Welcome to our dedicated page for Mynaric American Depository Shares news (Ticker: MYNA), a resource for investors and traders seeking the latest updates and insights on Mynaric American Depository Shares stock.
Mynaric AG (NASDAQ: MYNA; FRA: M0YN) is a pioneering leader in the field of laser communications, specializing in the design and manufacture of industrialized, scalable, and cost-effective optical communications terminals. The company plays a significant role in advancing the industrial revolution of laser communications, providing solutions for air, space, and mobile applications.
Mynaric operates through two primary segments: Air and Space. The Space segment features the CONDOR terminals, while the Air segment includes the HAWK terminals. The company's comprehensive product portfolio encompasses Optical ground stations, Air-to-ground terminals, Air-to-air terminals, Space terminals, and Custom products and subcomponents. These products are vital for high-altitude networks, remote observation, satellite constellations, and earth observation satellites.
Headquartered in Munich, Germany, with additional offices in Los Angeles, California, and Washington, D.C., Mynaric's key revenue is derived from the United States. Recently, Mynaric has secured several high-profile contracts. On November 29, 2023, the company signed a definitive agreement for an additional order valued at approximately $30 million from an undisclosed US-based customer. This contract involves the delivery of the CONDOR Mk3 optical communication terminals starting in mid-2024.
Further, on December 13, 2023, Mynaric entered into an agreement with Northrop Grumman for the delivery of optical communication terminals under the U.S. Government's Space Development Agency Tranche 2 Transport Layer-Alpha space vehicles program. This contract is valued at around $33 million, with product deliveries scheduled to begin in 2024 and continue until 2026.
Mynaric also reported strong performance indicators for the year ending December 31, 2023, with a substantial backlog in optical communications terminals primarily for government-funded satellite constellations. This backlog, resulting from robust order momentum in late 2023, will significantly impact revenue and cash flow visibility from early 2024 to 2026.
Moreover, on January 16, 2024, Mynaric was selected as a key development partner for Phase 2 of DARPA's Space-based adaptive communications node (Space-BACN) program, which aims to create scalable and reconfigurable optical communications terminals for various satellite constellations. This follows Mynaric's involvement in Phase 0 in December 2021 and Phase 1 in August 2022.
Mynaric has also announced an amendment to its existing US$75 million loan agreement, increasing the borrowing capacity by US$20 million, providing additional liquidity to support the company's working capital requirements and other corporate purposes.
As of March 30, 2024, Mynaric shipped the first flight model CONDOR Mk3 optical head, marking the start of serial production for these terminals. This milestone aligns with the company's mission to deliver mass-deployable free space optical communications systems at scale.
In the latest development, as of May 7, 2024, Mynaric has been selected by Rocket Lab USA, Inc. to supply free space optical terminals for the SDA's Tranche 2 Transport Layer (T2TL) - Beta program. This $15 million order will see deliveries commencing in 2025.
Mynaric's innovative solutions and continued success in securing key contracts underscore its pivotal role in the evolving landscape of laser communications. For more information, visit mynaric.com.
Mynaric (NASDAQ: MYNA) has announced progress in its volume production ramp for the CONDOR Mk3 laser communications system, addressing previous delays caused by low production yields and supplier shortages. The company is working to meet customer requirements, particularly for the Space Development Agency's Tranche 1 program. Mynaric was chosen by Northrop Grumman and York Space Systems as a supplier for SDA's Transport and Tracking Layer programs, and by Loft Federal for the NExT experimental testbed.
The company is also involved in other space programs, including DARPA's Space-BACN program and ESA's optical inter-satellite link project. Mynaric is actively seeking additional capital to secure ongoing operations and production ramp, evaluating various strategic options to address near-term capital needs.
Mynaric AG (NASDAQ:MYNA) is under investigation by Bronstein, Gewirtz & Grossman, for potential claims on behalf of investors. The investigation follows Mynaric's reduction of its 2024 financial guidance on August 20, 2024, citing production challenges, lower yields, and component shortages. This announcement led to a drop in Mynaric's stock price.
Investors who purchased Mynaric securities are encouraged to participate in the investigation. The law firm is representing investors on a contingency fee basis, meaning fees will only be charged if the case is successful. Bronstein, Gewirtz & Grossman, has a track record of recovering significant sums for investors in securities fraud class actions and shareholder derivative suits.
Bronstein, Gewirtz & Grossman, is investigating potential claims against Mynaric AG (NASDAQ:MYNA) on behalf of its shareholders. The investigation follows Mynaric's reduced 2024 financial guidance announced on August 20, 2024, which the company attributed to production challenges, lower yields, and component shortages. This news led to a drop in Mynaric's stock price.
Investors who purchased Mynaric securities are encouraged to participate in the investigation. The law firm is offering its services on a contingency fee basis, meaning fees will only be charged if the case is successful. Bronstein, Gewirtz & Grossman has a track record of recovering significant sums for investors in securities fraud class actions and shareholder derivative suits.
Bronstein, Gewirtz & Grossman, is investigating potential claims against Mynaric AG (NASDAQ:MYNA) on behalf of investors. The investigation follows Mynaric's reduced 2024 financial guidance announced on August 20, 2024, which the company attributed to production challenges, lower yields, and component shortages. This news caused a drop in Mynaric's stock price.
Investors who purchased Mynaric securities are encouraged to assist the investigation by visiting bgandg.com/MYNA. The law firm is offering its services on a contingency fee basis, meaning fees will only be charged if the case is successful. Bronstein, Gewirtz & Grossman has a track record of recovering millions for investors in securities fraud class actions and shareholder derivative suits.
Mynaric AG (NASDAQ:MYNA; FRA:M0YN) announced significant changes to its Management Board. Mustafa Veziroglu, the chairman of the Management Board, has agreed with the Supervisory Board to terminate his appointment with immediate effect. Simultaneously, Andreas Reif has been appointed as a new member of the Management Board and Chief Restructuring Officer.
In light of these management changes, the company has decided to postpone its annual general meeting originally scheduled for August 29, 2024. Mynaric AG will provide further details about the rescheduling in due course. These developments indicate a significant shift in the company's leadership structure and potentially its strategic direction.
Mynaric (NASDAQ:MYNA), a laser communications products provider, has announced significant management changes. Mustafa Veziroglu has stepped down as CEO and management board member with immediate effect. Veziroglu, who joined in August 2022, led operational product-related activities. Simultaneously, Andreas Reif has been appointed as a management board member and Chief Restructuring Officer (CRO).
Reif's role as CRO will focus on reducing costs and near-term cash consumption while collaborating with customers to meet their needs. He brings experience from executive financial and operational roles in German industrial manufacturing companies.
Due to these management changes, Mynaric's annual general meeting, originally scheduled for August 29, 2024, will be postponed. The company will announce new details in due course.
Mynaric (NASDAQ:MYNA) announced the voluntary departure of CFO Stefan Berndt von-Bülow for personal reasons, effective last week. Von-Bülow, who joined Mynaric in 2018 and became CFO in 2020, made significant contributions to the company's financial strategy, operations, and investor relations. He played a important role in several capital raises, debt financing, and Mynaric's Nasdaq listing in November 2021.
CEO Mustafa Veziroglu and CTO Joachim Horwath praised von-Bülow's leadership in transforming Mynaric into a leading supplier of free space optical communications technology. The company has initiated a global search for a new CFO, with Veziroglu and Horwath temporarily assuming CFO responsibilities.
Mynaric AG (NASDAQ:MYNA) has updated its 2024 financial guidance, lowering expectations due to production challenges. Key points:
- IFRS-15 revenue forecast reduced to EUR 16.0-24.0 million from EUR 50.0-70.0 million
- Operating loss expected to increase to EUR 55.0-50.0 million from EUR 40.0-30.0 million
- Cash-In from Customer Contracts guidance lowered to EUR 45.0-50.0 million from EUR 65-100 million
- Optical Communications Terminal Backlog guidance remains unchanged at 800-1,000 units
The company cites production delays, lower yields, and component shortages as reasons for the revised outlook. With only EUR 6.3 million in cash as of August 16, 2024, Mynaric is exploring additional capital sources to secure ongoing operations and production ramp-up.
Mynaric (NASDAQ:MYNA) has been chosen by ReOrbit to supply its CONDOR Mk3 terminal for ReOrbit's UKKO mission, aimed at demonstrating secure space-to-space and space-to-ground laser communications. This selection reinforces Mynaric's standing as a premier provider of optical communications technology for European organizations. Mynaric's terminals have been previously validated in linking satellites for interoperability. The CONDOR Mk3 is designed for mass deployment in both government and commercial satellite constellations. The company has also secured several contracts with prominent entities like Northrop Grumman, York Space Systems, and Capella Space, highlighting its robust market presence. Notably, Mynaric was selected by the European Space Agency (ESA) for high-throughput optical inter-satellite link investigations and by the German government for quantum communication projects.
Mynaric (NASDAQ:MYNA) announced its participation in the Jefferies Virtual Space Summit. This event will occur on June 25, 2024, at 11:00 a.m. EDT / 5:00 p.m. CET.
The company's CFO, Stefan Berndt-von Bülow, will present at this virtual conference. Investors and interested parties can access further information and public webcast details on the Mynaric Investor Relations website.
This announcement is part of Mynaric's ongoing efforts to engage with investors and provide updates on its developments and strategic direction.
FAQ
What is the current stock price of Mynaric American Depository Shares (MYNA)?
What is the market cap of Mynaric American Depository Shares (MYNA)?
What does Mynaric AG specialize in?
Where is Mynaric headquartered?
What are Mynaric's main product segments?
What recent contracts has Mynaric secured?
What is the CONDOR Mk3?
What is the significance of Mynaric's involvement in DARPA's Space-BACN program?
How does Mynaric generate most of its revenue?
What financial support has Mynaric recently obtained?
What are Mynaric's key applications?
What role does Mynaric play in the laser communications industry?
