Mynaric (M0YN) H2 2023 earnings summary

Executive summary

• Achieved record order momentum in 2023 and early 2024, with backlog rising to 829 terminal units from 40 units a few years ago, and first unit shipment in 1Q 2024.

• Built the strongest pipeline of new customer opportunities in company history, with significant wins in both government and commercial sectors and a focus on operational excellence and ramping serial production.

• Production ramp underway, supported by a new, larger facility and key staff additions.

• Revenue increased to €5.39 million in 2023 from €4.42 million in 2022, but net loss widened to €93.5 million from €73.8 million year-over-year.

• Weighted average shares outstanding rose to 6.04 million in 2023 from 5.44 million in 2022.

Financial highlights

• Cash in from customer contracts reached €49.2 million in 2023, up from €18.3 million in 2022.

• Revenue for 2023 was €5.4 million, up from €4.4 million in 2022.

• Operating loss for 2023 was €79.2 million, compared to €73.8 million in 2022, including over €14 million in one-time charges.

• Cash and cash equivalents at year-end 2023 were €23.96 million, up from €10.24 million at year-end 2022; as of May 17, 2024, it was €2.5 million.

• Inventory increased to €22.7 million in 2023, reflecting preparation for production ramp.

Outlook and guidance

• 2024 revenue expected between €50 million and €70 million, driven by CONDOR Mk3 shipments.

• Operating loss for 2024 projected to decrease to between €40 million and €30 million.

• EBITDA break-even targeted by year-end 2024 on a run-rate basis.

• Cash in from customer contracts expected between €65 million and €100 million.

• Terminal shipment backlog projected to end 2024 between 800 and 1,000 units.