Terran Orbital on putting the cart before the horse, and how the $2.4-billion Rivada contract gives it market credibility

by Peter B. de Selding

PARIS — Satellite manufacturer Terran Orbital told investors to expect continued operating losses as the company increases production capacity in anticipation of orders may or may not come.

The company said it had received a first payment from Rivada Space Networks GmbH on a $2.4-billion, 300-satellite order that partly justifies its expansion-before-contracts philosophy.

But that contract will not enter into full force until Rivada secures final regulatory approval and financing for its constellation. Rivada has since booked 11 SpaceX

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