Mynaric MYNA shares plummet after slashing revenue guidance, chief financial officer exits | Wilnesh News

space inventory Minarik The company’s trading fell sharply on Tuesday after the company announced a sharp cut to its previous revenue forecast and the departure of its chief financial officer.

Germany-based Mynaric slashed its mid-point 2024 revenue guidance by nearly 70%, from a previous range of €50 million to €70 million to a range of €16 million to €24 million, or $18 million.

The company has stated income prospects As recently as June 20th.

“The lower guidance is due to production delays for CONDOR Mk3 (our satellite laser communications terminal) due to lower than expected production volumes and supplier shortages of key components,” Mynaric said in a note. Press release.

At the same time, Mynaric announced that “CFO Stefan Berndt von-Bulow has voluntarily resigned due to personal reasons, effective last week.” Berndt von-Bulow has been with the company since 2018 and has served as Chief Financial Officer for the past four years.

The German space laser company was listed on Nasdaq at the end of 2021, with a market value of approximately US$325 million. But the stock has since fallen steadily, falling below $2 a share, giving it a market cap below $50 million, according to FactSet.

Mynaric shares fell 56% to close at $1.83 on Tuesday, their worst day since listing.

Mynaric makes optical communications terminals, devices that use lasers to send data from one point to another. Its target market is serving companies and government organizations building satellite constellations, including for broadband and imaging purposes.

Mynaric has won several contracts – notably to build satellites for a network being built by the Space Force’s Space Development Agency – and has a backlog of orders for as many as 1,000 terminals.

The company warned that its cash reserves totaled 6.3 million euros as of Friday.

“With fiscal 2024 revenue and customer cash receipts below previous expectations, we will need to seek additional sources of funding to ensure our continued operations and production ramp-up,” Mynaric said.