Terran Orbital Corporation

NYSE:LLAP Stock Report

Market Cap: US$51.2m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Terran Orbital Management

Management criteria checks 3/4

Terran Orbital's CEO is Marc Bell, appointed in Mar 2021, has a tenure of 3.58 years. total yearly compensation is $5.18M, comprised of 19.2% salary and 80.8% bonuses, including company stock and options. directly owns 6.29% of the company’s shares, worth $3.22M. The average tenure of the management team and the board of directors is 2.2 years and 4.7 years respectively.

Key information

Marc Bell

Chief executive officer

US$5.2m

Total compensation

CEO salary percentage19.20%
CEO tenure3.6yrs
CEO ownership6.3%
Management average tenure2.2yrs
Board average tenure4.7yrs

Recent management updates

Recent updates

Seeking Alpha • Apr 01

Terran Orbital Is Unattractive Given Lockheed Martin's Takeover Offer

Summary Terran Orbital, a small satellite manufacturer, has significant commercial revenues and is winning notable new contracts. LLAP has a weak balance sheet, and Lockheed is seemingly taking advantage of this with a lowball takeover offer. I believe Terran shares are not a great opportunity today, given the decent probability that Lockheed's offer will go through and lock in losses compared to today's share price. As a Lockheed Martin shareholder, however, I find this venture capital-style approach to the space industry intriguing. Read the full article on Seeking Alpha
Analysis Article • Feb 05

It's Down 31% But Terran Orbital Corporation (NYSE:LLAP) Could Be Riskier Than It Looks

Terran Orbital Corporation ( NYSE:LLAP ) shareholders won't be pleased to see that the share price has had a very rough...
Analysis Article • Dec 22

Market Might Still Lack Some Conviction On Terran Orbital Corporation (NYSE:LLAP) Even After 34% Share Price Boost

Terran Orbital Corporation ( NYSE:LLAP ) shares have had a really impressive month, gaining 34% after a shaky period...
Seeking Alpha • Dec 11

Terran Orbital: A High-Risk Bet For Investors Willing To Embrace A Bumpy Ride

Summary Terran Orbital Corporation's stock has experienced a significant decline since its IPO but has shown revenue growth with a substantial backlog, indicating potential profitability in the future. The global small satellite industry is expected to see strong growth, presenting opportunities for the Company to capitalize on its position in the market. While LLAP has seen solid revenue growth, numerous risk factors exist including its growing costs and Rivada's delayed payment. Read the full article on Seeking Alpha
Analysis Article • Nov 17

News Flash: 6 Analysts Think Terran Orbital Corporation (NYSE:LLAP) Earnings Are Under Threat

The latest analyst coverage could presage a bad day for Terran Orbital Corporation ( NYSE:LLAP ), with the analysts...
Seeking Alpha • Aug 08

Terran Orbital: Starry Visions, Cloudy Finances

Summary Terran Orbital Corporation, showcases impressive strides in contract wins and a growing backlog, but remains ensnared in a web of operational and financial challenges. The company's weak balance sheet puts them in a precarious position with a high risk of equity dilution. Terran Orbital Corporation's financial journey has been troubling, with climbing revenues but no positive gross. We list this stock as a Sell. Read the full article on Seeking Alpha
Seeking Alpha • Jul 03

Terran Orbital: Rocketing Towards Growth Or Bracing For Zero

Summary Terran Orbital, a company specializing in building small satellites, is a high-risk, high-reward investment opportunity due to its potential to multiply its market capitalization or fail completely. The company's partnership with Lockheed Martin and its recent $2.4 billion contract with Rivada Space Networks are significant strengths. LLAP also faces challenges such as a highly competitive market and the need for significant capital expenditure funding. The company's financial situation is a concern, with $292 million in liabilities and a potential for significant share dilution. However, the company expects to become profitable by the end of 2023. I believe Terran Orbital's shares are ready for lift-off due to its proven ability to design and build small satellites, its large-scale production infrastructure, and the potential for profitability and positive cash flows in the near future. Read the full article on Seeking Alpha
Seeking Alpha • Feb 22

Terran Orbital awarded $2.4B contract to build 300 satellites for Rivada Space

Terran Orbital (NYSE:LLAP) stock rallies 75% premarket as its wholly-owned subsidiary, Tyvak Nano-Satellite Systems, has been awarded a $2.4B contract to design, build, and deploy 288 low-earth orbit satellites for Rivada Space Networks. As part of the contract, Terran Orbital will also develop 12 “spare” satellites to produce a total of 300 spacecraft. Terran Orbital, through its subsidiaries, is an innovative mass producer of small satellites for leading operators and major industry participants and is a preferred supplier for customers across the United States, Europe, the Middle East, and Australia. “Our partnership will show why Terran Orbital continues to be a satellite manufacturer of choice for aerospace and defense companies worldwide. We are ecstatic to work alongside Rivada and look forward to building out their LEO constellation.” said Marc Bell, Co-Founder, Chairman, and CEO of Terran Orbital. LLAP +74.27% premarket to $2.98.
Seeking Alpha • Feb 09

Terran Orbital: 2024 Growth Prospects, Waiting For Technical Confirmation

Summary Aerospace & defense equities performed well amid last year's volatility. One small growth stock has languished lately, but shares could be priced well ahead of 2024 earnings growth. The technicals on Terran look tentative for now, but it won't take much to break the downtrend. Parts of the Industrials sector have lost some relative strength to the broad market, and the Aerospace & Defense niche is no exception. The group outperformed in 2022, but as the growth and long-duration themes have returned with animal spirits in 2023, defensive names have faltered a bit. Still the iShares U.S. Aerospace & Defense ETF (ITA) is near all-time highs on a total return basis. One small firm, very speculative, features a big downtrend, though. But there’s a growth case to be made. Are shares of Terran Orbital (LLAP) going to spin up profits for the bulls? Let’s weigh the risks and potential. Space Stocks Soaring, But Losing Some Relative Strength Stockcharts,com According to Bank of America Global Research, Terran Orbital Corp is a vertically integrated provider of satellite solutions, including satellite design, production, launch planning, mission operations, and in-orbit support. The company is also building a constellation of 96 Earth Observation (EO) Satellites that will include satellites with both SAR (synthetic aperture radar) and electro-optical functionality. The Florida-based $275 million market cap Aerospace & Defense industry company within the Industrials sector has negative trailing 12-month GAAP earnings and does not pay a dividend, according to The Wall Street Journal. Terran appears positioned favorably for the emerging Earth imagery technological revolution and spending spree by the U.S. government. It’s a satellite play, and the firm’s valuable PredaSAR constellation technology, once built, will be able to gather images without interruption. What’s more, a 2022 partnership announced with Lockheed Martin should help support a longer-term growth narrative. This is a flier play though, and key risks include changes to the SAR imagery industry and if the constellation is simply not built out. The LMT relationship is also critical to cultivate. Back in November, Terran reported a small earnings beat and a sizable top-line beat. On valuation, analysts at BofA see earnings steeply in the red through this year, but then turning positive by 2024. The Bloomberg consensus forecast is about in line with what BofA projects, too. Don’t expect dividends to be paid out on this small-sized speculative growth stock, but both the firm's operating and GAAP P/E ratios are seen as turning attractive next year should per-share profits indeed turn into the black. If we apply a 12x earnings multiple to next year's earnings outlook and, say, a 9x EV/EBTIDA ratio, then shares would be worth call it $5. Also, don't overlook massive free cash flow expected in 2024, too. Terran Orbital: Earnings, Valuation, Free Cash Flow Outlook BofA Global Research Looking ahead, corporate event data provided by Wall Street Horizon show a confirmed Q4 2022 earnings date of Tuesday, March 21 BMO with a conference call later that morning. You can listen live here. The management team is also expected to speak at the Sidoti & Company March Small Cap Conference 2023 from March 22 to 23. Wall Street Horizon notes that the earnings date was pushed back 12 days. Corporate Event Risk Calendar Wall Street Horizon The Options Angle Digging into the upcoming earnings report, data from Option Research & Technology Services (ORATS) show a consensus EPS forecast of -$0.23 which would be a slight sequential decline from -$0.22 of per-share losses reported in the November quarter.
Seeking Alpha • Nov 09

Terran Orbital GAAP EPS of -$0.19 beats by $0.04, revenue of $27.83M beats by $2.95M

Terran Orbital press release (NYSE:LLAP): Q3 GAAP EPS of -$0.19 beats by $0.04. Revenue of $27.83M (+171.2% Y/Y) beats by $2.95M. Backlog of $198.0 million as of September 30, 2022, up 168% since December 31, 2021 Increased headcount to greater than 440, up approximately 78% since the beginning of the year.
Seeking Alpha • Oct 31

Satellite developer Terran Orbital soars on Lockheed Martin's $100M investment

Terran Orbital (NYSE:LLAP) shares gained 20% premarket on Monday after the satellite products manufacturer received a $100M investment from aerospace firm Lockheed Martin (NYSE:LMT) The investment was issued in exchange for convertible notes and warrants offered in a private placement by Terran Orbital (LLAP). The fresh funding will support the expansion of Terran Orbital’s (LLAP) advanced manufacturing capabilities, which were originally planned for expansion on Florida’s Space Coast in partnership with Space Florida, but will now be based in Irvine, California. Terran Orbital (LLAP) will also use the funds to acquire additional satellite assembly space and increase module production. The companies also forged a new strategic cooperation agreement that allows Terran Orbital (LLAP) to pursue a wider variety of opportunities with Lockheed Martin (LMT). The agreement will run through 2035.

CEO Compensation Analysis

How has Marc Bell's remuneration changed compared to Terran Orbital's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2024n/an/a

-US$158m

Mar 31 2024n/an/a

-US$151m

Dec 31 2023US$5mUS$995k

-US$152m

Sep 30 2023n/an/a

-US$142m

Jun 30 2023n/an/a

-US$143m

Mar 31 2023n/an/a

-US$147m

Dec 31 2022US$8mUS$995k

-US$164m

Sep 30 2022n/an/a

-US$171m

Jun 30 2022n/an/a

-US$156m

Mar 31 2022n/an/a

-US$133m

Dec 31 2021US$8mUS$804k

-US$139m

Sep 30 2021n/an/a

-US$104m

Dec 31 2020US$1mn/a

-US$10m

Compensation vs Market: Marc's total compensation ($USD5.18M) is above average for companies of similar size in the US market ($USD650.00K).

Compensation vs Earnings: Marc's compensation has been consistent with company performance over the past year.

CEO

Marc Bell (57 yo)

3.6yrs
Tenure
US$5,182,371
Compensation

Mr. Marc H. Bell founded the Marc Bell Capital Partners in 2003. In September 2000, Mr. Bell founded and serves as Managing Partner of Marc Bell Capital, LLC, an investment firm which invests predominately...

Leadership Team

NamePositionTenureCompensationOwnership
Marc Bell
Co-Founder3.6yrsUS$5.18m6.29%
$ 3.2m
Marco Villa
Chief Revenue Officer & Executive VP3.6yrsUS$1.19m3.14%
$ 1.6m
Gary Hobart
Chief Transformation Officer1.1yrsUS$1.87m0.35%
$ 179.6k
Adarsh Parekh
Executive VP & CFOless than a yearno datano data
Peter Krauss
Executive VP & COOless than a yearno datano data
Mathieu Riffel
Senior VP & Chief Accounting Officerless than a yearno data0.023%
$ 11.8k
Richard Bays
Senior VP & Chief Information Officer2.6yrsno data0.015%
$ 7.7k
James Black
Senior VP2.2yrsno data0.024%
$ 12.5k
Santina Michel
Senior VP & Chief Human Resources Officer1.8yrsno data0.034%
$ 17.5k
Mark Kula
Senior Vice President of Programs2.8yrsno data0.034%
$ 17.6k
Wahid Azizpor
Senior Vice President of Manufacturing2.5yrsno data0.036%
$ 18.2k
2.2yrs
Average Tenure
53yo
Average Age

Experienced Management: LLAP's management team is considered experienced (2.2 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Marc Bell
Co-Founder10.3yrsUS$5.18m6.29%
$ 3.2m
Stratton Sclavos
Lead Independent Director8.8yrsUS$316.90k0.084%
$ 43.0k
Daniel Staton
Vice Chairman of the Board10.3yrsUS$266.90k6.49%
$ 3.3m
James LaChance
Independent Director6.8yrsUS$286.90k0.22%
$ 113.0k
Richard Newton
Independent Director2.6yrsUS$276.90k0.076%
$ 38.7k
Douglas Raaberg
Independent Director2.6yrsUS$284.40k0.076%
$ 38.7k
Thomas Manion
Independent Director2.6yrsUS$271.90k0.086%
$ 44.0k
Tobi Petrocelli
Independent Director2.6yrsUS$279.40k0.063%
$ 32.3k
4.7yrs
Average Tenure
65yo
Average Age

Experienced Board: LLAP's board of directors are considered experienced (4.7 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/10/30 09:01
End of Day Share Price 2024/10/30 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Terran Orbital Corporation is covered by 9 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Joshua SullivanBenchmark Company
Ronald EpsteinBofA Global Research
Austin MoellerCanaccord Genuity