LA PLATA, Maryland — Small satellite builder Terran Orbital dropped its expected 2023 revenue forecast by 48% as it zeroed-out any future payments from its major customer, Rivada Space Networks, this year.
The move, announced to investors on Nov. 14, was a surprising climbdown from Terran’s August forecast that Rivada would be paying $180 million this year in the first sizable cash transfer on a $2.4 billion contract to build 300 low-orbit satellites.
Terran said in a filing with the U.S. Securities and Exchange Commission (SEC) that despite the revised . . .
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