Mynaric AG

  • WKN: A0JCY1
  • ISIN: DE000A0JCY11
  • Land: Deutschland

Nachricht vom 07.04.2021 | 10:32

Mynaric publishes Annual Report 2020 and reports about key highlights

DGAP-News: Mynaric AG / Key word(s): Annual Report
07.04.2021 / 10:32
The issuer is solely responsible for the content of this announcement.

Gilching, April 7, 2021 - Mynaric (Frankfurt Stock Exchange: M0Y, ISIN: DE000A0JCY11) has published its Annual Report 2020, detailing the company's commercial and product progress over the course of the reporting period and highlighting some of the key milestones achieved last year. These include:

- Alignment of Mynaric's positioning with the security interests of its core markets - acknowledging the strategic role of laser communications for nation states and opening significant revenue opportunities with governments of NATO and partnering nations.

- Successful positioning of Mynaric's products in key U.S. government programs - a critical milestone considering the catalytic role U.S. government programs play for the aerospace industry.

- Headcount growth to around 200 employees - the largest concentration of experts on laser communication systems worldwide, to Mynaric's knowledge.

- Raising of an additional EUR 70 million of growth funding - to support execution of its business plan.

- Increase of global facility space to more than 7,000 sqm - including facilities to set up significant additional production capacity to manufacture laser communications products at scale.

- High profile hires from the aerospace industry - bringing substantial expertise on how to capture the market and a wide-reaching network to execute on that.

- Expansion in the U.S. with offices in Los Angeles and Washington D.C. and a growing U.S. workforce, in particular in sales and customer support.

Financially, total output in 2020 reached EUR 9.4 million (2019: EUR 7.9 million) mostly due to further work on product development which was capitalized. Revenue increased by 53% to EUR 0.7 million (2019: EUR 0.4 million) primarily driven by the delivery of its first HAWK AIR terminals to a major U.S. customer with which Mynaric has begun work to introduce the product to the U.S. governmental market. Delivery of CONDOR terminals initially scheduled for 2020 was not completed due to Mynaric's withdrawal from the Chinese market.

Mynaric was awarded two contracts in 2020 relating to its CONDOR terminals in connection with two U.S. governmental programs. These customer orders are expected to contribute to revenues in 2021 after shipments of products are completed. CONDOR terminals compliant with interoperability requirements of U.S. government programs are expected to be delivered to customers from Q2 2021.

Overall, Mynaric continued its growth path in 2020, which resulted in an increase in cost of purchased material and services of EUR 6.2 million (2019: EUR 2.8 million) through the ramp-up of pre-production and an increase in personnel expenses to EUR 16.7 million (2019: EUR 8.2 million) while investing EUR 8.0 million in intangible and EUR 7.1 million in tangible assets.

In 2020, Mynaric started pre-series production of its HAWK AIR terminals and of its CONDOR terminals. In total, almost a dozen terminals were manufactured in 2020, most of which were used to optimize internal production processes and to improve product maturity. In 2021, Mynaric plans to produce around 50 terminals split roughly equally between its CONDOR terminals and its HAWK AIR terminals. Of the 50 terminals in total, up to 75% are up for sale and shipment to selected partners and customers, aiming to jointly optimize its products and to roll out its technology at scale. Remaining units not available for sale will be used to further improve its internal production processes and product development.

Mynaric continues to work on ramping up serial production through 2021, targeting to achieve triple-digit production capacity from 2022 onwards. After having started initial pre-series production in 2020, Mynaric is currently completing its first dedicated serial production facility which is scheduled to be opened in Q2 2021. The facility is planned to reach up to one unit per day capacity once fully operational.

Going forward, Mynaric intends to further expand its footprint in the United States given the pivotal role U.S. government programs play in the growing laser communications market. Through U.S. government programs alone more laser communication systems for space applications have been procured in 2020 than have been brought into use collectively in the industry's entire history. As such, Mynaric considers the U.S. market as crucial for laser communication's industrialization to transition from a niche technology to large-scale commercial deployment.

The annual report 2020 can be downloaded from Mynaric's website:

https://mynaric.com/investor-relations/publications/

This release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

 

About Mynaric

Mynaric is a manufacturer of laser communication technologies used to establish dynamic communication networks in air and space. Its laser data transmission products include ground stations and flight terminals, which allow very large quantities of data to be sent wirelessly over long distances between aircraft, autonomous drones, high altitude platforms, satellites and the ground at high data rates.

Globally, the need for fast and ubiquitous network connectivity is advancing inexorably. Data networks are today largely based on infrastructure on the ground, which cannot be expanded arbitrarily for legal, economic or logistical reasons. The future therefore calls for an expansion of the existing network infrastructure into air and space. With its wireless laser communication products Mynaric is positioned as a pioneer in this growth market.

For more information see: www.mynaric.com



07.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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