Mynaric Reports on Key Performance Indicators for 2023
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Insights
The announcement from Mynaric indicates a significant overachievement against their forecasted optical communications terminal backlog and cash-in from customer contracts. The backlog of 794 units surpasses the previous guidance of over 500 units, which is a substantial increase and suggests a robust demand for their products. Furthermore, the reported cash-in of EUR 49.2 million exceeds the forecasted EUR 30 million, illustrating a strong financial inflow.
This performance could be indicative of Mynaric's competitive positioning in the aerospace and defense sectors, particularly in government-funded satellite constellations. The multi-year delivery schedule starting from Q1 2024 provides revenue visibility and could be a positive signal to investors regarding the company's future financial stability. However, it's crucial to monitor the execution of these backlogged orders, as any delays or issues could impact future earnings.
Additionally, the operating loss being in line with the previous year, despite increased revenue, may raise questions about the scalability of their operations and cost management. Investors should consider the potential for improved margins as production scales up and whether the company has a clear path to profitability.
Mynaric's record backlog reflects a growing market appetite for laser communication technologies, which are becoming increasingly vital for modern satellite constellations and defense communication systems. The reliance on government contracts is both a strength and a risk, as it provides a stable demand but also exposes the company to the volatility of government spending and policy changes.
The company's success in securing large contracts could also be a sign of increased barriers to entry in the industry, potentially limiting competition and allowing Mynaric to solidify its market position. However, it is important to analyze the competitive landscape and potential technological disruptions that could affect Mynaric's market share and pricing power.
Understanding the industry's growth trajectory and Mynaric's alignment with emerging trends, such as the militarization of space and the push for global broadband connectivity, is essential for stakeholders to assess the long-term potential of their investment.
The strategic importance of Mynaric's optical communications terminals in government-funded satellite constellations cannot be overstated. These systems are critical for secure, high-bandwidth communication that is less susceptible to interference and interception than traditional radio-frequency systems. The backlog suggests that Mynaric is well-positioned to capitalize on the increasing defense and security expenditures globally.
It's essential to consider the implications of geopolitical tensions and defense policies on Mynaric's business. The reliance on government contracts means that shifts in defense spending priorities could significantly impact the company's order book and financial performance. Stakeholders should monitor policy developments and defense budgets to anticipate potential changes in demand for Mynaric's products.
Furthermore, the technological complexity of producing optical communications terminals for aerospace applications implies a need for continuous R&D investment to maintain a competitive edge. The company's ability to innovate and deliver on these complex systems will be critical for sustained growth and meeting the expectations set by the current backlog.
MUNICH, GERMANY / ACCESSWIRE / January 10, 2024 / Mynaric (NASDAQ:MYNA)(FRA:M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, today reported on key performance indicators for the year ending December 31, 2023.
As of December 31, 2023, the optical communications terminal backlog and cash-in from customer contracts is as follows:
- Optical communications terminal backlog: 794 units (FY23 guidance as of November 10, 2023: >500 units)
- Cash-in from customer contracts: EUR 49.2 million (FY23 guidance as of November 10, 2023: EUR >30 million)
- IFRS-15 revenue and operating loss: Based on preliminary, unaudited numbers the company expects revenue and operating loss in-line with the previously communicated range (FY23 guidance as of November 10, 2023: around the same level from 2022 of EUR 4.4 million for revenue and EUR 73.8 million for operating loss)
The vast majority of the optical communications terminals in backlog as of December 31, 2023 includes deliverables with key aerospace and defense customers that are related to government-funded satellite constellations with the bulk deliveries scheduled to start in the first quarter of 2024 and continue into 2025 and 2026, which provides Mynaric with excellent revenue and cash flow visibility on these programs.
"We finished 2023 with very strong order momentum leading to a record backlog well above our guidance, which we believe is a testament to the trust our customers have placed in us and to the incredible efforts of all of our team members," said Mustafa Veziroglu, CEO of Mynaric.
"With the strong order momentum, especially in the second half of 2023, and achievement of critical milestones, cash-in from customers finished the year above our guidance," said Stefan Berndt-von Bulow, CFO of Mynaric.
About Mynaric
Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C.
Forward-Looking Statement
This release includes forward-looking statements. All statements other than statements of historical or current facts contained in this release, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target" "will," "would" and/or the negative of these terms or other similar expressions that are intended to identify forward-looking statements.
The forward-looking statements included in this release are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond our control, and actual results may differ materially from those expected or implied as forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to (i) the impact of any geopolitical tensions or the global COVID-19 pandemic on the global economy, our industry and markets as well as our business, (ii) risks related to our limited operating history, our history of significant losses and the execution of our business strategy, (iii) risks related to our ability to successfully manufacture and deploy our products and risks related to serial production of our products, (iv) risks related to our sales cycle which can be long and complicated, (v) risks related to our limited experience with order processing, our dependency on third-party suppliers and external procurement risks, (vi) risks related to defects or performance problems in our products, (vii) effects of competition and the development of the market for laser communication technology in general, (viii) risks related to our ability to manage future growth effectively and to obtain sufficient financing for the operations and ongoing growth of our business, (ix) risks relating to the uncertainty of the projected financial information, (x) risks related to our ability to adequately protect our intellectual property and proprietary rights and (xi) changes in regulatory requirements, governmental incentives and market developments. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.
The forward-looking statements included in this release are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless required under applicable law, neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release or otherwise. You should read this release with the understanding that our actual future results, levels of activity, performance and events and circumstances may materially differ from what we expect.
This release may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that our presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently.
Contact:
Mynaric AG
+49 8105 7999 0
comms@mynaric.com
www.mynaric.com
SOURCE: Mynaric AG
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