The company said it will use the funds to acquire additional satellite assembly space, increase production and meet capital needs while expanding its advanced manufacturing abilities.
Terran operates another Irvine facility at 50 Technology Dr., with additional locations in Santa Maria, Atlanta, Virginia, Melbourne, Fla., Boca Raton, Fla. and Turin, Italy.Lockheed’s $100 million investment comes on top of the $60 million it invested in Terran over the past five years. Lockheed now owns 35% of Terran, which is supplying 42 satellites to Lockheed for the Space Development Agency’s Tranche 1 Transport Layer of networking satellites.
Terran reported a net loss of $103.6 million for the six months ended June 30, 2022, compared with a net loss of $86.3 million for the same period in 2021.