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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) 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.
Mynaric (NASDAQ:MYNA) has successfully delivered multiple CONDOR Mk2 optical communications terminals to Telesat Government Solutions, marking a significant milestone toward establishing space flight heritage. These terminals will be used in DARPA's Blackjack Track B program, slated for launch to support satellite operations. Mynaric's Co-CEO stated that this delivery is a step closer to their inaugural customer mission and highlighted plans for a ramp-up in production of optical communications terminals.
The delivery builds upon previous successful deliveries, underscoring Mynaric's commitment to cost-effective laser communications technology.
Mynaric (NASDAQ:MYNA) announced the appointment of Mustafa Veziroglu as Co-CEO effective February 1, 2023. Veziroglu joined the company in August 2022 as President, overseeing product lifecycle activities. His new role aims to enhance Mynaric's execution focus for 2023 alongside Co-CEO Bulent Altan. The company reported a record product backlog of 256 units as of December 31, 2022, with significant deliveries expected in the second half of 2023. Additionally, Mynaric secured an order worth approximately $24 million from a US-based customer for deliveries scheduled in the same timeframe.
Mynaric AG (NASDAQ:MYNA) announced a significant management change on January 31, 2023. Mustafa Veziroglu will join Bulent Altan as Co-CEO, effective February 1, 2023. Veziroglu, a Management Board member since August 2022, has overseen the development and production of the company's laser communication products. This leadership expansion aims to enhance Mynaric’s operational capabilities in the laser communications sector, which is vital for high-speed data transmission across air, space, and mobile applications.
Mynaric (NASDAQ: MYNA) has announced an order for CONDOR Mk3 terminals from Japan-based WARPSPACE, marking its first sale in the Japanese space industry. This order is aimed at establishing a commercial optical data relay network for Earth observation satellites, with deliveries scheduled for 2023 to 2025. The Japanese space market is projected to grow from $9 billion to over $30 billion by 2050. Mynaric's optical terminals are designed for mass deployment in satellite constellations and have been selected for various programs, enhancing its market position in the growing sector of laser communications.
Mynaric (NASDAQ:MYNA) reported key performance indicators for the year ending December 31, 2022. As of this date, the company had a backlog of 256 optical communications terminals, surpassing its earlier guidance of >250 units. The cash-in from customer contracts amounted to EUR 18.3 million, slightly below the projected EUR >20 million. Additionally, about EUR 11 million was invoiced in December 2022. Mynaric anticipates significant deliveries beginning in the second half of 2023. The company emphasized a strong execution track record and expectations for a strong growth year ahead in the laser communications market.
Mynaric (NASDAQ: MYNA) has secured a $24 million agreement with a new, undisclosed U.S.-based customer for the delivery of CONDOR Mk3 optical communication terminals. Payment milestones are set for the first and second halves of 2023, with product deliveries expected in the second half. Mynaric specializes in laser communications, enabling high-speed, secure data transmission for various applications. The company operates from locations in Munich, Los Angeles, and Washington, D.C.
Redwire Corporation (NYSE: RDW) announced a partnership with BigBear.ai (NYSE: BBAI) to provide cybersecurity tools for Mynaric (NASDAQ: MYNA). These tools, part of the SpaceCREST platform, will ensure the security of Mynaric's optical communications terminal design for DARPA’s Space Based Adaptive Communications Node program. This collaboration aims to address vulnerabilities in national security programs, emphasizing the importance of cybersecurity in the growing space economy.
Mynaric (NASDAQ:MYNA) has announced the delivery of several HAWK optical communications terminals to a commercial energy customer in the U.S. These terminals aim to assist in disaster recovery missions where traditional communication methods may fail. The technology offers high data rates and can effectively transmit data to support restoration activities in disaster-hit areas. Executives emphasize the technology's versatility and potential new applications, particularly during natural disasters where communication networks are compromised.
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