Terran Orbital SPAC Presentation Deck
Valuation Benchmarking
Terran's Valuation Is at the Low End of Space SPACS and Well Below Industry Comps
TEV / Revenue
TERRAN ORGITAL
@$1.6B
PF Ent. Value
0.9x
'25P
TERRAN ORDITAL
@$1.6B
PF Ent. Value
1.7x
12.0x
TEV/ Adjusted EBITDA
'25P
GALACTIC
36.3x
GALACTIC
7.4x
ROCKET LAB
TERRAN ORBITAL
33.5x
planet.
5.0x
planet.
33.1x
ROCKET LAB
Median: 1.3x
1.7x
BLACK SKY
Median: 3.1x
3.8x
BLACK SKY
1.3x
ā
ASTRA
3.1x
REDWIRE
1.1x
0.8x
SATELLOGIC Aspire
Space SPACS (25P)
2.8x
1.8x
ASTRA SATELLOGIC
Space SPACS ('25P)
0.7x
AST
0.5x
1.7x
EU REDWIRE
26.7x
0.7x
Aspire AST
Globalstar
Satellite Manufacturers / Constellations ('22P)
88.8x
10.3x
Globalstar
***: iridium
21.1x
Satellite Manufacturers / Constellations ('22P)
Median: 2.2x
2.3x
MAXAR
TECHNOLOGIES
16.8x
2.0x
Median: 13.2x
:: iridium
GOMSPACE
9.7x
GOMSPACE
2.0x
Viasat
9.2x
MAXAR
TECHNOLOGIES
1.4x
AAC
CLYDE
SPACE
9.1x
Viasat
1.7x
Large
Defense /
Space
'22P
13.2x
Large
Defense /
Space
'22P
Source: Company management, Company presentations, public filings, and Capital IQ as of October 22, 2021.
Note: Large Defense /Space represents the median of L3Harris, Raytheon Technologies, Lockheed Martin, Thales, Northrop Grumman, General Dynamics, Airbus, Leidos, and Boeing. This slide includes the Non-GAAP financial measure Adjusted EBITDA. See the
Appendix for reconciliations of Non-GAAP financial measures for historical periods to the most comparable U.S. GAAP financial measures.
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