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
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:https://mynaric.com/investor-relations/publications/
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.
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14.09.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Mynaric AG Dornierstr. 19 82205 Gilching
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