By Sabela Ojea

Shares of Terran Orbital climbed Tuesday after the company said it secured a new contract to build 36 satellite buses for Lockheed Martin.

At 11:41 a.m. ET, shares were up 12% at 73 cents.

The provider of end-to-end satellite solutions said the deal comes as Lockheed Martin secures a contract in support of Space Development Agency's Tranche 2 Transport Layer Beta constellation.

The satellite buses will connect and protect U.S. military personnel worldwide, Terran Orbital's Chief Executive Marc Bell said.

Terran Orbital didn't disclose financial details on the deal.

The company is currently building 42 buses for Lockheed Martin as the aerospace company fulfills its $700 million SDA Tranche 1 Transport Layer contract, currently scheduled for a late 2024 launch.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 24, 2023 12:10 ET (16:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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