Ibadan, 3 January 2024. – Terran Orbital Corporation has announced that it has received a payment from Rivada Space Networks pursuant to the Company’s previously announced contract with Rivada. The amount was for the completion of a program milestone, and as a result, Rivada is current on all outstanding invoices. The Company expects to receive additional milestone payments in 2024 and continues to expect to meet its delivery obligations under the Rivada Contract on schedule in 2025 and 2026.
As a privately held company, Rivada does not have to report any information regarding its financial or operational performance. Consequently, at Rivada’s request, the Company does not plan to provide any further updates or otherwise publicly comment on the Rivada Contract, including but not limited to the status, timing and amount of any future payments to be made under such contract. The year-end balance gives Terran Orbital a “strong financial foundation that we believe will enable us to continue to execute on our strategic and operational objectives,” said Marc Bell, Terran Orbital co-founder, chair, and CEO.
Terran Orbital, through its subsidiary Tyvak Nano-Satellite Systems, Inc. (“Tyvak”), will design, build, and deploy 288 low-Earth orbit satellites and 12 “spare” satellites to produce a total of 300 spacecraft weighing approximately 500 kg a piece. The Company will also integrate the communication payload and perform the final satellite assembly, integration, and test. In addition, it will develop portions of the ground segment.
Declan Ganley, CEO of Rivada Space Networks, commented, “The additional ’Demonstrator Mission’ in 2025 will ensure that customers can test the operational environment of our unique laser-connected data network ahead of the rollout of the main constellation and provide RSN with an operational test bed for early ground segment automation to build up best practices for operating our larger fleet.”