Earnings call transcript Q2 2023

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Operator

Ladies and gentlemen, welcome to the Terran Orbital Q2 2023 Earnings Call. My name is Grant and I'll be the operator for today's call. [Operator Instructions]

I will now hand you over to your host, Jonathan Siegmann, Senior Vice President of Corporate Development to begin. Jonathan?

Jonathan Siegmann

thank joining and quarter Orbital's everyone, earnings. XXXX morning, you Terran for second Good morning Bell, Gary are Chief this Corporation. me With Marc of Officer Terran Orbital Financial Executive Co-Founder, Terran Corporation; Chief and Hobart, of Orbital Officer and Chairman

business closing provide highlights and executive be will remarks. Gary Terran a quarter, and Marc available for quarterly then your review Orbital's the Marc results, past questions. to will and update will the will finish answer with team

forward result, certain on uncertainties. make statements. to During These and based today's may call, and are looking our assumptions, statements we risks and are expectations current as a subject

Many factors statements forward-looking call. could from actual cause differ materially on this to made events

Securities found and which about more risks and please on these Commission, the For uncertainties, can www.terranorbital.com. each our of to the website be refer information Exchange company's with filings

Readers forward-looking not obligation that on call. during any statements disclaims undue update this and may the are reliance any to specifically statements forward-looking discussed to company cautioned put be the

Please refer also to on note call. information financial that today's certain non-GAAP we will

a find the measures can GAAP comparable press reconciliation our with non-GAAP financial earnings most in of release. measures the You

With will Marc. to that turn I it over

Marc Bell

Jon, to joining second everyone XXXX thank Thank our and earnings for call. Great. quarter you, you

$X.X an our with update Let's start with largest billion program. on Rivada The contract Networks. Space

pleased to ramping up the are am report I steadily we program.

and in review. the contracts elements. design defines off million the system represents Our milestone, $X.X team kicked requirements is completion The system currently in billion ground space of requirements executing and of system review phase our of of successful the $XXX the first This on program, which July the requirements for the the the design contract. with portion earnest

continues all fourth phase to design year milestone, for payments as design significant expected to PDR, of Material In the payments program second Orbital. on Rivada ramp are the of in payments up. regards next to quarter. or milestone half remains planned review, the current the this Rivada, the Terran Then preliminary is from the

of materials and are payments critical lead long vendors. the In addition, the PDR, preparing related payments to and to delivering sourcing expected for

are anticipating include XXXX. activity our Rivada Please million approximately amounts $XXX and do more program not Rivada from July. second we that Overall, collecting as June the only started in invoicing cash half receivables the material and balance of note from in meaningful

also would successful Last on publicly process. previously which of regulatory month, regulatory Space approved to request, waiver I major as Networks Board Rivada expected, like the congratulate that the Rivada is announced announced Radio a conclusion Regulations their milestone. ITU's their

year-to-date. backlog I am increased with excited our

the billion, XXX XXth, orders backlog customer commercial new $X.X As ever, single Rivada, in largest award a our $XX over a of June XX-satellite announced satellites, previously for order from ever, representing which with is million third company's signed believe May. largest constellation award the our including XXX-satellite we we and order is

Additionally, we extension the contract in fourth national active security from a received mission largest a our confidential space space. program,

our we For this just supplying integrating not program, satellite but internally own also developed bus, the payload. are

will We total order that be XX% of $X.X XXXX. converted with approximately our combined to programs. backlog Our revenue XX the end of awards billion book over the to by current estimate

this our commitments increase this our believe to the satellites on for our extended and We X Tranche buses of the to look X satellite We Layer XX also are launch Transport to the Space coming growth year forward this delivering drive partner, We Development demonstrated Tranche beyond. Operationally, last the Agency. our will of weeks. with our year on-time Lockheed we in in customers. backlog Martin, delivery revenue successful completed

million which of XXXX. the will the delivered Tranche will SDA's of $XX of In the cash. end be X of developing addition, by we delivering begin in Layer satellite satellites approximately the are additional on -- track balance XXXX, batch The to XX bring Transport in first

Base I announce This rocket from on a Air our Additionally, launched SpaceX on ImageSat with multipurpose, Force XXth satellite RUNNER-X remote jointly was developed first June Vandenberg Falcon X pleased California. am satellite, Orbital's International. in Terran microsatellite to that successfully sensing

completed bus We spacecraft commissioning on the July successfully have XXst.

ImageSat is step upcoming payload next commissioning. newest Congratulations this for so Our to far progress the satellite. for team the commissioning great

identified As engagements this of is June, following to opportunities. announcement earlier over Rivada The of in our in our year. pipeline $XX represents of the commercial part due award pipeline billion expansion increase

in expanded We investments are manufacturing we team. with also opportunities, and and capacity from and support To design capabilities. our increase continuing development capacity and harvesting business offerings, investments broadened production our strengthen pipeline are benefits our our product backlog to continuing

investing world-class are over satellites the in our in X,XXX satellites XXX over in of execution a identified and support We production pipeline. to system backlog

new month, a XXX% Our increase. manufacturing California bringing from XX,XXX of Irvine, now square space, adding in per to is open, floor capacity satellites Tech XX feet facility XX XX our satellites

Critically, vastly all improve this now that board spring, moving employees and the we've of equipment have Since includes additional and floors. testing expect and we will equipment, quality -- throughput, our certificate for printed at occupancy our assembly automation new speed. circuit have been lines

now Tech and planned of majority buses. be for expect X the XX will the operational work facility our XX the completing We facilitator a Tranche key

of which multiples capacity In in commissioning developing foot progressing addition, current we another are to after expect we XX,XXX our facility and to our Irvine, capacity square XXXX. in increase

bay high and Importantly, of for integration XX-foot largest satellites. includes this capacity new assembly

an leadership operations steep Tony California brings design new more Orbital. Irvine, the manage and successfully company's and the ramp in veteran XX Terran in industry help is than sales, Chief Operating experience as aerospace years we and and to and hired To aerospace production, defense based Officer. of Tony defense Gingiss,

and board. mind programs. to as customer execute brings expand experienced on Terran Orbital we on innovative thrilled our facilities are and have an to He Tony We

States. of United the the Electronics Also propulsion a in satellites election quarter, to production the second for the the study and and signing of new announced validate generation Safran for agreement Orbital Terran memorandum & prerequisites of a systems of in Defense

on value systems. of products be the automated and integrated industry-leading Defense plasma Orbital's adding vertically to innovative this Electronics while investments to personnel based scalable, create Terran will strategic system believe more production & Safran's reflects and We space thruster. our Safran's PPSXXX This agreement

let Now review the quarter for to over in and year. financial outlook our it provide me the Gary? performance to full a Gary financial turn

Gary Hobart

Thank that a the to of quarter I'm million, XX% revenue we are year. you, and increase happy everyone. second In increase in prior Marc, the path we report record and achieved on a same profitability. over good to period clear of $XX.X morning, revenue improve the XXXX,

most and estimated in which the at completion an we or to make estimated estimated contract our in on cumulative completion basis completion percentage and We $X.X changes have quarter, our by adjustment. a period and the the impact second million. recognized EACs revenue decreased on revenue our values cost a of programs to In of or adjustments adjustments EACs,

profit quarter the for was $X.X compared in approximately million second to quarter the same Gross of XXXX. a million loss in $X.X

cost adjusted $X.X in and XXXX. amortization, included in gross profit EAC adjusted sales, during $X.X million the in compared profit by profit depreciation quarter the an compensation of was gross based gross share the impacted adjustments and same of in quarter second estimated million Excluding quarter XXXX. of second million, adjusted to $X.X negatively

SG&A benefits, professional costs $XX.X million Selling, compared quarter flat share-based the higher million The legal XXXX. our compared expenses in and and XXXX expense the and second quarter remained general were in quarter administrative and fees, decreases partially and driven by for expense virtually in primarily was a result to growth to and offset by same labor $XX.X compensation the other same expenses of XXXX. development initiatives. as research in decrease other of

through future currently $X.X below activity, million expect approximately represented still line cost this compensation to sales. expenses $X.X share-based to GAAP of balance year. million our approximately in program and with expenses of $XXX,XXX share-based that year-over-year, running down we of the Subject of Although balance reflected through second expense per the quarter quarter equity be $X SG&A our our million

the in for Adjusted administrative an increase growth and same profit. in decrease of EBITDA was as $XX.X prior an in gross was of initiatives, negative to result EBITDA million partially with increase period selling, primarily the negative due our quarter expenses by adjusted in offset The compared general $XX.X a year. the adjusted million

in Overall, serve dollar the This supports of function capabilities the capabilities investment years. and function largely particularly ramping positioned, adjusted signed is well largely of our multibillion are is ramping the an a backlog EBITDA a pipeline quarters in to we quarter across our which is our order adjusted of EBITDA the overall that coming given capabilities expenditures company our our our $X.X -- loss for for path of part million. Capital to strength profitability book. were

As XXth, we gross of and hand in approximately obligations. $XXX.X cash on $XX.X approximately in had million debt million June

outlook. Turning to our

be estimate recognized of have as backlog We XXXX, XX% XXXX. XXst, $X.X by of billion approximately revenue December as to and June over XXth,

fiscal in ahead revenue and of in expect year XXXX. of steep in million our We in excess $XXX generating ramp a confirm expectation revenue

improvements we on Additionally, to of expenditures improvements demonstrate quarter-over-quarter mix gross may are size capital margins than million. expect XXXX expected vary Overall, for and the to our execution. depending the and less be year $XX but program pace

to now over Marc. will turn back it I

Marc Bell

of closing, satellite primary new demand. tensions constellations growing the Thank In for to with is drivers as Gary. Great. appetite geopolitical add you, I'd like significantly commercial the and applications

very We been busy. have

outstanding currently XX today. total have $X.X We within of value proposals billion

or XX revenue. addition, $XXX active valued of RFIs million have ROMs potential In additional we over

other Terran with ability execute and and Rivada to Orbital win is contracts its showcasing Martin, today Lockheed customers. marquee

and of the a Department, NASA, long-term US strategic Lockheed strong partner Space a consisting We Martin. strong have European Agency customer in Defense base

Martin shown partner, as Orbital Lockheed commitment a only has the long-term becoming strategic but in Terran also and not shareholder. confidence

questions, turn everybody the it now Terran for you on continued your support for over taking I Orbital. I'll your the call and to of look to operator. forward Thank

Operator

from you. question Konrad [Operator comes first With Instructions] Greg Thank from our Jefferies.

open. Your now line is

Greg Konrad

morning. Good

Marc Bell

Good morning, Greg.

Greg Konrad

Maybe the start disclosure. just on backlog to

corns in of that Rivada talk average much And program. you there's X, XX at how programs is Can pipeline, XX one Tranche follow-on for strip of other programs what's like if of maybe XXX some those and maybe how think we across said programs an seed you out You awards? future SDA about and maybe it about satellite opportunities larger seems satellites. that per

Marc Bell

Sure.

approach. X lot we with at a XX, to one and then XXX. go the call People satellite, So they it programs, have start to of they look and we crawl-walk-run

a for we're an we have order example, XXX program they could successful So demonstration, placing be for. Upon now that three building in-house satellites. for satellites

you studies the have also that, that that it, few a feeder you satellite. studies have that but up don't a to things are And a satellite a to are attached So of that actually they then lead lot have are programs in programs.

how that. misleading for little breaks a apologize it's out. So I it

Greg Konrad

And then flow. maybe just on free cash

thinking You but the moving those disclosure I money money from and in that around mean next raised also of to expecting the kind think of X working generation I SDA positive free the you about cash given Rivada about appreciated you year. year? cash Tranche half flow flow are free And general, expect the you needs? second pieces, capital some quarter, when be are how in the for you

Gary Hobart

it's Greg, Sure, Gary.

backlog our beginning or free in XXXX. from our invoicing capital our on year. basically and the rate EACs, will We by to plus our half positive flow are have of the the from year expectations which program. performance or a minus basis run be budgets be a Sufficient and for during It second cash

invoicing the up and so going collection into seeing cash programs So ramp start our even flow that needs cover invoicing and XXXX. our and forward, should we from we'll generate more going and

Greg Konrad

just one last maybe then And one.

guidance. through XXXX on revenues can see of what You conversion we implied kind the disclosure are XX% the backlog and the end HX in of of based gave

to you of level about just maybe at are at of billion kind split place XXXX year. How the backlog next close the to today thinking each in two and in rate you if supporting kind capacity of meet You're kind of $X run XXXX to nearly path that just in revenues the and years.

Marc Bell

do mean, of That with month. we gets a XX feel to the XX our ability of I confident very the opening capacity us buses Yes, Tech.

and month about But the of us complete will us including facility XXXX per of roof. new under new opening importantly, everything to beginning XX our up buses solar the in panel satellites assembly With XX a payload one to do almost bring assembly, facility, more that month. lets that

when we'll assembly existing the our modules is new Riverside our will So be changer call, facility Riverside final calling the facility original what opens a now new Tech, because is to do we're satellite XXX% what we be facility will and and testing. game dedicated and right Barranca, XX exclusively

of contracts or how we Rivada-sized game But prepared handle are on the So under it's existing we built now. Rivadas not changer do but than the a to are more for world, building things. infrastructure only the we've multiple

Greg Konrad

you. Thank

Operator

Scott next you. Thank Wainwright. With from H.C. our comes question from Buck

open. now is Your line

Scott Buck

my Hi. for everybody. Good questions. morning, taking Thanks

you hoping monetize I from contract. you're able of half why to $XXX investor of in second that was know in Rivada the give First confident a on of all, could some I the million color us hesitation the little being bit there's so around year?

over kind how you just So do of time? de-risk that

Marc Bell

Yes. That's why very the beginning of it the brought call. at we up

We PDR. we're going to are extremely confident

what have we're We engineers bulk the That's with items. long also focusing we're world-class on then for doing of PDR design and lead services.

on the will the we So are our which trigger in ability time confident PDR time, on payment. to very deliver and

So we in we've are PDRs done decade. over very as the abilities confident many, past our many

So this. tons we doing have of experience

Scott Buck

they end that about you Marc, Rivada this of at have what guess of capable asking their payment their I that the contract. mean I'm on due are to I comfortable that? a more diligence point making you ability execute feel like done makes

Marc Bell

whether and attorneys. we with -- who aware coming we information both financials, it's their of their We very disclose have can't on how we we much and much it's what diligence are of confident due extreme know, for -- funding from. is where done ourselves and feel We've our but

has about Rivada asked ability So directed to to that about be we that can them, you confident fund. tell any are their their we funding but questions

Scott Buck

appreciate that you one mentioned -- I Okay. second and

Marc Bell

Scott, me don't more to mean interrupt. I to add Let this, one

vote, that that play is all know, big I as a -- one lot hurdle now spectrum So a of valid. they And is with money. ITU thing their have has want very the was worth very, don't you because down spectrum to

money that SpaceX And that incredibly for so into spectrum has And a their ITU made they was supporter once early also because them. good. got Rivada big been vote July, of significant

of also one in one investors SpaceX original As the of Thiel, investors Peter the in is original Rivada.

the program also SpaceX with And so has been supportive Rivada very the of ITU.

Scott Buck

that this see where handle my of curious, three of second color. to capacity just there do have the size, market question, contracts you appreciate actually you are that will those I capacity added years? next have Great. the over today? opportunities mentioned you or And previously the five multiple many out the I'm How to you

Marc Bell

just ago which -- and Michael Congressman for hearing the of two months -- cat they the when for who Michael he for licensing Space He Force entities that's the Waltz Saltzman, said runs with testifying committee he the XX,XXX bag. out about that has STC, said applications and is had let a was US US. the satellites

country for got trying every ITU. from Every we like the is keeping has just with volume mean just before we're do number constellation. staggering build my own is the now to be mean of their with layer. are surveillance to to the own we and opportunities trying globally, with So build keep just the to of being -- trying to military I own I mean inundated that we're presentation at end to inquiries around And trying up, tons just up literally globe. of getting. said reconnaissance. ISR I transfer we I imaging talk their is Everybody their the

confidence from needing twice a opportunities of commercial space. front. So with the you about that the some space a fast. only we fast. will of Also is around we we so press, it's additional of company the on have world. -- Internet growing also programs, side be launching very the Things, of point, crazy the mean, at is but And have before growing I big high commercial what in amounts every I XG every filling whether now had degree today mean the dramatically it's commercial think the pipeline not is space size of

Scott Buck

Great. time I guys. that. for the appreciate Thanks

Operator

Thank you.

is your now Erik our Stifel. have open. We comes from next from line Rasmussen Erik, question

Erik Rasmussen

taking the question. thanks Yeah, for

how $XXX second in in million, the but layering reaffirm So we about the Any did provide your we think revenues guidance already of you you can given color half? August? over more should saw we're

Marc Bell

the I -- the Layer with basically Space Agencies mean so Yes. it's Transfer back works -- way We Tranche Development X. all it ended.

and and all that's deliver we as QX chunks then paid big as of item. PDR buses, money well Rivada is QX So we a get

a it QX. very, very is So heavy

Erik Rasmussen

that's before Or QX? keep talking sounds being what And much you was, you be would QX? is higher Xxof than that about higher it like -- I So say were into a everything QX really could but think QX QX number? falling

Marc Bell

right April to it buses that's it time on third-party now, suppliers for suppliers we're delivery the depends QX we've are our with into third-party keep potentially is we're lot up and radios. possible, for the sticking faster ever us. because QX, Astra But original of of delivering. bulk If we if the XXXX could moved what but line, they we the A InterFlight up engine moving like of all -- it speed than is before. our still could

it's so And I things control to just integrate are on chain, said -- supply are the chain more your last to control hard destiny. slowing of he a goes, as trying any But you if turn your us And two having that like those want far my over you And supply QX very we color. down. matter propulsion. and quarter, vertically Gary, to I'll currently are radios it things not the are as and two add

Gary Hobart

I the about the what you'll second No, generally our quarter think and quarter is speaking, that we a quarter fourth then holds, expectation. see ramp over still fourth bigger a of third the said

Erik Rasmussen

Okay. on Great. then the -- just maybe And margins

Marc Bell

it But comfortable very we're with ends that's with great. up we sticking the being million. If million $XXX $XXX number. But feel more,

Erik Rasmussen

maybe you variability maybe When do understand variability. do next maybe of sort share them to on But but the for of settling see update margins, then and us sequentially, that see help then that grow you size. Where expect can And you within you Great. year? obviously some on margins? year? there's gross pace And components any the for

Gary Hobart

Sure.

back mid the for in this year the last Q&A, during what be half said of As to we're of bulk will quarter high the teens. we expecting

forward, have mid-XX% Going in backlog. kind that's just margins, expect our we on expectation based on our based what in our at we and budgets of and backlog looking

Erik Rasmussen

Great. Okay.

So a have there. lot independent. of of competitive the anything no our you last been in sort just consolidation on update There's last days since space staying on And XX the landscape, then in maybe your thoughts seen any maybe changes, the and update.

Marc Bell

with we They not satellite. astronomers. -- people. to tell It's what happened It's form. as watch first seen easy launched art an too We've It's we keep trying brick-into-space.

-- for us works like it We we it believe are being -- gives and independent we us.

are We globe. customers, work very And with the right more with around now. ability our we we're ever happy expanding many more both and to where are

Erik Rasmussen

you Great. then color award, be on time Any new line delivered? these satellites any other And XX can the give would the maybe satellites? when

Marc Bell

giving the any At we're out information, customer not sorry. request,

Erik Rasmussen

Thanks. Great.

Operator

Thank open. line from Melius now your you. next question With Spingarn comes from is our Robert Robert, Research.

Robert Spingarn

I morning. good Hey, into some all suggesting a the QX. shouldn't fourth little dig could to guess, more quarter? the maybe accounting, sales -- half Gary, of stick the year. at second is in Marc, see here revenue hockey cadence, we But completion you of you in percentage it ramp of on bit extent end just terms it's really were in the

think QX and So That's how about QX? do we question. the first

Gary Hobart

Sure, Rob.

or being performances I $XXX to the really most for that. and think have third-party bigger full one the ago, on move going month with deliveries of from quarter want a bigger Look changes the my that more one year, fourth million at with are third-party to I think dig a particular Any to third. I'm significant comments minutes can couple than next. week next details than don't to second there. and third in I provide into on

for would in going which more terms $XXX how about to discussions And the of million so ourselves limit more just glossy second the we're be than half. million $XXX out, plays giving

Robert Spingarn

Right.

revenue year. is half, this kind right It the next about is think what's much second sounds in million SDA? delivers way implied it of much So like how in $XXX that Rivada's? How of the to of SDA

across programs. So just the about of how that allocation do we think revenue the

Gary Hobart

million of program mix. and of we're year. break but other finish you Rivada going $XXX I including that it $XXX to little $X.X the balance April showing And haven't programs. half into think then you $XXX year really the say Sure. Rivada the and the about Martin, think backlog. being probably from of a backlog down end precisely, year other with, in a the and are under million million on that I that from down million under Lockheed billion we're the we roughly our from we'll started $X.X it's It close think can we're don't comes or broken working to to SDA if to Rivada, what next the ramp from expect by as back would number. this other up I we little But

Robert Spingarn

for second to Okay. clarify, a said, of other that think the words, perspective, I that right? Did I from And you or In Gary, breakeven? it's cash just hear then about half. kind free plus minus

Gary Hobart

about It could be breakeven

Robert Spingarn

Okay. become in And you'd cash positive point 'XX. flow then some at

to Just sure I make want got all this.

Gary Hobart

That's correct. That's correct.

Robert Spingarn

Okay.

extent is capital for for do what at so about the cash or you this that forward, And point to? to think you either the Marc, need you going raising plan how

Marc Bell

the at could just payments point. the say really of any say want dilution. one is I largest wanted cash. any now, the about that. last could largest Last us dilution. want timing Right of of the additional do I that. shareholders shareholders. to one It's It's I of I It's thing don't raise thing this

of really good pretty work things just about timing out in If as we shape. be planned, So will it's payments.

So everything is right now, lining for well us. up

Robert Spingarn

helpful. Thank Okay. you. Super

Operator

Griffin Securities. B. from from Instructions] comes our With Boss next [Operator question Riley

Your line open. is now

Griffin Boss

taking the Hi. Thanks my jump margins. want back and for to to questions. landscape I competitive

quickly capacity up talked is push about but Millennium Marc, changed for the have you on bid this yourselves. the LeoStella SDA expectations focus at York how it highlights demand, you to regarding a differently, having contracts? making that contracts. So when process? bus and a in your gross about ramping into about ability margins Is you you're thought as the as you talking effect prior to all? past might recently were sort bidding how is bigger then and is alongside that into Obviously, Maxar Or translating bigger any of small proposal have grow sats earlier, your think margins on said

Marc Bell

shortage like is satellites XX,XXX is of on SEC incredible and with are right mean It's incredible launch. think just an launch it, to I build capacity the file shortage There there of about an now. satellites.

all United in capacity doesn't even come the anywhere If States, of the close a that. it up near you add fraction to It's that.

we the continue expansion continued It's adding margins. were add And as the as mix, business what mix, very more see when into we now payloads also allows and becoming for our more size we So small to which obviously, they're value margin also appropriate grow. we're customer. on we margins, we're the the this into us to and for started off of doing grow

Griffin Boss

Marc. Okay. Thanks,

So high-teens I looking you margins for to going that does terms that sort mid stack -- are -- that guide earlier or gross at margins And the Rivada. of up gross midXX%? to are guess to how the related of to gave how how Gary in

Marc Bell

very with obvious our our bring where for reasons going. overall customer margin it's blended comfortable call. margins and we're that on don't our We But said, gross

Griffin Boss

EAC Okay. Sure terms thing. abate? adjustments, when the to are any begin those in on then going to And expectation of just

Gary Hobart

they but of we de really down production of hard commissioning them But down It's kind to lines. relative of execute and leveled seeing last the not right that's lot to stay it them part dealing and would be point of offering. of be module even expect teething I all backlog, going to and off really quarters, we're the I numbers. feel I forward, have I our bigger level A how to just now. ramping numbers to reporting. doing seem expect couple overall to to hopefully we're tell. of think as our commission our The to would right we're low them up going but something comes really now, But minimis because we're out smaller like with get off

Griffin Boss

service square low right. for All then about satellite testing. new Great. up your overall for foot inauguration just month small yours supply And to to shift Lockheed's how demand? gears, just you and a They this and bay opened into continue comment fits Lockheed. chain just ability Can overall facility last XX,XXX defense earlier growing satellite Okay. on wanted I talk me, and one and this

Marc Bell

-- we Lockheed. it's for do actually what It's with perfect

using a test facility GPS It So and its really there, Transfer we're III the for do required own assembly to SDA Layer. the facility.

to for do buses new build panel buses our payload solar So the integration to shipped them integration at and their facility we facility. We testing. the the and final

complementary going it's for we're their of have Waterton. that It's to doing. we're doing So which for very them similar Goodyear version us. own Goodyear is be our to They to what a

a us with. very So it's complementary for facility to work

Griffin Boss

Okay. Great. Thanks, Marc. questions. Appreciate you taking my

Marc Bell

you. Thank

Operator

We follow-up your Erik, have from line Stifel. open. question Erik Rasmussen a from now is

Erik Rasmussen

for Thanks the follow-up.

real Just -- just here's clarification. a a

do Or to facility XX run rate? You that to Irvine. Tech to opened still now the work satellite mentioned is you in capacity some rate? get run is XX there Are at the per month

Marc Bell

We there. are

Erik Rasmussen

Great. Good job.

Marc Bell

excited Thank about Very you. it.

Erik Rasmussen

you. Thank got. I all That's

Operator

Thank you.

line. on team will We have questions further to now no the management for closing I the remarks. back hand

Marc Bell

participation everybody us with just for joining today. I to everyone's Well, grow a want as we us and thank Great. being appreciate company. patient as We

cash our mindful mindful want don't of very dilution. flow, are we of We

have coming very QX. QX We that we lot is a -- very And is mindful are quarter big we a pretty which will are then in next for up continue year, that on us. exciting. ramp

that, back visit the new operation we will to see wishes turn what and it -- always do. And the and I to to operator. to Tech the with at you. to come that facility. who over anybody XX see we Thank We look So forward encourage

Operator

Thank today's and concludes this you. call. Ladies gentlemen Thank you joining. for

lines. may You disconnect now your

Marc Bell

you. thank Operator,

Terran Orbital (LLAP) 15 Aug 232023 Q2 Earnings call transcript