Satellite manufacturer Terran Orbital (NYSE: LLAP) preannounced its year-end cash balance, disclosing its cash on hand had increased significantly during the fourth quarter. Investors appreciated the update, sending shares of Terran Orbital up more than 22% as of 12:30 p.m. ET Tuesday.

Terran Orbital is part of a new breed of space stocks that have gone public in recent years. The company makes satellites for defense and commercial customers, combining design, manufacture, mission operations, and in-orbit support.

Last year was a tough one for the company, with the shares falling about 85% off of their February highs on disappointing results and questions about one of its key customers. The company sold additional stock back in September to fortify its balance sheet, but questions remained about its long-term financial health.

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Source Fool.com