DGAP-News: Mynaric publishes H1 2020 report: Progress of product validation in first half-year lays the foundation for Mynaric's entry into the industrial age of laser communications
DGAP-News: Mynaric AG
/ Key word(s): Half Year Results
Mynaric publishes H1 2020 report: Progress of product validation in first half-year lays the foundation for Mynaric's entry into the industrial age of laser communications
14.09.2020 / 10:59
The issuer is solely responsible for the content of this announcement.
- Mynaric reports on successful progress on crucial product validation program
- Company has grown out in both Germany and the United States
- Increasing activity at government and defense level present additional opportunities not visible previously
Munich, September 14, 2020 - Mynaric (Frankfurt Stock Exchange: M0Y, ISIN: DE000A0JCY11) has today published its Half-year Report 2020, updating on the company's physical growth on both sides of the Atlantic despite coronavirus and detailing the rigorous product validation program that its two key space and air laser terminal products are currently undergoing.
The report also highlights developments in the aerospace connectivity market since the start of year and details a market that is further expanding as government and defense actors change their procurement processes to avail themselves of affordable and serially produced commercial products and solutions. Mynaric has very recently been selected as a vendor as part of a US governmental program and expects more to follow in the coming months.
"Today's report shows a company working at 110% to get our CONDOR and HAWK AIR products into our customers' hands in the timeframes we have set ourselves. Both products are going through a validation regime that is pushing them to their very limits as we want these key elements of our customers' systems to not only meet expectations but exceed them. It has been hard work, especially in the face of a global pandemic, but we have - as a company - outperformed in the reporting period and will continue to do so.
We consider the recent selection to provide products as part of a US governmental program as a major confirmation of our efforts. It is proof that customers trust in the capabilities of our products. It is proof that the significant US governmental market is open to business for us. And it is proof that we are close to the inflection point we have been preparing ourselves for years: the start of the industrial age of laser communications."
Bulent Altan, CEO, Mynaric
For the first time, Mynaric describes in detail the wide-ranging validation regimes that the company's flagship CONDOR inter-satellite link terminal and HAWK AIR airborne terminal are being put through. Both products are now being produced in pre-series and today's report updates on the specifics of the testing of these products in the last six months, and sets out the forthcoming installation and validation processes that will now take place as these products are delivered into customers' hands.
Given that products were still in testing and validation revenues of EUR 0.3m in H1 2020 were still project related and not in the context of the shipment of products. Total output further increased to EUR 6.5m in H1 2020 (H1 2019: EUR 2.5m) due to continued development activity on the first generation of Mynaric's air and space terminals. First product-related revenues are expected to occur in H2 2020 with the delivery of initial units of HAWK AIR flight terminals into customer hands. Revenues are expected to increase sharply due to already scheduled deliveries of products as well as pending customer opportunities in 2021.
Mynaric has, therefore, continued its physical growth at both its German and US facilities with key hires and new premises for both offices typifying the company's upward curve. Today's report also introduces the senior management team supporting Bulent in driving Mynaric forward: founder and CTO Joachim Horwath and COO Sven Meyer-Brunswick in Europe and recently-appointed aerospace veteran Tina Ghataore, as President of the US branch, are the team charged with delivering Mynaric success both in the key North American market and the rest of the World.
The withdrawal of Mynaric from all and any business activity in China has been well received by customers in its core markets going forward and the recent vendor selection as part of a US governmental program has justified Mynaric's decision. Indeed, today's report details how new developments in the way that government and defense departments procure - moving away from large, expensive bespoke projects towards commercial, industrialized products - is adding to opportunities for suppliers of standardized products, such as Mynaric. With laser communication products playing a key strategic role within the most critical communication chains of infrastructure projects of national interest, Mynaric can place itself at the heart of both the commercial and governmental sectors of the ever-growing aerospace connectivity market.
The Report can be downloaded from Mynaric's Investor Relations website:
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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