Terran Orbital Corporation announced that it had received a payment from Rivada Space Networks (Rivada) pursuant to the Company's previously announced contract with Rivada (the Rivada Contract). The amount was for the completion of a program milestone. As a result, Rivada is current on all outstanding invoices.

The Company expects to receive additional milestone payments in 2024 and continues to expect to meet its delivery obligations under the Rivada Contract on schedule in 2025 and 2026.