Mynaric Announces Preliminary Full-Year 2023 Results and Provides Outlook for Full-Year 2024

MUNICH, June 20, 2024 –  Mynaric (NASDAQ: MYNA) (FRA: M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, today announces preliminary unaudited results for the fiscal year ending December 31, 2023.

“2023 marked a milestone year for Mynaric as we ended the year with record backlog of optical terminals, were awarded business with many marquee customers and prepared for serial production,” said Mustafa Veziroglu, CEO of Mynaric. “In the first quarter of 2024, we completed our first CONDOR Mk3 shipment marking another significant milestone for the company.”

Key 2023 and 2024 Highlights

• Optical Communications Terminal Backlog at December 31, 2023 of 794 units (256 units as of December 31, 2022) and 829 as of June 20, 2024
• Cash in from Customer Contracts of EUR 49.2million in 2023 (EUR 18.3 million as of December 31, 2022)
• Multiple wins with key customers such as Northrop Grumman, York Space Systems and Loft Federal for CONDOR Mk3 terminals, key contract with DARPA and the German government for multiple projects and a contract with commercial Japan-based constellation
• Initial CONDOR Mk3 shipment achieved at the end of Q1 2024.
• In April 2024, secured additional US$ 20 million deferred draw term loan facility from primary lender to support working capital

Outlook

Mynaric is providing the following key performance indicators outlook for 2024:

In Euro millions and actual terminal units

For the fiscal year 2024, our revenue outlook is driven by shipments of CONDOR Mk3 units to multiple customers. This outlook assumes we are able to ramp to our current production plans. This outlook remains at the lower end of the most recent published analyst estimates for 2024 (for which the arithmetic average is approximately €65 million).

We expect our operating loss for the fiscal year 2024 to decrease significantly from last year’s level due to higher revenue levels. This outlook remains in-line with the most recent published analyst estimates for 2024 (for which the arithmetic average is approximately -€36 million).

For the fiscal year 2024, our optical communications terminal shipments backlog outlook reflects expected new wins in the government and commercial sectors more than offsetting our projected shipments for 2024.

For the fiscal year 2024, our cash-in from customer contracts outlook reflects both cash-in from terminal shipments as well as customer pre-payments for new business wins.

The outlook is based on the current projected production ramp and current liquidity projection. Should Mynaric experience either a pushout in its production schedule, fail to secure new orders as planned or incur delays in securing new orders from customers, there is a high likelihood the company could need to raise additional capital. Mynaric is also considering pursuing multiple alternative options in order to secure its cash needs and bolster its long-term success.

Webcast details

Mynaric has scheduled a webcast to discuss its preliminary full-year 2023 financial results and 2024 outlook to be held today, June 20, 2024, at 12:00 p.m. Eastern Daylight Time (6:00 p.m. Central European Summer Time).

The conference call and webcast will include a presentation of these results along with a Q&A session with Mynaric executives including CEO, Mustafa Veziroglu, and CFO, Stefan Berndt-von Bülow.

Interested parties may listen to the webcast on the Investor Relations section of mynaric.com by pre-registering at the following registration link: Mynaric FY2023 Earnings Webcast Registration.

An archived version of the webcast along with corresponding slides will be available on the Investor Relations section of mynaric.com.

About Mynaric

Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C.

For more information, visit mynaric.com. 

Forward-Looking Statement

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