Hello, everyone, and welcome to the Terran Orbital Q3 2023 earnings call. My name is Emily, and I'll be coordinating your call today. After the prepared remarks, there will be the opportunity for any questions, which you can ask by pressing star, followed by the number one on your telephone keypads. I'll now turn the call over to our host, Jonathan Siegmann. Please go ahead, Jonathan. Thank you, Emily. Good morning, everyone, and thank you for joining Terran Orbital's third quarter 2023 earnings. With me this morning are Marc Bell, Co-Founder, Chairman, and Chief Executive Officer of Terran Orbital Corporation, and Mathieu Riffel, Acting Chief Financial Officer, Corporate Controller of Terran Orbital Corporation. Marc will provide a business update and highlights for the past quarter, and then Mathieu will review the quarterly results. Terran Orbital's executive team will then be available to answer your questions. During today's call, we may make certain forward-looking statements. These statements are based on our current expectations and assumptions, and as a result, are subject to risk and uncertainties. Many factors could cause actual events to differ materially from forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, each of which can be found on our website, www.TerranOrbital.com. Readers are cautioned not to put any undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call. Please also note that we will refer to certain non-GAAP financial information on today's call. You can find reconciliations of the non-GAAP financial measures with the most comparable GAAP measures in our earnings press release. With that, I will turn it over to Marc. Well, thank you, Jon, and thank you everyone for joining our third quarter 2023 earnings conference call. I also want to thank those of you who attended our virtual town hall event on October 26th, which is part of our effort to increase investor engagement. During our town hall, we were pleased to highlight the team's recently announced contract wins across three separate programs and two continents, our active engagement on 80 opportunities relating to more than 2,800 satellites for 40 different customers, collectively valued at over $2.7 billion, and our current expectation that we will have sufficient cash to cover capital investments and operations until becoming cash flow positive, which is expected in 2024. We had an excellent quarter, with year-over-year revenue growth of 58%, increasing revenue to $43.9 million from $27.8 million. Our third quarter adjusted gross profit increased over 270% to $12 million from $3.2 million in the comparable period. Our team successfully executing on converting our pipeline into signed contracts, resulting in a new record-breaking backlog, inclusive of our $160 million surge of orders announced in October. We are starting to see the benefits of our investment to capacity, equipment, and automation, with initial improvements in operating efficiency. These investments are intended to lay the foundation and position us for growth for the years to come. To establish us as the leading supplier of satellite buses globally, we recently announced two important strategic initiatives. First is the introduction of our new lineup of seven standard satellite bus platforms. These standard platforms feature flexible architecture using our common components, which have extensive flight heritage and modular design. This design methodology allows us for a minimal levels of customization, depending on our customer's needs, and enables us, to deliver satellites at mass scale with speed, quality, and pricing that our customers desire. Second, we launched our Responsive Space Initiative, which represents Terran Orbital's objective to be able to deliver to customers a satellite bus within just 30 days and complete payload integration, within 60 days. By maintaining a stock of standard and interchangeable components, we will be able to deliver in days, not years, the satellites required by both government and commercial customers for critical missions. We plan to have the initiative, fully operational by Q4 of 2024. Now, turning to our overall performance and quarterly updates. I'm happy to update you on our team's progress in support of the Space Development Agency programs. We are pleased to announce in October our selection by our partner, Lockheed Martin, to build 36 satellite buses for the Beta award of Tranche 2 of the Transport Layer. This brings us to a total of 88 satellites we are providing in support of SDA's Transport Layer, of which 10 were launched in September. Meanwhile, on the production side, our team is hard at work at manufacturing 42 satellites in support of Tranche 1 of the Transport Layer. We are on track to begin delivering the first of these satellites during the fourth quarter and the balance by the end of the second quarter of 2024. To enhance the security of our supply chain of critical components of this program, we made the strategic decision to commit to a new propulsion supplier, one of the very few components we don't currently produce in-house. We are proud of the decade-long track record of not missing a satellite launch, and we took this action now to protect the program schedule. We believe that our experience and track record with T0 and Tranche 1, with Tranche 0 and Tranche 1 of the Transport Layer, and a partnership with Lockheed Martin, help differentiate us and position us well for SDA's awards outside of the Transport Layer. I am pleased to report our margin performance has significantly improved. Our increase in gross profit and adjusted gross profit primarily represents the fact that we are working on larger programs and that our mix of contracts have better margins. Our year-to-date adjusted gross profit margin of 16.5% is double last year's gross margin of 8.2% for the comparable period, and is now in line with our previously disclosed year-end targets. As we move to become EBITDA positive by next year, this is an important metric and shows great progress. We continue to improve control of our supply chain. I believe that if we control your supply chain, we control our destiny. We now produce over 85% and growing of all our components in-house, which lowers our costs and speeds up our delivery. Some companies lay off employees, we lay off vendors. We have bought in-house now CNC machining, printed circuit board assembly, wire harnessing, torque rod assembly, vibe testing, and full bus TVAC. We will be adding other components, modules, and subsystems, and AIT in the coming months. Any vendor who is not price competitive or cannot keep up with our schedule will be removed, and that product or skill will be bought in-house. We live in a world of firm fixed price programs. The days of cost plus are long gone, and we are ready to meet the challenge. I'd like to provide a quick update on the company's contract with Rivada Space Networks. As disclosed late last month and at our first investor town hall meeting, since our last earnings call, we have not received expected further milestone payments and do not yet have a definitive schedule on when further receipts may be received. As a result of this delay, we have removed the expected revenue contribution related to Rivada for our full year 2023 outlook, hence the change in guidance. We remain engaged with Rivada on a regular basis and have been reassured as recently as today by Rivada that we should expect to receive our contractual milestone payments this year. Accordingly, we continue to believe our Rivada contract will provide significant future revenue and cash flows, the timing of which, however, is uncertain, and we want to be conservative in our guidance going forward. Overall, I am proud of what we've accomplished and where we are heading. Now, let me take the opportunity to introduce Matt Riffel, who is joining us in the earnings call for the first time. Matt has been Terran Orbital's corporate controller for the past two years and has done an amazing job, and we couldn't ask for anyone more prepared to serve as our acting Chief Financial Officer. With that, I'll hand the call over to Matt to review our financial performance in the quarter and provide a financial outlook for the full year. Over to you, Matt. Thank you, Marc, and good morning, everyone. I'm happy to be here today and to help support the company at this exciting point on its journey. As we plan our 2024 budget, it's the breadth and magnitude of our pipeline opportunities, as well as the additional capabilities which we have added, which I find most compelling about our company. While often difficult to forecast and model these, these discrete opportunities, it's a privilege to help steer the company's efforts to execute and deliver on these attractive opportunities. Now on to the financial results for the quarter. I am pleased with our continued growth in revenue, which was $43.9 million for the third quarter of 2023, a 58% increase over the same period in the prior year. The increase in revenue was primarily due to the work performed on our SDA programs on a comparative basis, as well as additional contribution from Rivada. Gross profit was $9.7 million for the third quarter, compared to $37,000 in the same quarter of 2022. Excluding share-based compensation and depreciation, amortization included in cost of sales, adjusted gross profit in the third quarter was $12 million, compared to adjusted gross profit of $3.2 million in the same quarter in 2022. Our gross profit and adjusted gross profit benefited from EAC adjustments and certain non-recurring changes in estimates relating to our inventory during the third quarter of 2023. Selling general administrative expenses were $29 million in the third quarter of 2023, compared to $24.7 million for the same quarter in 2022. The increase was primarily driven by higher cost of labor and benefits, sales and marketing expenses, and business development activities due to our growth initiatives, offset by a decrease in our share-based compensation expense. Adjusted EBITDA was negative $13 million for the quarter, compared to negative $13.9 million in the same period in the prior year. The increase in adjusted EBITDA was primarily due to an increase in adjusted gross profit, partially offset by an increase in selling general and administrative expenses. Overall, adjusted EBITDA loss is largely a function of increased expenses related to the ramping of our business development capabilities and back office across the company to serve as the foundation of supporting our multibillion-dollar backlog and pipeline in the coming quarters and years. This is part of an overall investment to position ourselves for future growth. Our backlog at the end of the quarter was $2.6 billion, of which $2.4 billion is related to our contract with Rivada. Capital expenditures for the quarter were $6.1 million and primarily related to our investments in capacity and capabilities. Finally, as of September thirtieth, we had approximately $38.7 million of cash on hand, which was aided by our $32.5 million equity offering in September, and approximately $313 million of gross debt obligations. As of October thirty-first, we had over $70 million of cash on hand. We remain excited about finishing the full year on a strong note and hope we can announce new awards heading into 2024. Efficient and successful execution on our new and existing contracts remain the number one priority for our team. As highlighted in our previous calls, the exact timing of execution on our new contracts is an important variable impacting our near-term results. As a reminder, recognition under our accounting pol- for revenue recognition under our accounting policies, revenue is not recognized in our results until we perform work on the contracts. That is, cash receipts do not drive the recognition of revenue. We now expect our 2023 full year revenue to be greater than $130 million, or at least a 38% increase year-over-year compared to 2022. The decrease in revenue guidance is primarily related to the removal of Rivada, the delayed start and awarding of certain larger programs, and the potential for challenges we're working through on other programs. Our year-to-date adjusted gross profit margin of $16.5 million is now in line with our previously disclosed year-end targets, and we expect gradual improvement in future periods. The pace and magnitude of margin improvement may vary depending on program mix and execution. Finally, we note our CapEx for the year is expected to be less than $30 million. I'll now turn the call back over to Marc. Thank you, Matt. Today we're gonna do—and thank you, everybody, for your support of Terran Orbital. We're gonna do questions and answers a little differently, this time around. We're gonna start with institutions, who cover us, and then we're gonna open it up to anybody who asks. As some people have emailed us questions, feel free to add yourself to the queue, and, we're gonna, unlike the town hall, where we did all the reading off questions, here, all questions will be asked live and answered live, and anybody can ask a question. With that, we're going to turn over back to the operator, I guess, right? The operator. Operator, it's all yours. Thank you. As a reminder, if you would like to ask a question today, you can do so now by pressing star, followed by the number one on your telephone keypad. If you change your mind or you feel like your question has already been answered, you can remove your question by pressing star and then two. We'll now go to our first question, which comes from Greg Conrad with Jefferies. Greg, please go ahead. Your line is open. Hi, Marc, Matt, this is Sam Gatz from Jefferies, dialing in for Greg Conrad. Just firstly, thanks for the time and congratulations on winning a role in the third tranche of the transport layer. With that order in the backlog, how should we think about where economics can go from here relative to the two prior tranches? Sort of how should we think about the economics on this tranche compared to tranches zero and one? Thanks, Greg. I'll take an answer at that one. So for this particular— As a reminder, this award was in our backlog as of September 30. It was an October award. The economics of which, it is a larger award, and with our larger awards, we generally expect it to be a little bit lower margin, but we think it's gonna be in the mid-teen, mid to high teens as we go forward. And that's relatively comparable with some of our other SDA programs. Yeah, and we're, and we're seeing, as we go, as time goes on, margins will continue to improve as we bring more and more, components and modules in-house. Got it. Thank you. That's helpful. And I guess just, you know, maybe as a quick follow-up, you know, you highlighted the Responsive Space Initiative and, you know, some of the new products that you've been working on to enable that mission set. Yeah. What should we think about in terms of timing for that to convert into revenue? And then could you, you know, maybe size the sort of TAM and why you guys think you're in a good spot to compete in that space? Can you repeat the very beginning of that again? Yeah. So you, you've been highlighting the Responsive Space Initiative- Yeah ... and some of the new products that you're, you're working on to enable that, and just trying to understand sort of what that looks like, you know, in terms of revenue conversion, and then, you know, what that does to your TAM and, and how you think about that opportunity set from here. You know, so it all started, give you a little background here. In 2005, a Colonel Jay Raymond, at the time, wrote a paper called Tactically Responsive Space. Nobody really paid a lot of attention to it, and then, two years ago, at a National Space Symposium, I was at dinner with him, and he became the four-star general who started Space Force. And he was talking at that dinner about, you know, his dream was to order a satellite on the first of the month and get it delivered on the thirtieth of the month. And we're making that dream come true, as he just recently came down and visited the facility where we're gonna be doing this. You know, it's all about, you know, the days of, you know, it used to take a decade and cost billions to build a satellite. They need things faster. They need it now. The world stage is very fluid. Ukraine, Israel, has shown us how quickly things could change overnight, and they want the ability to get assets, to put them into space. You know, the government has always talked about only 4%-6% of all their ISRs currently being met from space. There's just incredible demand and not enough supply, and it was taking too long. Space Development Agency has helped shorten that cycle up, but only down to two years for a program, and the goal is for ISR, they want to get it down to, you know, days, not years. So we see the TAM just incredibly large, not just for the U.S., but globally, for any country who has been able to do it. But we're gonna start slow. We're seeing we just bid on 3 different programs, where it's a 6-8-month turnaround for the satellites. We'll know by the end of this year if we've won, and that will be the first shot of us get doing it. Once we have all our components and modules in stock at the end of next year, in our new facility, called, which will be called Goodyear for now, we've been calling Goodyear- that will allow us to really assemble things robotically very quickly. We currently re-assemble modules, a third of our modules are assembled robotically. By next year, all of our modules will be robotically assembled, and the satellite buses as well will be robotically assembled. So you know, anytime, anytime a conflict zone pops up, that country could order satellites from us and get them, you know, in orbit within 60 days. It's a big difference. Does that help? Yeah. Thank you, Marc. That's very helpful. Yeah. I appreciate it. Sure. Any other questions? Our next question comes from Erik Rasmussen with Stifel. Please go ahead, Erik, your line is open. Yeah, thanks. Great. Thanks. Yeah, thanks for taking the questions. I just wanted to ask about the progress with the SDA programs to date. And in the context of what we've learned from various sources on future programs so far. It seems that the team has executed well, but if we think about what has been awarded thus far, it seems that Terran is sort of under indexing what others have been awarded. What are your expectations for additional SDA awards? And what could your, you know, your share be? And were you surprised on how the Alpha Award played out? So, many questions there. So, as far as SDA goes, you know, we never want to, you know, make assumptions of what we could and couldn't win on in the future. On the Alpha award, you know, we knew we can't win everything, and there are other players out there. And the SDA, Derek has made it very clear he wants a diversity of manufacturing base. So, you know, we won three in a row, we didn't expect to win four in a row. So, that was, you know... And granted, it's not us winning, it's Lockheed the prime, and we're Lockheed sub. So it was not a big surprise at the end of the day for us that we weren't winning. But now we're looking at other SDA programs, because we've never been on tracking before. We haven't been on most of the other types of programs that they've done, twos and what have you. So we are and we're talking to other primes as well about partnering with them on their SDA bids. Because Lockheed does not bid on everything with the SDA. And, and also we want to, you know, our buses are becoming, you know, more popular. And, you know, now that we have 10 in orbit for the Tranche 0, and we've been very pleased with their performance, you know, we have a lot more street cred than we had before. So we're feeling pretty good about other SDA programs in the future. But we never really want to, you know, guess as to what good they think as they're probably listening to this, but we appreciate their business very much. Yeah. Gotcha. Great. And then maybe on your backlog is at $2.6 billion at the end of the quarter. I know it's higher with those new awards. Are you still expecting to convert 80% of this by 2025, which reflects the Rivada portion? And then with that, how should we think about the split between 2024 and 2025? You know, it's definitely heavily weighted towards 2025 because that's when you get into real assembly mode. 2024 is a lot of manufacturing NRE and the production of modules. But you're talking about, you know, as things get pushed to the right, you know, revenue gets pushed out to the right as well, which is what happened here with Rivada this year. The important part is that the revenue happens at all at the end of the day. Great. So the... But the timeline, though, is, you know, hasn't moved for Rivada in terms of having those satellites up- Right -by Q2 or Q3 of 2025? Well, Rivada has to—according to the ITU, Rivada has to have their satellites in orbit by a specific date, two specific dates. So at the end of the day, it's just going to cost them more in order to get there, because we're going to have to spend, we're going to have to spend more money to get there. But it is, but, you know, we have $187 million of non-Rivada backlog that will be recognized through the end of 2025. And, and, you know, and you think about it, we've still 42 buses for T1 and 36 for T2 we got to deliver, and that doesn't include all the other things we've bid on that we're waiting to hear. You know, we have just recently stood up a business development organization, and we are now seeing... You know, we relied on Lockheed Martin for the first couple of years. We are now expanding our wings to lots of different primes. I think there are 10 primes, the 10 largest primes in the world, 6 of them we're in dialogue with, 3 of them are Chinese, we don't talk to, and there's only 1 left. And so we've been very busily talking to all the other major primes on how we can work together. It's a big planet. Gotcha. Great. Thanks for taking, thanks for taking the questions. Yeah. And I'll make one more point. We've been spending a lot more time on commercial, so we are spending a lot of not just DoD and IC in the US, but commercial is making up a larger and larger part of our future revenue base we're seeing in the future. So we're going, we're pushing very hard for revenue diversity across the board. There are many Rivadas kicking around the planet. Thanks. Good luck. Thank you. Our next question comes from Griffin Boss, B. Riley Securities. Please go ahead, your line is open. Hi, thanks for taking my... Thank you, Operator, appreciate it. So just first off, on the gross margin, I understand, you know, going forward, it's dependent on program mix quarter to quarter, but generally speaking, are you now, are you now at a point where, where your remaining backlog mix represents programs in, call it, the high teens to 20% gross margin? So I, I guess, in other words, are you expecting to be able to expand that pro forma gross margin in 2024 beyond the 16.5% target you have for this year? ... Yeah, thanks for the question, Griffin. So, we're optimistic that our 16.5% is really the starting point for our future margin expectations. What we have in backlog right now is, you know, in the low-to-mid 20s, and so just leading out our backlog, tacking on new programs at higher margins than what we've seen on some of our legacy programs. We feel pretty good about our margin profile going forward. Okay, sure. Thanks for the color. And then jumping over to Tranche One, so you're still expecting deliveries in the fourth quarter. That's good to see. But just given the switch in propulsion suppliers away from Astra, has that pushed out the number of deliveries that you initially expected to complete in the fourth quarter? So is that at all contributing to the lower revenue guide, pushing, you know, more of that Tranche One revenue into 2024? I mean, we had a dream originally, just like we did with Tranche 0, to deliver way ahead of schedule and deliver the whole thing in Q by the end of this year. But the reality is, you know, propulsion has been with Astra has been a challenge. We do expect to see engines from Astra according to them, but we're hedging our bets. And moving forward, Busek will use on Tranche 0 and, you know, that way we'll have two different providers, so we're not dependent on Astra. So if Astra delivers, great. If they don't deliver, we'll still have all our engines, and it just means we'll have extra engines for the next program, if they both deliver. Okay. All right. Thanks, Marc. And then, so shifting gears to the, your Enterprise Bus, you had the new disclosure last week on the three configurations for that. It was interesting to see the third configuration, Configuration C, for MEO and GEO applications. So just curious if you could give any more color. Are you currently building any MEO or GEO buses, or are you bidding on RFPs for those applications? We are bidding on RFPs for lots of MEOs and lots of micro GEOs. And, it is, so that's what we decided, you know, we are getting a lot of demand for that, so we decided to expand the Enterprise Bus line. And to do that, that's why you see three different configurations that are out there because people this is what people are asking for. And so we were trying to focus our NRE on certain bus sizes for what customers are demanding today. Okay, great. And then just last one for me. You talked about the 2,800 satellites valued at $2.7 billion across the whatever it was, 80 opportunities, 40 customers. So that... I mean, just the quick math on that implies sort of around $1 million per satellite, which, I mean, I think historically, you guys have talked about, you know, maybe, maybe three, call it $3 million–$5 million per satellite is sort of a sweet spot. So can you just help us understand sort of the disconnect there? I'm sorry, I don't understand. You have a lot of static on your line. Can you repeat that question? Yeah, sure. So you talked about the 2,800 satellites valued at $2.7 billion. So just the quick- Right ... math on that implies under $1 million per satellite. I think historically, you've talked about $3 million–$5 million per satellite. It's, it's- So I just wondered if you could give some color on the disconnect. It's all over the place. So you, you have some for $1 million, you have some for $10 million. You know, you have some for $15 million. It's really just, you know... You, you have a very wide disparity— you know, depending on what people are building, things in micro GEO or MEO are much more expensive than things in LEO or VLEO. So, you know, everybody is going out and looking at different size satellites to fit their— not all sizes fit all needs, which is why we keep expanding the bus line. Okay. All right, great. Thanks for the color, Marc. Appreciate it. Thank you. Our next question comes from Scott Buck with H.C. Wainwright. Scott, please go ahead. Your line is open. Hi, good morning, guys. Thanks for taking my questions. Marc, just to kind of follow up on your comments, regarding the commercial space. Curious what, what kind of demand you're seeing from potential commercial partners and whether or not, you know, kind of general macro uncertainty has dampened, maybe some of that demand in the near term. You know, the demand we're seeing from commercial partners around the world is just astronomical. I mean, it's far greater than you. It's funny, I was very hyper-focused on the DoD and the IC when I first started, but the demand for commercial far exceeds that. You know, we don't see anything slowing down. You know, there's lots of spectrum out there. People want to utilize the spectrum, everything from Internet of Things to 5G from space to direct-to-handset to... There's tons of applications that people are looking at and that are requiring very large, very robust constellations. So, it's interesting. It's also interesting to note the size of our bus. You know, we think 500 kilograms is, like, the sweet spot right now for buses. You know, we used to think it was a little bit smaller, but we're seeing people, you know, things are getting bigger and people want bigger, but the dollars they're willing to spend is more. But, you know, there's more money to make in space, and, than there ever has been before. So, you know, we're seeing a big push into commercial to result. Then there are refreshes for LEO, MEO, and GEO, because remember, we're in the recurring revenue business. Everything we build, we've got to replace. But we're seeing, you know, huge quantities in LEO that people are looking at. It's very exciting. ... Great. That's, But one thing to point out- Matt, can you- So one thing. Let me just add one thing. One thing to point out is, as we start building these quantities, the costs start to go down significantly. So, you know, as we start to replicate these things over and over again, the recurring costs go down dramatically. So there is a lot of, as with volume, comes better pricing across the board for everybody. Sure. No, that makes sense. And Marc, are you actively bidding on programs now, or are you still in kind of the discovery phase or, or research phase here? Oh, no, we are quite actively bidding. So, you know, Matt Gannon and his team have done a great job, and they are very actively running around the world, bidding on things and at a very rapid pace. So, we are. We've gotten in front of a lot of people, and people are coming to us. It's great that, you know, the customers are now finding us. They're seeing what we're doing. You know, the technologies and the abilities for mass production of small sats is invigorating the marketplace. You know, people are proliferating LEOs, not just for government. It's for everybody. But, you know, we're getting it from all... Every country has somebody who wants to build their own constellation. Every country wants to have their own Transport Layer, Tracking Layer from the DoD side, the military side of the country, of the country. But commercial, they wanna have their own 5G networks. They wanna have their own Internet of Things, you know. They don't, they don't wanna just have it be the Americans. It's, it's amazing. Yep, that makes sense and helpful, very helpful. Matt, can you tell us what contribution from Rivada was in the quarter in terms of revenue? Yeah. Rivada's revenue was about... It was around $6.7 million on a year-to-date basis and around, like, $5 million for the quarter. Perfect. Thanks. That's it for me, guys. I appreciate the time. Thank you. Thank you. Our next question comes from the line of Mark Stone, who is a private investor. Mark, please go ahead. Your line is open. Yes. First, my comment was, I think a previous question a couple back may have made a math error, and that comes out to $8 million a satellite, not $1 million a satellite on Rivada. But anyhow, my question is, assuming Terran never gets a single additional cent from Rivada, do you have enough cash to make it through to cash flow positive? Yes, we do. Thanks. We have no further questions. Well, great- On the line, so I'll turn the call back to the management team. Listen, just I know there's people still, there's still people on, left on the call. If anybody wants to ask a question, they... We are more than happy to take anybody's questions. If not, we're gonna thank everybody for coming today and, appreciate your time and, and your support. And, you know, we're exciting, we're excited. Everyone here at Terran Orbital is very excited going into the year-end, and, 2024 is gonna be an amazing year for us. Oh, hold on. I think we have a question. Bear with me. I, I think it's there. Is there a question? There is a question. Operator? Of course. We have a question from Jordan Klein with Corporate Thunder Aviation. Jordan, please go ahead. Hey, guys. Good morning, and thanks for taking the call. In regards to the cash flow positive, with or without Rivada, what is the earliest possible quarter you see becoming cash flow positive? And worst-case scenario, what's the latest down the road you see it happening? Yeah. Thanks, Jordan. We're still currently going through our 2024 budget and forecast cycle. So don't know. So earliest would be Q1, latest would be Q4, but the plan is to be cash flow positive during 2024. A lot of that is just based on timing of programs. Understand. Understand. Thanks, guys. Sure. You're welcome. Anytime. All right, as we have. Oh, also, we got one more just popped up. Operator? Our next question comes from Tasso Recachinas with Sophis Investments. Please go ahead. Yes, hello. Can you please discuss opportunities within your pipeline where you just expect decisions within the next three months and just maybe quantify what you expect within the pipeline to be announced within the next three months? Thank you. Well, we don't go through details on bids that haven't closed yet. We just talk about the pipeline in general, but we don't, we try not to give that away specifics, so we don't help our competitors figure out what we're working on. But within the pipeline, that's got to be spread out probably over the next year or more. But is there any color that you can shed on maybe more near-term size without getting into specific programs as to what you're looking for over the next few months? We expect to have, you know, we expect to have, over the next six months, some significant announcements to make. We're seeing more and more large opportunities, from both commercial and government entities from around the world. So, you know, we will have more, more color on that as, as they, as they get announced. There's some competitive processes that we are bidding on now. We just don't want to go into detail over the phone. ...with regard to commercial opportunities, what other commercial opportunities besides Rivada have you won or are optimistic about? We have many we're optimistic about, but back to the same answer, I'm not trying to, I'm not trying to be, argumentative here. We don't want to go into details on things that, haven't been, haven't been closed yet. So we are, we're, so we are, we're doing very well in the bid, in the bidding process with a number of opportunities, and as they close, we won't, we will, disclose, we'll publicly disclose them. Then just two more. Just one is with regard to return on invested capital. Does the company utilize a specific return on invested capital hurdle rate when allocating capital? And if so, can you just discuss the, the rate that you use? I mean, we look at, we look at things that we purchase, whether it be robots or test equipment and such, as we try to get a 12-month ROI or better. So for example, on virtually all of our robotics, a 12-month ROI on a harnessing shop with less than 12 months, it is on a shaker table, less than 12 months. So we look at all the big CapEx that we spend, and we want to get our money back less than 12-- in 12 months or less. And that's how we've been doing it. And so we want very quick returns 'cause we've been outsourcing a lot of these things, and by bringing them in-house, the returns tend to be very, very fast. So we're very, we're very capital efficient as far as the capital, the CapEx that we spent. I mean, we projected only $30 million of CapEx this year, and we expect to come in below that. Thank you. And then just final thing. So this morning, there was a tweet out, Declan Ganley, talking about they fully expect a payment to Terran Orbital by the end of this year, and that the events of October seventh have slowed things down, but they're confident that they're getting back on track and that the program remains on schedule. Have you spoken directly with Rivada about this, and can you just maybe talk about that this morning? It looks like you retweeted that. Just wondering if you can just shed any more light on that. Yeah, I did, I did speak to Declan this morning, and, you know, he. You know, we, we obviously are aware of who their funding source is, and, we know, and we personally know who their funding source is, so we have confidence in their funding source. That said, yeah, I did retweet it because I like the tweet. Feel free to, feel free to retweet it yourself. It's always a good thing. But that said, other than that, I, I don't have more to comment other than, you know, he's very frustrated that it, they haven't closed yet, but, you know, they are making progress. Appreciate you taking the questions. Thank you. Good luck. Thank you for calling. We have one more? Two more, two more. This is great. Keep on, keep them coming. Operator? Our next question comes from Peter Singh, who is a private investor. Peter, please go ahead. Thank you, Marc, and thank you everyone for hosting this call and for taking this format. I appreciate that. I know it's not easy, given how these- No, no, I think it's great. We wanna do... Yeah, we wanna hear from everybody. I think this is great. Just a quick question regarding Q4 performance. I know you mentioned that the Tranche 1 deliveries are delayed now into Q1 and potentially Q2. Well, well, it's not delayed. What is the expected? The original... Yeah, we're not delayed. The original schedule went out to Q2. We were trying to beat the schedule. There's a difference. So, so we're- Okay, I see. We're on schedule. Okay, fair enough. We were trying to beat it. You know, it's making schedule is easy, but I don't... I like to beat schedules. I don't like to just make them. Fair enough. So what is the expected revenue now for Q4? I mean, if I'm going off of the $130 million target for 2023 and where we are currently, it looks like around $26-$27 million for Q4. Is that correct? That would be on the low side. As we had mentioned earlier, we're providing conservative guidance, and the reasons for that $130 number, which would imply a lower Q4 revenue, is the fact that there's certain challenges on certain programs, and the ultimate resolution of those challenges aren't known at this time. I never, ever, ever want to get caught again with having to go out with to raise my revenue targets and then have to lower them again. So we're, we're going, we're going back to the way we used to do it. And, you know, for 20 years, we've never missed a revenue target, and this is the first. So we never want to do, make that a mistake again. So we're back to being conservative. Okay, fair enough. Yeah, I guess lesson learned from the 250 target, huh? Another point- Yeah, we were a lot... Go ahead. Go ahead, sorry. During the Q2 call, you had mentioned about the extreme due diligence done around Rivada funding and payment. Did the research not consider the potential delays that we are experiencing right now? And does Terran not require any alternative funding from Rivada? No, we knew their funding source very well. We know. I met with them personally a long time ago. I had extreme confidence and saw no reason why they wouldn't have been funded. So this was just a... It was quite the surprise both to us and to Rivada. But yes, we did lots of diligence was done on all sides, and we had, you know, extreme confidence on their ability to fund. And we still expect them to get funded. Just, you know, there are other external circumstances that have popped up that have delayed things. But, you know, it is a large sovereign, and we expect them to come through at the end of the day. ... Okay. All right, thank you. I appreciate it. Thank you. Our next question comes from Mark Stone, who is a private investor. Mark, please go ahead. Yes, so the previous mention of Twitter reminded me of a comment/question I have. As of a few weeks ago, the Terran Orbital Twitter site posts are protected, and I actually submitted and still have pending a request from, like, about two or three weeks ago to have them unprotected. So why are they protected? Was that some kind of mistake by Terran Orbital or on purpose? I have a guy on social media shaking his head, looking at me, saying he has no clue what you're talking about, but we will go check it out. So obviously, he wasn't- I'm looking at it right now, and it says- I believe you. It says these posts- I, he's looking. A few weeks ago. I don't know. It was fine. Like I said, he's shaking his head. He's gonna look into it. So sorry. I don't post to the Terran Orbital accounts, but the guy who does is gonna find out. Thank you. You're welcome. Thanks for pointing that out to us. Next, we have a follow-up question from Peter Singh, again, who is a private investor. Thank you, Mark. Just one more, one more question here regarding the proposal from the co-founders and their recent letter after the fact, you know, when you had announced they reduced the revenue guidance. Any thoughts there, and how should the shareholders consider the pipeline that they're proposing, and how does it align with the pipeline that you have minus Rivada? I don't understand the question. Can you try again? So the co-founders are proposing... They're proposing. They're not- A billion-dollar pipeline. First of all, they're not co-founders. The three founders of Terran Orbital are Marc Bell, Dan Staton, and Anthony Previte, who is deceased. Those are the three founders. So you got to get your facts straight, please. You know, second, you know, they said they were able to... They proposed, well, they said they can close $1.7 billion, which is great. We have not seen... You know, we have lots of things that we're bidding on, but we don't disclose what we're working on. Could it be the same things? It cannot be the same things. You know, if they wanted to be helpful shareholders, they could give us the information. They choose not to, and that's their decision. Okay. Thank you. You're welcome. Those are all the questions we have, so I'll turn it back to the management team. Okay. Well, thank you very much for attending, everybody. We really appreciated it. We appreciated all the feedback and inviting everyone else to have questions. And, I want everyone to, I guess, the next time we'll speak to you will be after the holidays. Everybody, enjoy your Thanksgiving, and, thank you very much for joining us. Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.