Mynaric AG

For full-year 2023, Mynaric reported revenue of EUR5.4 million, up from EUR4.4 million in 2022. Operating loss was EUR79.2 million versus EUR73.8 million in 2022, and the company said more than EUR14 million of one-time write-downs and impairment charges were included in that loss. Cash in from customer contracts was EUR49.2 million, up from EUR18.3 million, and terminal backlog was 794 units at year-end 2023 versus 256 units at year-end 2022; backlog stood at 829 units as of the call. Cash at December 2023 was just under EUR24 million, while Mynaric said cash was EUR2.5 million as of May 17 and it had drawn $10 million of a new $20 million deferred draw term facility. For 2024, the company expects revenue of EUR50 million to EUR70 million, operating loss of EUR40 million to EUR30 million, cash in from customer contracts of EUR65 million to EUR100 million, and year-end terminal backlog of 800 to 1,000 units. Management also said it believes EBITDA breakeven can be achieved by the end of the year on a run-rate basis, but warned additional external financing could be needed if production or new orders slip.

CEO Mustafa Veziroglu framed 2023 as a year of strong commercial momentum, saying order momentum was excellent and that the company’s backlog had grown from 40 units just a few years ago to 829 units now. He emphasized strength in both government and commercial opportunities, citing SDA, IRIS2, and multiple large commercial constellations moving through RFI/RFP stages. His tone was constructive but cautious: he highlighted the new Munich facility, staffing additions, and process improvements, while stressing that the company is still in the early phase of ramping production and has more work ahead.

CFO Stefan Berndt-Von Bulow focused on the financial bridge from backlog to revenue and on the liquidity runway. He highlighted cash in from customer contracts of EUR49.2 million, backlog of 794 units at year-end, revenue of EUR5.4 million, and operating loss of EUR79.2 million, noting that more than EUR14 million of one-time charges affected results. He said inventory rose to EUR22.7 million as the company prepared for the ramp, PPE was EUR22.9 million, and 2024 capex should remain relatively flat versus last year. On capital allocation and funding, he said Mynaric remains in cash consumption mode through year-end, has a $20 million deferred draw term facility with $10 million drawn as of May 17, and could need additional external financing if revenue or customer cash-in falls short.

Analysts focused on the timing of the revenue ramp, gross margin, financing risk, and how much of expected 2024 shipments are already backed by backlog. Management said revenue would be back-end loaded, mostly in the second half, and confirmed that roughly 100% of this year’s shipment revenue should come from existing backlog rather than new turn business. On margins, Stefan reiterated that a 50% gross margin target remains the right framework, while near-term priorities are accelerating production and reducing material costs over the medium and long term. On backlog and commercial wins, Mustafa said the year-end backlog target is a net add and that the company expects to book more orders than it ships, but also stressed that shipment ramp is the main way to secure cash and satisfy customer delivery schedules.