Stifel sees ITU’s RRB waiver as ‘a key milestone’ for Rivada, Terran Orbital

Stifel analyst Erik Rasmussen notes that Rivada announced that the ITU’s RRB has waived the requirement that Rivada deploy 10% of its full constellation by September 2023. The firm sees this as a key milestone and announcement for both Rivada and Terran Orbital, as there is now a clearer path for the eventual deployment of a 600 satellite constellation, which will come in 2 main phases, and the remaining 300 Sats by 2028. Stifel believes investors have still not given Terran Orbital credit for this award, and while it would like further clarity on Rivada’s sources of funds, it sees this latest news as validating Terran’s aggressive move to scale its manufacturing, which is also ramping to support the SDA and other customers, and lends support for the company’s long-term forecast. Stifel has a Buy rating on Terran Orbital’s shares.