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Terran Orbital Corp (LLAP) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Tailwind Two Acquisition Corp.

CIK: 1835512 Ticker: LLAP

Exhibit 99.1

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Terran Orbital Reports First Quarter 2022 Financial Results

BOCA RATON, Fla., May 13, 2022

– Terran Orbital Corporation (NYSE: LLAP) ("Terran Orbital" or the "Company"), a leading small satellite manufacturer primarily serving the United States aerospace and defense industry, today announced financial results and operational highlights for its first fiscal quarter ending March 31, 2022.

First Quarter 2022 Highlights

Generated $13.1 million of revenues, a 25% increase from first quarter of 2021
Signed record $162 million of new contracts during the quarter
Record backlog of $222 million as of March 31, 2022, up 200% since December 31, 2021
Awarded 42 satellites for US Space Development Agency’s (“SDA”) Tranche 1 Transport Layer
Increased manufacturing and office space to over 250,000 sf and headcount to more than 330
Built pipeline to 140 opportunities representing over $12 billion in value as of March 31, 2022
Completed merger with Tailwind Two Acquisition Corp. (the “Tailwind Two Merger”) and related private equity and debt transactions; began trading on NYSE: LLAP
Net loss of $71.4 million or ($0.85) per share
Adjusted EBITDA(1) loss of $14.7 million
Ended quarter with $76.7 million of cash

Marc Bell, Co-Founder, Chairman & CEO, said, “We had a record quarter of contract wins and grew our backlog to more than $220 million by quarter end. We are focused on delivering satellites and expanding our production capacity to satisfy our growing customer demand. Market demand signals for small satellites have been increasing rapidly in 2022 as evidenced by the growth in defense budgets. We continue to see tremendous demand for our satellite manufacturing business going into 2022 and have built our pipeline to over $12 billion of opportunities.”

Results for the First Quarter of 2022

Total revenue for the first quarter of 2022 was $13.1 million, up 25% compared to $10.5 million in the same period in the prior year. During the quarter we executed on a growing mix of missions for defense, civil, and commercial customers. In the face of supply chain pressures widely reported across the industry, we successfully delivered multiple satellites to customers. We did, however, adjust our estimate-at-completion (“EAC”) on certain firm fixed price contracts. EAC adjustments reduced revenues by approximately $3 million in the first quarter of 2022.

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The following information was filed by Tailwind Two Acquisition Corp. (LLAP) on Friday, May 13, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Shareholders' Deficit (Unaudited)
Commitment And Contingencies
Commitment And Contingencies - Additional Information (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Summary Of Long-Term Debt (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Summary Of Net Carrying Amount And Estimated Fair Value Of Long-Term Debt Instruments (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Inventory
Inventory (Tables)
Inventory - Components Of Inventory (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Cash Flows And Supplemental Information (Details)
Leases - Schedule Of Condensed Consolidated Balance Sheets Related To Operating And Finance Leases (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Maturity Analysis Related To Operating And Finance Leases (Details)
Leases - Schedule Of Maturity Analysis Related To Operating And Finance Leases Asc 840 (Details)
Leases - Schedule Of Weighted-Average Lease Term And Discount Rate For Operating And Finance Leases (Details)
Mezzanine Equity And Shareholders' Deficit
Mezzanine Equity And Shareholders' Deficit - Additional Information (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Anti-Dilutive Securities That Could Potentially Be Dilutive In Future (Details)
Net Loss Per Share - Schedule Of Computations Of Basic And Diluted Net Loss Per Share (Detail)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Additional Information (Detail)
Organization And Summary Of Significant Accounting Policies - Schedule Of Accrued Expenses And Other Current Liabilities (Detail)
Organization And Summary Of Significant Accounting Policies - Schedule Of Individual Customers Accounted For Accounts Receivable, Net Of Allowance For Credit Losses (Detail)
Organization And Summary Of Significant Accounting Policies - Schedule Of Net Impact Of Adoption In Condensed Consolidated Balance Sheet (Details)
Organization And Summary Of Significant Accounting Policies - Schedule Of Prepaid Expenses And Other Current Assets (Detail)
Organization And Summary Of Significant Accounting Policies - Summary Of Individual Customers (Detail)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Tables)
Property, Plant And Equipment, Net - Additional Information (Details)
Property, Plant And Equipment, Net - Schedule Of Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net - Summary Of Estimated Useful Lives Of Assets (Details)
Related Party Transaction - Additional Information (Details)
Related Party Transactions
Revenue And Receivables
Revenue And Receivables (Tables)
Revenue And Receivables - Additional Information (Details 1)
Revenue And Receivables - Additional Information (Details)
Revenue And Receivables - Changes In Allowance For Credit Losses (Details)
Revenue And Receivables - Disaggregated Revenue By Offering And Customer Type (Details)
Revenue And Receivables - Summary Of Contract Assets Net, Recognized In Condensed Consolidated Balance Sheets (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Reconciliation Of Loss From Operations By Segment To Consolidated Loss From Operations And Net Loss (Details)
Segment Information - Summary Of Revenue And Loss From Operations By Segment (Details)
Share-Based Compensation
Share-Based Compensation - Additional Information (Details)
Warrants And Derivatives
Warrants And Derivatives (Tables)
Warrants And Derivatives - Additional Information (Details)
Warrants And Derivatives - Schedule Of Fair Value Of Liability Classified Warrants (Details)
Warrants And Derivatives - Schedule Of Liability-Classified Warrants And Derivatives (Details)
Ticker: LLAP
CIK: 1835512
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-010137
Submitted to the SEC: Mon May 16 2022 5:29:35 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Radio And Tv Broadcasting And Communications Equipment

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