DGAP-News: Mynaric publishes Annual Report 2019: Details plans to consolidate market-leading position as key year for laser communication market takes off
DGAP-News: Mynaric AG
/ Key word(s): Annual Results
Mynaric publishes Annual Report 2019: Details plans to consolidate market-leading position as key year for laser communication market takes off
05.05.2020 / 12:38
The issuer is solely responsible for the content of this announcement.
- Annual Report 2019 published
- Report details progress on the availability of Mynaric's mega-constellation CONDOR space terminal and HAWK AIR flight terminal
Munich, May 5, 2020 - Mynaric (Frankfurt Stock Exchange: M0Y, ISIN: DE000A0JCY11) has today published its Annual Report 2019, detailing the company's commercial and product progress over the course of the reporting period and offering its assessment of how it sees the pivotal year of 2020 evolving at both a company and market level.
"Today's publication presents a company whose upward trajectory matches the inflection point of the aerospace connectivity market in which it operates. We are able to report on a company that, this year, will physically place laser communication products for airborne and spaceborne platforms - from the lowest flying drones to satellites in LEO and everything in between - into customers' hands for rigorous testing, assessment, and phase 1 space missions. These will allow customers to make value judgments on which supplier is best suited to populate multi-unit constellations as this key year progresses.
We believe we are the best-placed company - really the only company -positioned to provide our rapidly growing market with scalable, low-cost, high spec laser communication products."
- Bulent Altan, Member of the Mynaric Executive Board
Company inflection point matching market inflection point
Mynaric spent 2019 working on ensuring it would be in the position it finds itself today: with a full portfolio of laser communication products ready for assessment and validation by customers who are eager to deploy laser communication rapidly and at scale.
Initial contracts for its CONDOR space terminal are secured, and delivery of first units is scheduled for the second half of 2020. Likewise, the company is in the process of preparing the delivery of initial units of its HAWK AIR flight terminal into customer hands for assessment and testing in Q3 2020.
With activity currently being driven by market leaders such as SpaceX, who have already launched over 420 satellites in a mere matter of months, and other key players, such as Telesat, who are expected to kick-off their supply chains for large-scale manufacturing of their constellations in 2020, we are witnessing the long-promised inflection point in aerospace connectivity. Activity is also being driven at a governmental level by the United States where the recently-established Space Development Agency (SDA) is in the process of selecting contractors for an ambitious government satellite network, with laser communication playing a very prominent role. Mynaric's inflection point has come about at just the right time to exploit the needs and demands of the constellation builders and those requiring ultra-secure airborne connectivity.
Product availability perfectly timed to allow constellation builders to assess suitability
Today's report details Mynaric's efforts throughout 2019 to reposition itself from a prototype developer to a product manufacturer. Mynaric ended 2019 and has begun 2020, with initial contracts for its space products just at the time that the constellation builders are building out their networks and needing to lay their hands on these initial products to determine their capabilities in equipping their constellations.
Mynaric reported total output of EUR 7.9m in 2019, slightly above the previous year's figures (EUR 6.3m in 2018). Sales of EUR 0.4m in 2019 are lower than the previous year (2018: EUR 1.4m) due to a scale back of project activities in order to focus on finalizing the product portfolio for the commercial market. This product finalization is reflected in an increase of other own work capitalized to EUR 6.2m (2018: EUR 3.2m). Inventories increased to EUR 3.3m (2018: EUR 2.0m) due to started pre-production. Production preparations also resulted in investments of EUR 1.4m within the reporting period.
Company well on the road to being only company capable of providing scalable numbers the market is demanding
One of the key developments for Mynaric in 2019 was the realization of its plans for increased production facilities to ensure it is able to offer the high number of units that constellation builders will require. Today's report outlines the company's physical growth in this respect represented by a move to much larger premises capable of greatly increased production output and taking on a number of experienced production and supply chain specialists and managers to oversee this move into multi-volume production through 2020 and beyond.
The sum of CONDOR space terminals and HAWK AIR flight terminals in production schedule number a total of laser communication units that, Mynaric believes, has not been seen in the entire commercial history of laser communication. Throughout the course of 2020 these initial batches of both key terminals will be delivered into the hands of customers.
Growth plans exemplified through increased activity in the United States
The United States remains the most strategically and commercially important driver of aerospace connectivity. As a result, the North American market is regarded as a hugely important market for Mynaric and the company is in the process of expanding its presence within the key West Coast aerospace hub with a view to building out local capabilities throughout 2020 as space and airborne products become available to customers.
2020 as key year for company's development; no immediate impact from corona
With 2020 already proving to be a truly pivotal year for aerospace connectivity - with launches proliferating as networks in low Earth orbit are built out - Mynaric secured a capital increase of €12 million in February to ramp up production of spaceborne and airborne products and consolidate its leading position in the aerospace connectivity market and place a strong focus on next generation technologies. At the time of reporting, the impacts of the corona virus have had a negligible effect on both day-to-day running of Mynaric and its abilities to meet existing timetables relating to products.
Annual Report 2019 is available to download from:
Mynaric is a manufacturer of laser communication technologies used to enable communication and surveillance applications in air and space. Its laser data transmission products include ground and flight terminals, which allow very large quantities of data to be sent wirelessly and securely over long distances between aircraft, autonomous drones, high-altitude platforms, satellites and the ground.
Globally, the need for fast and secure connectivity is advancing inexorably. Data networks are today largely based on infrastructure on the ground, which cannot be expanded arbitrarily for legal, economic or practical 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 prime pioneer in this growth market.
For more information see: www.mynaric.com
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," or, in each case, the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with our industry, as well as many other risks specifically related to the Company and its operations.
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Quelle: boersengefluester.de und Firmenangaben
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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de
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