MUNICH - Mynaric AG (NASDAQ:MYNA)(FRA:M0YN), a provider of laser communications products, has announced a significant increase in its order backlog and customer cash-in for the fiscal year ending December 31, 2023. The Munich-based company, which specializes in scalable laser communications for air, space, and mobile applications, reported an optical communications terminal backlog of 794 units, surpassing the forecasted figure of over 500 units. Additionally, the cash-in from customer contracts reached EUR 49.2 million ($1 = €0.91), exceeding the expected EUR 30 million.
The company's preliminary and unaudited financials indicate that the revenue and operating loss for the year are in line with the previously communicated range, maintaining the levels from 2022 at around EUR 4.4 million for revenue and EUR 73.8 million for operating loss. Mynaric's CEO, Mustafa Veziroglu, attributed the record backlog to strong order momentum and customer trust, while CFO Stefan Berndt-von Bulow highlighted the achievement of critical milestones leading to the year's financial performance.
The bulk of the backlog includes deliverables for key aerospace and defense customers, primarily related to government-funded satellite constellations. Deliveries are scheduled to commence in the first quarter of 2024 and are expected to continue into 2025 and 2026, providing the company with a clear view of future revenue and cash flow.
Mynaric is recognized for its contribution to the industrial revolution of laser communications, offering high data rate and secure long-distance data transmission between moving objects. The company has operations in Munich, Los Angeles, California, and Washington, D.C.
This news article is based on a press release statement from Mynaric AG.
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