A rendering of the company's laser communications system on orbiting satellites.
Minaric
Space stock Minaric The company's shares plummeted on Tuesday after it announced sharp cuts to its previous earnings forecasts and the departure of the company's chief financial officer.
Germany-based Mynaric cut its 2024 revenue guidance by nearly 70% at the midpoint, narrowing its previous range of €50 million to €70 million to a range of €16 million to €24 million, or $18 million.
The company had announced its revenue outlook as recently as June 20.
“The decrease in the forecast is due to delays in the production of [our satellite laser communication terminal] “The failure of the CONDOR Mk3 was due to lower than expected production yields and shortages of key components from suppliers,” Mynaric said in a press release.
At the same time, Mynaric announced “the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, which became effective last week.” Berndt von-Bulow has been with the company since 2018 and has held the position of CFO for the past four years.
The German space laser company debuted on the Nasdaq in late 2021 with a market value of about $325 million. But its stock has fallen steadily since then, dipping below $2 a share and trading below a market value of $50 million, according to FactSet.
Mynaric shares fell 56% on Tuesday to close at $1.83, their worst trading day since going public.
Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another. Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imaging uses.
Mynaric has won several contracts, notably for companies building satellites for the network being built by the Space Force's Space Development Agency, and has an order book representing up to 1,000 of its terminals.
The company said it had cash reserves totalling 6.3 million euros as of Friday.
“With lower than previously expected revenue and customer cash flow for fiscal year 2024, we will need to seek additional sources of capital to ensure our ongoing operations and ramp-up of production,” Mynaric said.
