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Mynaric AG (NASDAQ: MYNA; FRA: M0YN) is a pioneering leader in the field of laser communications, specializing in the design and manufacture of industrialized, scalable, and cost-effective optical communications terminals. The company plays a significant role in advancing the industrial revolution of laser communications, providing solutions for air, space, and mobile applications.
Mynaric operates through two primary segments: Air and Space. The Space segment features the CONDOR terminals, while the Air segment includes the HAWK terminals. The company's comprehensive product portfolio encompasses Optical ground stations, Air-to-ground terminals, Air-to-air terminals, Space terminals, and Custom products and subcomponents. These products are vital for high-altitude networks, remote observation, satellite constellations, and earth observation satellites.
Headquartered in Munich, Germany, with additional offices in Los Angeles, California, and Washington, D.C., Mynaric's key revenue is derived from the United States. Recently, Mynaric has secured several high-profile contracts. On November 29, 2023, the company signed a definitive agreement for an additional order valued at approximately $30 million from an undisclosed US-based customer. This contract involves the delivery of the CONDOR Mk3 optical communication terminals starting in mid-2024.
Further, on December 13, 2023, Mynaric entered into an agreement with Northrop Grumman for the delivery of optical communication terminals under the U.S. Government's Space Development Agency Tranche 2 Transport Layer-Alpha space vehicles program. This contract is valued at around $33 million, with product deliveries scheduled to begin in 2024 and continue until 2026.
Mynaric also reported strong performance indicators for the year ending December 31, 2023, with a substantial backlog in optical communications terminals primarily for government-funded satellite constellations. This backlog, resulting from robust order momentum in late 2023, will significantly impact revenue and cash flow visibility from early 2024 to 2026.
Moreover, on January 16, 2024, Mynaric was selected as a key development partner for Phase 2 of DARPA's Space-based adaptive communications node (Space-BACN) program, which aims to create scalable and reconfigurable optical communications terminals for various satellite constellations. This follows Mynaric's involvement in Phase 0 in December 2021 and Phase 1 in August 2022.
Mynaric has also announced an amendment to its existing US$75 million loan agreement, increasing the borrowing capacity by US$20 million, providing additional liquidity to support the company's working capital requirements and other corporate purposes.
As of March 30, 2024, Mynaric shipped the first flight model CONDOR Mk3 optical head, marking the start of serial production for these terminals. This milestone aligns with the company's mission to deliver mass-deployable free space optical communications systems at scale.
In the latest development, as of May 7, 2024, Mynaric has been selected by Rocket Lab USA, Inc. to supply free space optical terminals for the SDA's Tranche 2 Transport Layer (T2TL) - Beta program. This $15 million order will see deliveries commencing in 2025.
Mynaric's innovative solutions and continued success in securing key contracts underscore its pivotal role in the evolving landscape of laser communications. For more information, visit mynaric.com.
Mynaric AG (NASDAQ:MYNA) has updated its 2024 financial guidance, lowering expectations due to production challenges. Key points:
- IFRS-15 revenue forecast reduced to EUR 16.0-24.0 million from EUR 50.0-70.0 million
- Operating loss expected to increase to EUR 55.0-50.0 million from EUR 40.0-30.0 million
- Cash-In from Customer Contracts guidance lowered to EUR 45.0-50.0 million from EUR 65-100 million
- Optical Communications Terminal Backlog guidance remains unchanged at 800-1,000 units
The company cites production delays, lower yields, and component shortages as reasons for the revised outlook. With only EUR 6.3 million in cash as of August 16, 2024, Mynaric is exploring additional capital sources to secure ongoing operations and production ramp-up.
Mynaric (NASDAQ:MYNA) has been chosen by ReOrbit to supply its CONDOR Mk3 terminal for ReOrbit's UKKO mission, aimed at demonstrating secure space-to-space and space-to-ground laser communications. This selection reinforces Mynaric's standing as a premier provider of optical communications technology for European organizations. Mynaric's terminals have been previously validated in linking satellites for interoperability. The CONDOR Mk3 is designed for mass deployment in both government and commercial satellite constellations. The company has also secured several contracts with prominent entities like Northrop Grumman, York Space Systems, and Capella Space, highlighting its robust market presence. Notably, Mynaric was selected by the European Space Agency (ESA) for high-throughput optical inter-satellite link investigations and by the German government for quantum communication projects.
Mynaric (NASDAQ:MYNA) announced its participation in the Jefferies Virtual Space Summit. This event will occur on June 25, 2024, at 11:00 a.m. EDT / 5:00 p.m. CET.
The company's CFO, Stefan Berndt-von Bülow, will present at this virtual conference. Investors and interested parties can access further information and public webcast details on the Mynaric Investor Relations website.
This announcement is part of Mynaric's ongoing efforts to engage with investors and provide updates on its developments and strategic direction.
Mynaric (NASDAQ:MYNA) announced its preliminary unaudited results for the fiscal year ending December 31, 2023, highlighting significant milestones and a strong outlook for 2024. The company reported a backlog of 794 optical terminals at the end of 2023, up from 256 in 2022, and 829 as of June 20, 2024.
Key customer contracts were secured with Northrop Grumman, York Space Systems, Loft Federal, DARPA, the German government, and a Japan-based constellation. Revenue from customer contracts grew to EUR 49.2 million in 2023 from EUR 18.3 million in 2022.
In April 2024, Mynaric secured a US$ 20 million deferred draw term loan to support working capital. The company projected 2024 revenue to be between EUR 50-70 million with an operating loss of EUR 30-40 million. The terminal backlog is expected to be between 800-1,000 units, with cash inflows from contracts estimated at EUR 65-100 million.
Mynaric’s outlook assumes successful production ramp-up and securing new orders. However, it may need additional capital if there are delays in production or order placements.
Mynaric has published its financial outlook for fiscal year 2024, offering quantitative guidance for key performance indicators including revenue and operating loss. The company projects revenues between €50 million and €70 million, driven by shipments of CONDOR Mk3 units. Operating losses are expected to range from -€40 million to -€30 million, a significant decrease from last year due to higher revenue levels. Cash-in from customer contracts is forecasted to be between €65 million and €100 million, reflecting payments from both terminal shipments and pre-payments for new business wins. Additionally, the optical communications terminal backlog is anticipated to be between 800 and 1,000 units, indicating new wins in government and commercial sectors. This outlook aligns with recent analyst estimates, which average around €65 million for revenue and -€36 million for operating loss.
Mynaric, a leading laser communications manufacturer, has been selected by Rocket Lab for the Space Development Agency's Tranche 2 Transport Layer - Beta program. The $15 million order of CONDOR Mk3 terminals will be delivered from 2025 to 2026. The partnership aims to enhance the Joint All Domain Command and Control (JADC2) infrastructure with low-latency data transport and tactical satellite communication capabilities.
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