BOCA RATON, Fla.--(BUSINESS WIRE)--Terran Orbital (NYSE: LLAP) announced today the launch of our Responsive Space Initiative. Under this initiative, we are committed to providing our customers with satellite buses within just 30 days and complete satellite systems with integrated payloads within 60 days. There are seven new satellite buses that will be participating in this program.
Our advanced production capabilities through the implementation of automation and robotics are a game changer for the industry. We are standardizing common components which can be stocked and are interchangeable depending on the bus configuration. We proudly design and manufacture 85% of all modules and components that go into a bus today.
The world is changing rapidly, and we need to change along with it. With our Responsive Space Initiative, Terran Orbital will be able to deliver small satellites that are flexible, high-quality, and reliable to military, civil, and commercial customers at a faster and more cost-effective rate. Satellites for critical missions will be delivered in days instead of taking years. We recently introduced a new product line comprising seven buses that are ready for quick delivery and can be immediately added to our inventory.
We will be partnering with best-of-breed payload suppliers to stock a wide range of payloads. This will allow us to fulfill any customer requirements, whether it's Electro-Optical Imaging, Synthetic Aperture Radar, Communications, Hyperspectral, or any other payload with global demand.
There are currently more than 30 conflict zones worldwide, and the demand for Intelligence, Surveillance, and Reconnaissance (ISR) capabilities to monitor these zones is increasing much faster than satellite manufacturers can currently meet. Our goal is to address this demand and improve the availability of ISR capabilities in critical regions.
“We recently announced our seven new stocking buses; today we are announcing how fast we can build them. These are exciting times not only for Terran Orbital but the industry as a whole,” said Marc Bell, Co-founder, Chairman, and CEO of Terran Orbital.
Terran Orbital is building a new facility in Irvine, CA, dedicated to our Responsive Space Initiative. The facility is scheduled to be operational in the summer of 2024, and we plan to launch the program in the fourth quarter of the same year.
About Terran Orbital
Terran Orbital is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers. Learn more at www.terranorbital.com.
Forward-Looking Statements
This press release contains, and Terran Orbital’s officers and representatives may from time to time make other public written and verbal announcements that contain, “forward-looking statements” for purposes of the federal securities laws. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. All statements, other than statements of present or historical facts, contained in this press release, regarding our business strategy, future operations, our facilities, our production capacity and capabilities, our new products and product lines, including the expected available options and specifications for such products and the timing for the availability to purchase such products, the expected purpose, timing, results and benefits of the Responsive Space Initiative, including the length of time to deliver satellite buses upon completion of the Responsive Space Initiative, or expectations regarding our customers’ needs and markets in which we operate or plan to operate, and the estimates, plans and objectives of management are forward-looking statements. Forward-looking statements are typically identified by such words as “plan,” “believe,” “expect,” “anticipate,” “intend,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “will,” “should,” “would” and “could” and other similar words and expressions. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by the forward-looking statements contained in this press release, including, but not limited to: our ability to successfully implement the Responsive Space Initiative; our ability to scale-up our manufacturing processes and facilities in order to meet demand; our ability to implement business plans, forecasts, and other expectations; our ability to finance our operations, research and development activities and capital expenditures; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; supply chain disruptions, including delays, increased costs and supplier quality control challenges; and the other risks disclosed in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 23, 2023.
These forward-looking statements are based on management’s current expectations, plans, forecasts, assumptions, and beliefs concerning future developments and their potential effects. There can be no assurance that the future developments affecting us will be those that we have anticipated, and we may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. You should read this press release with the understanding that our actual future results may be materially different from the expectations disclosed in the forward-looking statements we make. All forward-looking statements we make are qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and we do not assume any obligation to, and we do not intend to, update any forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as required by law.
