Mynaric AG Adjusts 2024 Financial Guidance Due to Production Challenges

Mynaric AG has updated its financial outlook for 2024, scaling back revenue projections and increasing operating loss expectations. The company now forecasts revenue between EUR 16 million and EUR 24 million, down from the previous EUR 50 million to EUR 70 million range. This revision is attributed to lower production yields and component shortages delaying the production ramp of the CONDOR Mk3.

Operating losses are now anticipated to range from EUR 50 million to EUR 55 million, compared to the earlier estimate of EUR 30 million to EUR 40 million. This increase is driven by higher production costs and reduced revenue expectations.

Cash-in from customer contracts is also expected to decrease, with projections now between EUR 45 million and EUR 50 million, down from the previous EUR 65 million to EUR 100 million. This decrease is influenced by lower shipments and delays in program awards.

Despite these adjustments, the company's backlog for optical communications terminals remains unchanged at 800 to 1,000 units.

As of August 16, 2024, Mynaric reported cash and cash equivalents of EUR 6.3 million and is evaluating additional capital sources to address its ongoing operational needs.