Mynaric Lowers Revenue, Cash-In from Customer Contracts and Increases Operating Loss Guidance for 2024 Due to Slower than Expected Production Ramp and Higher Production Costs
MUNICH, GERMANY / ACCESSWIRE / August 20, 2024 / Mynaric AG (NASDAQ:MYNA; ISIN: US62857X1019)(FRA:M0YN; ISIN: DE000A31C305) (the "Company") has today resolved an update to full-year 2024 guidance published on June 20, 2024, for its key financial performance metrics:
IFRS-15 revenue: the company now expects full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million. The guidance decrease is due to production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components.
Operating loss: the company now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million. The guidance decrease is mainly driven by the lower than expected revenue and higher than expected production costs due to lower yields.
Cash-In from Customer Contracts(1): the company now expects full-year 2024 guidance to range between EUR 45.0 million to EUR 50.0 million compared to the previously communicated guidance of a range between EUR 65 million to EUR 100 million. The guidance decrease is mainly driven by lower shipments and delays in the program awards relative to previous expectations.
Optical Communications Terminal Backlog(2): the previous company guidance of a range between 800 to 1,000 terminal units in backlog is unchanged.
As of August 16, 2024, the Company had cash and cash equivalents on hand of EUR 6.3 million. With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp. At this time, we are evaluating a number of different strategic options to address our near-term capital needs.
(1) Cash-In from Customer Contracts includes payments from customers under purchase orders and other signed agreements, including accrued payment milestones under customer programs.
(2) Optical communications terminal backlog represents the quantity of all open optical communications terminal deliverables in the context of signed customer programs at the end of a reporting period.
Further explanations about how Mynaric uses these metrics can be found in Mynaric's Annual Report 2023, which has been published on Mynaric's investor relations website.
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.
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Company: Mynaric AG Bertha-Kipfmüller-Str. 2-8 81249 München Germany Phone: +49 8105 7999 0 E-mail: [email protected] www.mynaric.com
