This development is particularly noteworthy as it brings Rivada current on all outstanding invoices. Rivada, operating as a privately held entity, is not obligated to publicly disclose its financial or operational performance details. However, Terran Orbital's report highlights the ongoing financial health and operational progress under this contract.
Looking ahead, Terran Orbital anticipates additional milestone payments in 2024. The company remains confident in meeting its delivery commitments under the Rivada Contract, scheduled for completion in 2025 and 2026.
In alignment with Rivada's private status and their specific request, Terran Orbital has stated that it does not intend to provide further updates or public comments regarding the Rivada Contract. This includes withholding details on the status, timing, and amount of future payments, except as mandated by the Securities and Exchange Commission or necessary for the company's quarterly and annual financial reporting.
In addition to the update on the Rivada payment, Terran Orbital has pre-announced its year-end cash balance for 2023. The company expects to report over $70 million in cash and cash equivalents as of December 31, 2023. This figure represents a substantial increase from the $38.7 million reported as of September 30, 2023. The significant boost in cash reserves is primarily attributed to the receipt of key customer payments at the close of the year.
Marc Bell, Co-Founder, Chairman, and Chief Executive Officer of Terran Orbital, expressed optimism about the company's financial positioning entering 2024. "We are entering 2024 with a strong financial foundation that we believe will enable us to continue to execute on our strategic and operational objectives," he commented.
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