DGAP-News

Mynaric publishes Annual Report 2020 and reports about key highlights - Seite 2

Mynaric was awarded two contracts in 2020 relating to its CONDOR terminals in connection with two U.S. governmental programs. These customer orders are expected to contribute to revenues in 2021 after shipments of products are completed. CONDOR terminals compliant with interoperability requirements of U.S. government programs are expected to be delivered to customers from Q2 2021.

Overall, Mynaric continued its growth path in 2020, which resulted in an increase in cost of purchased material and services of EUR 6.2 million (2019: EUR 2.8 million) through the ramp-up of pre-production and an increase in personnel expenses to EUR 16.7 million (2019: EUR 8.2 million) while investing EUR 8.0 million in intangible and EUR 7.1 million in tangible assets.

In 2020, Mynaric started pre-series production of its HAWK AIR terminals and of its CONDOR terminals. In total, almost a dozen terminals were manufactured in 2020, most of which were used to optimize internal production processes and to improve product maturity. In 2021, Mynaric plans to produce around 50 terminals split roughly equally between its CONDOR terminals and its HAWK AIR terminals. Of the 50 terminals in total, up to 75% are up for sale and shipment to selected partners and customers, aiming to jointly optimize its products and to roll out its technology at scale. Remaining units not available for sale will be used to further improve its internal production processes and product development.

Mynaric continues to work on ramping up serial production through 2021, targeting to achieve triple-digit production capacity from 2022 onwards. After having started initial pre-series production in 2020, Mynaric is currently completing its first dedicated serial production facility which is scheduled to be opened in Q2 2021. The facility is planned to reach up to one unit per day capacity once fully operational.

Going forward, Mynaric intends to further expand its footprint in the United States given the pivotal role U.S. government programs play in the growing laser communications market. Through U.S. government programs alone more laser communication systems for space applications have been procured in 2020 than have been brought into use collectively in the industry's entire history. As such, Mynaric considers the U.S. market as crucial for laser communication's industrialization to transition from a niche technology to large-scale commercial deployment.