Continued traction on key performance indicators as company prepares for serial production and shipments to key customers in 2H23
MUNICH, GERMANY / ACCESSWIRE / April 27, 2023 / 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, 2022.
"Mynaric finished 2022 with a solid terminal order backlog and is well positioned to capitalize on the significant opportunity ahead of us as the adoption of laser communications accelerates in both the space and airborne domains," said Bulent Altan and Mustafa Veziroglu, Co-CEOs of Mynaric. "2023 will be a defining year for Mynaric as we further focus on scaling up our production of optical communications terminals and new business growth opportunities."
Key 2022 and 2023 Highlights
- Optical Communications Terminal Backlog at December 31, 2022 of 256 units (40 units as of December 31, 2021) and 348 as of April 27, 2023
- Cash-in from Customer Contracts of EUR 18.3 million in 2022 (EUR 3.9 million as of 2021) exclusive of approximately EUR 11 million invoiced in December 2022 and received in January 2023. EUR 18.8 million received in 2023 to date as of April 27, 2023
- Multiple wins with Northrop Grumman for CONDOR Mk3 terminals, key contract with DARPA and a contract with commercial U.S.-based energy customer for HAWK terminals all signed in 2022
- L3Harris strategic partnership agreement and equity ownership stake
- Subsequent wins with an unnamed U.S.-based customer for CONDOR Mk3 Terminals, Japan-based WARPSPACE and selected by German government for multiple projects to develop quantum communication capabilities
- Raised EUR 80.6 million growth capital in April 2023 via a $75 million 5-year term loan debt and equity issuance to U.S.-based global investment management firm
"With the recent closing of our new credit facility and equity investment, we have the capital needed to support our near-to-medium term delivery commitments and we are well-positioned to capitalize on the long-term opportunity for laser communications we see ahead of us" said Stefan Berndt von-Bülow, CFO of Mynaric.
Outlook
Mynaric is providing the following key performance indicators outlook for 2023:
- A significant increase in Optical Communications Terminal Backlog compared to 2022 year-end level
- A significant increase in Cash-in from Customer Contracts compared to 2022 results
Webcast details
Mynaric has scheduled a webcast to discuss its preliminary unaudited full-year 2022 financial results to be held today, Thursday, April 27, 2023, 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 Co-CEOs, Bulent Altan and 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 FY2022 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 .
Investor Contact
Tom Dinges
[email protected]
+1 (202) 900-8332
Forward-Looking Statement
This release includes forward-looking statements. All statements other than statements of historical or current facts contained in this release, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target" "will," "would" and/or the negative of these terms or other similar expressions that are intended to identify forward-looking statements.
The forward-looking statements included in this release are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond our control, and actual results may differ materially from those expected or implied as forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to (i) the impact of any geopolitical tensions or the global COVID-19 pandemic on the global economy, our industry and markets as well as our business, (ii) risks related to our limited operating history, our history of significant losses and the execution of our business strategy, (iii) risks related to our ability to successfully manufacture and deploy our products and risks related to serial production of our products, (iv) risks related to our sales cycle which can be long and complicated, (v) risks related to our limited experience with order processing, our dependency on third-party suppliers and external procurement risks, (vi) risks related to defects or performance problems in our products, (vii) effects of competition and the development of the market for laser communication technology in general, (viii) risks related to our ability to manage future growth effectively and to obtain sufficient financing for the operations and ongoing growth of our business, (ix) risks relating to the uncertainty of the projected financial information, (x) risks related to our ability to adequately protect our intellectual property and proprietary rights and (xi) changes in regulatory requirements, governmental incentives and market developments. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.
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This release may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that our presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently.
SOURCE: Mynaric AG