Mynaric presents annual report for 2020

The stock corporation was founded in Gilching, Bavaria, in 2009. In 2016, the company expanded into the USA, followed by its IPO in 2017. The company now employs around 200 people.

CEO Bulent Altan is pleased with fiscal 2020, he writes in the foreword to the latest report. "At a time when the market is expanding at an unprecedented rate, we are moving towards greater growth with giant strides."

In total, the company had raised over 70 million euros in growth capital. A new production facility has been built in Oberpfaffenhofen, where series production of the CONDOR and HAWK AIR terminals is to start on an area of over 6,000 m². The new hall is to be opened before the end of this quarter.

In the U.S., Mynaric has also moved its headquarters to Los Angeles and hired Tina Ghatarone as chief commercial officer to further expand its American network.

Even though the company generated sales of only 679,000 euros and posted a loss of 22.7 million euros, the management board and supervisory board are satisfied with the fiscal year. On the one hand, it is not unusual for startups in the field to first require substantial capital in order to be able to develop and test their products so that they can later be sold profitably. On the other hand, the Group won two "high-profile" orders from the U.S. government.

The fact that laser communication technology has a geopolitical significance became apparent last summer. At that time, the German Federal Ministry of Economics prohibited Mynaric from having any business relationship with China. Before the business with the Asians became serious, the company had asked the federal government and subsequently received the ban. The AG renounced the 1.7 million euro deal and ceased all business relations with China. This decision is also reflected in the current annual report. As a result, the Supervisory Board had decided in November 2020 to discontinue the business activities of the subsidiary Mynaric Systems GmbH at the end of 2020 due to the discontinued business purpose.

The Group plans to deliver the first produced terminals to its customers in 2021. In addition, the company is preparing to achieve triple-digit production capacity from 2022.

via: Mynaric