Terran Orbital Corporation (NYSE:LLAP) Q2 2023 Earnings Conference Call August 15, 2023 11:00 AM ET
Company Participants
Jonathan Siegmann - Senior Vice President of Corporate Development
Marc Bell - Co-Founder, Chairman and Chief Executive Officer
Gary Hobart - Chief Financial Officer
Conference Call Participants
Greg Konrad - Jefferies
Scott Buck - H.C. Wainwright
Robert Spingarn - Melius Research
Griffin Boss - B. Riley Securities
Operator
Ladies and gentlemen, welcome to the Terran Orbital Q2 2023 Earnings Call. My name is Grant and I'll be the operator for today's call. [Operator Instructions]
I will now hand you over to your host, Jonathan Siegmann, Senior Vice President of Corporate Development to begin. Jonathan?
Jonathan Siegmann
Good morning, everyone, and thank you for joining Terran Orbital's second quarter 2023 earnings. With me this morning are Marc Bell, Co-Founder, Chairman and Chief Executive Officer of Terran Orbital Corporation; and Gary Hobart, Chief Financial Officer of Terran Orbital Corporation.
Marc will provide a business update and highlights for the past quarter, and Gary will review the quarterly results, and Marc will finish with closing remarks. Terran Orbital's executive team will then be available to answer your questions.
During today's call, we may make forward certain looking statements. These statements are based on our current expectations and assumptions, and as a result, are subject to risks and uncertainties.
Many factors could cause actual events to differ materially from forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, each of which can be found on our website www.terranorbital.com.
Readers are cautioned not to put any undue reliance on forward-looking statements and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.
Please also note that we will refer to certain non-GAAP financial information on today's call. You can find a reconciliation of the non-GAAP financial measures with the most comparable GAAP measures in our earnings press release.
With that I will turn it over to Marc.
Marc Bell
Great. Thank you, Jon, and thank you to everyone for joining our second quarter 2023 earnings call. Let's start with an update on our largest program. The $2.4 billion contract with Rivada Space Networks.
I am pleased to report we are steadily ramping up the program. Our team is currently executing on the design phase of the program, which represents $460 million of the $2.4 billion contract. This portion of the contracts kicked off in earnest in July with our successful completion of the first milestone, the system requirements review. The system requirements review defines the design and system requirements for the space and ground elements.