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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 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.
Mynaric (NASDAQ:MYNA) has secured a $36 million contract with Northrop Grumman for the delivery of optical communication terminals as part of a U.S. government space initiative. The agreement outlines payment milestones spread over 2022, 2023, and 2024, with the majority of product deliveries planned for 2023 and 2024. This partnership highlights Mynaric's role in advancing laser communications technology, aimed at enhancing data transmission capabilities in air, space, and mobile applications.
Mynaric will exhibit at SATELLITE 2022 from March 21-24, showcasing its HAWK Optical Communication Terminal in a live demonstration. Located at Booth 849, company leadership will discuss laser communication solutions for various applications. The event is essential for networking and highlighting innovations in space technology. Mynaric aims to enhance product awareness and strengthen customer relationships. Additionally, executives will participate in panels discussing the future of the satellite industry. CEO Bulent Altan and CCO Tina Ghataore will deliver key presentations during the event.
Mynaric (NASDAQ:MYNA) announced it will publish its FY21 business update via a shareholder letter on March 28, 2022, at 11:00 a.m. EDT. The update will include preliminary financial results and key figures. A webcast will follow at 12:00 p.m. EDT for further discussion, featuring CEO Bulent Altan. Mynaric invites investors to submit questions through Reddit or the webcast platform until March 25, enhancing community engagement. This initiative is part of their strategy to keep stakeholders informed and involved in company developments.
Tina Ghataore, Chief Commercial Officer of Mynaric, has been nominated for the prestigious Satellite Executive of the Year award by Via Satellite, recognizing significant contributions in the global satellite industry. The award, established in 1988, highlights leaders in technology and innovation. Ghataore's leadership has been pivotal in expanding Mynaric's market presence in the U.S., particularly in laser communication technologies. The award winner will be announced at SATELLITE 2022 in March, based on public and editorial votes.
Mynaric has been awarded the 2021 Pioneer Space Business Award of the Year at the World Satellite Business Week Summit, recognizing its leadership in laser communication for space applications. The award, presented by Euroconsult, highlights Mynaric's innovative approach and significant impact on the global space sector. The company's momentum this year includes the opening of a serial production facility and a successful NASDAQ listing, underscoring its commitment to achieving global connectivity through strategic industry partnerships.
Mynaric AG recently closed its public offering of 4,000,000 American Depositary Shares (ADSs) on November 16, 2021, at a price of USD 16.50 per ADS. The offering generated gross proceeds of USD 75.9 million, including an exercised underwriters' option for an additional 150,000 shares (equivalent to 600,000 ADSs). The offering was managed by Credit Suisse and Jefferies, among others. A registration statement for the offering was declared effective on November 10, 2021.
Mynaric AG has announced the pricing of its initial public offering (IPO) of 4,000,000 American Depositary Shares (ADSs), equivalent to 1,000,000 ordinary shares, at a price of $16.50 per ADS. The offering may include an additional 600,000 ADSs through an over-allotment option, potentially raising $75.9 million in gross proceeds. Funds are intended for ramping up serial production, advancing product development, and repaying credit line amounts. The IPO is set to close on November 16, 2021, with trading on Nasdaq under the symbol MYNA beginning November 12, 2021.
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