 98.2 million of proceeds from the sale and issuance of common stock. Preferred Stock Subsequent to the Tailwind Two Merger, the Company is authorized to issue up to 50 million shares of preferred stock with a par value of $ 0.0001 per share. There were no shares of preferred stock issued and outstanding as of September 30, 2022. As part of the Tailwind Two Merger, all of the convertible preferred stock of Legacy Terran Orbital (the “Series A Preferred Stock”) was ultimately converted into approximately 10.9 million shares of Terran Orbital Corporation’s common stock. As a result of the conversion of the Series A Preferred Stock, the Company reclassified the amount of Series A Preferred Stock to additional paid-in capital.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 9 Share-Based Compensation Prior to the Tailwind Two Merger, Legacy Terran Orbital maintained the Amended and Restated Terran Orbital Corporation 2014 Equity Incentive Plan (the “2014 Plan”). In connection with the Tailwind Two Merger, the Company terminated the 2014 Plan and adopted the Terran Orbital Corporation 2021 Omnibus Incentive Plan (the “2021 Plan”). All of the outstanding share-based compensation awards granted under the 2014 Plan were cancelled and substituted for awards under the 2021 Plan in the same form and on substantially the same terms and conditions. Share-based compensation expense totaled $ 9.2 million and $ 177 thousand during the three months ended September 30, 2022 and 2021 , respectively, and $ 40.4 million and $ 531 thousand during the nine months ended September 30, 2022 and 2021, respectively. Prior to the closing of the Tailwind Two Merger, all of the Company's outstanding restricted stock units (“RSUs”) included a performance condition that required a liquidity event to occur in order to vest. Accordingly, the Company previously did no t recognize share-based compensation expense associated with the RSUs as their performance condition was not probable of being met until such an event occurred. Upon closing of the Tailwind Two Merger, the Company recorded a cumulative catch-up of approximately $ 17.2 million in order to begin recognition of share-based compensation expense associated with these RSUs as the performance condition was met, of which $ 2.1 million was recorded to cost of sales and $ 15.1 million was recorded to selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss based on the classification of each employee's compensation expense. 2021 Plan The 2021 Plan authorizes the issuance of no more than 13,729,546 shares of Terran Orbital Corporation's common stock pursuant to awards under the 2021 Plan. Beginning on January 1, 2022, the number of authorized shares issuable under the 2021 Plan is subject to an annual increase on the first day of each calendar year during the term of the 2021 Plan, equal to the lesser of (i) 3 % of the aggregate number of shares of Terran Orbital Corporation’s common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Terran Orbital Corporation’s common stock as determined by the Company’s board of directors. Further, under the 2021 Plan, the number of authorized shares issuable under the 2021 Plan may be adjusted in case of changes to capitalization or other corporate events. As of September 30, 2022 , there were approximately 16 million shares of Terran Orbital’s common stock underlying outstanding awards which were cancelled under the 2014 Plan and substituted for awards under the 2021 Plan. The shares underlying such substituted awards are incremental to, and do not count against, the authorized share pool of the 2021 Plan. During the nine months ended September 30, 2022 , the Company granted approximately 4.6 million RSUs under the 2021 Plan with a weighted average grant date fair value of $ 3.94 per unit. The majority of these RSUs will vest over a four year period and have a grant date fair value based on the public market price of the Company’s common stock as of the date of grant. 2014 Plan During January 2022, the 2014 Plan was amended to authorize the issuance of no more than 941,355 shares of Legacy Terran Orbital’s common stock, which represents 25,967,343 shares of Terran Orbital Corporation’s common stock on a converted basis. During the nine months ended September 30, 2022 and prior to the Tailwind Two Merger, the Company granted approximately 6.4 million RSUs under the 2014 Plan with a weighted-average grant date fair value of $ 8.12 . The majority of these RSUs (referred to as “Retention RSUs”) will generally vest on the later to occur of: (i) the first anniversary of the consummation of the Tailwind Two Merger and (ii) the trading price of the Company’s common stock equaling or exceeding $11.00 or $13.00, as applicable, for any 20 trading days within any consecutive 30-trading day period. The Retention RSUs expire five years from the Tailwind Two Merger if unvested. The derived service period for the Retention RSUs was estimated to be less than one year from the date of the Tailwind Two Merger based on the median weighted-average triggering event period determined using the Monte Carlo simulation model. As the derived service period is less than one year, the share-based compensation expense associated with the Retention RSUs will be recognized over a one-year period beginning from the consummation of the Tailwind Two Merger. In addition, the grant date fair value of the Retention RSUs was determined using the Monte Carlo simulation model using the following significant inputs and assumptions as of the valuation date: (i) the price per share of Terran Orbital Corporation’s common stock, (ii) the risk-free interest rate, (iii) the dividend yield, (iv) the estimated volatility, and (v) a discount for lack of marketability. For the granted RSUs that are not Retention RSUs, the grant date fair value was based on the fair value of Legacy Terran Orbital’s common stock. Prior to the Tailwind Two Merger and in the absence of a public market for the Legacy Terran Orbital’s common stock, the valuation of the Legacy Terran Orbital’s common stock has been determined using an option pricing model, which is used to allocate the total enterprise value of the Company to the different classes of equity as of the valuation date. The significant assumptions used in the option pricing model include: (i) t otal enterprise value of the Company based on the guideline publicly-traded company method, guideline transaction method, market calibration method and discounted cash flow method;​ (ii) liquidation preferences, conversion values, and participation thresholds of different equity classes; (iii) probability-weighted time to a liquidity event;​ (iv) expected volatility based upon the historical and implied volatility of common stock for the Company’s selected peers;​ (v) expected dividend yield of zero as the Company does not have a history or plan of declaring dividends on its common stock; (vi) risk-free interest rate based on U.S. treasury bonds with a zero-coupon rate, (vii) implied valuation, timing, and probability of the Tailwind Two Merger; and (viii) a discount for the lack of marketability of the Company’s common stock. As a result of the Tailwind Two Merger, the estimates will no longer be necessary to determine the fair value of the Company’s common stock as there is a public market for the underlying shares. PredaSAR Plan In connection with the PredaSAR Merger, the PredaSAR Corporation 2020 Equity Incentive Plan (the “PredaSAR Plan”) was terminated. The stock options granted under the PredaSAR Plan were modified by cancellation and replacement with RSUs granted under the 2014 Plan. The incremental share-based compensation to be recognized over the service period of the RSUs as a result of the modification totaled approximately $ 445 thousand and was based on the incremental fair value of the RSUs granted compared to the fair value of the stock options immediately prior to cancellation. The Company did no t recognize any incremental share-based compensation expense associated with the RSUs during the three or nine months ended September 30, 2021 as the performance condition was not probable of being met until a liquidity event occurs. However, the Company continued to recognize share-based compensation expense related to the original grant date fair value of the cancelled stock options as the stock options were probable of vesting pursuant to their original terms.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Note 10 Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all securities having a dilutive effect on net loss, weighted-average shares of common stock outstanding, or both. The effect from potential dilutive securities includes (i) incremental shares of common stock calculated using the if-converted method for the PIPE Investment Obligation and the Series A Preferred Stock, and (ii) incremental shares of common stock calculated using the treasury stock method for warrants and share-based compensation awards. None of the potential dilutive securities meet the definition of a participating security. For purposes of the diluted net loss per share computation, all potentially dilutive securities were excluded because their effect would be anti-dilutive or because of unsatisfied contingent issuance conditions. As a result, diluted net loss per share was equal to basic net loss per share for each period presented. The table below represents the anti-dilutive securities that could potentially be dilutive in the future for the periods presented: As of September 30, (in shares of common stock) 2022 2021 Series A Preferred Stock — 10,947,686 Stock options 1,806,287 2,407,046 Restricted stock units 15,172,238 15,148,203 Detachable Warrants — 26,029,630 Inducement Warrants — 463,567 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 12,711,864 — The Convertible Notes due 2027, which may be converted into 34,506,556 shares of common stock at the time of issuance, as well as the 2027 Warrants represent additional securities that could potentially be dilutive in the future. The computations of basic and diluted net loss per share for the periods presented were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share and share amounts) 2022 2021 2022 2021 Numerator: Net loss $ ( 27,355 ) $ ( 12,365 ) $ ( 131,001 ) $ ( 98,729 ) Denominator: Weighted-average shares outstanding - basic and diluted 143,276,708 78,420,818 123,317,997 76,099,905 Net loss per share - basic and diluted $ ( 0.19 ) $ ( 0.16 ) $ ( 1.06 ) $ ( 1.30 )

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 Income Taxes Provision for income taxes for the three months ended September 30, 2022 was $ 54 thousand, resulting in an effective tax rate for the period of 0.0 %. The Company had a minimal effective tax rate as a result of the continued generation of net operating losses (“NOLs”) offset by a full valuation allowance recorded on such NOLs as the Company determined it is more-likely-than-not that its NOLs will not be utilized. The remainder of the provision for income taxes was primarily related to taxable income from the Company’s foreign subsidiary. Provision for income taxes for the three months ended September 30, 2021 was $ 0 , resulting in an effective tax rate for the period of 0.0 %. The Company had a minimal effective tax rate as a result of the continued generation of NOLs offset by a full valuation allowance recorded on such NOLs as the Company determined it is more-likely-than-not that its NOLs will not be utilized. Provision for income taxes for the nine months ended September 30, 2022 was $ 58 thousand, resulting in an effective tax rate for the period of 0.0 %. The Company had a minimal effective tax rate as a result of the continued generation of NOLs offset by a full valuation allowance recorded on such NOLs as the Company determined it is more-likely-than-not that its NOLs will not be utilized. The remainder of the provision for income taxes was primarily related to taxable income from the Company’s foreign subsidiary. Provision for income taxes for the nine months ended September 30, 2021 was $ 22 thousand, resulting in an effective tax rate for the period of 0.0 %. The Company had a minimal effective tax rate as a result of the continued generation of NOLs offset by a full valuation allowance recorded on such NOLs as the Company determined it is more-likely-than-not that its NOLs will not be utilized. The remainder of the provision for income taxes was related to the Company’s foreign subsidiary as well as a nominal income tax refund received during the period.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 Commitments and Contingencies Litigation and Other Legal Matters From time to time, the Company is subject to claims and lawsuits in the ordinary course of business, such as contractual disputes and employment matters. The Company is also subject to regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. The Company records accruals for losses that are probable and reasonably estimable. These accruals are based on a variety of factors such as judgment, probability of loss, and opinions of internal and external legal counsel. Legal costs in connection with claims and lawsuits in the ordinary course of business are expensed as incurred. Customer Contractual Dispute In January 2019, the Company entered into a contract (and other related agreements) with a customer to provide mission support and launch support services. During 2021, a contractual dispute arose between the Company and the customer. In April 2022, the Company entered into a confidential settlement agreement with the customer and agreed to pay the customer $ 833 thousand. The settlement amount was satisfied on an installment payment basis and was fully paid as of September 30, 2022. As of December 31, 2021, the Company had accrued $ 800 thousand for the settlement. Commercial Agreements The Company entered into commercial agreements to purchase an aggregate amount of $ 20 million of goods and services over three years from two affiliates of a PIPE investor. These commercial agreements became effective upon the closing of the Tailwind Two Merger. As of September 30, 2022 , approximately $ 18 million of purchase obligations remained outstanding under the commercial agreements. During the nine months ended September 30, 2022, the Company entered into a purchase commitment of $ 22.4 million associated with the procurement of components related to a customer program. As of September 30, 2022 , approximately $ 17.9 million of the commitment was outstanding.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 13 Related Party Transactions Lockheed Martin Lockheed Martin, directly and through its wholly-owned subsidiary Astrolink International, LLC ("Astrolink"), is a significant holder of debt and equity instruments in the Company. Refer to Note 5 "Debt" and Note 6 "Warrants and Derivatives" for further discussion regarding debt and equity transactions with Lockheed Martin. Strategic Cooperation Agreement On June 26, 2017, the Company entered into a strategic cooperation agreement with Lockheed Martin (the "Strategic Cooperation Agreement") pursuant to which the parties agreed to (i) collaborate on the development, production and sale of satellites for use in U.S. Government spacecraft and spacecraft procurements and (ii) establish a cooperation framework to enable the parties to enter into projects, research and development agreements and other collaborative business arrangements and “teaming activities.” In connection with the issuance of the Senior Secured Notes due 2026, the Company and Lockheed Martin amended and restated the Strategic Cooperation Agreement to, among other things, extend the term to March 8, 2026. In connection with the Merger Agreement, the Strategic Cooperation Agreement was further amended and restated to extend the term to October 28, 2030 and was subsequently extended for an additional twelve months to October 28, 2031 in March 2022 pursuant to the then existing contractual terms. On October 31, 2022, in connection with the Convertible Note and Warrant Purchase Agreement, the Company and Lockheed Martin terminated the Strategic Cooperation Agreement, as amended, and entered into a new Strategic Cooperation Agreement (the “2022 SCA”), pursuant to which the parties have agreed to continue to share business development opportunities and work collaboratively on small satellite and other aerospace and defense opportunities and ventures. Unless earlier terminated, the 2022 SCA has a term of 13 years and will terminate in 2035. During the term of the 2022 SCA, Lockheed Martin will be entitled to appoint a director to the Company’s board of directors and to appoint a separate board observer. As part of the 2022 SCA, the Company has also agreed that it will not make any public announcement with respect to, or seek approval by the board of directors of, any sale transaction or Fundamental Change (as defined in the Convertible Note and Warrant Purchase Agreement) with respect to the Company, or any other extraordinary transaction involving the Company, with any other person regarding any of the foregoing, without giving prior notice to Lockheed Martin and to include Lockheed Martin in any such sale process, in each case, subject to the fiduciary duties of the board of directors and management of the Company. Revenue The Company recognized revenue from Lockheed Martin of $ 21.4 million and $ 6.3 million during the three months ended September 30, 2022 and 2021 , respectively, and $ 46.5 million and $ 14.2 million during the nine months ended September 30, 2022 and 2021 , respectively. In addition, the Company had accounts receivable due from Lockheed Martin of $ 2.4 million and $ 530 thousand as of September 30, 2022 and December 31, 2021 , respectively, and contract assets from contracts with Lockheed Martin of $ 10.3 million and $ 707 thousand as of September 30, 2022 and December 31, 2021 , respectively. The Company had contract liabilities from contracts with Lockheed Martin of $ 29.6 million and $ 13.9 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021 , programs associated with Lockheed Martin represented approximately 82 % and 56 % of the Company's remaining performance obligations, respectively. GeoOptics, Inc. The Company owns a non-controlling equity interest in GeoOptics, Inc. (“GeoOptics”), a privately held company engaged in the acquisition and sale of Earth observation data and a purchaser of products and services from the Company. Additionally, one of the Company’s executive officers serves as a member of the GeoOptics board of directors. As of September 30, 2022 and December 31, 2021, the Company’s $ 1.7 million investment in GeoOptics represented less than a 3 % ownership interest and was fully impaired. The Company recognized revenue from GeoOptics of $ 190 thousand and $ 307 thousand during the three months ended September 30, 2022 and 2021 , respectively, and $ 1.6 million and $ 1.1 million during the nine months ended September 30, 2022 and 2021 , respectively. In addition, the Company had accounts receivable due from GeoOptics of $ 381 thousand and $ 470 thousand as of September 30, 2022 and December 31, 2021 , respectively, and contract assets from contracts with GeoOptics of $ 76 thousand and $ 40 thousand as of as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021 , programs associated with GeoOptics represented approximately 0 % and 9 % of the Company's remaining performance obligations, respectively. Transactions with Chairman and CEO The Company leases office space in a building beneficially owned by its Chairman and CEO with a lease term of April 1, 2021 to March 31, 2026 . The Company has a one-time right to extend the lease for a period of five additional years. The lease payments under this lease were approximately $ 59 thousand and $ 57 thousand during the three months ended September 30, 2022 and 2021 , respectively, and $ 175 thousand and $ 114 thousand during the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2021 , the Company's Chairman and CEO was paid $ 125 thousand for consulting services. There were no fees paid to the Company's Chairman and CEO for consulting services during the nine months ended September 30, 2022 .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Note 14 Segment Information The Company’s Chairman and CEO is its chief operating decision maker (the “CODM”). The Company reports segment information based on how the CODM evaluates performance and makes decisions about how to allocate resources. Accordingly, the Company has two operating and reportable segments: Satellite Solutions and Earth Observation Solutions. The reportable segments are defined as follows: • Satellite Solutions The Satellite Solutions segment is a vertically integrated satellite provider with modern facilities and a global ground station network that delivers end-to-end satellite solutions, including spacecraft design, development, launch services, and on-orbit operations for critical missions across a number of applications in a variety of orbits to governmental agencies and commercial businesses. • Earth Observation Solutions Through the Satellite Solutions segment, the Earth Observation Solutions segment has commenced developing satellites featuring synthetic aperture radar capabilities to provide Earth observation data and mission solutions. These capabilities are intended to provide the ability to observe and detect during day and night and through clouds and other interference. The Earth Observation Solutions segment is still in its developmental stage and does not yet generate any material revenue. The Company initially intended to develop, build, launch, and operate a constellation of company-owned Earth observation satellites. In connection with the issuance of the Convertible Notes due 2027 and the allocation of production capacity to fulfill existing customer programs, the Company determined the most financially efficient method of providing advanced satellite imagery is to offer its Earth observation satellites as a product as opposed to a company-owned and operated constellation. The Company is currently evaluating its options related to its constellation construction-in-process assets, which may result in an impairment in future reporting periods. Accordingly, the Company will re-evaluate the manner in which the CODM evaluates performance and makes decisions about how to allocate resources during the fourth quarter of 2022, which may result in a change in its operating and reportable segment structure. The CODM uses income (loss) from operations by segment as the segment profitability measure in order to evaluate segment performance. Income (loss) from operations by segment excludes share-based compensation expense and corporate and other costs included within the Company’s consolidated income (loss) from operations. The CODM does not review the Company's assets by segment; therefore, such information is not presented. The following table presents revenue by segment and a reconciliation to consolidated revenue for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Satellite Solutions $ 27,286 $ 10,230 $ 61,149 $ 30,133 Earth Observation Solutions 544 25 1,165 25 Revenue $ 27,830 $ 10,255 $ 62,314 $ 30,158 The following table presents income (loss) from operations by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Satellite Solutions $ ( 6,124 ) $ ( 792 ) $ ( 17,829 ) $ ( 239 ) Earth Observation Solutions ( 490 ) ( 846 ) ( 1,566 ) ( 2,961 ) Loss from operations by segment $ ( 6,614 ) $ ( 1,638 ) $ ( 19,395 ) $ ( 3,200 ) The following table presents depreciation and amortization included in income (loss) from operations by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Satellite Solutions $ 680 $ 877 $ 1,962 $ 2,209 Earth Observation Solutions 184 - 552 - Depreciation and amortization by segment $ 864 $ 877 $ 2,514 $ 2,209 The following table presents a reconciliation of income (loss) from operations by segment to consolidated income (loss) from operations and net income (loss) for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Loss from operations by segment $ ( 6,614 ) $ ( 1,638 ) $ ( 19,395 ) $ ( 3,200 ) Corporate and other ( 8,841 ) ( 8,130 ) ( 31,004 ) ( 20,596 ) Share-based compensation expense ( 9,204 ) ( 177 ) ( 40,354 ) ( 531 ) Loss from operations ( 24,659 ) ( 9,945 ) ( 90,753 ) ( 24,327 ) Interest expense, net 7,147 2,630 17,007 6,174 Loss on extinguishment of debt - - 23,141 68,102 Change in fair value of warrant and derivative liabilities ( 6,001 ) ( 205 ) ( 2,325 ) 76 Other expense (income) 1,496 ( 5 ) 2,367 28 Loss before income taxes ( 27,301 ) ( 12,365 ) ( 130,943 ) ( 98,707 ) Provision for income taxes 54 - 58 22 Net loss $ ( 27,355 ) $ ( 12,365 ) $ ( 131,001 ) $ ( 98,729 )

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Note 15 Leases As part of normal operations, the Company leases real estate and equipment from various counterparties with lease terms and maturities extending through 2032 . The Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with lease terms of 12 months or less. The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that depend on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate for a lease is determined using the Company’s incremental borrowing rate that coincides with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on the Company's recent financing transactions. Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to utilities, maintenance, and repair costs. The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company is not a lessor in any leases and does not sublease. The following table presents the amounts reported in the Company’s condensed consolidated balance sheets related to operating and finance leases as of the dates presented: (in thousands) Classification September 30, 2022 January 1, 2022 Right-of-use assets: Operating Other assets $ 16,438 $ 6,550 Finance Property, plant, and equipment, net 424 48 Total right-of-use assets $ 16,862 $ 6,598 Lease liabilities Operating Accrued expenses and other current liabilities $ 1,253 $ 166 Finance Current portion of long-term debt 88 14 Operating Other liabilities 19,255 7,962 Finance Long-term debt 344 39 Total lease liabilities $ 20,940 $ 8,181 The following is a summary of the Company’s lease cost for the periods presented: Lease cost ( in thousands ) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 1,824 $ 4,934 Finance lease cost Amortization of right-of-use assets 19 26 Interest on lease liabilities 5 9 Variable lease costs 196 670 Total lease cost $ 2,044 $ 5,639 The following is a summary of the cash flows and supplemental information associated with the Company’s leases for the period presented: Other information ( in thousands ) Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,610 Operating cash flows from finance leases 9 Financing cash flows from finance leases 22 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 10,544 Finance leases 402 The following is a summary of the weighted-average lease term and discount rate for operating and finance leases as of the date presented: Lease term and discount rate September 30, 2022 Weighted-average remaining lease term (years) Operating leases 7.0 Finance leases 4.7 Weighted-average discount rate Operating leases 30.47 % Finance leases 6.66 % The following is a maturity analysis related to the Company’s operating and finance leases as of September 30, 2022: Maturity of lease liabilities ( in thousands ) Operating Leases Finance Leases 2022 $ 1,574 $ 28 2023 6,996 113 2024 7,121 103 2025 7,104 101 2026 7,147 99 Thereafter 22,884 53 Total lease payments 52,826 497 Less interest 32,318 65 Total lease liabilities $ 20,508 $ 432 The following is a maturity analysis related to the Company’s operating and finance leases as of December 31, 2021, which is presented in accordance with ASC 840, Leases : (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

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Terran Orbital Corporation, formerly known as Tailwind Two Acquisition Corp. (“Tailwind Two”), together with its wholly-owned subsidiaries (the “Company”), is a leading manufacturer of small satellites primarily serving the United States (“U.S.”) aerospace and defense industry. The Company provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and in-orbit support to meet the needs of its military, civil, and commercial customers. The Company has a foreign subsidiary based in Torino, Italy.
Tailwind Two Merger	Tailwind Two Merger Prior to March 25, 2022, Tailwind Two was a publicly listed special purpose acquisition company incorporated as a Cayman Islands exempted company. On March 25, 2022 , Tailwind Two acquired Terran Orbital Operating Corporation, formerly known as Terran Orbital Corporation (“Legacy Terran Orbital”) (the “Tailwind Two Merger”). In connection with the Tailwind Two Merger, Tailwind Two filed a notice of deregistration with the Cayman Islands Registrar of Companies and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, resulting in Tailwind Two becoming a Delaware corporation and changing its name from Tailwind Two to Terran Orbital Corporation. The Tailwind Two Merger resulted in Legacy Terran Orbital becoming a wholly-owned subsidiary of Terran Orbital Corporation. As a result of the Tailwind Two Merger, all of Legacy Terran Orbital's issued and outstanding common stock was converted into shares of Terran Orbital Corporation's common stock using an exchange ratio of 27.585 shares of Terran Orbital Corporation's common stock per each share of Legacy Terran Orbital's common stock. In addition, Legacy Terran Orbital's convertible preferred stock and certain warrants were exercised and converted into shares of Legacy Terran Orbital's common stock immediately prior to the Tailwind Two Merger, and in turn, were converted into shares of Terran Orbital Corporation's common stock as a result of the Tailwind Two Merger. Further, in connection with the Tailwind Two Merger, Legacy Terran Orbital's share-based compensation plan and related share-based compensation awards were cancelled and exchanged or converted, as applicable, with a new share-based compensation plan and related share-based compensation awards of Terran Orbital Corporation. While Legacy Terran Orbital became a wholly-owned subsidiary of Terran Orbital Corporation, Legacy Terran Orbital was deemed to be the acquirer in the Tailwind Two Merger for accounting purposes. Accordingly, the Tailwind Two Merger was accounted for as a reverse recapitalization, in which case the condensed consolidated financial statements of the Company represent a continuation of Legacy Terran Orbital and the issuance of common stock in exchange for the net assets of Tailwind Two recognized at historical cost and no recognition of goodwill or other intangible assets. Operations prior to the Tailwind Two Merger are those of Legacy Terran Orbital and all share and per-share data included in these condensed consolidated financial statements have been retroactively adjusted to give effect to the Tailwind Two Merger. In addition, the number of shares subject to, and the exercise price of, the Company’s outstanding options and warrants were adjusted to reflect the Tailwind Two Merger. The treatment of the Tailwind Two Merger as a reverse recapitalization was based upon the pre-merger shareholders of Legacy Terran Orbital holding the majority of the voting interests of Terran Orbital Corporation, Legacy Terran Orbital's existing management team serving as the initial management team of Terran Orbital Corporation, Legacy Terran Orbital's appointment of the majority of the initial board of directors of Terran Orbital Corporation, and Legacy Terran Orbital's operations comprising the ongoing operations of the Company. In connection with the Tailwind Two Merger, approximately $ 29 million of cash and marketable securities held in trust, net of redemptions by Tailwind Two's public shareholders, became available for use by the Company as well as proceeds received from the contemporaneous sale of common stock in connection with the closing of a PIPE investment with a contractual amount of $ 51 million (the “PIPE Investment”). In addition, the Company received additional proceeds from the issuance of debt contemporaneously with the Tailwind Two Merger. The cash raised was used for general corporate purposes, the partial paydown of debt, the payment of transaction costs and the payment of other costs directly or indirectly attributable to the Tailwind Two Merger. Beginning on March 28, 2022, the Company's common stock and public warrants began trading on the New York Stock Exchange (the “NYSE”) under the symbols “LLAP” and “LLAP WS,” respectively. Further information regarding the Tailwind Two Merger is included in the respective notes that follow.
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The preparation of the condensed consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”) requires the Company to select accounting policies and make estimates that affect amounts reported in the condensed consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions. The condensed consolidated financial statements included herein are unaudited, but in the opinion of management, they include all adjustments, consisting of normal recurring adjustments, necessary to summarize fairly the Company’s financial position, results of operations, and cash flows for the interim periods presented. The interim results reported in these condensed consolidated financial statements should not be taken as indicative of results that may be expected for future interim periods or the full year. For a more comprehensive understanding of the Company and its interim results, these condensed consolidated financial statements should be read in conjunction with Legacy Terran Orbital’s audited consolidated financial statements as of and for the years ended December 31, 2021 and 2020 included in the Registration Statement on Form S-1 (File No. 333-264447), as amended, which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 23, 2022 (the “Form S-1”). The Company’s accounting policies used in the preparation of these condensed consolidated financial statements do not differ from those used for the annual consolidated financial statements of Legacy Terran Orbital, unless otherwise noted. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements of Legacy Terran Orbital as of that date but does not include all the footnote disclosures from the annual consolidated financial statements. The condensed consolidated financial statements include the accounts of Terran Orbital Corporation and its subsidiaries, and have been prepared in U.S. dollars in accordance with GAAP. All intercompany transactions have been eliminated.
COVID-19 Pandemic	COVID-19 Pandemic During March 2020, the World Health Organization declared the outbreak of a novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has become increasingly widespread across the globe. The COVID-19 Pandemic has negatively impacted the global economy, disrupted global supply chains, and created significant volatility and disruption in the financial and capital markets. The COVID-19 Pandemic has contributed to a worldwide shortage of electronic components which has resulted in longer than historically experienced lead times for such electronic components. The reduced availability to receive electronic components used in the Company’s operations has negatively affected its timing and ability to deliver products and services to customers as well as increased its costs in recent periods. The Company considered the emergence and pervasive economic impact of the COVID-19 Pandemic in its assessment of its financial position, results of operations, cash flows, and certain accounting estimates as of and for the three and nine months ended September 30, 2022 . Due to the evolving and uncertain nature of the COVID-19 Pandemic, it is possible that the effects of the COVID-19 Pandemic could materially impact the Company’s estimates and condensed consolidated financial statements in future reporting periods.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less from the time of purchase.
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Current warrant and derivative liabilities (1) $ - $ 68,518 Payroll-related accruals 5,346 5,771 Current operating lease liabilities 1,253 - Accrued interest 2,105 - Other current liabilities 5,349 1,847 Accrued expenses and other current liabilities $ 14,053 $ 76,136 (1) Refer to Note 6 “Warrants and Derivatives” for further discussion.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Deferred debt commitment costs $ 76 $ 46,632 Deferred equity issuance costs - 6,085 Deferred cost of sales 1,158 2,950 Other current assets 7,441 1,972 Prepaid expenses and other current assets $ 8,675 $ 57,639 As of December 31, 2021, d eferred debt commitment costs related to warrants and other consideration transferred in association with a financing arrangement entered into in anticipation of the Tailwind Two Merger. The deferred debt commitment costs related to the Tailwind Two Merger were reclassified to discount on debt and deferred issuance costs in connection with the issuance of the associated debt in March 2022. As of September 30, 2022, deferred debt commitment costs related to third-party issuance costs for a financing transaction executed during the fourth quarter of 2022. Refer to Note 5 “Debt” and Note 6 “Warrants and Derivatives” for further discussion. Deferred equity issuance costs relate to direct and incremental legal, accounting, and other transaction costs incurred in connection with the Tailwind Two Merger. Upon closing of the Tailwind Two Merger, the deferred equity issuance costs were reclassified as a reduction to additional paid-in capital. Payments associated with deferred equity issuance costs are reflected in payment of issuance costs in the condensed consolidated statements of cash flows.
Research and Development	Research and Development Research and development includes materials, labor, and overhead allocations attributable to the development of new products and solutions and significant improvements to existing products and solutions. Research and development costs are expensed as incurred and recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Research and development expense was $ 5.5 million and $ 248 thousand during the three months ended September 30, 2022 and 2021, respectively, and $ 11.7 million and $ 1 million during the nine months ended September 30, 2022 and 2021, respectively.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and contract assets. The majority of the Company’s cash and cash equivalents are held at major financial institutions. Certain account balances exceed the Federal Deposit Insurance Corporation insurance limits of $ 250,000 per account. As a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. The Company regularly monitors the financial stability of these financial institutions and believes that there is no exposure to any significant credit risk in cash and cash equivalents. Concentrations of credit risk with respect to accounts receivable and contract assets are limited because the Company performs credit evaluations, sets credit limits, and monitors the payment patterns of its customers. The table below presents individual customers who accounted for more than 10% of the Company’s revenue for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer A 77 % 62 % 75 % 47 % Customer B 4 % 15 % 3 % 7 % Total 81 % 77 % 78 % 54 % The table below presents individual customers who accounted for more than 10% of the Company’s combined accounts receivable, net of allowance for credit losses, and contract assets, net of allowance for credit losses, as of the dates presented: September 30, 2022 December 31, 2021 Customer A 64 % 19 % Customer B 14 % 11 % Customer C 9 % 22 % Customer D 2 % 12 % Customer E 2 % 20 % Total 91 % 84 %
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument , and related amendments, introduces new guidance which makes substantive changes to the accounting for credit losses. This guidance introduces the current expected credit losses model (“CECL”) which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions, and reasonable and supportable forecasts and is generally expected to result in earlier recognition of credit losses. The Company adopted this guidance on January 1, 2022 using the modified retrospective approach and recognized a cumulative effect adjustment to the opening balance of accumulated deficit with no restatement of comparative periods. The impact of adoption was no t material. Lease Accounting ASU 2016-02 , Leases (Topic 842) , and related amendments, require lessees to recognize a right-of-use asset and a lease liability for substantially all leases and to disclose key information about leasing arrangements. The Company adopted the guidance on January 1, 2022 using the optional transition method, which allowed the Company to apply the guidance at the adoption date and recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption with no restatement of comparative periods. T he Company has also elected to apply the package of transitional practical expedients under which the Company did not reassess prior conclusions about lease identification, lease classification, and initial direct costs of existing leases as of the date of adoption. Additionally, the Company has elected the practical expedients to not separate non-lease components from lease components. The Company did not elect to apply the practical expedient related to short-term lease recognition exemption. Upon transition to the guidance as of the date of adoption, the Company recognized operating lease liabilities on the condensed consolidated balance sheets with a corresponding amount of right-of-use assets, net of amounts reclassified from other assets and liabilities as specified by the guidance. The adoption did no t have a material effect on the condensed consolidated statements of operations and comprehensive loss or cash flows. Refer to Note 15 “Leases” for further discussion. The net impact of the adoption to the condensed consolidated balance sheet was as follows: (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
Revenue and Receivables	The Company applies the following five steps in order to recognize revenue from contracts with customers: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses whether the goods or services promised within the contract represent a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on a relative basis using the best estimate of the stand-alone selling price of each performance obligation, which is estimated using the expected-cost-plus-margin approach. Generally, the Company’s contracts with customers are structured such that the customer has the option to purchase additional goods or services. Customer options to purchase additional goods or services do not represent a separate performance obligation as the prices for such options reflect the stand-alone selling prices for the additional goods or services. The majority of the Company’s contracts with customers have a single performance obligation. The Company recognizes the transaction price allocated to the respective performance obligation as revenue as the performance obligation is satisfied. The majority of the Company's contracts with customers relate to the creation of specialized assets that do not have alternative use and entitle the Company to an enforceable right to payment for performance completed to date. Accordingly, the Company generally measures progress towards the satisfaction of a performance obligation over time using the cost-to-cost input method. Payments for costs not yet incurred or for costs incurred in anticipation of providing a good or service under a contract with a customer in the future are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. Estimate-at-Completion (“EAC”) As the majority of the Company’s revenue is recognized over time using the cost-to-cost input method, the recognition of revenue and the estimate of cost-at-completion is complex, subject to many variables and requires significant judgment. EAC represents the total estimated cost-at-completion and is comprised of direct material, direct labor and manufacturing overhead applicable to a performance obligation. There is a company-wide standard and periodic EAC process in which the Company reviews the progress and execution of outstanding performance obligations. As part of this process, the Company reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include the Company’s judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. The Company must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables. Based on the results of the periodic EAC process, any adjustments to revenue, cost of sales, and the related impact to gross profit are recognized on a cumulative catch-up basis in the period they become known. These adjustments may result from positive program performance, and may result in an increase in gross profit during the performance of individual performance obligations, if it is determined the Company will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities. Likewise, these adjustments may result in a decrease in gross profit if it is determined the Company will not be successful in mitigating these risks or realizing related opportunities. A significant change in one or more of these estimates could affect the profitability of one or more of the Company’s performance obligations. Contract modifications often relate to changes in contract specifications and requirements. Contract modifications are considered to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue either as an increase in or a reduction of revenue on a cumulative catch-up basis. Some of the Company’s long-term contracts contain award fees, incentive fees, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. Variable consideration is estimated at the most likely amount to which the Company is expected to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available. The unfunded portion of enforceable contracts are accounted for as variable consideration. Disaggregation of Revenue Below is a summary of the Company’s accounting by type of revenue: • Mission Support: Mission support services primarily relate to the integrated design, manufacture, and final assembly of satellites for government and commercial entities. Revenue associated with mission support services is recognized over time using the cost-to-cost input method. Mission support services are generally either firm-fixed price or cost-plus fee arrangements. • Launch Support: Launch support services relate to the design and manufacture of deployment systems in order to launch satellites for government and commercial customers. In addition, the Company will assist in the launch of a satellite into space by coordinating and securing launch opportunities with launch providers on behalf of a customer. Revenue associated with launch support services is recognized over time using the cost-to-cost input method. In certain instances, revenue associated with ensuring a successful launch of the satellite into space is recognized at a point in time when certain contractual milestones are achieved and invoiced. Launch support services are generally firm-fixed price arrangements. • Operations: Operations relates to the monitoring or operation of satellites in orbit on behalf of a customer. Revenue associated with operations is recognized monthly at a fixed contractual rate. Accordingly, the revenue is recognized in proportion to the amount the Company has the right to invoice for services performed. • Studies, Design and Other: Studies, design and other services primarily relate to special consulting studies and other design projects for government and commercial entities. Revenue associated with studies, design and other services is primarily recognized over time using the cost-to-cost input method. Studies, design, and other are generally either firm-fixed price or cost-plus fee arrangements. Remaining Performance Obligations Revenue from remaining performance obligations is calculated as the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period on executed contracts, including both funded (firm orders for which funding is authorized and appropriated) and unfunded portions of such contracts . Remaining performance obligations exclude contracts in which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed and does not include unexercised contract options and potential orders under indefinite delivery/indefinite quantity contracts.
Contract Assets	Contract assets Contract assets relate to instances in which revenue recognized exceeds amounts billed to customers and are reclassified to accounts receivable when the Company has an unconditional right to the consideration and bills the customer. Contract assets are classified as current and non-current based on the estimated timing in which the Company will bill the customer and are not considered to include a significant financing component as the payment terms are intended to protect the customer in the event the Company does not perform on its obligations under the contract. The Company records an allowance for credit losses against its contract assets for amounts not expected to be recovered. The allowance is recognized at inception and is reassessed each reporting period. The allowance for credit losses on contract assets was not material for the periods presented. Contract assets from products and services for which the U.S. Government is the ultimate customer included in contract assets was $ 12.4 million and $ 1.1 million as of September 30, 2022 and December 31, 2021, respectively.
Contract Liabilities	Contract liabilities Contract liabilities relate to advance payments and billings in excess of revenue recognized and are recognized into revenue as the Company satisfies the underlying performance obligations. Contract liabilities are classified as current and non-current based on the estimated timing in which the Company will satisfy the underlying performance obligations and are not considered to include a significant financing component as they are generally utilized to procure materials needed to satisfy a performance obligation or are used to ensure the customer meets contractual requirements.
Accounts Receivable	Accounts Receivable Accounts receivable represent unconditional rights to consideration due from customers in the ordinary course of business and are generally due in one year or less. Accounts receivable are recorded at amortized cost less an allowance for credit losses, which is based on the Company’s assessment of the collectability of its accounts receivable. The Company reviews the adequacy of the allowance for credit losses by considering the age of each outstanding invoice and the collection history of each customer. Accounts receivable that are deemed uncollectible are charged against the allowance for credit losses when identified.
Reserve for Anticipated Losses on Contracts	Reserve for Anticipated Losses on Contracts When the estimated cost-at-completion exceeds the estimated revenue to be earned for a performance obligation, the Company records a reserve for the anticipated losses in the period the loss is determined. The reserve for anticipated losses on contracts is presented as a current liability in the condensed consolidated balance sheets and as a component of cost of sales in the condensed consolidated statements of operations and comprehensive loss in accordance with ASC 605-35, Revenue Recognition – Construction-Type and Production-Type Contracts .
Leases	The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that depend on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate for a lease is determined using the Company’s incremental borrowing rate that coincides with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on the Company's recent financing transactions. Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to utilities, maintenance, and repair costs.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Deferred debt commitment costs $ 76 $ 46,632 Deferred equity issuance costs - 6,085 Deferred cost of sales 1,158 2,950 Other current assets 7,441 1,972 Prepaid expenses and other current assets $ 8,675 $ 57,639 As of December 31, 2021, d
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Deferred debt commitment costs $ 76 $ 46,632 Deferred equity issuance costs - 6,085 Deferred cost of sales 1,158 2,950 Other current assets 7,441 1,972 Prepaid expenses and other current assets $ 8,675 $ 57,639 As of December 31, 2021, d eferred debt commitment costs related to warrants and other consideration transferred in association with a financing arrangement entered into in anticipation of the Tailwind Two Merger. The deferred debt commitment costs related to the Tailwind Two Merger were reclassified to discount on debt and deferred issuance costs in connection with the issuance of the associated debt in March 2022. As of September 30, 2022, deferred debt commitment costs related to third-party issuance costs for a financing transaction executed during the fourth quarter of 2022. Refer to Note 5 “Debt” and Note 6 “Warrants and Derivatives” for further discussion. Deferred equity issuance costs relate to direct and incremental legal, accounting, and other transaction costs incurred in connection with the Tailwind Two Merger. Upon closing of the Tailwind Two Merger, the deferred equity issuance costs were reclassified as a reduction to additional paid-in capital. Payments associated with deferred equity issuance costs are reflected in payment of issuance costs in the condensed consolidated statements of cash flows.
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following as of the dates presented: (in thousands) September 30, 2022 December 31, 2021 Current warrant and derivative liabilities (1) $ - $ 68,518 Payroll-related accruals 5,346 5,771 Current operating lease liabilities 1,253 - Accrued interest 2,105 - Other current liabilities 5,349 1,847 Accrued expenses and other current liabilities $ 14,053 $ 76,136 (1) Refer to Note 6 “Warrants and Derivatives” for further discussion.
Summary of Individual Customers	The table below presents individual customers who accounted for more than 10% of the Company’s revenue for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer A 77 % 62 % 75 % 47 % Customer B 4 % 15 % 3 % 7 % Total 81 % 77 % 78 % 54 % The table below presents individual customers who accounted for more than 10% of the Company’s combined accounts receivable, net of allowance for credit losses, and contract assets, net of allowance for credit losses, as of the dates presented: September 30, 2022 December 31, 2021 Customer A 64 % 19 % Customer B 14 % 11 % Customer C 9 % 22 % Customer D 2 % 12 % Customer E 2 % 20 % Total 91 % 84 %
ASU 2016-02 (Topic 842)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of Net Impact of Adoption in Condensed Consolidated Balance Sheet	The net impact of the adoption to the condensed consolidated balance sheet was as follows: (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

Revenue and Receivables (Tables

Revenue and Receivables (Tables)	9 Months Ended
	Sep. 30, 2022
RevenueFromContractWithCustomerAndReceivables [Abstract]
Summary of Disaggregated of Revenue	The following tables present the Company’s disaggregated revenue by offering and customer type for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Mission support $ 25,554 $ 9,674 $ 57,945 $ 26,874 Launch support 826 14 1,422 1,030 Operations 865 539 1,598 1,653 Studies, design and other 585 28 1,349 601 Revenue $ 27,830 $ 10,255 $ 62,314 $ 30,158 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 U.S. Government contracts Fixed price $ 13,505 $ 4,245 $ 34,173 $ 14,377 Cost-plus fee 2,320 1,485 7,408 2,911 15,825 5,730 41,581 17,288 Foreign government contracts Fixed price 1,420 1,748 3,031 2,745 Commercial contracts Fixed price, U.S. 8,323 1,964 14,400 5,732 Fixed price, International 2,262 749 3,302 4,274 Cost-plus fee - 64 - 119 10,585 2,777 17,702 10,125 Revenue $ 27,830 $ 10,255 $ 62,314 $ 30,158
Summary of Contract Assets Net, Recognized in Condensed Consolidated Balance Sheets	The following is a summary of contract assets, net, recognized in the condensed consolidated balance sheets as of the dates presented: (in thousands) September 30, 2022 January 1, 2022 (1) Contract assets, gross $ 15,117 $ 2,757 Allowance for credit losses ( 104 ) ( 82 ) Contract assets, net $ 15,013 $ 2,675 (1) Balances reflected are subsequent to the adoption of CECL on January 1, 2022.
Summary of Accounts Receivable, Allowance for Credit Loss	The following table presents changes in the allowance for credit losses for the periods presented: Nine Months Ended September 30, (in thousands) 2022 2021 Beginning balance $ ( 945 ) $ ( 635 ) Adoption of CECL ( 39 ) - Provision for credit losses ( 40 ) ( 226 ) Write-offs 790 4 Ending balance $ ( 234 ) $ ( 857 )

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Components of Inventory	The components of inventory as of the dates presented were as follows: (in thousands) September 30, 2022 December 31, 2021 Raw materials $ 12,043 $ 4,782 Work-in-process 4,915 3,001 Total inventory $ 16,958 $ 7,783

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Estimated Useful Lives of Assets	Depreciation expense is calculated using the sum-of-the-years’ digits or straight-line method over the estimated useful lives of the related assets as follows: 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
Schedule of Property, Plant, and Equipment, net	The gross carrying amount, accumulated depreciation and net carrying amount of property, plant, and equipment, net as of the dates presented were as follows: (in thousands) September 30, 2022 December 31, 2021 Machinery and equipment $ 10,106 $ 7,607 Satellites 2,209 2,209 Ground station equipment 1,944 1,944 Office equipment and furniture 2,695 2,239 Computer equipment and software 133 142 Leasehold improvements 9,073 8,533 Construction-in-process 36,307 23,647 Property, plant, and equipment, gross 62,467 46,321 Accumulated depreciation ( 13,603 ) ( 10,791 ) Property, plant, and equipment, net $ 48,864 $ 35,530

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt as of the presented dates was comprised of the following: (in thousands) Description Issued Maturity Interest Rate Interest Payable September 30, 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 56,581 94,686 PIPE Investment Obligation March 2022 December 2025 N/A N/A 24,375 - Equipment financings (2) 895 - Finance leases 432 53 Unamortized deferred issuance costs ( 1,989 ) ( 761 ) Unamortized discount on debt ( 93,245 ) ( 9,119 ) Total debt 107,072 115,148 Current portion of long-term debt 7,735 14 Long-term debt $ 99,337 $ 115,134 (1) - Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below. (2) - Consists of equipment financing debt agreements with maturities through July 2028 , annual interest rates ranging from 6.25 % to 6.50 %, and requiring monthly payments of interest and principal. N/A - Not meaningful or applicable.

Warrants and Derivatives (Table

Warrants and Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
Disclosure of Warrants and Derivatives [Abstract]
Schedule of Fair Value of Liability Classified Warrants And Derivatives Recorded In Warrant Liabilities	The fair values of liability-classified warrants recorded in warrant liabilities on the condensed consolidated balance sheets as of the presented dates were as follows: (in thousands, except share and per share amounts) Number of Issuable Shares as of Issuance Maturity Exercise Price September 30, 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 2,300 - Private Placement Warrants 7,800,000 March 2021 March 2027 $ 11.50 1,560 - FP Combination Warrants 8,291,704 March 2022 March 2027 $ 10.00 17,578 - Warrant liabilities 27,591,664 $ 21,438 $ 5,631
Fair Values of Liability Classified Warrants and Derivatives Recorded in Accrued Expenses and Other Current Liabilities	The fair values of liability-classified warrants and derivatives recorded in accrued expenses and other current liabilities on the consolidated balance sheets as of the presented dates were as follows: (in thousands) September 30, 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
Schedule of Liability-Classified Warrants and Derivatives	(in thousands) Current Warrant Warrant 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 ( 15,667 ) ( 2,325 ) 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 $ - $ 21,438 $ 21,438

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Net Carrying Amount and Estimated Fair Value of Long-Term Debt Instruments	The following table presents the total net carrying amount and estimated fair value of the Company’s long-term debt instruments, excluding finance leases, as of the dates presented: September 30, 2022 December 31, 2021 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value $ 96,018 $ 151,018 $ 115,095 $ 124,221 PIPE Investment Obligation 10,622 17,964 - -

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Anti-Dilutive Securities that Could Potentially be Dilutive in Future	The table below represents the anti-dilutive securities that could potentially be dilutive in the future for the periods presented: As of September 30, (in shares of common stock) 2022 2021 Series A Preferred Stock — 10,947,686 Stock options 1,806,287 2,407,046 Restricted stock units 15,172,238 15,148,203 Detachable Warrants — 26,029,630 Inducement Warrants — 463,567 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 12,711,864 —
Schedule of Computations of Basic and Diluted Net Loss Per Share	The computations of basic and diluted net loss per share for the periods presented were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share and share amounts) 2022 2021 2022 2021 Numerator: Net loss $ ( 27,355 ) $ ( 12,365 ) $ ( 131,001 ) $ ( 98,729 ) Denominator: Weighted-average shares outstanding - basic and diluted 143,276,708 78,420,818 123,317,997 76,099,905 Net loss per share - basic and diluted $ ( 0.19 ) $ ( 0.16 ) $ ( 1.06 ) $ ( 1.30 )

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of revenue, Income (loss) and depreciation and amortization included in income (loss) from operations by segment	The following table presents revenue by segment and a reconciliation to consolidated revenue for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Satellite Solutions $ 27,286 $ 10,230 $ 61,149 $ 30,133 Earth Observation Solutions 544 25 1,165 25 Revenue $ 27,830 $ 10,255 $ 62,314 $ 30,158 The following table presents income (loss) from operations by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Satellite Solutions $ ( 6,124 ) $ ( 792 ) $ ( 17,829 ) $ ( 239 ) Earth Observation Solutions ( 490 ) ( 846 ) ( 1,566 ) ( 2,961 ) Loss from operations by segment $ ( 6,614 ) $ ( 1,638 ) $ ( 19,395 ) $ ( 3,200 ) The following table presents depreciation and amortization included in income (loss) from operations by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Satellite Solutions $ 680 $ 877 $ 1,962 $ 2,209 Earth Observation Solutions 184 - 552 - Depreciation and amortization by segment $ 864 $ 877 $ 2,514 $ 2,209
Summary of reconciliation of income (loss) from operations by segment to consolidated income (loss) from operations and net Income (loss)	The following table presents a reconciliation of income (loss) from operations by segment to consolidated income (loss) from operations and net income (loss) for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Loss from operations by segment $ ( 6,614 ) $ ( 1,638 ) $ ( 19,395 ) $ ( 3,200 ) Corporate and other ( 8,841 ) ( 8,130 ) ( 31,004 ) ( 20,596 ) Share-based compensation expense ( 9,204 ) ( 177 ) ( 40,354 ) ( 531 ) Loss from operations ( 24,659 ) ( 9,945 ) ( 90,753 ) ( 24,327 ) Interest expense, net 7,147 2,630 17,007 6,174 Loss on extinguishment of debt - - 23,141 68,102 Change in fair value of warrant and derivative liabilities ( 6,001 ) ( 205 ) ( 2,325 ) 76 Other expense (income) 1,496 ( 5 ) 2,367 28 Loss before income taxes ( 27,301 ) ( 12,365 ) ( 130,943 ) ( 98,707 ) Provision for income taxes 54 - 58 22 Net loss $ ( 27,355 ) $ ( 12,365 ) $ ( 131,001 ) $ ( 98,729 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Condensed Consolidated Balance Sheets Related to Operating and Finance Leases	The following table presents the amounts reported in the Company’s condensed consolidated balance sheets related to operating and finance leases as of the dates presented: (in thousands) Classification September 30, 2022 January 1, 2022 Right-of-use assets: Operating Other assets $ 16,438 $ 6,550 Finance Property, plant, and equipment, net 424 48 Total right-of-use assets $ 16,862 $ 6,598 Lease liabilities Operating Accrued expenses and other current liabilities $ 1,253 $ 166 Finance Current portion of long-term debt 88 14 Operating Other liabilities 19,255 7,962 Finance Long-term debt 344 39 Total lease liabilities $ 20,940 $ 8,181
Schedule of Lease Cost	The following is a summary of the Company’s lease cost for the periods presented: Lease cost ( in thousands ) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 1,824 $ 4,934 Finance lease cost Amortization of right-of-use assets 19 26 Interest on lease liabilities 5 9 Variable lease costs 196 670 Total lease cost $ 2,044 $ 5,639
Schedule of Cash Flows and Supplemental Information	The following is a summary of the cash flows and supplemental information associated with the Company’s leases for the period presented: Other information ( in thousands ) Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,610 Operating cash flows from finance leases 9 Financing cash flows from finance leases 22 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 10,544 Finance leases 402
Schedule of Weighted-average Lease Term and Discount Rate for Operating and Finance Leases	The following is a summary of the weighted-average lease term and discount rate for operating and finance leases as of the date presented: Lease term and discount rate September 30, 2022 Weighted-average remaining lease term (years) Operating leases 7.0 Finance leases 4.7 Weighted-average discount rate Operating leases 30.47 % Finance leases 6.66 %
Schedule of Maturity Analysis Related to Operating and Finance Leases	The following is a maturity analysis related to the Company’s operating and finance leases as of September 30, 2022: Maturity of lease liabilities ( in thousands ) Operating Leases Finance Leases 2022 $ 1,574 $ 28 2023 6,996 113 2024 7,121 103 2025 7,104 101 2026 7,147 99 Thereafter 22,884 53 Total lease payments 52,826 497 Less interest 32,318 65 Total lease liabilities $ 20,508 $ 432 The following is a maturity analysis related to the Company’s operating and finance leases as of December 31, 2021, which is presented in accordance with ASC 840, Leases : (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

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended
	Mar. 25, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Proceeds from issuance of common stock				$ 14,791,000
Research and development expense		$ 5,500,000	$ 248,000	11,700,000	$ 1,000,000
Cash, FDIC insured amount		$ 250,000		$ 250,000
ASU 2016-02
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2022		Jan. 01, 2022
Change in accounting principle, accounting standards update, adoption not material		true		true
ASU 2016-13
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2022		Jan. 01, 2022
Change in accounting principle, accounting standards update, adoption not material		true		true
Tailwind Two Merger
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Business Acquisition date	Mar. 25, 2022
Goodwill	$ 0
Cash and marketable securities held in trust	29,000,000
Intangible assets acquired	$ 0
Tailwind Two Merger | Common Stock
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Exchange ratio	27.585
Tailwind Two Merger | PIPE investment
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Proceeds from issuance of common stock	$ 51,000,000

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred debt commitment costs	$ 76	$ 46,632
Deferred equity issuance costs	0	6,085
Deferred cost of sales	1,158	2,950
Other current assets	7,441	1,972
Prepaid expenses and other current assets	$ 8,675	$ 57,639

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands		Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current warrant and derivative liabilities	[1]			$ 68,518
Payroll-related accruals		$ 5,346		5,771
Current operating lease liabilities		1,253	$ 166
Accrued interest		2,105
Other current liabilities		5,349		1,847
Accrued expenses and other current liabilities		$ 14,053	$ 76,302	$ 76,136
[1] Refer to Note 6 “Warrants and Derivatives” for further discussion.

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies - Summary of Individual Customers (Detail) - Sales Revenue - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Customer A
Concentration Risk [Line Items]
Concentration Risk Percentage	77%	62%	75%	47%
Customer B
Concentration Risk [Line Items]
Concentration Risk Percentage	4%	15%	3%	7%
Customer
Concentration Risk [Line Items]
Concentration Risk Percentage	81%	77%	78%	54%

Organization and Summary of S_8

Organization and Summary of Significant Accounting Policies - Schedule of Individual Customers Accounted for Accounts Receivable and Contract Assets, Net of Allowance for Credit Losses (Detail) - Accounts Receivable and Contract Assets, Net of Allowance for Credit Losses - Customer Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Customer A
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Concentration Risk Percentage	64%	19%
Customer B
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Concentration Risk Percentage	14%	11%
Customer C
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Concentration Risk Percentage	9%	22%
Customer D
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Concentration Risk Percentage	2%	12%
Customer E
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Concentration Risk Percentage	2%	20%
Customer
Schedule of Organization and Summary of Significant Accounting Policies [Line Items]
Concentration Risk Percentage	91%	84%

Organization and Summary of S_9

Organization and Summary of Significant Accounting Policies - Schedule of Net Impact of Adoption in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Other assets	$ 20,149	$ 7,189	$ 639
Accrued expenses and other current liabilities	14,053	76,302	76,136
Other liabilities	$ 19,676	8,412	$ 2,028
ASU 2016-02 | Adjustment
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Other assets		6,550
Accrued expenses and other current liabilities		166
Other liabilities		$ 6,384

Revenue and Receivables - Disag

Revenue and Receivables - Disaggregated Revenue by Offering and Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 27,830	$ 10,255	$ 62,314	$ 30,158
U.S Government Contracts
Disaggregation Of Revenue [Line Items]
Revenue	15,825	5,730	41,581	17,288
U.S Government Contracts | Fixed Price
Disaggregation Of Revenue [Line Items]
Revenue	13,505	4,245	34,173	14,377
U.S Government Contracts | Cost-plus Fee
Disaggregation Of Revenue [Line Items]
Revenue	2,320	1,485	7,408	2,911
Foreign Government Contracts | Fixed Price
Disaggregation Of Revenue [Line Items]
Revenue	1,420	1,748	3,031	2,745
Commercial Contracts
Disaggregation Of Revenue [Line Items]
Revenue	10,585	2,777	17,702	10,125
Commercial Contracts | Fixed Price | United States
Disaggregation Of Revenue [Line Items]
Revenue	8,323	1,964	14,400	5,732
Commercial Contracts | Fixed Price | International
Disaggregation Of Revenue [Line Items]
Revenue	2,262	749	3,302	4,274
Commercial Contracts | Cost-plus Fee
Disaggregation Of Revenue [Line Items]
Revenue		64		119
Mission Support
Disaggregation Of Revenue [Line Items]
Revenue	25,554	9,674	57,945	26,874
Launch Support
Disaggregation Of Revenue [Line Items]
Revenue	826	14	1,422	1,030
Operations
Disaggregation Of Revenue [Line Items]
Revenue	865	539	1,598	1,653
Studies Design And Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 585	$ 28	$ 1,349	$ 601

Revenue and Receivables - Addit

Revenue and Receivables - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
RevenueFromContractWithCustomerAndReceivablesLineItems [Line Items]
Revenue, Remaining performance obligation, Amount	$ 198,000,000		$ 198,000,000
Recognized revenue			17,100,000	$ 16,100,000
Impairments on contract with customer assets	0	$ 0	0	0
Accounts receivable net, Current	5,039,000		5,039,000		$ 3,723,000
Increase (decrease) in reserve for anticipated losses on contracts			572,000	(1,337,000)
Increase (decrease) in cost of sales related to reserve for anticipated losses on contracts	83,000	$ (501,000)	572,000	$ (1,300,000)
U.S. Government | Government customers | Government Contract
RevenueFromContractWithCustomerAndReceivablesLineItems [Line Items]
Accounts receivable net, Current	3,900,000		3,900,000		2,100,000
Contract asset	$ 12,400,000		$ 12,400,000		$ 1,100,000

Revenue and Receivables - Add_2

Revenue and Receivables - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	71%
Revenue, remaining performance obligation, expected timing of satisfaction, period	15 months

Revenue and Receivables - Summa

Revenue and Receivables - Summary of Contract Assets Net, Recognized in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022	[1]	Dec. 31, 2021
RevenueFromContractWithCustomerAndReceivables [Abstract]
Contract assets, gross	$ 15,117	$ 2,757
Allowance for credit losses	(104)	(82)
Contract asset, net	$ 15,013	$ 2,675		$ 2,757
[1] Balances reflected are subsequent to the adoption of CECL on January 1, 2022.

Revenue and Receivables - Chang

Revenue and Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Allowance for Credit Loss [Abstract]
Beginning balance	$ (945)	$ (635)
Adoption of CECL	(39)
Provision for credit losses	(40)	(226)
Write-offs	790	4
Ending Balance	$ (234)	$ (857)

Inventory - Components of Inven

Inventory - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 12,043	$ 4,782
Work-in-process	4,915	3,001
Total inventory	$ 16,958	$ 7,783

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, net - Summary of Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 2022
Machinery and Equipment | Minimum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Machinery and Equipment | Maximum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Satellites | Minimum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Satellites | Maximum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Ground Station Equipment | Minimum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Ground Station Equipment | Maximum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Office Equipment and Furniture | Minimum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment and Furniture | Maximum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Computer Equipment and Software | Minimum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment and Software | Maximum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property Plant And Equipment Useful Life Description	Shorter of the estimated useful life or remaining lease term

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 911,000	$ 885,000	$ 2,600,000	$ 2,200,000
Impairment of property, plant and equipment	0	0	0	0
Construction-in-Process
Property, Plant and Equipment [Line Items]
Capitalization of interest expense	$ 648,000	$ 360,000	$ 1,800,000	$ 798,000

Property, Plant, and Equipmen_5

Property, Plant, and Equipment, net - Schedule of Property, Plant, and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	$ 62,467	$ 46,321
Accumulated depreciation	(13,603)	(10,791)
Property, plant, and equipment, net	48,864	35,530
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	10,106	7,607
Satellites
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	2,209	2,209
Ground Station Equipment
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	1,944	1,944
Office Equipment and Furniture
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	2,695	2,239
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	133	142
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	9,073	8,533
Construction-in-Process
Property Plant And Equipment [Line Items]
Property, plant, and equipment, gross	$ 36,307	$ 23,647

Debt - Summary of Long-term deb

Debt - Summary of Long-term debt (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance leases		$ 432	$ 53
Unamortized deferred issuance costs		(1,989)	(761)
Unamortized discount on debt		(93,245)	(9,119)
Total debt		107,072	115,148
Current portion of long-term debt		7,735	14
Long-term debt		$ 99,337	115,134
Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Issued	[1]	March 2021
Maturity	[1]	April 2026
Interest Payable	[1]	Quarterly
Long-term debt, gross	[1]	$ 56,581	94,686
Senior Secured Notes Due 2026 | Minimum
Debt Instrument [Line Items]
Interest Rate	[1]	9.25%
Senior Secured Notes Due 2026 | Maximum
Debt Instrument [Line Items]
Interest Rate	[1]	11.25%
PIPE Investment Obligation
Debt Instrument [Line Items]
Issued		March 2022
Maturity		December 2025
Convertible Debt		$ 24,375
Equipment Financings
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 895
Equipment Financings | Minimum
Debt Instrument [Line Items]
Interest Rate		6.25%
Equipment Financings | Maximum
Debt Instrument [Line Items]
Interest Rate		6.50%
Francisco Partners Note Purchase Agreement
Debt Instrument [Line Items]
Issued		November 2021
Maturity		April 2026
Interest Rate		9.25%
Interest Payable		Quarterly
Long-term debt, gross		$ 120,023	$ 30,289
[1] Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below. Consists of equipment financing debt agreements with maturities through July 2028 , annual interest rates ranging from 6.25 % to 6.50 %, and requiring monthly payments of interest and principal. N/A - Not meaningful or applicable.

Debt - Summary of Long-term d_2

Debt - Summary of Long-term debt (Parenthetical) (Details) - Equipment Financings	Sep. 30, 2022
Debt Instrument [Line Items]
Debt instrument maturity period	2028-07
Minimum
Debt Instrument [Line Items]
Interest Rate	6.25%
Maximum
Debt Instrument [Line Items]
Interest Rate	6.50%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions							9 Months Ended
		May 01, 2024	Oct. 31, 2022	Mar. 25, 2022	Mar. 09, 2022	Mar. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from long term debt							$ 36,856	$ 47,481
Original issue discount							93,245		$ 9,119
Equity issuance costs							45,746	6,356
Proceeds from issuance of common stock							14,791
Gain (Loss) on extinguishment of debt							(23,141)	$ (68,102)
Affiliate of Daniel Staton | Subscription Agreement
Debt Instrument [Line Items]
Due to affiliate quarterly fee amount							$ 1,875
Beach Point Rollover Debt
Debt Instrument [Line Items]
Shares issued as part of merger				2.4
Carrying amount of debt				$ 38,600
Fair value of common stock issued				31,800
Issuance costs related to debt				328
Rollover debt with fair value				31,000
Allocated to Debt | Beach Point Rollover Debt
Debt Instrument [Line Items]
Issuance costs related to debt				178
Allocated to Equity | Beach Point Rollover Debt
Debt Instrument [Line Items]
Equity issuance costs				151
Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Debt instrument face value						$ 87,000
Exchange and extinguishment of debt amount						37,000
Proceeds from long term debt						$ 47,500
Interest Payable	[1]						Quarterly
Long term debt date of maturity						Apr. 01, 2026
Fair value of common stock issued				4,600
Cash payment of debt				703
Repayments of debt				293
Payment of interest				410
Gain (Loss) on extinguishment of debt				727		$ 70,600
Senior Secured Notes Due 2026 | Lockheed Martin
Debt Instrument [Line Items]
Gross proceeds from long-term debt						$ 50,000
Carrying amount of debt				32,600
Cash payment of debt				30,800
Repayments of debt				25,000
Payment of interest				5,800
Third-party expenses related to modification				323
Gain (Loss) on extinguishment of debt				$ 1,800
Senior Secured Notes Due 2026 | Beach Point Rollover Debt
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage				11.25%
Rollover Debt
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt				$ 24,200
PIPE Investment Obligation
Debt Instrument [Line Items]
Equity issuance costs							$ 259
Proceeds from issuance of common stock							30,000
PIPE Investment Obligation | Proceeds From Debt
Debt Instrument [Line Items]
Proceeds from debt net of issuance costs							13,000
PIPE Investment Obligation | Proceeds from PIPE Investment
Debt Instrument [Line Items]
Proceeds from issuance of common stock							17,000
PIPE Investment Obligation | Allocated to Debt
Debt Instrument [Line Items]
Issuance costs related to debt							112
PIPE Investment Obligation | Allocated to Equity
Debt Instrument [Line Items]
Equity issuance costs							$ 147
Minimum | Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage	[1]						9.25%
Minimum | Equipment Financings
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage							6.25%
Maximum | Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage	[1]						11.25%
Maximum | Equipment Financings
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage							6.50%
Amendment Agreement One | Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Carrying amount of debt				4,600
Francisco Partners Note Purchase Agreement
Debt Instrument [Line Items]
Interest Payable							Quarterly
Long term debt fixed interest rate percentage							9.25%
Francisco Partners Note Purchase Agreement | Senior Secured Notes
Debt Instrument [Line Items]
Original issue discount				5,000
Proceeds from debt net of issuance costs				60,000
Reclassification of deferred debt commitment costs to discount on debt				32,800	$ 13,200
Long term debt interest payable-in-kind							$ 1,000		$ 289
Francisco Partners Note Purchase Agreement | Senior Secured Notes | Delayed Draw Notes
Debt Instrument [Line Items]
Reclassification of deferred debt commitments costs to deferred issuance costs					137
Incremental deferred issuance costs					208
Francisco Partners Note Purchase Agreement | Senior Secured Notes | Conditional Notes [Member]
Debt Instrument [Line Items]
Reclassification of deferred debt commitments costs to deferred issuance costs				509
Francisco Partners Note Purchase Agreement | Senior Secured Notes | Proceeds From Debt
Debt Instrument [Line Items]
Proceeds from debt net of issuance costs				14,400	8,600
Francisco Partners Note Purchase Agreement | Senior Secured Notes | Proceeds From Warrants And Derivative Liabilities
Debt Instrument [Line Items]
Proceeds from debt net of issuance costs				30,800	11,400
Francisco Partners Note Purchase Agreement | Senior Secured Notes | Proceeds From Issuance of Common Stock
Debt Instrument [Line Items]
Proceeds from issuance of common stock				14,800
Francisco Partners Note Purchase Agreement | Amendment One To Note Purchase Agreement | Conditional Notes [Member]
Debt Instrument [Line Items]
Incremental issuance of costs				851
Francisco Partners Note Purchase Agreement | Amendment One To Note Purchase Agreement | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument face value					24,000
Commitment amount				$ 119,000	154,000
Long term debt date of maturity				Apr. 01, 2026
Francisco Partners Note Purchase Agreement | Amendment One To Note Purchase Agreement | Senior Secured Notes | Delayed Draw Notes
Debt Instrument [Line Items]
Original issue discount					4,000
Proceeds from debt net of issuance costs					$ 20,000
Francisco Partners Note Purchase Agreement | Amendment One To Note Purchase Agreement | Senior Secured Notes | Conditional Notes [Member]
Debt Instrument [Line Items]
Proceeds from long term debt				$ 65,000
Francisco Partners Note Purchase Agreement | Amendment One To Note Purchase Agreement | Senior Secured Notes | Allocated to Debt
Debt Instrument [Line Items]
Incremental issuance of costs				641
Francisco Partners Note Purchase Agreement | Amendment One To Note Purchase Agreement | Senior Secured Notes | Allocated to Equity
Debt Instrument [Line Items]
Incremental issuance of costs				210
Francisco Partners Note Purchase Agreement | Amendement Two To Note Purchase Agreement | Quarter Ending Thirty First March Two Thousand And Twenty Two
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained				20,000
Francisco Partners Note Purchase Agreement | Amendement Two To Note Purchase Agreement | Quarter Ending Thirtieth June Two Thousand And Twenty Two
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained				20,000
Francisco Partners Note Purchase Agreement | Amendement Two To Note Purchase Agreement | Quarter Ending Thirtieth September Two Thousand And Twenty Two
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained				20,000
Francisco Partners Note Purchase Agreement | Amendement Two To Note Purchase Agreement | Quarter Ending Thirty First December Two Thousand And Twenty Two
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained				10,000
Francisco Partners Note Purchase Agreement | Amendement Two To Note Purchase Agreement | Thereafter
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained				$ 20,000
Percentage of unrestricted cash and cash equivalents to be maintanined additionally				15%
Francisco Partners Note Purchase Agreement | FP Combination Equity
Debt Instrument [Line Items]
Shares issued as part of merger				1.9
Amendment Agreement Two | Senior Secured Notes Due 2026 | Lockheed Martin Rollover Debt
Debt Instrument [Line Items]
Debt instrument face value				$ 25,000
Amendment Agreement Two | Senior Secured Notes Due 2026 | Beach Point Rollover Debt
Debt Instrument [Line Items]
Debt instrument face value				$ 31,300
Amendment Agreement Two | Senior Secured Notes Due 2026 | Payable In Cash | Beach Point Rollover Debt
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage				9.25%
Amendment Agreement Two | Senior Secured Notes Due 2026 | Payable In Kind | Beach Point Rollover Debt
Debt Instrument [Line Items]
Long term debt fixed interest rate percentage				2%
Convertible Note and Warrant Purchase Agreement | Convertible Notes Due 2027 | Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price percentage		100%
Debt instrument, repurchase price percentage		100%
Convertible Note and Warrant Purchase Agreement | Convertible Notes Due 2027 | Subsequent Event
Debt Instrument [Line Items]
Debt maturity date			Oct. 31, 2027
Interest Payable			quarterly
Long term debt fixed interest rate percentage			10%
Debt instrument, conversion price			$ 2.898
Debt instrument, premium percentage			15%
Debt instrument, conversion threshold percentage of common stock			30%
Convertible Note and Warrant Purchase Agreement | Convertible Notes Due 2027 | Lockheed Martin | Subsequent Event
Debt Instrument [Line Items]
Debt instrument face value			$ 100,000
Convertible Note and Warrant Purchase Agreement | Convertible Notes Due 2027 | Quarter Ending Thirty First December Two Thousand And Twenty Two | Subsequent Event
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained			10,000
Convertible Note and Warrant Purchase Agreement | Convertible Notes Due 2027 | Thereafter | Subsequent Event
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents needed to be maintained			$ 20,000
Percentage of unrestricted cash and cash equivalents to be maintanined additionally			15%
[1] Includes the Lockheed Martin Rollover Debt and Beach Point Rollover Debt, each as defined below.

Warrants And Derivatives - Sche

Warrants And Derivatives - Schedule of Fair Value of Liability Classified Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
		Sep. 30, 2022	Mar. 25, 2022	Dec. 31, 2021
Class Of Warrant Or Right [Line Items]
Number of Issuable Shares		27,591,664
Fair value, Warrant and derivatives noncurrent		$ 21,438		$ 5,631
Fair value, Warrant and derivatives current	[1]			68,518
Inducement Warrants
Class Of Warrant Or Right [Line Items]
Number of Issuable Shares			695,000
Issuance		2021-03
Maturity		2041-03
Exercise Price		$ 0.01
Fair value, Warrant and derivatives noncurrent				5,631
FP Pre-Combination Warrants
Class Of Warrant Or Right [Line Items]
Fair value, Warrant and derivatives current				2,546
Pre-Combination Warrants
Class Of Warrant Or Right [Line Items]
Fair value, Warrant and derivatives current				849
Public Warrants
Class Of Warrant Or Right [Line Items]
Number of Issuable Shares		11,499,960
Issuance		2021-03
Maturity		2027-03
Exercise Price		$ 11.50
Fair value, Warrant and derivatives noncurrent		$ 2,300
Private Placement Warrants
Class Of Warrant Or Right [Line Items]
Number of Issuable Shares		7,800,000
Issuance		2021-03
Maturity		2027-03
Exercise Price		$ 11.50
Fair value, Warrant and derivatives noncurrent		$ 1,560
FP Combination Warrants
Class Of Warrant Or Right [Line Items]
Number of Issuable Shares		8,291,704
Issuance		2022-03
Maturity		2027-03
Exercise Price		$ 10
Fair value, Warrant and derivatives noncurrent		$ 17,578
Fair value, Warrant and derivatives current				27,682
Combination Warrants
Class Of Warrant Or Right [Line Items]
Fair value, Warrant and derivatives current				7,602
FP Combination Equity
Class Of Warrant Or Right [Line Items]
Fair value, Warrant and derivatives current				24,110
Combination Equity
Class Of Warrant Or Right [Line Items]
Fair value, Warrant and derivatives current				$ 5,729
[1] Refer to Note 6 “Warrants and Derivatives” for further discussion.

Warrants and Derivatives - Sc_2

Warrants and Derivatives - Schedule of Liability-Classified Warrants and Derivatives (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Class Of Warrant Or Right [Line Items]
Beginning balance	$ 74,149
Initial recognition from Tailwind Two Merger	13,124
Change in fair value of warrant and derivative liabilities	(2,325)
Reclassification of liability-classified warrants and derivatives to equity-classified	(11,007)
Net settlement of liability-classified warrants into common stock	(7,616)
Issuance of contingently issuable shares	(44,887)
Ending balance	21,438
Current Warrant and Derivative Liabilities
Class Of Warrant Or Right [Line Items]
Beginning balance	68,518
Change in fair value of warrant and derivative liabilities	13,342
Reclassification of current warrant and derivative liabilities to warrant liabilities	(25,966)
Reclassification of liability-classified warrants and derivatives to equity-classified	(11,007)
Issuance of contingently issuable shares	(44,887)
Warrant Liabilities
Class Of Warrant Or Right [Line Items]
Beginning balance	5,631
Initial recognition from Tailwind Two Merger	13,124
Change in fair value of warrant and derivative liabilities	(15,667)
Reclassification of current warrant and derivative liabilities to warrant liabilities	25,966
Net settlement of liability-classified warrants into common stock	(7,616)
Ending balance	$ 21,438

Warrants and Derivatives - Addi

Warrants and Derivatives - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Mar. 25, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Oct. 31, 2022	Dec. 31, 2021	Nov. 24, 2021
Warrants And Derivatives [Line Items]
Amount recognized as discount on debt		$ 93,245	$ 93,245			$ 9,119
Loss on extinguishment of debt			$ 23,141	$ 68,102
Warrants settled in common stock		27,591,664	27,591,664
Loss (gain) on change in fair value of warrants			$ (2,325)	$ 76
Detachable Warrants
Warrants And Derivatives [Line Items]
Warrants issued, fair value amount		$ 68,400	68,400
Warrants issuance costs		$ 2,300	$ 2,300
Inducement Warrants
Warrants And Derivatives [Line Items]
Warrants exercise price per share		$ 0.01	$ 0.01
Warrants settled in common stock	695,000
Reclassified fair value of warrants to additional paid-in capital	$ 7,600
Loss (gain) on change in fair value of warrants			$ 2,000
Inducement Warrants | Senior Secured Notes due 2026
Warrants And Derivatives [Line Items]
Warrants issued, fair value amount		$ 4,400	4,400
Amount recognized as discount on debt		$ 2,500	2,500
Loss on extinguishment of debt			1,900
FP Pre-Combination Warrants
Warrants And Derivatives [Line Items]
Loss (gain) on change in fair value of warrants			$ (2,500)
FP Pre-Combination Warrants | Francisco Partners Note Purchase Agreement
Warrants And Derivatives [Line Items]
Cash payment payable for redemption of warrants							$ 25,000
Warrants settled in common stock							1,000,000
Class of warrant or right percentage of common stock issuable on exercise of warrants		5%	5%				1.50%
Price of warrant							$ 10
Combination Equity
Warrants And Derivatives [Line Items]
Reclassified fair value of warrants to additional paid-in capital			$ 8,500
Issuance of contingently issuable common shares			774,000
Loss (gain) on change in fair value of warrants			$ 2,800
Combination Equity | Merger Agreement
Warrants And Derivatives [Line Items]
Class of warrant or right percentage of common stock issuable on exercise of warrants							0.25%
Combination Warrants
Warrants And Derivatives [Line Items]
Reclassified fair value of warrants to additional paid-in capital			$ 11,000
Issuance of warrants			2,800,000
Loss (gain) on change in fair value of warrants			$ 3,400
Combination Warrants | Merger Agreement
Warrants And Derivatives [Line Items]
Class of warrant or right percentage of common stock issuable on exercise of warrants							0.83333%
Price of warrant							$ 10
Warrants expiration date		Mar. 25, 2027	Mar. 25, 2027
FP Combination Equity
Warrants And Derivatives [Line Items]
Issuance of contingently issuable common shares			3,300,000
Loss (gain) on change in fair value of warrants			$ 12,300
FP Combination Equity | Francisco Partners Note Purchase Agreement
Warrants And Derivatives [Line Items]
Reclassified fair value of warrants to additional paid-in capital			36,400
Pre-Combination Warrants
Warrants And Derivatives [Line Items]
Class of warrant or right percentage of common stock issuable on exercise of warrants							0.25%
Loss (gain) on change in fair value of warrants			$ (849)
FP Combination Warrants
Warrants And Derivatives [Line Items]
Warrants exercise price per share		$ 10	$ 10
Warrants settled in common stock		8,291,704	8,291,704
Issuance of warrants	8,300,000
Warrants expiration date		Mar. 25, 2027	Mar. 25, 2027
Loss (gain) on change in fair value of warrants		$ (404)	$ (10,100)
Public Warrants
Warrants And Derivatives [Line Items]
Warrants exercise price per share		$ 11.50	$ 11.50
Warrants settled in common stock		11,499,960	11,499,960
Warrant to purchase term of contract			5 years
Loss (gain) on change in fair value of warrants		$ (3,300)	$ (5,500)
Public Warrants | Exceeds $18.00
Warrants And Derivatives [Line Items]
Warrants exercise price per share		$ 0.01	$ 0.01
Public Warrants | Exceeds $10.00
Warrants And Derivatives [Line Items]
Warrants exercise price per share		0.10	0.10
Public Warrants | Minimum | Exceeds $18.00
Warrants And Derivatives [Line Items]
Price of warrant		18	18
Public Warrants | Minimum | Exceeds $10.00
Warrants And Derivatives [Line Items]
Price of warrant		10	10
Public Warrants | Maximum | Exceeds $10.00
Warrants And Derivatives [Line Items]
Price of warrant		$ 18	$ 18
Public Warrants | Tailwind Two Merger
Warrants And Derivatives [Line Items]
Warrants assumed		11,500,000	11,500,000
Private Placement Warrants
Warrants And Derivatives [Line Items]
Warrants exercise price per share		$ 11.50	$ 11.50
Warrants settled in common stock		7,800,000	7,800,000
Loss (gain) on change in fair value of warrants		$ (2,300)	$ (3,700)
Private Placement Warrants | Tailwind Two Merger
Warrants And Derivatives [Line Items]
Warrants assumed		7,800,000	7,800,000
Equity Classified Warrants | Detachable Warrants
Warrants And Derivatives [Line Items]
Warrants settled in common stock	22,300,000
2027 Warrants | Subsequent Event
Warrants And Derivatives [Line Items]
Warrants exercise price per share					$ 2.898
Warrants issued, premium percentage					15%
Warrants settled in common stock					17,253,279
Warrant expiration term					5 years

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Net Carrying Amount and Estimated Fair Value of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount	$ 96,018	$ 115,095
Fair Value	151,018	$ 124,221
PIPE Investment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount	10,622
Fair Value	$ 17,964

Mezzanine Equity and Sharehol_2

Mezzanine Equity and Shareholders' Deficit - Additional Information (Details) - USD ($)			3 Months Ended	9 Months Ended
	Jul. 05, 2022	Mar. 25, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Mar. 31, 2021
Equity [Line Items]
Common stock, shares authorized			300,000,000	300,000,000	151,717,882
Common stock, par value			$ 0.0001	$ 0.0001	$ 0.0001
Voting rights				Each share of common stock entitles the shareholder to one vote
Preferred stock, shares authorized			50,000,000	50,000,000	0
Preferred stock, par value			$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued			139,962,656	139,962,656	78,601,283
Proceeds from sale and issuance of common stock				$ 14,791,000
Proceeds from issuance of common stock under the Committed Equity Facility				$ 1,795,000
Common Stock
Equity [Line Items]
Issuance of common stock under the Committed Equity Facility, shares			637,487	637,487
Conversion of stock				10,947,686
PIPE investment
Equity [Line Items]
Common stock, shares issued		5,100,000
PredaSAR Merger
Equity [Line Items]
Common stock, shares issued						10,700,000
Additional paid-in capital			$ 432,000	$ 432,000
Committed Equity Facility
Equity [Line Items]
Derivative instrument, fair value	$ 0
Third-party related costs			$ 380,000	773,000
Committed Equity Facility | B. Riley Principal Capital II, LLC
Equity [Line Items]
Proceeds from issuance of common stock under the Committed Equity Facility				1,800,000
Committed Equity Facility | B. Riley Principal Capital II, LLC | Common Stock
Equity [Line Items]
Other expense				$ 1,000,000
Committed Equity Facility | B. Riley Principal Capital II, LLC | Registration Rights Agreement | Common Stock
Equity [Line Items]
Issuance of common stock under the Committed Equity Facility, shares			637,487	637,487
Newly issued shares of common stock	27,500,000
Percentage of common stock outstanding immediately prior to execution of facility	19.99%
Percentage of outstanding common stock held by investors	4.99%
Shares of common stock to be issued	27,714,791
Discount rate for common stock shares issued	3%
Issued shares of common stock as consideration	214,791
Maximum
Equity [Line Items]
Common stock, shares authorized			300,000,000	300,000,000
Preferred stock, shares authorized			50,000,000	50,000,000
Maximum | Committed Equity Facility
Equity [Line Items]
Proceeds from sale and issuance of common stock				$ 98,200,000
Shares of common stock to be issued			27,077,304	27,077,304
Maximum | Committed Equity Facility | B. Riley Principal Capital II, LLC | Registration Rights Agreement | Common Stock
Equity [Line Items]
Newly issued shares of common stock	100,000,000
Tailwind Two Merger
Equity [Line Items]
Issuance of common stock		11,000,000
Tailwind Two Merger | PIPE investment
Equity [Line Items]
Aggregate third-party issuance costs		$ 48,400,000
Fair value of warrants		13,100,000
Proceeds from sale and issuance of common stock		$ 58,400,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 25, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense		$ 9,204,000	$ 177,000	$ 40,354,000	$ 531,000
Expected dividend yield				0%
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights				The majority of these RSUs (referred to as “Retention RSUs”) will generally vest on the later to occur of: (i) the first anniversary of the consummation of the Tailwind Two Merger and (ii) the trading price of the Company’s common stock equaling or exceeding $11.00 or $13.00, as applicable, for any 20 trading days within any consecutive 30-trading day period. The Retention RSUs expire five years from the Tailwind Two Merger if unvested. The derived service period for the Retention RSUs was estimated to be less than one year from the date of the Tailwind Two Merger based on the median weighted-average triggering event period determined using the Monte Carlo simulation model. As the derived service period is less than one year, the share-based compensation expense associated with the Retention RSUs will be recognized over a one-year period beginning from the consummation of the Tailwind Two Merger. In addition, the grant date fair value of the Retention RSUs was determined using the Monte Carlo simulation model using the following significant inputs and assumptions as of the valuation date: (i) the price per share of Terran Orbital Corporation’s common stock, (ii) the risk-free interest rate, (iii) the dividend yield, (iv) the estimated volatility, and (v) a discount for lack of marketability.
Expiration period	5 years
Share-based compensation expense				$ 17,200,000
RSUs retention recognized period				1 year
Unrecognize share-based compensation expense		$ 0		$ 0
Granted				6,400,000
Weighted-average grant date fair value				$ 8.12
Incremental share-based compensation cost to be recognized as a result of plan modification				$ 445,000
Incremental share-based compensation expense			$ 0		$ 0
Restricted Stock Units | Cost of Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense				2,100,000
Restricted Stock Units | Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense				$ 15,100,000
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance		13,729,546		13,729,546
Percentage of aggregate common stock outstanding		3%		3%
2021 Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted				4,600,000
RSUs granted vesting period				4 years
Weighted-average grant date fair value				$ 3.94
2021 Plan | RSUs and Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards outstanding		16,000,000		16,000,000
Maximum | 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance						25,967,343
Legacy Terran Orbital | Maximum | 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance						941,355

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Anti-Dilutive Securities that Could Potentially be Dilutive in Future (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	1,806,287	2,407,046
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	15,172,238	15,148,203
Detachable Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share		26,029,630
Inducement Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share		463,567
FP Combination Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	8,291,704
Combination Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	2,763,902
Public Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	11,499,960
Private Placement Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	7,800,000
PIPE Investment Obligation
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	12,711,864
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share		10,947,686

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 shares
Convertible Notes Due 2027
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of net loss per share	34,506,556

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Computations of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (27,355)	$ (12,365)	$ (131,001)	$ (98,729)
Denominator:
Weighted-average shares outstanding - basic	143,276,708	78,420,818	123,317,997	76,099,905
Weighted-average shares outstanding - diluted	143,276,708	78,420,818	123,317,997	76,099,905
Net loss per share - basic	$ (0.19)	$ (0.16)	$ (1.06)	$ (1.30)
Net loss per share - diluted	$ (0.19)	$ (0.16)	$ (1.06)	$ (1.30)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Provision for income taxes	$ 54	$ 0	$ 58	$ 22
Effective tax rate	0%	0%	0%	0%

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Lessee Lease Description [Line Items]
Commercial agreement to purchase		$ 20,000
Settlement agreement with the customer	$ 833
Legal continency accrual			$ 800
Purchase obligations outstanding		18,000
Purchase commitment		22,400
Outstanding commitment amount		$ 17,900

Related Party Transaction - Add

Related Party Transaction - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	[1]	Dec. 31, 2021
Related Party Transaction [Line Items]
Contract assets		$ 15,013,000		$ 15,013,000		$ 2,675,000		$ 2,757,000
Contract liabilities		$ 34,460,000		$ 34,460,000				$ 17,558,000
Common stock, shares issued		139,962,656		139,962,656				78,601,283
Minimum lease payments under the lease				$ 2,610,000
2022 Strategic Cooperation Agreement | Subsequent Event
Related Party Transaction [Line Items]
Strategic cooperation agreement term	13 years
GeoOptics, Inc
Related Party Transaction [Line Items]
Revenue from related parties		$ 190,000	$ 307,000	1,600,000	$ 1,100,000
Accounts receivables due from related parties		381,000		381,000				$ 470,000
Contract assets		$ 76,000		$ 76,000				$ 40,000
Related party transaction percentage of remaining performance obligations		0%		0%				9%
Equity method Investment amount		$ 1,700,000		$ 1,700,000				$ 1,700,000
GeoOptics, Inc | Maximum
Related Party Transaction [Line Items]
Equity method investment ownership interest		3%		3%				3%
Lockheed Martin
Related Party Transaction [Line Items]
Revenue from related parties		$ 21,400,000	6,300,000	$ 46,500,000	14,200,000
Accounts receivables due from related parties		2,400,000		2,400,000				$ 530,000
Contract assets		10,300,000		10,300,000				707,000
Contract liabilities		$ 29,600,000		$ 29,600,000				$ 13,900,000
Related party transaction percentage of remaining performance obligations		82%		82%				56%
Chairman And CEO | New Lease for Office Space
Related Party Transaction [Line Items]
Lease term commence date				Apr. 01, 2021
Lease expiration date				Mar. 31, 2026
Minimum lease payments under the lease		$ 59,000	$ 57,000	$ 175,000	114,000
One time right to extend the lease term for additional period				5 years
Chairman And CEO | Consulting Services
Related Party Transaction [Line Items]
Consulting services paid				$ 0	$ 125,000
Affiliate of Daniel Staton | Subscription Agreement
Related Party Transaction [Line Items]
Due To Affiliate Quarterly Fee Amount		$ 1,875,000		$ 1,875,000
[1] Balances reflected are subsequent to the adoption of CECL on January 1, 2022.

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting Information [Line Items]
Number of operating segments	2
Number of reportable segments	2

Segment Information - Summary o

Segment Information - Summary of revenue, Income (loss) and depreciation and amortization included in income (loss) from operations by segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 27,830	$ 10,255	$ 62,314	$ 30,158
Loss from operations by segment	(24,659)	(9,945)	(90,753)	(24,327)
Operating Segments
Segment Reporting Information [Line Items]
Revenue	27,830	10,255	62,314	30,158
Loss from operations by segment	(6,614)	(1,638)	(19,395)	(3,200)
Depreciation and amortization by segment	864	877	2,514	2,209
Satellite Solutions | Operating Segments
Segment Reporting Information [Line Items]
Revenue	27,286	10,230	61,149	30,133
Loss from operations by segment	(6,124)	(792)	(17,829)	(239)
Depreciation and amortization by segment	680	877	1,962	2,209
Earth Observation Solutions | Operating Segments
Segment Reporting Information [Line Items]
Revenue	544	25	1,165	25
Loss from operations by segment	(490)	$ (846)	(1,566)	$ (2,961)
Depreciation and amortization by segment	$ 184		$ 552

Segment Information - Summary_2

Segment Information - Summary of reconciliation of income (loss) from operations by segment to consolidated income (loss) from operations and net Income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Share-based compensation expense	$ (9,204)	$ (177)	$ (40,354)	$ (531)
Loss from operations	(24,659)	(9,945)	(90,753)	(24,327)
Interest expense, net	7,147	2,630	17,007	6,174
Loss on extinguishment of debt			23,141	68,102
Change in fair value of warrant and derivative liabilities	(6,001)	(205)	(2,325)	76
Other expense (income)	1,496	(5)	2,367	28
Loss before income taxes	(27,301)	(12,365)	(130,943)	(98,707)
Provision for income taxes	54	0	58	22
Net loss	(27,355)	(12,365)	(131,001)	(98,729)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Loss from operations	(6,614)	(1,638)	(19,395)	(3,200)
Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Loss from operations	$ (8,841)	$ (8,130)	$ (31,004)	$ (20,596)

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Leases [Abstract]
Lease terms and extending maturities	2032
Minimum lease payments under the lease	$ 52,826

Leases - Schedule of Condensed

Leases - Schedule of Condensed Consolidated Balance Sheets Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022
Assets and Liabilities, Lessee [Abstract]
Operating, Right-of-use assets	$ 16,438	$ 6,550
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance, Right-of-use assets	$ 424	$ 48
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total right-of-use assets	$ 16,862	$ 6,598
Operating, Lease liabilities	$ 1,253	$ 166
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Finance, Lease liabilities	$ 88	$ 14
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt, Current Maturities	Long-Term Debt, Current Maturities
Operating, Non-current liabilities	$ 19,255	$ 7,962
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance, Non-current liabilities	$ 344	$ 39
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt, Excluding Current Maturities	Long-Term Debt, Excluding Current Maturities
Total lease liabilities	$ 20,940	$ 8,181

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,824	$ 4,934
Finance lease cost, Amortization of right-of-use assets	19	26
Finance lease cost, Interest on lease liabilities	5	9
Variable lease costs	196	670
Total lease cost	$ 2,044	$ 5,639

Leases - Schedule of Cash Flows

Leases - Schedule of Cash Flows and Supplemental Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 2,610
Operating cash flows from finance leases	9
Financing cash flows from finance leases	22
Right-of-use assets obtained in exchange for operating lease liabilities	10,544
Right-of-use asset obtained in exchange for finance lease liabilities	$ 402

Leases - Schedule of Weighted-a

Leases - Schedule of Weighted-average Lease Term and Discount Rate for Operating and Finance Leases (Details)	Sep. 30, 2022
Leases [Abstract]
Operating leases, Weighted-average remaining lease term (years)	7 years
Finance leases, Weighted-average remaining lease term (years)	4 years 8 months 12 days
Operating leases, Weighted-average discount rate	30.47%
Finance leases, Weighted-average discount rate	6.66%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
2022	$ 1,574
2023	6,996
2024	7,121
2025	7,104
2026	7,147
Thereafter	22,884
Total lease payments	52,826
Less interest	32,318
Total lease liabilities	20,508	$ 28,310
Finance Leases
2022	28
2023	113
2024	103
2025	101
2026	99
Thereafter	53
Total lease payments	497
Less interest	65
Total lease liabilities	$ 432	$ 53

Leases - Schedule of Maturity_2

Leases - Schedule of Maturity Analysis Related to Operating and Finance Leases ASC 840 (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
2022		$ 3,484
2023		4,865
2024		4,970
2025		4,928
2026		4,896
Thereafter		5,167
Total lease payments		28,310
Total lease liabilities	$ 20,508	28,310
Finance Leases
2022		21
2023		21
2024		11
2025		8
2026		7
Total lease payments		68
Less interest on finance leases		15
Total lease liabilities		$ 53