Terran Orbital Corp

CIK:0001835512|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Revenue	$ 30,387	$ 32,232	$ 57,622	$ 60,430
Cost of sales	27,565	31,430	60,956	61,027
Gross profit (loss)	2,822	802	(3,334)	(597)
Selling, general, and administrative expenses	28,539	28,732	56,847	61,262
Loss from operations	(25,717)	(27,930)	(60,181)	(61,859)
Interest expense, net	14,607	11,729	28,303	22,663
Change in fair value of warrant and derivative liabilities	(4,993)	(11,486)	50	(2,031)
Other (income) expense	(4)	(26)	(15)	83
Loss before income taxes	(35,327)	(28,147)	(88,519)	(82,574)
Provision for (benefit from) income taxes	51	(17)	103	1
Net loss	(35,378)	(28,130)	(88,622)	(82,575)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(12)	(43)	(49)	(23)
Total comprehensive loss	$ (35,390)	$ (28,173)	$ (88,671)	$ (82,598)
Weighted-average shares outstanding - basic	203,477,086	156,502,662	202,459,647	150,316,749
Weighted-average shares outstanding - diluted	203,477,086	156,502,662	202,459,647	150,316,749
Net loss per share - basic	$ (0.17)	$ (0.18)	$ (0.44)	$ (0.55)
Net loss per share - diluted	$ (0.17)	$ (0.18)	$ (0.44)	$ (0.55)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (88,622)	$ (82,575)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,424	2,708
Non-cash interest expense	19,955	14,716
Share-based compensation expense	7,467	13,755
Provision for losses on receivables and inventory	1,675	250
Change in fair value of warrant and derivative liabilities	50	(2,031)
Amortization of operating right-of-use assets	771	576
Other non-cash, net	185	116
Changes in operating assets and liabilities:
Accounts receivable, net	10,646	(766)
Contract assets	(10,352)	2,218
Inventory	(5,448)	(3,808)
Accounts payable	(50)	1,078
Contract liabilities	34,228	(9,332)
Reserve for anticipated losses on contracts	(475)	(2,002)
Accrued interest	(2)	6
Other, net	(7,369)	658
Net cash used in operating activities	(31,917)	(64,433)
Cash flows from investing activities:
Purchases of property, plant and equipment	(4,243)	(12,372)
Net cash used in investing activities	(4,243)	(12,372)
Cash flows from financing activities:
Proceeds from long-term debt	474	886
Proceeds from warrants and derivatives		24,924
Proceeds from issuance of common stock		12,195
Repayment of long-term debt	(5,302)	(3,836)
Payment of issuance costs	(44)	(2,864)
Proceeds from exercise of stock options	25	441
Exercise of equity-classified warrants	15
Net cash (used in) provided by financing activities	(4,832)	31,746
Effect of exchange rate fluctuations on cash and cash equivalents	(82)	52
Net decrease in cash and cash equivalents	(41,074)	(45,007)
Cash and cash equivalents at beginning of period	71,663	93,561
Cash and cash equivalents at end of period	30,589	48,554
Non-cash investing and financing activities:
Purchases of property, plant, and equipment not yet paid	1,296	3,269
Issuance costs not yet paid	$ 357	$ 394

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 30,589	$ 71,663
Accounts receivable, net of allowance for credit losses of $15 and $182 as of June 30, 2024 and December 31, 2023, respectively	4,218	14,735
Contract assets, net	31,720	21,390
Inventory	37,727	33,348
Prepaid expenses and other current assets	21,457	14,843
Total current assets	125,711	155,979
Property, plant, and equipment, net	47,659	46,449
Other assets	15,449	17,885
Total assets	188,819	220,313
Liabilities and shareholders' deficit:
Current portion of long-term debt	13,011	11,740
Accounts payable	23,086	22,850
Contract liabilities	138,093	103,924
Reserve for anticipated losses on contracts	502	977
Accrued expenses and other current liabilities	37,680	14,408
Total current liabilities	212,372	153,899
Long-term debt	187,383	171,033
Warrant and derivative liabilities	10,549	34,462
Other liabilities	17,253	18,555
Total liabilities	427,557	377,949
Commitments and contingencies (Note 12)
Shareholders' deficit:
Preferred stock - authorized 50,000,000 shares of $0.0001 par value; zero issued and outstanding as of June 30, 2024 and December 31, 2023
Common stock - authorized 600,000,000 shares of $0.0001 par value; issued and outstanding shares of 203,527,577 and 199,413,917 as of June 30, 2024 and December 31, 2023, respectively	20	20
Additional paid-in capital	362,713	355,144
Accumulated deficit	(601,633)	(513,011)
Accumulated other comprehensive income	162	211
Total shareholders' deficit	(238,738)	(157,636)
Total liabilities and shareholders' deficit	$ 188,819	$ 220,313