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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) provided an update on its full-year 2022 guidance, anticipating a backlog of over 250 optical communications terminals, up from the previous estimate of over 220, due to strong traction in the government sector. The company maintains its expectation of more than EUR 20 million in cash from customer contracts. A conference call is scheduled for October 31, 2022, to discuss preliminary first half 2022 financial results, further solidifying Mynaric's position in the laser communications industry.
Mynaric (NASDAQ:MYNA) has updated its full-year 2022 financial guidance. The optical communications terminal backlog is now projected to exceed 250 units, surpassing the previous estimate of 220 units, driven by strong government contracts. The company anticipates over EUR 20 million in cash-in from customer contracts. However, due to supply chain issues, IFRS-15 revenues are expected to remain at 2021 levels, and operating losses are anticipated to be significantly higher than in 2021.
Mynaric (NASDAQ:MYNA) announced it will supply Northrop Grumman with 42 CONDOR Mk3 optical communications terminals for 14 satellites as part of the Space Development Agency's Tranche 1 Tracking Layer program. Deliveries are expected primarily in 2024 for deployment in 2025. These satellites will feature advanced sensors and communications payloads to track hypersonic and other advanced missiles. This collaboration emphasizes Mynaric's role in supporting U.S. national defense and its commitment to producing scalable, reliable communication products.
Mynaric appointed Mustafa Veziroglu as President to oversee operational responsibilities for its laser communications products. He brings extensive experience from SA Photonics and a decade in the semiconductor industry. Veziroglu aims to streamline production and enhance product delivery, capitalizing on Mynaric's technological strengths and customer relationships. The company has recently gained momentum with key partnerships and projects, including collaborations with Northrop Grumman and DARPA, positioning itself for growth in the laser communications sector.
Mynaric (NASDAQ:MYNA) announced its participation in two major investor conferences in August 2022. The events include the Jefferies Industrials Conference on August 9 and the Canaccord Genuity 42nd Annual Growth Conference on August 11. Both presentations will be conducted in a fireside chat format and will be available via webcast to the public. The company's focus is on leading the industrial revolution of laser communications, providing secure and high-speed data transmission solutions for various applications.
Mynaric (NASDAQ:MYNA) has entered into a strategic investment agreement with L3Harris (LHX), where L3Harris will invest approximately EUR 11.2 million to acquire 409,294 shares at around EUR 27.37 per share. This investment grants L3Harris a 7.2% ownership stake in Mynaric. The collaboration aims to expand laser communication capabilities across multiple domains, enhancing existing partnerships and focusing on high-bandwidth, secure connectivity. Mynaric will become a preferred provider for L3Harris, enabling joint access to critical testing environments.
Mynaric AG has increased its share capital from EUR 5,242,948 to EUR 5,652,242 by issuing 409,294 new shares, which is around 7.2% of the company's share capital. These shares were fully subscribed by L3Harris at a price of EUR 27.3675 each. The capital increase aims to strengthen the equity base and support the company's growth. In return for its investment, L3Harris will gain access to Mynaric’s test capabilities and collaborate on laser communication assets for the International Space Station.
Mynaric (NASDAQ:MYNA) has secured its largest order for optical communications terminals, valued at $36 million, from Northrop Grumman as part of the U.S. Space Development Agency's Tranche 1 Transport Layer program. This agreement establishes Mynaric as the sole supplier of these terminals for Northrop Grumman, with deliveries expected in 2023 and 2024. The partnership highlights Mynaric's significant investments in scalable production and cutting-edge technology, affirming its role in the evolving market for laser communications.
Mynaric (NASDAQ:MYNA) has announced a contract with Airbus U.S. Space & Defense to host its CONDOR Mk2 optical communications terminal on the International Space Station's Bartolomeo platform. This initiative aims to demonstrate laser communication capabilities in low Earth orbit, offering customers various experimental mission scenarios. The terminal will undergo rigorous testing to build operational heritage in space and is expected to be part of the ISS's Fall 2022 resupply mission. This collaboration emphasizes Mynaric's commitment to advancing high data-rate connectivity technology.
Mynaric (NASDAQ: MYNA) announced a postponement of its FY21 business update due to management illness, now scheduled for April 4, 2022. The update will include preliminary financial results and key information shared through a shareholder letter at 11:00 a.m. EDT. Following that, a webcast at 12:00 p.m. EDT will host discussions with executives including CEO Bulent Altan. The company has also crowdsourced questions from both retail and institutional investors that may be addressed during the update.
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