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DGAP-News: Mynaric AG / Key word(s): Half Year Report
Inaugurated serial production, expanding US footprint and ongoing success with new and existing customers set stage for near-term inflection point
Munich, Germany, 31 October 2021 - Mynaric (Frankfurt Stock Exchange: M0Y, ISIN: DE000A0JCY11) has today published its half-year report 2021, highlighting the company's newly inaugurated production facility, its expanding US footprint and its success with new and existing customers.
Mynaric reflects on a successful first half of 2021 setting the stage for a near-term inflection point:
In June 2021, Mynaric celebrated the opening of its first dedicated serial production facility designed to produce laser communication equipment for the aerospace sector at scale. The facility, located in the immediate vicinity of Mynaric's headquarters near Munich, has been set up with a specific focus on scalable production adaptable to the dynamic development expected from the laser communications market and demand across distinct market verticals. With the opening of the new production facility Mynaric continues to execute its strategy to build industrial capabilities required for the large volume deployment of laser communication products in proliferated aerospace networks. Mynaric follows a unique approach to supply chain and procurement focused on the reduction of critical supplier dependencies and risks associated to production ramp-up while maintaining its competitive advantages and securing its market position.
The company targets a production volume of up to 50 optical communications terminals for 2021 and a per year production rate of up to 2,000 units going forward in its initial serial production facility based on the conversion of anticipated near term opportunities in the constellation market.
In February, Mynaric expanded its US footprint by opening an office in the Washington D.C. area to place its team closer to US government organizations driving the adoption of laser communication. The company hired a range of well experienced individuals from the aerospace industry to lead its US sales and business development activities.
The company also committed to establish electronic systems production directly in the US, expanding its existing capabilities in the Los Angeles area. Specifically, Mynaric will establish assembly, integration and test capabilities for electronic components and ensure these components can be fully sourced, designed and built in the United States, without leaving the country until customer delivery, particularly to accommodate the needs of security-sensitive US customers. Mynaric's current facilities in the US already include cleanroom environments, test equipment areas and general office space.
Mynaric exhibited at multiple US trade shows, namely the 36th National Space Symposium, the SATELLITE 2021 show, and the Space Tech Expo USA in 2021, showcasing its industrialized laser communication products.
The company plans to continue to expand its US presence as it executes its strategy to industrialize laser communication products.
Success with new and existing customers
In May 2021, Mynaric achieved the industry's first over-the-air transmission using an optical inter-satellite link (OISL) terminal communicating with an independently built testbed both of which are compliant with the Space Development Agency's (SDA) optical inter-satellite link (OISL) standard. The demonstration was conducted for a customer who is under contract by the SDA.
Also in May 2021, Mynaric and SpaceLink agreed on the framework of a new partnership to expand Mynaric's laser communication product portfolio for use in SpaceLink's data relay network including the sale of laser communication products for utilization on satellites in low and medium Earth orbit. Mynaric's product portfolio was a natural choice as it meets SpaceLink's programmatic requirements, provides high performance, and is fully compliant with the OISL Standard driven by the SDA. Mynaric was selected as a supplier to support SpaceLink's mission given its industrialized approach towards the production of advanced laser communication products.
In August 2021, Mynaric announced its next generation optical communications terminal for satellite applications, CONDOR Mk3. The product features higher speed in a smaller, more lightweight package and shortly after its announcement already won multiple customers.
In the six months ended June 30, 2021 new orders increased significantly, primarily from customers in the US. Mynaric achieved a revenue increase of €1,259 thousand to €1,349 thousand compared to the six months ended June 30, 2020.
Investments in property, plant and equipment for the six months ended June 30, 2021 rose to €3,478 (six month ended June 30, 2020: €1,745 thousand) because of the preparation of the initial serial production facility in Germany and the investments made in the US facilities.
All indications point to near-term inflection point
Backed by the positive developments of H1 2021 Mynaric successfully expanded its order pipeline with sizeable recent program wins and significant outstanding bids for product deliveries in the framework of multiple commercial and governmental programs pending respective contract awards. In view of current market developments, its order pipeline, product portfolio and production capabilities Mynaric anticipates a continued rise in committed orders as well as sales revenue going forward.
"The first half of 2021 was very successful in building the basis for what we expect will be a substantial increase of the laser communications industry's footprint in the near-term, particularly driven by government and commercial programs in space with ambitious deployment plans," said Bulent Altan, CEO of Mynaric. "The pace at which we are hit by new programs and opportunities with an ever-increasing quantity of required optical communications terminals is unprecedented and indicates that our investment in building out the world's first serial production facility came just at the right moment in time. We are proud of what we have achieved already and look forward to continuing leading the charge in the industrial age of laser communications."
The full H1 2021 report can be downloaded from Mynaric's investor relations website.
Mynaric (Frankfurt Stock Exchange: M0Y, ISIN: DE000A0JCY11) produces the optical fiber for the skies and, as a pioneer of laser communication, enables extremely fast and secure wireless data transmission between aircraft, drones and satellites. Globally, the need for fast and ubiquitous network connectivity is advancing inexorably. Data networks such as the internet are now 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. Mynaric provides laser communication products to establish the necessary data highways for telecommunication constellations in air and space. Learn more at mynaric.com.
31.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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