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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 (NASDAQ: MYNA) has secured EUR 80.6 million in financing to refinance existing debt and support growth. This includes a secured five-year term loan of USD 75 million (approximately EUR 68.2 million) and an equity stake from affiliates of the lenders worth EUR 12.4 million. The new shares, issued under the exclusion of shareholders' subscription rights, are anticipated to be issued around April 28, 2023.
The financing will fully repay previous debts and provide working capital to enhance Mynaric’s operational capabilities. The company anticipates a substantial increase in its Optical Communications Terminal backlog and cash-in from customer contracts for 2023. However, risks associated with execution, competition, and market dynamics remain present, potentially affecting future performance.
Mynaric (NASDAQ:MYNA) reported preliminary unaudited financial results for 2022, indicating revenue of approximately EUR 4.4 million against a net operating loss of around EUR 73.8 million. The company had a backlog of 256 optical communications terminals, surpassing its earlier guidance of 250 units. Cash inflow from customer contracts in 2022 reached EUR 18.3 million, slightly below the projected EUR 20 million. Additionally, approximately EUR 11 million was invoiced in December 2022 and received in January 2023. Mynaric plans to conduct a webcast on April 27, 2023, to discuss these results in detail, which will be accessible through their Investor Relations page.
Mynaric (NASDAQ:MYNA) has been selected for three technology development projects under Germany's QuNET initiative, backed by the Federal Ministry of Education and Research (BMBF), with funding of up to 5.6 million Euros from 2023 to 2025. The projects focus on quantum communication, including an optical ground station prototype, airborne communication terminal demonstration, and exploration of compact optical technologies. This initiative enhances Mynaric's position in the European government market, especially with the recent adoption of the IRIS² satellite constellation planned for operational capacity by 2027. The projects aim to develop secure communication infrastructures across various domains.
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