Shares of satellites and space-based solutions provider Terran Orbital (NYSE:LLAP) have skyrocketed today on the back of a $100 million investment from defense major Lockheed Martin (NYSE:LMT).
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Along with the funding agreement, the two companies also entered into a Strategic Cooperation Agreement (SCA) that will be in effect until 2035 and will enable Terran to seek a range of opportunities with LMT.
Terran will use the investment to acquire satellite assembly space, boost production and meet working capital needs. Notably, the company has already added 140,000 square feet over the past year.
Additionally, Terran is also slated to report third-quarter numbers on November 9. Analysts expect the company to post a net loss per share of $0.19 for the period.
In the second quarter, it posted a net loss per share of $0.23, in line with estimates.
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