MUNICH, GERMANY / ACCESSWIRE / January 10, 2024/ Mynaric (NASDAQ:MYNA)(FRA:M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, today reported on key performance indicators for the year ending December 31, 2023.
As of December 31, 2023, the optical communications terminal backlog and cash-in from customer contracts is as follows:
Optical communications terminal backlog: 794 units (FY23 guidance as of November 10, 2023: >500 units)
Cash-in from customer contracts: EUR 49.2 million (FY23 guidance as of November 10, 2023: EUR >30 million)
IFRS-15 revenue and operating loss: Based on preliminary, unaudited numbers the company expects revenue and operating loss in-line with the previously communicated range (FY23 guidance as of November 10, 2023: around the same level from 2022 of EUR 4.4 million for revenue and EUR 73.8 million for operating loss)
The vast majority of the optical communications terminals in backlog as of December 31, 2023 includes deliverables with key aerospace and defense customers that are related to government-funded satellite constellations with the bulk deliveries scheduled to start in the first quarter of 2024 and continue into 2025 and 2026, which provides Mynaric with excellent revenue and cash flow visibility on these programs.
"We finished 2023 with very strong order momentum leading to a record backlog well above our guidance, which we believe is a testament to the trust our customers have placed in us and to the incredible efforts of all of our team members," said Mustafa Veziroglu, CEO of Mynaric.
"With the strong order momentum, especially in the second half of 2023, and achievement of critical milestones, cash-in from customers finished the year above our guidance," said Stefan Berndt-von Bulow, CFO of Mynaric.
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.
Forward-Looking Statement
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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.
