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Satellite manufacturer Terran Orbital is "looking at everything" regarding the company's future, CEO Marc Bell told CNBC, as it considers Lockheed Martin' s acquisition offer. "We found out about [Lockheed's takeover bid] when the rest of the world found out about it," Bell said on CNBC's "Manifest Space" podcast. The defense giant is already a significant stakeholder in Terran Orbital, with a 28.3% stake at the time of the proposal. Terran Orbital declined to comment on a shareholder lawsuit filed Wednesday in response to the company's board adopting a "poison pill" stock rights plan after Lockheed's offer. Bell added that Terran Orbital is "thrilled with the validation" that Lockheed's offer gave it.

Persons: Marc Bell, Lockheed Martin, Bell, Jefferies, We've Organizations: CNBC, Lockheed, Terran, Terran Orbital

☆ Lockheed Martin looks to acquire spacecraft maker Terran Orbital for nearly $600 million
▼ + stars: | 2024-03-01 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Lockheed Martin submitted a bid to acquire spacecraft manufacturer Terran Orbital , the defense giant revealed in a securities filing on Friday. Together, the offer values Terran Orbital at just below $600 million. Terran Orbital stock closed at $1.07 a share on Friday. Terran Orbital did not immediately respond to CNBC's request for comment. Additionally, Lockheed noted in its letter to Terran Orbital management that the defense giant "continues to be Terran's largest revenue generating customer accounting."

Persons: Lockheed Martin Organizations: New York Stock Exchange, Lockheed, Terran, Terran Orbital

☆ A handful of space companies are running out of cash and time. Here are three at risk
▼ + stars: | 2024-01-27 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

A flurry of about a dozen space companies went public over the last few years. SidusSidus Space is a little-known space company that went the traditional IPO route in late 2021 and began trading on the Nasdaq at a near $200 million valuation. But it had less than $2 million in cash at the end of September, trading at a near $9 million valuation according to FactSet. Elsewhere in spaceA fourth space company in a potentially precarious spot is satellite imagery company Satellogic . Overall, investment in the space sector bounced back in 2023, with companies bringing in $12.5 billion in investment last year.

Persons: Here's, Momentus, there's, Sidus, Satellogic, hasn't Organizations: Astra, Astra Astra, Nasdaq, CNBC, Terran

☆ Investing in Space: A reality check on SPAC frenzy revenue projections
▼ + stars: | 2023-10-12 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +13 min

Overview: Forecast or fantasyWe're now at least two years on from when a slew of space companies went public during the SPAC frenzy, and, look, none of them look great. Now a bit further down the road, I want to look at a different financial metric: 2023 revenue projections. I ran an informal series for a while to mark when a space company announced it was going public. The rest of the pack isn't as on the mark: A few companies are roughly halfway to their earlier 2023 revenue projections, or performing even better. Spire forecast 2023 revenue of $227 million and is closing in on about $107 million.

Persons: Angela Weiss, CNBC's Michael Sheetz, it's, I'd, Here's, Derek Tournear, Ron Rosano, Trevor Beattie, Namira Salim, –, REx, Christopher Povak, Lisa Watson, Morgan, – Watson, Morgan Starliner, General, NASA Astrobotic, Andy Lapsa Organizations: New York Stock Exchange, AFP, Getty, Terran, Galactic Astra, CNBC, Pentagon, Space Development Agency, LinkedIn, Galactic, NASA, NASA NRO, Soyuz, – Reuters, Reuters SpaceX, FAA, Federal Aviation Administration, IAC, Lunar Research, SpaceX, Boeing NASA, Moonshots Capital, Lavrock Ventures, Veteran Fund, Mana Ventures, AIN Ventures, Capital Factory, Astra, – Bloomberg, ViaSat, Viasat Locations: Russian, Azerbaijan, Russia, Venezuela, South Africa, Florida, Washington, CNBC Los Angeles

A recent report in the Wall Street Journal that Elon Musk uses ketamine at parties could prompt an investigation into his security clearance, two attorneys who specialize in national security law told Insider. Drug use is typically grounds for the government to yank someone's security clearance, the two national security attorneys told Insider. Security clearance applicants are specifically required to disclose whether they have used ketamine on SF-86, the standard application form used to apply for a clearance. Edmunds, the security clearance attorney, said that in his experience, there is a "very prevalent" double standard for security clearance infractions, wherein defense contracting executives and higher-ranking government officials receive more permissive treatment than their subordinates. Musk boosts the benefits of drug useAfter the Rogan incident, Musk told "60 Minutes" that he didn't regularly smoke pot.

Persons: Elon, Joe Rogan's, Musk, yank, Dan Meyer, Tully, Alan Edmunds, Meyer, Doug Hurley, Bob Behnken, Joe Burbank, SpaceX's, Spirit AeroSystems, Leonardo, Edmunds, Mark Zaid, Marijuana, Rogan, It's, Tesla, Sam Altman Organizations: Street, NASA, Air Force, Elon, SpaceX, Tesla, The Defense Department, Bloomberg, CNBC, National Reconnaissance Office, Space Force, Kennedy Space Center, Orlando Sentinel, Tribune, Service, Getty, Defense Department, National Intelligence, Defense Counterintelligence, Security Agency, Spirit, Terran, FDA, Washington Post, Politico, New York Times, Twitter Locations: Florida, United States

☆ Virgin Galactic completes Unity 25 spaceflight in key final test before commercial service
▼ + stars: | 2023-05-25 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +5 min

Virgin Galactic did not publicly livestream the flight unlike the previous one that carried founder Sir Richard Branson in July 2021. ET, carrying the company's VSS Unity spacecraft up to an altitude of about 40,000 feet. Virgin Galactic previously said it aims to fly its first commercial mission in "late June," assuming a successful test flight on Thursday. Virgin GalacticUnity 25 represents a crucial moment in the history of Virgin Galactic, which has suffered repeated setbacks and years of delays in developing its spaceflight system. Virgin Galactic has yet to generate meaningful revenue, and needs to be flying spaceflights regularly in order to do so.

☆ SpaceX and Rocket Lab are the only consistent and reliable launch companies as other space stocks have trouble raising capital, Bank of America says
▼ + stars: | 2023-04-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Meanwhile, most other companies have had trouble raising capital in the risk-averse environment. "Fast forward to 2023, and there are truly only two launch companies that have proven consistent and reliable operations, only one of which is publicly traded Rocket Lab," analysts wrote. "When presented this reality, most satellite companies expressed their reluctance to being over reliant on certain launch companies, namely SpaceX." But other launch companies like Richard Branson's firm Virgin Orbit have run into trouble. "Also, contrary to popular belief, the space industry is not blind to the importance of profitability, and most are aggressively seeking this milestone," the note added.

☆ Satellite maker Terran Orbital sees annual revenue climb near $100 million
▼ + stars: | 2023-03-21 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Terran Orbital , a specialist in manufacturing small satellites, reported fourth-quarter results on Tuesday, with annual revenue nearing $100 million as it continued to build its order backlog. For the full year of 2022, Terran Orbital brought in $94.2 million in revenue – more than double its 2021 total. The Irvine, California-based company reported that revenue grew to $31.9 million in the fourth quarter, up from $27.8 million in the third quarter. Shares of Terran Orbital slipped about 8% Tuesday from the stock's previous close at $1.73. Terran Orbital delivered 19 satellites during the fourth quarter, including 10 under a contract through the Pentagon's Space Development Agency.

☆ Terran Orbital stock surges after winning $2.4 billion contract to build satellites for Rivada
▼ + stars: | 2023-02-22 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Terran Orbital shares surged in early trading on Wednesday, after the company announced a $2.4 billion contract to build communications satellites for Rivada Space Networks. The spacecraft builder will design, manufacture and deploy 288 satellites for Rivada out of Terran's Tyvak subsidiary based in Irvine, California. It will also build 12 spare satellites, for a total contract of 300 satellites, and develop portions of the ground support. The company wants to build an interconnected global satellite network, with service to telecommunications, enterprise and government markets. Terran stock jumped over 70% in premarket trading from its previous close of $1.71 a share.

☆ Bank of America names 2 space stocks to buy on the dip — sees one tripling in value
▼ + stars: | 2022-11-07 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

Bank of America named two space pure-plays as top picks in the evolving sector, seeing opportunities for investors in Rocket Lab and Terran Orbital . The firm sees Rocket Lab as having the "best overall portfolio" among space pure-plays, having executed successfully on its expansion-by-acquisition strategy. Bank of America has a $12 price target on Rocket Lab's stock, which is 132% above the current share price. Rocket Lab stock is down 58% so far this year. Bank of America has a $700 price target on Northrop Grumman's stock, or 34% above the current share price.

☆ Terran Orbital stock rises after spacecraft builder raises $100 million from Lockheed Martin
▼ + stars: | 2022-10-31 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Shares of spacecraft manufacturer Terran Orbital rose Monday after the company added $100 million via an investment from existing shareholder Lockheed Martin . Lockheed purchased both debt and stock, and Terran noted that the investment comes with a new cooperation agreement "to pursue a wider variety of opportunities" alongside the defense giant. Terran stock rose about 8% in midday trading, after jumping as much as 33% earlier in the day from its previous close of $2.56 a share. The company went public via a SPAC earlier this year and, like many space stocks, has been hit hard by the shifting risk environment in the market. CNBC previously reported that Terran was among the space SPAC stocks seeking capital, with several companies facing a cash crunch.

☆ Investing in Space: Cash crunch
▼ + stars: | 2022-10-20 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. We're now in the final quarter of the year, and for several space companies, it's survival time. They weren't proven businesses and the tide went out," a banker familiar with the sector told me about the environment for space stocks. While not a definitive metric, the cash burn rates of de-SPAC space companies – from AST SpaceMobile to Redwire and more – give a window into the urgency of the situation. Private space companies are feeling the pinch as well.

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