Full Year 2023 Mynaric AG Earnings Call

June 20, 2024

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Operator: Hello, and thank you for standing by. Welcome to Mynaric Fiscal Year 2023 Preliminary Results and Fiscal Year 2024 Outlook Webcast Call. At this time, all participants are in a listen-only mode.

Operator: Hello and thank you for standing by.

Speaker Change: Hello, and thank you for standing by welcome to monarch fiscal year 2023 preliminary results in fiscal year 'twenty 'twenty four outlook webcast call.

Operator: Welcome to Mynaric fiscal year 2023 preliminary results of fiscal year 2024 outlook webcast call. At this time all participants on a listen only mode. After the speaker's presentation, there would be a question and answer session.

Speaker Change: At this time all participants are in a listen only mode. After.

Speaker Change: After the speaker's presentation, there will be a question and answer session to ask a question. During the session you will need to press star one on your telephone.

Operator: To ask the question during this session, you would need to press star one one on your telephone. You would then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again.

Speaker Change: You would then here of automated message advising your hand is race to withdraw your question. Please press star one again.

Thomas Dinges: I will now like to turn the call over to Tom Dinges, Vice President of Investor Relations for Mynaric. You may begin.

Operator: After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you would need to press star 11 on your telephone. You would then hear an automated message advising you to raise your hand. To withdraw your question, please press star 11 again. I would now like to turn the call over to Tom Dinges, Vice President of Investor Relations for Mynaric. You may begin. Thank you, operator. Welcome everyone to Mynaric's preliminary full year 2023 results and 2024 Outlook webcast call.

Speaker Change: I would now like to turn the call over to Tom Dinges, Vice President of Investor Relations for him and Eric you may begin.

Thomas Dinges: Thank you, operator. Welcome everyone to Mynaric's preliminary full-year 2023 results in 2024 outlook webcast call. Prior to this webcast call, we released our preliminary full year 2023 results and 2024 outlook, which are available for download on the investor relations section of Mynaric.com.

Operator: Prior to this webcast call, we released our preliminary full year 2023 results and 2024 outlook, which are available for download in the investor relations section of Mynaric.com. Before we begin today's formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subjects of this are preliminary results as we have not completed our European filing and include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

Speaker Change: Thank you operator, welcome everyone to buy in Eric's preliminary full year 2023 results in 2024 outlook webcast call.

Speaker Change: Prior to this webcast call, we released our preliminary full year 2023 results in 2024 outlook, which are available for download on the Investor Relations section of <unk> Dot com.

Thomas Dinges: Before we begin today's formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subjects of this presentation are preliminary results as we not complete our European filing and include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical or current facts contained in this presentation are forward-looking statements. These forward looking statements involve known and unknown risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and our actual results may differ materially from those expected or implied as forward looking statements.

Speaker Change: Before we begin todays formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subjects. In this presentation are preliminary results as we've not completed our European filing and include forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995 as amended all statements other than statements of historical or.

Operator: All statements, other than statements of historical or current facts contained in this presentation, are forward-looking. Such forward-looking statements involve known and unknown risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and our actual results may differ materially from those expected or implied by such forward-looking statements. The forward-looking statements included in this presentation are made only as of the date hereof, and neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation.

Speaker Change: Current facts contained in this presentation are forward looking statements. These forward looking statements involve known and unknown risks uncertainties and assumptions that are difficult to predict or are beyond our control and our actual results may differ materially from those expected or implied as forward looking statements. The forward looking statements included in this presentation.

Thomas Dinges: The forward-looking statements included in this presentation are made only as of the date hereof.

Speaker Change: It made only as of the date hereof, neither we nor any other person undertakes any obligation to update any forward looking statement to reflect events or circumstances. After the date of this presentation or otherwise. This presentation may include certain financial measures not presented in accordance with I F. R. S. Such financial measures are not measures of finance.

Thomas Dinges: Neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation or otherwise.

Thomas Dinges: This presentation may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity, or performance under IFRS.

Speaker Change: Performance in accordance with <unk> and May exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability liquidity or performance under Ifr S.

Thomas Dinges: With that out of the way, we have a great agenda for you today. We'll begin with opening remarks by Mustafa, following most of his remarks. Stefan will discuss our preliminary full year 23 results and our outlook for 2024. Following the formal presentation, we will take questions from analysts. We anticipate this webcast will last no more than one hour. On the webcast, it's my pleasure to turn it over to Mustafa for his opening remarks.

Speaker Change: With that out of the way we have a great agenda for you today, we will begin with opening remarks by most of our following most of his remarks, Stefan will discuss our preliminary full year 'twenty three results and our outlook for 2024. Following the formal presentation. We will take questions from analysts. We anticipate this webcast will last no more than one hour.

Operator: This presentation may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity, or performance under IFRS.

Speaker Change: On the webcast today are <unk> CEO, Mr visit Roku and my neck, CFO Stefan Berg von Bulow with that it's my pleasure to turn it over to most of our for his opening remarks most of our.

Thomas J. Dinges: With that out of the way, we have a great agenda for you today. We will begin with opening remarks by Mustafa. Following Mustafa's remarks, Stefan will discuss our preliminary full year 23 results and our outlook for 2024. Following the formal presentation, we will take questions from analysts. We anticipate this webcast will last no more than one hour.

Mustafa Veziroglu: Mustafa. Thank you, Tom. I know it reported solid results for the full year of 2023. Order of momentum was excellent in 2023 and early 2024, as evidenced by record backlog of terminal units. Our team did a great job in landing new customers as well as winning repeat business with existing customers. Our current backlog now stands at 829 terminal units, including our most recent award from Rocket Labs in support of the SDA Tranche 2 transplant layer program. As a reminder, just a few short years ago, our backlog was standing at 40 units.

Thomas J. Dinges: On the webcast today are Mynaric's CEO, Mustafa Veziroglu, and Mynaric's CFO, Stefan Berndt von Bulow. With that, it's my pleasure to turn it over to Mustafa for his opening remarks.

Speaker Change: Thank you Tom.

Mustafa Veziroglu: Thank you, Tom. Mynaric reported solid results for the full year of 2023. Order of momentum was excellent in 2023 and early 2024, as evidenced by a record backlog of terminal units. Our team did a great job landing new customers as well as winning repeat business with existing customers. Our current backlog now stands at 829 terminal units, including our most recent award from Rocket Labs in support of the SDA Transit to Transport Layer Program.

Speaker Change: I know part of that solid results for the full year of 2023 partner momentum with Exxon in 'twenty three in early 2024 as evidenced by record backlog of terminal units. Our team did a great job in landing new customers as well as winning repeat business with existing customers.

Our current backlog now stands at 829 terminal units, including our most recent award from rocket lives in support of the SDA turns to transport their program.

Mustafa Veziroglu: As a reminder, just a few short years ago, our backlog was standing at 40 units, increased, we reported over the past couple of years, a testament to the strength of our core technology as well as the execution and high degree of customer service of our sales. It also demonstrates the strong belief our customers have placed in us to support their next generation satellite communication networks. Our funnel of new opportunities remains very strong across both the government and commercial sectors.

Speaker Change: As a reminder, just a few short years ago, our backlog standing at 40 units.

Mustafa Veziroglu: Conference. Increased, we reported over the past couple of years, is a testament to the strength of our core technology, as well as the execution and high degree of customer service of our sales team. It also demonstrates the strong belief our customers have placed in us to support their next generation satellite communication networks. Our final on the opportunities remain very strong across both the government and commercial sectors. It remains discipline in our investment strategy to support the future growth of the business, and our pipeline opportunities remain the highest in our history. Since the last time we spoke with you, the industry has continued to make progress in terms of constellation deployment, funding, and design.

Speaker Change: We reported over the past couple of years, a testament to the strength of our core technology as well as the execution and high degree of customer service our sales team.

Speaker Change: It also demonstrates the strong belief our customers have placed in us to support their next generation satellite communication networks, our funnel of new opportunities remains very strong across both the government and commercial sectors. We remain disciplined in our investment strategy to support the future growth of the business and our pipeline of opportunities remain the highest.

Mustafa Veziroglu: We remain disciplined in our investment strategy to support the future growth of the business, and our pipeline of opportunities remains the highest in our history. Since the last time we spoke with you, the industry has continued to make progress in terms of constellation deployment, funding, and design. Let's start with the government sector. The U.S. Space Development Agency is now past the initial deployment phase of its constellation and has awarded all Trunch 1 and nearly all Trunch 2 awards to prime satellite contractors. We expect the first launches of Trunch One satellites should begin later this year or early next year.

Speaker Change: In our history.

Speaker Change: Since the last time, we spoke with you the industry is continuing to make progress in terms of constellation deployment funding and design.

Mustafa Veziroglu: Let's start with the government sector. The US Space Development Agency is now past the initial deployment phase of its constellation and has awarded all Trunch 1 and newly all Trunch 2 awards to prime satellite contractors. We expect the first launches of Trunch1 satellites should begin later this year or early next year. Within the SDA, we estimate we have the highest largest market share of optical terminals, and we are now in the early phase of our manufacturing grant to meet the needs of our multiple prime customers for this program. I'll be somewhat slowly. We're finally seeing movement in other government constellations.

Speaker Change: Start with the government sector the U S.

Speaker Change: Space Development Agency is now past the initial deployment phase of its constellation and has awarded all tranche, one and nearly all tranche two awards to Prime satellite contractors. We expect the first launches of tranche. One satellites should begin later this year or early next year within the SBA, we estimate we have.

Mustafa Veziroglu: Within the FDA, we estimate we have the highest and largest market share of optical terminals, and we are now in the early phase of our manufacturing grant to meet the needs of our multiple prime customers for this program. Albeit somewhat slowly, we're finally seeing movement in other government constellations. On Irish Squared Constellation, or Europe, the bids for the technical specifications were submitted while the major government funding was approved. Since then, the European Commission has asked for final bids from the Consortium by the end of this month.

Speaker Change: The largest market share of optical terminals and we are now in the early phase of our manufacturing to meet the needs of our multiple prime customers for this program.

Speaker Change: It's somewhat slowly we're finally seeing movement in other government constellations.

Mustafa Veziroglu: On our squared constellation or Europe, the bits for the technical specifications were submitted, while the major government funding has been approved. Since then, the European Commission has asked for final bits from the consortium by the end of this month. We recognize that there are potentially both economic and political factors that play here that are outside of our control that could delay the final decision of the constellation, and right now we're in a wait-and-see mode. Similar to the SDA program, we're seeing other governments across the world initial steps to develop and deploy their own SDA-like constellations given their unique regional security concerns.

Speaker Change: I squared constellation or Europe, the bids for the technical specifications were submitted while the major kind of a funding has been approved since then the European Commission has asked for final bids from the consortium by the end of this month, we recognize that there are potentially both economic and political factors at play here.

Mustafa Veziroglu: We recognize that there are potentially both economic and political factors at play here that are outside of our control that could delay the final decision on the Constellation, and right now, we're in a wait-and-see mode. Similar to the FDA program, we're seeing other governments across the world take initial steps to develop and deploy their own SDA-like constellations given their unique regional security concerns.

So they are outside of our control that could delay the final decision of the constellation and right now we're in a wait and see mode.

Speaker Change: Similar to the SDA program, we're seeing other governments across the world.

Speaker Change: Initial steps.

Speaker Change: To develop and deploy their own SDA like constellation's, given their unique regional security concerns.

Mustafa Veziroglu: Many of these are moving into RFI phases at this time. Importantly, the team has worked hard to ensure we are in a position to meet the needs of these significant programs once they are finalized. Next, switching to the commercial opportunities. We've talked for some time now about a number of large opportunities for low-Earth-orbit satellite constellations. We're happy to say many of these are now moving into the RFP stage. Some of these are well known to most of you as they're very large mecha constellations, while others are smaller, more regionally focused, or specific use case focused.

Mustafa Veziroglu: Many of these are moving into RFI phases at this time. Importantly, the team has worked hard to ensure we're in a position to meet the needs of significant programs once they're finalized.

Speaker Change: Any of these are moving into RFID cases at this time importantly.

Speaker Change: The team has worked hard to ensure we're in a position to meet the needs of these significant programs once they are finalized.

Mustafa Veziroglu: Next, switching to the commercial opportunities. We've talked for some time now about a number of large opportunities for low-Earth orbit satellite constellations. We're happy to say many of these are now moving into RFI stage. Some of these are well-known to most of you as their very large mega constellations, while others are smaller, more regionally focused or specific use case focused constellations. Importantly, capital slowly starting to flow into these opportunities that's allowing the constellation operators to start to move forward with their selections for key critical subsystem suppliers such as MENERG. Hopefully, we'll have more to share with you in the coming months when we anticipate that these decisions will be finalized.

Speaker Change: Next switching to the commercial opportunities.

Speaker Change: We've talked for some time now about number of large opportunities for low Earth orbit satellite constellations.

Speaker Change: Happy to say many of these are now moving into RFP stage. Some of these are.

Speaker Change: Well known to most of you is they are very large mega constellations, while others are smaller more regionally focused or specific use case focus constellation's importantly capital is slowly starting to flow into these opportunities that's allowing the constellation of operators to start to move forward with their selections for key.

Mustafa Veziroglu: Importantly, capital is slowly starting to flow into these opportunities, and that's allowing the constellation operators to start to move forward with their selections for key critical subsystem suppliers such as Mynaric. Hopefully, we'll have more to share with you in the coming months when we anticipate that these decisions will be finalized. In total, these large commercial and government constellations represent an opportunity for multiple thousands of terminals to be delivered over the coming years. We believe we have the right technology, manufacturing scale, and capability to capitalize on these opportunities. Last year, we talked about three focus areas for Mynaric.

Speaker Change: Critical subsystem suppliers such as monarch.

Italy: Italy will have more to share with you in the coming months when we anticipate that these decisions will be finalized.

Mustafa Veziroglu: In total, these large commercial and government constellations represent an opportunity in the multiple thousands of terminals to be delivered over the coming years. We believe we have the right technology, manufacturing scale, and capability to capitalize on these opportunities.

Italy: In total these large commercial and government constellations represent an opportunity in the multiple thousands of terminals to be delivered over the coming years. We believe we have the right technology manufacturing scale and capabilities to capitalize on these opportunities.

Mustafa Veziroglu: Last year, we talked about three focus areas for MENERG. Production readiness, continuous process improvement, and streamlining the product development process. With the completion of our first product shipment at the end of first quarter of this year, we've now moved on to the early phase of the big push for our production run. On the process of improvement front, the team continues to refine the production process as we look to ramp shipments throughout the remainder of this year. We made significant progress in this area in just a few short months, but a lot more work is still left to do to meet the production levels we need to achieve.

Italy: Last year, we talked about three focus areas for minor production readiness continuous process improvement and streamlining the product development process with.

Mustafa Veziroglu: Production Readiness, Continuous Process Improvement, and Streamlining the Product Development Process. With the completion of our first product shipment at the end of the first quarter of this year, we've now moved on to the early phase of the big push for our production run. On the process improvement front, the team continues to refine the production process as we look to ramp shipments throughout the remainder of this year. We've made significant progress in this area in just a few short months, but a lot more work is still left to do to meet the production levels we need to achieve. Process improvement isn't our only focus. In November, we moved into a new 11,000 square meter, or 120,000 square feet, facility in Munich.

Italy: With the completion of our first product shipment at the end of first quarter of this year. We've now moved onto the early phase of the big push for.

Italy: Our production run.

Italy: On the process of improvement front. The team continues to refine the production process as we look to ramp shipments throughout the remainder of this year.

Italy: We made significant progress in this area in just a few short months, but a lot more work still left.

Italy: To do meet the production levels, we need to achieve process.

Mustafa Veziroglu: Process improvement isn't our only focus in November. We moved into a new 11,000 square meter or 120,000 square feet facility in Munich. The facility is significantly larger than our prior production facility and also allowed us to combine most of our product development, administration, and production capabilities all within one building. This not only gives us the capacity to support higher volumes of unit shipments, but also improves our product development as our product development engineers are now only a short walk away from the production line. In addition, throughout 2023 and into 2024, we've added key staff members, promoted a number of employees into senior leadership roles, continue to optimize our non-production processes, and accelerated our supply chain procurement to ensure we can meet customer deadlines.

Italy: Process improvement is not only focus in November you move them to a new 11000 square meter or 120000 square feet facility in Munich <unk>.

Mustafa Veziroglu: This facility is significantly larger than our prior production facility and also allowed us to combine most of our product development, administration, and production capabilities all within one building. This not only gives us the capacity to support higher volumes of unit shipments but also improves our product development, as our product development engineers are now only a short walk away from the production line. In addition, throughout 2023 and into 2024, we've added key staff members, promoted a number of employees into senior leadership roles, continued to optimize our non-production processes, and accelerated our supply chain procurement to ensure we can meet customer deadlines.

This facility is significantly larger than our prior production facility and also allowed us to combine most of our product development and administration and production capabilities all within one building.

Italy: This not only gives us the capacity to support higher volumes of unit shipments, but also improves our product development as our product development engineers are now only a short walk away from the production lines.

Italy: In addition throughout 2023 and into 2024, we've added key staff members promoted a number of employees into senior leadership roles and continue to optimize our non production processes.

Italy: Accelerating our supply chain procurement to ensure we can meet customer deadlines.

Mustafa Veziroglu: We feel comfortable with our existing footprint and headcount to meet our current and near-term expected shipping calls. I'm confident we are well prepared for the opportunity ahead, and I believe we have the right team with the right solutions and the operational structure and capacity to capitalize on the opportunity in front of us.

Mustafa Veziroglu: We feel comfortable with our existing footprint and headcount to meet our current and near-term expected shipment goals. I'm confident we are well prepared for the opportunity ahead, and I believe we have the right team with the right solutions and the operational structure and capacity to capitalize on the opportunity in front of us. With that, I will turn it over to Stefan to walk you through our results and outlook in more detail.

Italy: Feel comfortable with our existing footprint and headcount to meet our current and near term expected shipping calls.

Speaker Change: I am confident we are well prepared for the opportunity ahead and I believe we have the right team with the right solutions and the operational structure and capacity to capitalize on the opportunity in front of us with that let me turn it over to Stephane to walk you through our results and outlook in more detail Stefan Thank you most of them.

Stefan Berndt: With that, let me turn it over to Stefan to walk you through our results and outlook in more detail.

Stefan Berndt: Stefan, thank you most of the fun. Let's turn to our results for the folio 2023. First, let's turn to the two key business metrics that we believe will continue to very to best demonstrate the momentum we are seeing in the business: first, cash in from customer contracts. This is a key forward-looking predictor of revenue as the cash is only received as we met contractual milestones. There is typically a lack between when cash is received from customer contract and when shipments are made. This varies depending on the contract terms as a reminder. These are contractual payments received when certain milestones are met, but full delivery in acceptance has not been reached.

Stefan Berndt: Thank you, Mustafa. Now, let's turn to our results for the full year 2023. First, let's turn to the two key business metrics that we believe will continue to best demonstrate the momentum we are seeing in the business. First, cash-in-from-customer contracts. This is a key forward-looking predictor of revenue as the cash is only received as we meet contractual milestones. There is typically a lag between when cash is received from customer contracts and when shipments are made.

Stefan: Let's turn to our results for the full year 2023, first let's turn to the two key business metrics.

Stefan: We believe we will continue to be the.

Stefan: To best demonstrate the momentum we are seeing in the business.

Stefan Berndt: This varies depending on the contract term. As a reminder, these are contractual payments received when certain milestones are met but full delivery and acceptance have not been reached. In essence, this is pre-revenue cash received and we believe a very significant indicator of the future revenue of the company. Cash-in from customer contracts for the full year 2023 was 49.2 million euros, which is well above the 18.3 million euros we reported for the full year 2022.

Speaker Change: Cash in from customer contract.

Stefan: This is a key forward looking predictor of revenue at the <unk>.

Stefan: <unk> only received as we met the contractual milestones.

Stefan: Typically elect between when cash is received from customer contract and when shipments are made this various depending on the contract terms.

Reminder, these are contractual payments received when certain milestones are met but full delivery and acceptance has not been reached.

Stefan Berndt: In essence, this is pre-revenue cash received, and we believe a very significant indicator of the future revenue of the company. Cash in from customer contracts for the folio 2023 was 49.2 million euros, which is well above the 18.3 million euros we reported for the folio of 2022. These reflects the achievement of program milestones as well as the high level of new program wins we were awarded in 2023. Second, optical communication terminal backlog in units for the folio 2023 were 794 units compared to 256 units at the year end 2022. In addition, our backlog as of today showed further momentum and increased to 880 to 829 units net of recent shipments.

Stefan: In essence this is pre revenue cash receipts and we believe a very significant indicator of the future revenue of the company.

Stefan: Cash from customer contracts for the full year 2023 was $49 2 million, which is well above the 18 3 million euros, we reported for the full year of 2022.

Stefan Berndt: This reflects the achievement of program milestones as well as the high level of new program wins we were awarded in 2023. Second, the optical communication terminal backlog in units for the full year 2023 was 794 units compared to 256 units at the year-end 2022. In addition, our backlog as of today showed further momentum and increased to 829 units net of recent shipments. As a reminder, our current terminal backlog is heavily weighted towards government-funded contracts and primarily includes programs with the SDA.

Stefan: This reflects the achievement of program milestones as well as the high level of New program wins, we were awarded in 2023.

Stefan: Second.

Optical communications terminal backlog in units for the full year 2023 were 794 units compared to 256 unit.

Stefan: At the year end 2022. In addition, our backlog as of today showed further momentum and increased to 80 802 <unk>.

Stefan: 802009 units net of recent shipments.

Stefan Berndt: As a reminder, our current terminal backlog is heavily weighted towards government-funded contracts and primarily includes programs with the SBA. Scheduled shipments will continue over the reminder of 2024, throughout 2025, and a small number of units delivered in the first half of 2026. We continue to see a strong and steady pipeline of opportunities for our terminal products across both government and commercial markets.

Stefan: As a reminder, our current terminal backlog is heavily weighted towards government funded contracts and primarily includes programs with the FDA.

Stefan Berndt: Scheduled shipments will continue over the remainder of 2024 and throughout 2025, with a small number of units delivered in the first half of 2026. We continue to see a strong and steady pipeline of opportunities for our terminal products across both government and commercial markets. Let's look at a few other figures before opening the call for questions. As a reminder, our preliminary financials are presented in accordance with IFRS and are reported in euros. Revenue was 5.4 million euros for the full year 2023 compared to 4.4 million euros for the full year 2022.

Stefan: Scheduled shipments will continue over the remainder of 2024 throughout 2025 and a small number of units delivered in the first half of 2026.

Stefan: We continue to see strong and steady pipeline of opportunities for our terminal.

Stefan: Product across both government and commercial markets.

Stefan Berndt: Let's look at a few other figures before opening the call for questions. As a reminder, our preliminary financials are presented in accordance with IFRS and are reported in Europe. Revenue was 5.4 million euros for the full year 2023 compared to 4.4 million euros for the full year 2022. Revenue for the full year reflects terminal shipments to multiple customers as well as service revenues. Cost of materials increased by more than 8% compared to the year ago period, driven by one-time items that more than offset reduced costs for finalizing the development and testing of our products. As well as production line testing included in the cost of the materials for 2023, is a write down in the amount of 9.4 million euros related to raw materials attributable to our Hawke Mark 1 terminals.

Stefan: Let's look at a few other figures before opening the call for questions.

Stefan: As a reminder, our preliminary financials.

Stefan: Centered in accordance with IRS and a reported in Europe.

Stefan: Revenue was $5 4 million euros for the full year 2023, compared to $4 4 million euros for the full year 2022.

Stefan Berndt: Revenue for the full year reflects terminal shipments to multiple customers as well as service revenue. revenue increased by more than 8% compared to the year-ago period, driven by one-time items that more than offset reduced costs for finalizing the development and testing of our products, as well as production line testing. Included in the cost of materials for 2023 is a write-down in the amount of 9.4 million euros related to raw materials attributable to our HAWK Mk1 terminal. Excluding the write-down, the cost of materials would have decreased by 37% compared to the year-ago period.

Stefan: Revenue for the full year reflect terminal shipments to multiple customers as well as service revenue.

Stefan: Cost of materials.

Stefan: Increased by more than 8% compared to the year ago period, driven by one time items that more than offset reduced cost for finalizing the development and testing of our products as well as production line testing.

Stefan: Included in the cost of the materials for 2023 with a write down in the amount of nine 4 million related to raw materials.

Stefan: Due to our Hawk Mark one terminal.

Stefan Berndt: Excluding the write down, cost of material would have decreased by 37% compared to the year ago period, as our production rate increased substantially over the coming months, and into the next year we expect our cost of material to increase. We have implemented a number of internal initiatives to reduce the cost of materials for the should provide positive benefits over the coming years as shipment accelerates. Personal costs degrees 2% compared to the year ago level. We continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior periods.

Stefan: Excluding the write down cost of materials would have decreased by 37% compared to the year ago period, our production rates increase substantially over the coming months and into the next year, we expect our cost of materials to increase.

Stefan Berndt: As our production rate increases substantially over the coming months and into the next year, we expect our cost of materials to increase. We have implemented a number of internal initiatives to reduce the cost of materials for the Condom Mark III terminals over time that should provide positive benefits over the coming years as shipment accelerates. Personnel costs decreased 2% compared to the year-ago level.

Stefan: We have implemented a number of internal initiatives to reduce the cost of materials for <unk> III terminal over time.

Stefan: Provide positive benefits over the coming years as shipment accelerates.

Stefan: Personnel costs decreased 2% compared to the year ago level.

Stefan Berndt: We continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior periods. As a result, our overall headcount was relatively flat at just over 301 average employees compared to the year-ago period. The decrease in personnel costs was mostly due to lower stock compensation expenses.

Stefan: We continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior period as a result, our overall head count was relatively flat.

Stefan Berndt: As a result, our overall headcount was relatively flat at just over 301 average employees compared to the year-ago period. The degrees in the personal cost was mostly due to lower stock compensation expense. Looking ahead, we expect to continue to add to our operations headcount as we look to ramp production, which we previously discussed with you. We are taking a disciplined approach to adding headcount and other operating expenses. We feel comfortable with the overall investment and engineering. We believe the growth rate and the personal expenses over the near term should remain relatively flat in the first half of this year and then increase lightly in the second half of the year as our productive ramp accelerates.

Stefan: Over 301 average employees compared to the year ago period.

Stefan: The degrees and the personnel cost was mostly due to lower stock compensation expense.

Stefan Berndt: Looking ahead, we expect to continue to add to our operations headcount as we look to RAM production, which we've previously discussed with you. However, we are taking a disciplined approach to adding headcount and other operating expenses. We feel comfortable with the overall investment and engineering. We believe the growth rate and personal expenses in the near term should remain relatively flat in the first half of this year and then increase slightly in the second half of this year as our production ramps up.

Stefan: Looking ahead, we expect to continue to add to our operations head count as we look to ramp production, which we've previously discussed with you.

Stefan: We are taking a disciplined approach to adding head count and other operating expenses.

Stefan: Feel comfortable with the overall investment in engineering.

Stefan: Belief the growth rate in the personnel expenses over the near term should remain relatively flat in the first half of this year and then increased slightly in the second half of the year.

Stefan: Production ramp accelerates.

Stefan Berndt: Overall, the company reported an operating loss of 79.2 million euros for the full year 2023 compared to an operating loss of 73.8 million euros for the full year 2022, including in the operating loss for the year a more than 14 million euros in one-time charges related to write-downs and impairment charges. Excluding these charges, our operating loss decreases by less than 1% compared to the year-ago period, which was in line with our forecast.

Stefan: Sure.

Stefan Berndt: Overall, the company reported an operating loss of 79.2 million euros for the full year 2023 compared to an operating loss of 73.8 million euros for the full year 2022, including and the operating loss for the year are more than 14 million euros in one-time charges related to write-downs and impairment charges, excluding discharges, our operating loss decreased by less than 1% compared to the year ago period, which was in line with our forecast.

Stefan: Overall, the company reported an operating loss of $79 2 million euros for the full year 2023, compared to an operating loss of 73.8 million euros for the full year 2022.

Stefan: Including in the operating loss for the year of more than 14 million euros, and one time charges related to write downs and impairment charges. Excluding these charges, our operating loss decreased by less than 1% compared to the year ago period, which was in line with.

Stefan: Our forecast.

Stefan Berndt: Now let's turn to a few key balance sheet figures. Looking first at our cash and liquidity, our cash balance at the end of December 2023 was just under 24 million euros compared to 10.2 million euros at the end of 2022. Our cash balance as stated in our 20 as filing on May 17 was 2.5 million euros. As shipments continue to ramp throughout the remainder of 2024, we expect to remain in cash consumption mode through year-end based on our current production forecast. We believe we can achieve EBITR break even by the end of tooth production forecast hold.

Stefan: Now, let's turn to a few key balance sheet figures.

Stefan: Looking first at our cash and liquidity our cash balance at the end of December 2023 was just under 24 million euros compared to $10 2 million euros at the end of 2022.

Our cash balance as stated in our 20-F filing on May 17 was $2 5 million.

Stefan Berndt: As shipments continue to ramp throughout the remainder of 2024, we expect to remain in cash consumption mode through year-end. Based on our current production forecast, we believe we can achieve EBITDA break-even by the end of June if our production forecast holds. To that end, we entered into an additional deferred short-term facility with our primary lender totaling 20 million US dollars. As of May 17th, we had drawn down 10 billion US dollars on the facility.

Stefan: Shipments continue to ramp throughout the remainder of 2024, we expect to remain in cash consumption mode.

Stefan: Through year end based on our current production forecast. We believe we can achieve EBITDA breakeven by the end of two production forecast holds.

Stefan Berndt: So that end we entered into an additional deferred draw term facility with our primary lender totaling 20 million euros dollars. As of May 17, we had drawn down 10 million US dollars on the facility. As we stated in the 20 as filing, should we experience a shortfall of revenue and of corresponding cash in from customer contracts compared to our forecast. It's highly likely we could require additional external financing. We are focused on ramping our shipment and winning new contracts as these are the two best cash generating activities for our money at this time.

Stefan: So that.

Stefan: Add to that.

Stefan: And we entered into additional deferred draw term facility with our primary lender totaling $20 million.

Stefan: As of May 17th we had drawdown $10 billion on the facility as we stated in the 20-F filing should we experience a shortfall of revenue and of corresponding cash in from customer contract compared to our forecast.

Stefan Berndt: As we stated in the 20th filing, should we experience a shortfall of revenue and of corresponding cash-in from customer contracts compared to our forecast, it is highly likely that we could require additional external financing. We are focused on ramping up our shipment and winning new contracts as these are the two best cash-generating activities for Mynaric at this time. Turning to inventory, our inventories were €22.7 million, up from €13.3 million at the end of last year as we continue to invest in component inventory ahead of the expected ramp-up in terminal production over the coming months.

Stefan: Highly likely we could require additional external financing.

Stefan: Were focused on ramping our shipment and winning new contracts. If these are the two best cash generating activities for our minarik at this time.

Stefan Berndt: Turning to inventories. Our inventories were 22.7 million euros, up from 13.3 million euros at the end of last year. As we continue to invest in component inventory ahead of the expected ramp in terminal production over the coming months.

Stefan: Turning to inventories.

Our inventories were $22 7 million up from 13 3 million at the end of last year as we continue to invest and component inventory ahead of the expected ramp in terminal production over the coming months.

Stefan Berndt: Finally, looking at our fixed assets. Our property, plant and equipment were 22.9 million euros compared to 22.3 million euros at year end 2022. We invested 4.9 million euros in property, plant, and equipment during the folio 2023 as compared to 10.2 million for the folio 2022. Looking ahead, we expect our investment and property, plant, and equipment in 2024 to remain relatively flat in euros with the last year due to the significant investment we have already made over the past several years.

Stefan Berndt: Finally, looking at our fixed assets, our property, plant, and equipment was 22.9 million euros compared to 22.3 million euros at year-end 2022. We invested 4.9 million euros in property, plant, and equipment during the full year 2023 as compared to 10.2 million euros for the full year 2022.

Stefan: Finally, looking at our fixed assets, our property plant and equipment were $22 9 million euros compared to $22 3 million at year end 2022, we invested $4 9 million euros and property plant and equipment during the full.

Stefan: Year 2023, as compared to $10 2 million for the full year 2020 to.

Stefan Berndt: Looking ahead, we expect our investment in property, plant, and equipment in 2024 to remain relatively flat in euros with the last year due to the significant investment we have already made over the past several years. Now, let me walk you through our guidance for 2024. For 2024, we are adding specific numeric guidance for revenue and operating loss to our prior key performance indicator guidance. Given we are now shifting from a pre-production company to a full production ramp, our guidance metrics going forward will reflect this transition.

Stefan: Looking ahead, we expect our investment in property plant and equipment in 2024 to remain relatively flat.

Stefan: In euros with the last year due to the significant investments we have already made over the past several years.

Stefan Berndt: Now, let me walk you through our guidance for 2024. For 2024, we are adding specific numeric guidance for revenue and operating loss to our peer prior key performance indicator guidance. Given we are now shifting from a pre-production company to a full-production ramp, our guidance matrix going forward will reflect this transition. In addition, the outlook is based on the current projected production ramp and current liquidity protection. Should Mynaric experience either push out in this production schedule, fail to secure new orders as planned, or incur delays in the secured new order from customer, there is a high likelihood that the company could need to raise additional capital.

Stefan: Now, let me walk you through our guidance for 2024.

Stefan: For 2024.

Stefan: Adding specific numeric guidance for revenue and operating loss to our peer prior key performance indicator guidance.

Stefan: Given we are now shifting from a pre production company to a full production ramp our guidance metrics going forward will reflect this transaction transition.

Stefan Berndt: In addition, the outlook is based on the current projected production ramp and current liquidity projector. Should Mynaric experience either a push-out in this production schedule, fail to secure new orders, as planned, or incur delays in the secured new orders from customers, there is a high likelihood that the company could need to raise additional capital. Mynaric is also considering pursuing multiple alternative options in order to secure its cash needs and bolster its long-term success.

In addition to that.

Stefan: Outlook is based on the current protected.

Stefan: Production ramp and current liquidity protection should monomeric experience either push out.

Stefan: This production scheduled failure to secure new orders as planned or incur delays in the secured new orders from customer there as a highlight we hope that the company could need to raise additional capital Minerva is also considering pursuing multiple alternative options in order to to two six.

Stefan Berndt: Mynaric is also considering pursuing multiple alternative options in order to secure the cash need and pollster its long-term success. For the full year 2024, we expect revenue to arrange between 50,500,000,000 euros and 70,000,000 euros driven by shipment of Condom Mark III units to multiple customers. This assumes we are able to ramp to our current production plans. We expect our operating loss for the year to decrease significantly from last year's level and range between a loss of 40,000,000 euros and a loss of 30,000,000 euros. Importantly, we believe our production level should help us achieving a break even if it is our level by the end of the year on a run rate basis.

Stefan: Sure the cash needs and pulse its long term success.

Stefan Berndt: For the full year 2024, we expect revenue to range between 50-50 million euros and 70-70 million euros driven by shipment of Condor Mark III units to multiple customers. This assumes we are able to ramp up to our current production plan. We expect our operating loss for the year to decrease significantly from last year's level and range between a loss of 40, so 0 million euros, and a loss of 30, so 0 million euros.

Stefan: For the full year 2024, we expect revenue to a range between 55 million euros, and 77 million euros, driven by shipment of condo Mark three units to multiple customers.

Stefan: Assumes we are able to ramp to our current production plans.

Stefan: We expect our operating loss for the year to decrease significantly from last year's level and range between a loss of 44 zero million euros.

Stefan: Loss of 30.

Stefan: Three zero million Europe.

Stefan Berndt: Importantly, we believe our production level should help us achieve a break-even EBITDA level by the end of the year on a run rate basis. We expect cash-in from customer contracts to range between 65 million euros and 100 million euros, reflecting both cash-in from terminal shipments as well as customer repayments for new business wins. We expect our optical communication terminal shipment backlog to finish the year in a range between 800 and 1000 units. This reflects expected new wins in the government and commercial sectors, more than offsetting our projected shipment for this year. With that, operator, would you please provide the instructions for the question and answer session? Operator?

Stefan: Importantly, we believe our production levels.

Stefan: Help us achieving a breakeven EBITDA level by the end of the year on a run rate basis.

Stefan Berndt: We expect cash in from customer contract to range between 65,000,000 euros and 100,000,000 euros, reflecting both cash in from terminal shipment as well as customer repayments for new business wins. We expect our optical communication terminal shipment backlog to finish the year in a range between 800,000 units. This reflects expected new wins in the government and commercial sector, more than offsetting our protected shipment for this year.

We expect cash in from customer contracts to range between 65 million euros and 100 million euros.

Stefan: Reflecting both cash in from terminal shipments as well as customer prepayments for new business wins.

Stefan: We expect our optical communication terminal shipment backlog to finish the year in a range between 800000 units. This reflect expected new wins in the government and commercial sector more than offsetting our protected shipment for this year.

Operator: With that, operator, would you please provide the instructions for the question and answer session operator? Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one on your telephone and then wait to hear your name announced.

Speaker Change: With that operator would you. Please provide the instructions for the question and answer session operator.

Speaker Change: Thank you.

Operator: Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star 1-1 on your telephone and then wait to hear your name announced. To withdraw your question, please first start 1-1 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Greg Konrad with Jeffries. Your line is open. Good afternoon.

Speaker Change: Ladies and gentlemen, as a reminder to ask a question. Please press star one on your telephone and wait to hear your name announce.

Operator: To withdraw your question, please first start one one again. Please stand by while we compile the Q&A roster.

Speaker Change: To withdraw your question. Please press star one again.

Speaker Change: Please standby, while we compile the Q&A roster.

Speaker Change: Okay.

Gregory Konrad: Our first question comes from the line of great Conor Conor, I'm sorry, great Conor with Jeffries. Your line is open. Good afternoon. May be just to start, you know, you mentioned you started shipping production units at the end of Q1. We're almost through H1. Is there any color you can give us in terms of the revenue and OpLoss guidance for the year, how you kind of expect that between H1 and H2? Thank you.

Speaker Change: Our first question comes from the line of Great cannot Com, Ryan I'm, sorry, Greg Com rate with Jefferies. Your line is open.

Speaker Change: Good afternoon.

Gregory Arnold Konrad: Maybe just to start, you know, you mentioned you started shipping production units at the end of Q1. We're almost through H1. Is there any color you can give us in terms of the revenue and operating loss guidance for the year, how you kind of expect that between H1 and H2? Thank you. I'm glad you're here, and thanks for the question.

Speaker Change: Sure.

Speaker Change: Maybe just to start.

You mentioned you started shipping production units at the end of Q1 were almost through H. One is there any color you can give us in terms of the revenue and op loss guidance for the year. How are you kind of expect that between <unk> and <unk>.

Mustafa Veziroglu: So we don't want to get into the specific unit projections, as we are not included in that in our outlook. But from a revenue guidance perspective, obviously, most of the revenue guidance would be driven by product shipments. And given that we are in June, most of that would be happening back and loaded. Stefan, did you want to add some more to it? No, I think you covered it well.

Speaker Change: Thank you.

Mustafa Veziroglu: Glad you're here. Thanks for the question. So we don't want to get into the specific unit projections as we are not included in that in our outlook, but from my revenue guidance perspective, obviously, most of the revenue guidance would be driven by the product shipments, and given that we are in June, most of that would be happening back and loaded.

Speaker Change: And here you are here and thanks for the question. So we don't want to get into the specific unit projections is since we are not included in that in our outlook, but from a revenue guidance perspective, obviously.

Speaker Change: Most of the revenue guidance would be driven by the product shipments and then given where we are in June most of that would be happening backend loaded.

Speaker Change: Stephane do you want to add some water.

Stefan Berndt: I think we are in a ramp-up phase of production and starting shipments, and then we will see revenue in the second half of the year, or mostly the second half of the year. And this is our current revenue and shipment forecast, where we feel comfortable. And then, I mean, I think sticking on operating income. In the past, you kind of talked about a 50% gross margin, you gave some good color around kind of expenses. Is that kind of what we should think?

Stephane: No I think you covered it well I think we are in the ramp up of the production.

Starting of the shipments.

Stephane: Then we will see the revenue in the second half of the year.

Stephane: Mostly the second half of the year.

Speaker Change: This is our current.

Speaker Change: Revenue and shipment forecast where we.

Speaker Change: We feel comfortable.

Stefan Berndt: And then, I mean, to think, sticking on operating income, I mean, in the past, you kind of talked about a 50% gross margin. You gave some good color around kind of expenses. Is that kind of what we should think of from the onset, just as production unit ship, or is there kind of a build on the gross margin side? Correct. No, I think that's overall what's still correct, and we are looking of a 50% gross margin to be fair. What we are looking more at the moment is to speed up the ramp-up of the production.

Speaker Change: Okay and then.

Speaker Change: Sticking on.

Speaker Change: Operating income in the past you've kind of talked about a 50% gross margin and you gave some good color around kind of expenses is that kind of what we should think.

Stefan Berndt: from the onset just as production units ship, or is there kind of a build on the gross margin side? Greg, no, I think that's overall what's still correct, and we're looking off a 50% gross margin. To be fair, what we are looking more at the moment is to speed up the ramp up of production. So this is the main focus.

From the onset just as production units ship or is there kind of a <unk>.

Speaker Change: Build on the gross margin side.

Speaker Change: Correct.

Speaker Change: Thats all.

Speaker Change: What's the correct and we're looking off of 50% gross margin to be fair, but we're looking more at the moment is to speed up the ramp up of the production. So this is the main focus and then the second.

Stefan Berndt: And then the second focus point is, for sure, reducing the material costs overall. So we have a mid and long-term plan to significantly reduce the material costs, but overall, your statement is still right, yes. And then, I mean, you called out some risk when talking about the capital side.

Stefan Berndt: So this is the main focus, and then the second focus point is then for sure, reducing the material costs overall. So we have a mid and long term plans to significantly reduce the material costs, but overall your statement is still right. Yes.

Focus partners and for sure reducing the material cost overall, so we have met and long term plan to significantly reduced.

Speaker Change: Material costs.

Speaker Change: But overall your statement is right yes.

Stefan Berndt: And then I mean, you called out some risk, you know, when talking about on the capital side. I mean, how much of that is supply side ramp versus demand potential? And when you think about this year, you know, what percentage of expected shipments are? Are already in backlog. So I mean, so this is most so the very much 100% of the revenue shipments this year will come from existing backlog. So we're not banking on any turns business that we need to book. In fact, as you know, we have over 800 terminals on a backlog. Roughly, you know, euros dollars roughly somewhere around 800, I mean, $200 million.

Speaker Change: And then I mean, you called out some risk when talking about on the capital side I mean, how much of that is supply side ramp versus demand potential and when you think about this year what percentage of expected shipments are already in <unk>.

Mustafa Veziroglu: I mean, how much of that is supply-side ramp versus demand potential? And when you think about this year, you know, what percentage of expected shipments are already in backlog? So, I mean, this is Mustafa.

Speaker Change: Claude.

Mustafa Veziroglu: So, pretty much 100% of the revenue shipments this year will come from existing backlogs. So we're not banking on any terms business that we need to book. In fact, as you know, we have over 800 terminals in our backlog, roughly, you know, euros, and dollars, roughly somewhere around 800. I mean, $200 million. So we're only shipping, planning, forecasting, giving outlook for a part of that. The aging of the backlog looks like the second half of this year, most of 2025, and some of that ages into the early part of 2026. And then, maybe just one more for me.

Speaker Change: So I mean, so this is not.

Speaker Change: No.

Speaker Change: Pretty much 100% of the <unk>.

Speaker Change: Revenue shipments this year will come from existing backlog. So we're not banking on any turns business that we need to book in fact as you know we have over 800 terminals on our backlog roughly euros dollars roughly somewhere around 800, I mean $200 million.

Stefan Berndt: So we only shipping, planning, forecasting, giving out look for a partial of that. So the aging of the backlog looks like the second half of this year, most of 2025, and some of that ages into early part of 26.

Speaker Change: So we are only shipping planning forecasting, giving your outlook for a partial of that so.

Speaker Change: The aging of the backlog looks like the second half of this year most of 2025 and some of that ages into early part of 'twenty six.

Stefan Berndt: And then maybe just one more for me. I mean, you mentioned a number of commercial pursuits. I mean, I think we're aware of a bunch of them. You know, you said hopeful for announcements over the coming months. You know, when we think about the guide for 800 to 1000 terminal backlog guidance for year end, we can kind of do the math on how many you expect to ship this year. How do you think about the conservatism in that, you know, how does that, you know, provide p-winds attached to maybe some of those pursuits and just kind of how you arrived at that number?

Speaker Change: Okay, and then maybe just one more for me I mean, you mentioned the number of commercial pursuits. I mean, I think we are at.

Mustafa Veziroglu: I mean, you mentioned a number of commercial pursuits. I think we're aware of a bunch of them, you know, and you said you were hopeful about announcements over the coming months. You know, when we think about the guidance for 800 to 1000 terminal backlog guidance for year end, we can kind of do the math on how many you expect to ship this year. How do you think about the conservatism in that?

Speaker Change: We're of a bunch of them.

Speaker Change: You said hopeful for announcements over the coming months, when we think about the guide for $800.

Speaker Change: Terminal backlog guidance for year end, and we can kind of do the math on how many you expect to ship this year.

Mustafa Veziroglu: You know, how does that, you know, provide P wins attached to maybe some of those pursuits and just kind of show how you arrived at that number? Right. And as you know, this is a combination of how much you ship and how much you add. So it's a net add that we're seeing. So the first level of message is we anticipate being able to book more orders than we're able to ship. And we are rapidly, as we said, our main focus right now is to rapidly ramp up that shipment because it's the best way of securing cash for the company and, most importantly, meeting our delivery objectives for our end customers. Well, I'll leave it at that.

Speaker Change: How do you think about the conservatism in that how does that provide <unk> attached to maybe some of those pursuits and just kind of how you arrived at that number.

Stefan Berndt: Right, and as you know, this is a combination of how much you ship, how much you add, so it's a net ad is what we're seeing. So the first level of messages, we anticipate being able to book more orders than we're able to ship. And we are rapidly, as we said, our main focus right now is to rapidly ramp up that shipment, because it's the best way of securing cash for the company, and most importantly, to meet our delivery objectives for our end customers.

Right and as you know this is a combination of how much you ship how much you add so it's a net add.

Speaker Change: Is what we're saying so the first level of messages, we anticipate being able to book more orders than we were able to ship.

Speaker Change: And we are rapidly as we said our main focus right now is rapidly ramp up that shipment because it's the best way of securing cash for the company and most importantly to meet our delivery objectives for our end customers.

Speaker Change: Okay.

Stefan Berndt: I'll leave it at that.

Speaker Change: Okay I'll leave it at that thank you.

Stefan Berndt: Thank you. Thank you very much. Thank you, Craig. Thank you.

Mustafa Veziroglu: Thank you. Thank you very much. Thank you, Craig. Thank you. Please stand by.

Craig: Thank you very much thank you Craig.

Speaker Change: Thank you.

Operator: Please stand by.

Please standby.

Operator: As a reminder, ladies and gentlemen, to ask the question that star 1-1.

Operator: As a reminder, ladies and gentlemen, to ask the question, that's star 11. I'm showing no further questions in the, and I would now like to turn the call back over to Tom. Thank you, operator. For further information about our upcoming engagement with the investment community, please visit the investor relations section of Mynaric.com. Thank you to everyone who joined us today, and thank you for your interest in Mynaric. We'll speak with all of you again when we release our half-year 2024 financial results later this year. Goodbye for now.

Speaker Change: As a reminder, ladies and gentlemen to ask a question Thats Star one.

Operator: I'm showing no further questions than the queue.

Speaker Change: Im showing no further questions in the queue.

Thomas Dinges: I would now like to turn the call back over to Tom. Thank you, operator. For further information about our upcoming engagement with the investment community, please visit the Investor Relations section of Mynaric.com. Thank you for everyone who joined us today, and thank you for your interest in Mynaric.

Speaker Change: I would now like to turn the call back over to Tom.

Yeah.

Thomas J. Dinges: Thank you operator for.

Speaker Change: For further information about our upcoming engagement with the investment community. Please visit the Investor Relations section of mine, Eric Dot Com.

Eric: Thank you for everyone, who joined US today and thank you for your interest in mind, Eric will speak with all of you again, when we release half year 2024 financial results later this year Goodbye for now.

Thomas Dinges: We'll speak with all of you again when we release half-year 2024 financial results later this year.

Operator: Goodbye for now.

Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect. Thank you.

Thomas J. Dinges: Ladies and gentlemen that concludes today's conference call. Thank you for your participation. You may now disconnect. Thank you for watching! [inaudible] Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music, [inaudible] I've been there Not failed But I've been sick No one's ever gone I've been there Not failed But I've been sick No one's ever gone I've been there Not failed But I've been sick No one's ever gone I've been there Not failed But I've been sick No one's ever gone I've been there, Hello and thank you for standing by.

Ladies and gentlemen that concludes today's conference call. Thank you for your participation you may now disconnect.

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Eric: Yeah.

Eric: [music].

Eric: Yes.

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Operator: Welcome to Mynaric Fiscal Year 2023 Preliminary Results and Fiscal Year 2024 Outlook Webcast Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is free.

Speaker Change: Hello, and thank you for standing by welcome to <unk> fiscal year 2023 preliminary results in fiscal year 2024 outlook webcast call at.

Operator: Welcome to Mynaric fiscal year 2023 for limited results of fiscal year 2024 outlook webcast call. At this time all participants on a listen only mode. After the speaker's presentation, there would be a question and answer session. To ask the question during this session, you would need to press star one one on your telephone. You would then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again.

Speaker Change: At this time all participants are in a listen only mode.

Speaker Change: After the speaker's presentation, there will be a question and answer session.

To ask a question. During this session you will need to press star one on your telephone.

Speaker Change: Dan here I'll automated advising yohan this race.

Speaker Change: Or withdraw your question. Please press star one again.

Thomas Dinges: I will now like to turn the call over to Tom Dinges, Vice President of Investor Relations for Mynaric. You may begin.

Thomas J. Dinges: To withdraw your question, please press star 11 again. I would now like to turn the call over to Tom Dinges, vice president of investor relations for Mynaric. You may begin. Thank you, operator. I welcome everyone to Mynaric's preliminary full year 2023 results and 2024 Outlook webcast call. Prior to this webcast call, we released our preliminary full year 2023 results and 2024 outlook, which are available for download in the investor relations section of Mynaric.com.

Eric: I would now like to turn the call over to Tom <unk>, Vice President of Investor Relations and Eric you may begin.

Thomas Dinges: Thank you, operator. Welcome everyone to Mynaric's preliminary full-year 2023 results and 2024 outlook webcast call. Prior to this webcast call, we released our preliminary full year 2023 results and 2024 outlook, which are available for download on the investor relations section of Mynaric.com.

Speaker Change: Thank you operator, welcome everyone to <unk> preliminary full year 2023 results in 2024 outlook webcast call.

Speaker Change: Here to this webcast call, we released our preliminary full year 2023 results in 2024 outlook, which are available for download on the Investor Relations section of <unk> Dot com.

Thomas Dinges: Before we begin today's formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subjects of this presentation are preliminary results as we not complete our European filing and include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical or current facts contained in this presentation are forward-looking statements. These forward looking statements involve known and unknown risks, uncertainties, and that are difficult to predict or are beyond our control, and our actual results may differ materially from those expected or implied as forward looking statements.

Thomas J. Dinges: Before we begin today's formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subjects of this presentation are preliminary results as we have not yet completed our European filing and include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended. All statements, other than statements of historical or current facts contained in this presentation, are forward-looking. These forward-looking statements involve known and unknown risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and our actual results may differ materially from those expected or implied as forward-looking statements.

Speaker Change: Before we begin todays formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subject to this presentation. Our preliminary results as we've not completed our European filing and include forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095 as amended all statements other than statements of historical or.

Thomas Dinges: The forward looking statements included in this presentation are made only as of the date hereof. Neither we nor any other person undertakes any obligation to update any forward looking statement to reflect events or circumstances after the date of this presentation or otherwise.

Thomas J. Dinges: The forward-looking statements included in this presentation are made only as of the date hereof, and neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation. This presentation may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity, or performance under IFRS.

Speaker Change: Are made only as of the date hereof, neither we nor any other person undertakes any obligation to update any forward looking statement to reflect events or circumstances. After the date of this presentation or otherwise.

Speaker Change: <unk> may include certain financial measures not presented in accordance with IRS such financial measures are not measures of financial performance in accordance with IRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to.

Loss for the period or other measures of profitability liquidity or performance under Ifr S.

Thomas Dinges: With that out of the way, we have a great agenda for you today. We will begin with opening remarks by Mustafa. Following most of his remarks, Stefan will discuss our preliminary full year 23 results and our outlook for 2024. Following the formal presentation, we will take questions from analysts.

Thomas Dinges: We anticipate this webcast will last no more than one hour.

Thomas Dinges: On the webcast today are Monaric CEO, Mustafa Visarobu, and Monaric CFO, Stefan Berg van Buelem.

Speaker Change: The webcast today are <unk> CEO, Mr visit Rockville, and my next CFO Stefan Berg von Bulow with that it's my pleasure to turn it over to most of all for his opening remarks most of our.

Thomas J. Dinges: On the webcast today are Mynaric's CEO, Mustafa Veziroglu, and Mynaric's CFO, Stefan Berndt-Van Buelow. With that, it's my pleasure to turn it over to Mustafa for his opening remarks.

Mustafa Veziroglu: With that, it's my pleasure to turn it over to Mustafa for his opening remarks. Mustafa. Thank you, Tom. Monaric reported solid results for the full year of 2023. Arter Momentum was excellent in 2023 and early 2024, as evidenced by a record backlog of terminal units. Our team did a great job in landing new customers as well as winning repeat business with existing customers. Our current backlog now stands at 829 terminal units, including our most recent award from Rocket Labs in support of SDA to transport their program.

Speaker Change: Thank you Tom.

Speaker Change: Part of that solid results for the full year of 2023 order momentum was excellent in 2003 in early 2024 as evidenced by record backlog of terminal units. Our team did a great job in landing new customers as well as winning repeat business with existing customers.

Speaker Change: Our backlog now stands at 829 terminal units, including our most recent award from rocket labs in support of the SDA turns to transport their program.

Mustafa Veziroglu: As a reminder, just a few short years ago, our backlog was standing at 40 units.

Speaker Change: As a reminder, just a few short years ago, our backlog standing at 40 units.

Mustafa Veziroglu: Conference. Increased we've reported over the past couple of years of testament to the strength of our core technology, as well as the execution and high degree of customer service on our sales team. It also demonstrates the strong belief our customers have placed in us to support their next generation satellite communication networks. Our funnel on the opportunities remains very strong across both the government and commercial sectors. It remains disciplined in our investment strategy to support the future growth of the business, and our pipeline opportunities remain the highest in our history.

Speaker Change: The increase we've reported over the past couple of years, a testament to the strength of our core technology as well as the execution and high degree of customer service of our sales team.

Speaker Change: Demonstrates a strong belief our customers have placed in us to support their next generation satellite communication networks, our funnel of new opportunities remains very strong across both the government and commercial sectors. We remain disciplined in our investment strategy to support the future growth of the business and our pipeline of opportunities remain the highest.

Speaker Change: In our history.

Mustafa Veziroglu: Since the last time we spoke with you, the industry has continued to make progress in terms of constellation deployment, funding, and design. Let's start with the government sector. The U.S. Space Development Agency is now past the initial deployment phase of this constellation and has awarded all Trunch One and nearly all Trunch Two awards to prime satellite contractors. We expect the first launches of trunch one satellites should begin later this year or early next year. Within the SDA, we estimate we have the highest largest market share of optical terminals, and we are now in the early phase of our manufacturing grant to meet the needs of our multiple prime customers for this program.

Speaker Change: Since the last time, we spoke with you the industry is continuing to make progress in terms of constellation deployment funding and design.

Speaker Change: Start with the government sector. The U S space Development Agency is now past the initial deployment phase of its constellation.

<unk> has awarded all tranche, one and nearly all tranche two awards to Prime satellite contractors, we expect the first launches of tranche. One satellites should begin later this year or early next year within the SBA. We estimate we have the highest largest market share of optical terminals and we are now in the early phase.

Mustafa Veziroglu: Within the SDA, we estimate we have the highest, largest market share of optical terminals, and we're now in the early phase of our manufacturing grant to meet the needs of our multiple prime customers for this program. I'll read somewhat slowly; we're finally seeing movement in other government constellations. On I-squared constellation for Europe, the bids for the technical specifications were submitted while the major government funding was approved. Since then, the European Commission has asked for final bids from the consortium by the end of this month.

Speaker Change: All of our manufacturing grants to meet the needs of our multiple prime customers for this program.

Mustafa Veziroglu: I'll read somewhat slowly. We're finally seeing movement in other states for the technical specifications we've submitted while the major government funding has been approved. Since then, the European Commission has asked for final bits from the consortium by the end of this month. We recognize that there are potentially both economic and political factors that play here that are outside of our control that could delay the final decision of the constellation, and right now we're in a wait and see mode. Similar to the SDA program, we're seeing other governments across the world, initial steps to develop and deploy their own SDA-like constellations given their unique regional security concerns.

Speaker Change: It's somewhat slowly we're finally seeing movement in other government constellations.

Speaker Change: <unk> scored constellation or Europe, the bids for the technical specifications were submitted while the major funding has been approved since then the European Commission has asked for final bids from the consortium by the end of this month, we recognize that there are potentially both economic and political factors at play here.

Mustafa Veziroglu: We recognize that there are potentially both economic and political factors at play here that are outside of our control that could delay the final decision on the constellation, and right now, we're in a wait-and-see mode. Similar to the SDA program, we're seeing other governments across the world take initial steps to develop and deploy their own SDA-like constellations, given their unique regional security concerns.

Speaker Change: So they are outside of our control that could delay the final decision of the constellation and right now we're in a wait and see mode.

Speaker Change: Similar to the SDA program, we're seeing other governments across the world.

Speaker Change: <unk> steps.

Speaker Change: To develop and deploy their own SDA like constellation's, given their unique regional security concerns.

Mustafa Veziroglu: Many of these are moving into RFI phases at this time. Importantly, the team has worked hard to ensure we're in a position to meet the needs of these significant programs once they're analyzed.

Speaker Change: All of these are moving into RFID phases at this time importantly.

Speaker Change: The team has worked hard to ensure we are in a position to meet the needs of these significant programs once theyre finalized.

Mustafa Veziroglu: Next, switching to the commercial opportunities. We've talked for some time now about a number of large opportunities for low-Earth-orbit satellite constellations. We're happy to say many of these are now moving into RFI stage. Some of these are well-known to most of you as their very large mega constellations, while others are smaller, more regionally focused or specific use case focused constellations. Importantly, capital slowly starting to flow into these opportunities that's allowing the constellation operators to start to move forward with their selections for key critical subsystems so far as such as manure. Hopefully, we'll have more to share with you in the coming months when we anticipate that these decisions will be finalized.

Speaker Change: Next switching to the commercial opportunities.

Speaker Change: We've talked for some time now about number of large opportunities for low Earth orbit satellite constellations.

Speaker Change: Happy to say many of these are now moving into RFP stage. Some of these are.

Speaker Change: Allowing the constellation of operators to start to move forward with their selections for key critical subsystem suppliers such as monarch.

Speaker Change: Italy will have more to share with you in the coming months when we anticipate that these decisions will be finalized.

Speaker Change: In total these large commercial and government constellations represent an opportunity in the multiple thousands of terminals to be delivered over the coming years. We believe we have the right technology manufacturing scale and capability to capitalize on these opportunities.

Mustafa Veziroglu: Last year, we talked about three focus areas for minority production rate in US, continuous process improvement, and streamlining the product development process. With the completion of our first product shipment at the end of the first quarter of this year, we've now moved on to the early phase of the big push for our production run. On the process of improvement front, the team continues to refine the production process as we look to ramp shipments throughout the remainder of this year. We made significant progress in this area in just a few short months, but a lot more work is still left.

Speaker Change: Last year, we talked about three focus areas for monarch protection rate in us continuous process improvement and streamlining the product development process with.

Mustafa Veziroglu: Production Readiness, Continuous Process Improvement, and Streamlining the Product Development Process. With the completion of our first product shipment at the end of the first quarter of this year, we've now moved on to the early phase of the big push for our production run. On the process improvement front, the team continues to refine the production process as we look to ramp shipments throughout the remainder of this year. We've made significant progress in this area in just a few short months, but a lot more work is still left to do to meet the production levels we need to achieve. Process improvement isn't our only focus. In November, we moved into a new 11,000-square-meter or 120,000-square-foot facility in Munich.

Speaker Change: With the completion of our first product shipment at the end of first quarter of this year. We've now moved onto the early phase of the big push for.

Speaker Change: Our production ramp.

Speaker Change: On the process of improvement front. The team continues to refine the production process as we look to ramp shipments throughout the remainder of this year.

Speaker Change: Made significant progress in this area in just a few short months, but a lot more work still left.

Mustafa Veziroglu: To do to meet the production levels we need to achieve.

Speaker Change: Due to meet the production levels, we need to achieve process.

Mustafa Veziroglu: Process improvement isn't our only focus in November. We moved into a new 11,000 square meter or 120,000 square feet facility in Munich. This facility is significantly larger than our prior production facility and also allowed us to combine most of our product development, administration, and production capabilities all within one building. This not only gives us the capacity to support higher volumes of unit shipments, but also improves our product development as our product development engineers are now only a short walk away from the production lines. In addition, throughout 2023 and into 2024, we've added key staff members, promoted a number of employees into senior leadership roles.

Speaker Change: Process improvement is not only focus in November you moved into a new 11000 square meter or 120000 square feet facility in Munich. This facility is significantly larger than our prior production facility and also allowed us to combine most of our product development administration protection capabilities all.

Mustafa Veziroglu: This facility is significantly larger than our prior production facility and also allowed us to combine most of our product development, administration, and production capabilities all within one building. This not only gives us the capacity to support higher volumes of unit shipments but also improves our product development, as our product development engineers are now only a short walk away from the production line. In addition, throughout 2023 and into 2024, we've added key staff members, promoted a number of employees into senior leadership roles, continued to optimize our non-protection processes, and accelerated our supply chain procurement to ensure we can meet customer deadlines.

Speaker Change: Within one building.

This not only gives us the capacity to support higher volumes of unit shipments, but also improves our product development as our product development engineers are now only a short walk away from the production lines.

Speaker Change: In addition throughout 2023 and into 2024, we've added key staff members promoted a number of employees into senior leadership roles continue to optimize our non production processes.

Mustafa Veziroglu: Continue to optimize our non-production processes and accelerated our supply chain procurement to ensure we can meet customer deadlines. We feel comfortable with our existing footprint and headcount to meet our current and near-term expectation from calls.

Speaker Change: And accelerated our supply chain procurement to ensure we can meet customer deadlines.

Mustafa Veziroglu: We feel comfortable with our existing footprint and headcount to meet our current and near-term expected shipment goals. I'm confident we are well prepared for the opportunity ahead, and I believe we have the right team, the right solutions, and the operational structure and capacity to capitalize on the opportunity in front of us. With that, I will turn it over to Stefan to walk you through our results and outlook in more detail.

Speaker Change: We're comfortable with our existing footprint and headcount to meet our current and near term expected shipping calls.

Mustafa Veziroglu: I'm confident we are well prepared for the opportunity ahead, and I believe we have the right team with the right solutions and the operational structure and capacity to capitalize on the opportunity in front of us with that.

Speaker Change: I am confident we are well prepared for the opportunity ahead and I believe we have the right team with the right solutions and.

Stefan: The operational structure and capacity to capitalize on the opportunity in front of us with that let me turn it over to Stephane to walk you through our results and outlook in more detail Stefan. Thank you must have a.

Stefan Berndt: Let me turn it over to Stefan to walk you through our results, and I'll look in more detail.

Stefan Berndt: Stefan, thank you. Most of them.

Stefan Berndt: Thank you, Mustafa. Now, let's turn to our results for the full year 2023. First, let's turn to the two key business metrics that we believe will continue to best demonstrate the momentum we are seeing in the business. First, cash-in from customer contracts. This is a key forward-looking predictor of revenue as the cash is only received as we meet contractual milestones. There is typically a lag between when cash is received from customer contracts and when shipments are made.

Stefan Berndt: Let's turn to our results for the full year 2023. First, let's turn to the two key business metrics that we believe will continue to be the best demonstrate the momentum we are seeing in the business. First, cash in from customer contracts. This is a key forward-looking predictor of revenue, as the cash is only received as we met contractual milestones. There is typically a lack between when cash is received from customer contract and when shipments are made. This varies depending on the contract terms as a reminder. These are contractual payments received when certain milestones are met, but full delivery in acceptance has not been reached.

Stephane: Let's turn to our results for the full year 2023, first let's turn to the two key business metrics.

Speaker Change: We believe we'll continue to Betty to best demonstrate the momentum we are seeing in the business.

Speaker Change: Cash in from customer contracts.

Stefan: This is a key forward looking predictor of revenue at the cashless only received as we met contractual milestones.

Stefan: <unk> elect between when cash is received from customer contract and when shipments are made this various depending on the contract terms.

Stefan: Remind them. These are contractual payments received when certain milestones are met but full delivery and acceptance has not been reached.

Stefan: In essence this is pre revenue cash receipts and we believe a very significant indicator of the future revenue of the company.

Stefan Berndt: This varies depending on the contract terms. As a reminder, these are contractual payments received when certain milestones are met but full delivery and acceptance have not been reached. In essence, this is pre-revenue cash received and we believe a very significant indicator of the future revenue of the company. Cash-in from customer contracts for the full year 2023 was 49.2 million euros, which is well above the 18.3 million euros we reported for the full year 2022.

Stefan: Cash in from customer contracts for the full year 2023 was $49 2 million euros, which is well above the 18 3 million euros, we reported for the full year of 2022.

Stefan Berndt: This reflects the achievement of program milestones as well as the high level of new program wins we were awarded in 2023. Second, the optical communication terminal backlog in units for the full year 2023 was 794 units compared to 256 units at the year-end 2022. In addition, our backlog as of today showed further momentum and increased to 829 units, net of recent shipments. As a reminder, our current terminal backlog is heavily weighted towards government-funded contracts and primarily includes programs with the SDA.

Stefan: This reflects the achievement of program milestones as well as the high level of New program wins, we were awarded in 2023.

Stefan Berndt: Second, optical communication terminal backlog in units for the full year 2023 was 794 units compared to 256 units at the year end 2022. In addition, our backlog as of today showed further momentum and increased to 880 to 829 units net of recent shipments.

Stefan: Second.

Stefan: Optical communications terminal backlog in units for the full year 2023 were.

Stefan: 794 units compared to 256 unit at the year end 2022 in addition.

Stefan: Backlog as of today showed further momentum and increased to 80 802 <unk>.

Stefan: 829 units net of recent shipments.

Stefan Berndt: as a reminder. Our current terminal backlog is heavily weighted towards government-funded contracts and primarily includes programs with the SDA. The scheduled shipment will continue over the reminder of 2024 through our 2025, and a small number of units delivered in the first half of 2026. We continue to see a strong and steady pipeline of opportunities for our terminal products across both government and commercial markets.

As a reminder, our current terminal backlog is heavily weighted towards government funded contracts.

Stefan: Primarily includes programs with the SBA.

Stefan Berndt: Scheduled shipments will continue over the remainder of 2024, throughout 2025, and a small number of units delivered in the first half of 2026. We continue to see a strong and steady pipeline of opportunities for our terminal products across both government and commercial markets. Let's look at a few other figures before opening the call for questions. As a reminder, our preliminary financials are presented in accordance with IFRS and are reported in euros. Revenue was 5.4 million euros for the full year 2023 compared to 4.4 million euros for the full year 2022.

Stefan: Scheduled shipments will continue over the remainder of 2024 throughout 2025 and a small number of units delivered in the first half of 2026.

Stefan: We continue to see strong and steady pipeline of opportunities for our terminal.

Stefan: Product across both government and commercial markets.

Stefan Berndt: Let's look at a few other figures before opening the call for questions. As a reminder, our preliminary financials are presented in accordance with IFRS and are reported in Europe. Revenue was 5.4 million euros for the full-year 2023 compared to 4.4 million euros for the full-year 2022. Revenue for the full-year reflects terminal shipment to multiple customers as well as service revenues. Cost of materials increased by more than 8% compared to the year-ago period, driven by one-time items that more than offset reduced costs for finalizing the development and testing of our products, as well as production line testing.

Stefan: Let's look at a few other figures before opening the call for questions.

Speaker Change: As a reminder, our preliminary financials.

Speaker Change: Centered in accordance with IRS and a reported in euros.

Speaker Change: Revenue was $5 4 million euros for the full year 2023, compared to $4 4 million euros for the full year 2022.

Speaker Change: Revenue for the full year reflect permanent shipment to market per customer as well as service revenues.

Speaker Change: Cost of materials.

Speaker Change: Increased by more than 8% compared to the year ago period, driven by one time items that more than offset reduced costs for finalizing the development and testing of our product as well as production line testing.

Stefan Berndt: Included in the cost of the materials for 2023 is a write-down in the amount of 9.4 million euros related to raw material attributable to our Hawke Mark I terminates. Excluding the write-down cost of material would have decreased by 37% compared to the year ago period. As our production rate increased substantially over the coming month and into the next year, we expect our cost of material to increase. We have implemented a number of internal initiatives to reduce the cost of materials for the Condom Mark III terminates over time that should provide positive benefits over the coming years as shipment accelerates.

Speaker Change: Included in the cost of the materials for 2023 with a write down in the amount of $9 4 million euros related to raw materials.

Speaker Change: True to our Hawk Mark one terminals.

Speaker Change: Excluding the write down cost of materials would have decreased by 37% compared to the year ago period.

Stefan Berndt: As our production rate increases substantially over the coming months and into the next year, we expect our cost of materials to increase. We have implemented a number of internal initiatives to reduce the cost of materials for the Condor Mark III terminals over time that should provide positive benefits over the coming years as shipment accelerates. Personnel costs decreased 2% compared to the year-ago level.

Speaker Change: Our production rate increase substantially over the coming months and into the next year, we expect our cost of materials to increase.

Speaker Change: We have implemented a number of internal initiatives to reduce the cost of materials for the <unk> III terminal over time.

Speaker Change: Provide positive benefits over the coming years as shipment accelerates.

Stefan Berndt: Personal costs degrees 2% compared to the year ago level. We continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior periods. As a result, our overall headcount was relatively flat at just over 301 average employees compared to the year-ago period. The degrees in the personal cost was mostly due to lower stock compensation expenses. Looking ahead, we expect to continue to add to our operations headcount as we look to ramp production, which we previously discussed with you. We are taking a disciplined approach to adding headcount and other operating expenses.

Speaker Change: Personnel costs decreased 2% compared to the year ago level, we continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior period.

Stefan Berndt: We continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior period. As a result, our overall headcount was relatively flat at just over 301 average employees compared to the year-ago period. The decrease in personnel costs was mostly due to lower stock compensation expenses.

Speaker Change: As a result, our overall head count was relatively flat.

Speaker Change: Just over 301 average employees compared to the year ago period.

Speaker Change: The degrees and the personnel cost was mostly due to lower stock compensation expense.

Speaker Change: Looking ahead, we expect to continue to add to our operations head count as we look to ramp production, which we've previously discussed with you. We are taking a disciplined approach to adding head count and other operating expenses.

Stefan Berndt: We feel comfortable with the overall investment and engineering. We believe the growth rate and the personal expenses over the near term should remain relatively flat in the first half of this year and then increase lightly in the second half of the year as our production ramp accelerates.

Speaker Change: Feel comfortable with the overall investment in engineering.

Speaker Change: We believe the growth rate in the personnel expenses over the near term should remain relatively flat.

Speaker Change: The first half of this year and then increased slightly in the second half of the year as our production ramp accelerates.

Stefan Berndt: Overall, the company reported an operating loss of 79.2 million euros for the full year 2023 compared to an operating loss of 73.8 million euros for the full year 2022, including in the operating loss for the year a more than 14 million euros in one-time charges related to write down and impairment charges. Excluding these charges, our operating loss decreased by less than 1 percent compared to the year-ago period, which was in line with our forecast.

Stefan Berndt: Overall, the company reported an operating loss of 79.2 million euros for the full year 2023 compared to an operating loss of 73.8 million euros for the full year 2022, including and the operating loss for the year are more than 14 million euros in one-time charges related to write-downs and impairment charges, excluding discharges, our operating loss decreased by less than 1% compared to the year ago period, which was in line with our forecast.

Speaker Change: <unk>.

Speaker Change: Overall, the company reported an operating loss of $79 2 million euros for the full year 2023, compared to an operating loss of 73.8 million euros for the full year 2022.

Speaker Change: Including in the operating loss for the year of more than 14 million euros, and one time charges related to write downs and impairment charges. Excluding these charges, our operating loss decreased by less than 1% compared to the year ago period.

Speaker Change: This was in line with our forecast.

Stefan Berndt: Now, let's turn to a few key balance sheet figures. Looking first at our cash and liquidity, our cash balance at the end of December 2023 was just under 24 million euros compared to 10.2 million euros at the end of 2022. Our cash balance as stated in our 20 as filing on May 17 was 2.5 million euros. As shipments continue to ramp throughout the remainder of 2024, we expect to remain in cash consumption mode through year end. Based on our current production forecast, we believe we can achieve EBITDA R, break even by the end of those production forecast holds.

Speaker Change: Now, let's turn to a few key balance sheet figures.

Speaker Change: Looking first at our cash and liquidity our cash balance at the end of December 2023 was just under 24 million euros compared to $10 2 million euros at the end of 2022.

Speaker Change: Our cash balance as stated in our 20-F filing on May 17 was $2 5 million euros.

Stefan Berndt: As shipments continue to ramp throughout the remainder of 2024, we expect to remain in cash-consumption mode through year-end. Based on our current production forecast, we believe we can achieve EBITDA break-even by the end of the year if those production forecasts hold. To that end, we entered into an additional deferred draw term facility with our primary lender totaling 20 million US dollars. As of May 17th, we had drawn down 10 billion US dollars on the facility.

Speaker Change: As shipments continued to ramp throughout the remainder of 2024, we expect to remain in cash consumption mode through year end based on our current production forecast. We believe we can achieve EBITDA breakeven by the end of <unk> production forecast holds.

Stefan Berndt: So, to that end, we entered into an additional deferred draw term facility with our primary lender totaling 20 million US dollars. As of May 17, we had drawn down 10 million US dollars on the facility. As we stated in the 20-A filing, should we experience a shortfall of revenue and of corresponding cash in from customer contracts compared to our forecast, it's highly likely we could require additional external financing. We are focused on ramping our shipment and winning new contracts as these are the two best cash generating activities for a generic at this time.

So that.

Speaker Change: Add to that.

Speaker Change: And we entered into additional differed draw term facility with our primary lender totaling $20 million.

Speaker Change: As of May 17th we had draw down $10 million on the facility as we stated in the 20-F filing should we experienced a shortfall of revenue and of corresponding cash in from customer contract compared to our forecast.

Stefan Berndt: As we stated in the 20th filing, should we experience a shortfall of revenue and of corresponding cash-in from customer contracts compared to our forecast, it is highly likely that we could require additional external financing. We are focused on ramping up our shipment and winning new contracts, as these are the two best cash-generating activities for Mynaric at this time. Turning to inventory, our inventories were €22.7 million, up from €13.3 million at the end of last year as we continue to invest in component inventory ahead of the expected ramp-up in terminal production over the coming months.

Speaker Change: Highly likely we could require additional external financing we are focused on ramping our shipment and winning new contracts. If these are the two best cash generating activities.

Eric: Eric at this time.

Stefan Berndt: Turning to inventories. Our inventories were 22.7 million euros, up from 13.3 million euros at the end of last year, as we continue to invest in component inventory ahead of the expected ramp in terminal production over the coming months. Finally, looking at our fixed assets, our property, plant and equipment were 22.9 million euros compared to 22.3 million euros at year end 2022. We invested 4.9 million euros in property, plant and equipment during the full year 2023 as compared to 10.2 million for the full year 2022. Looking ahead, we expect our investment and property, plant, and equipment in 2024 to remain relatively flat in euros with the last year due to the significant investment we have already made over the past several years.

Eric: Turning to inventories.

Eric: Our inventories were $22 7 million euros up from 13 3 million at the end of last year as we continued to invest and component inventory ahead of the expected ramp in terminal production over the coming months.

Finally, looking at our fixed assets, our property plant and equipment were $22 9 million euros compared to $22 3 million euros at year end 2022, we invested $4 9 million euros and property plant and equipment during the.

Speaker Change: Full year 2023.

Speaker Change: <unk> to $10 2 million for the full year 2022.

Speaker Change: Looking ahead, we expect our investment in property plant and equipment in 2024 to remain relatively flat.

In euros with the last year due to the significant investment we have already made over the past several years.

Stefan Berndt: Now, let me walk you through our guidance for 2024. For 2024, we are adding specific numeric guidance for revenue and operating loss to our peer prior key performance indicator guidance. Given we are now shifting from a pre-production company to a full-production ramp, our guidance metrics going forward will reflect this transition. In addition, the outlook is based on the current protected production ramp and current liquidity protection. Should Mynaric experience either push out in this production schedule, fail to secure new orders as planned, or incur delays in the secured new orders from customers, there is a high likelihood that the company could need to raise additional capital.

Speaker Change: Now, let me walk you through our guidance for 2024.

Speaker Change: For 2024.

Speaker Change: <unk> specific numeric guidance for revenue and operating loss to our peer.

Speaker Change: Key performance indicator guidance.

Speaker Change: We are now shifting from a pre production company to a full production ramp our guidance metrics going forward will reflect this transaction.

Speaker Change: <unk>.

Speaker Change: In addition to the outlook is based on the current protected.

Speaker Change: Production ramp and current liquidity protection.

Speaker Change: Monomeric experience either push out.

Speaker Change: Production scheduled failure to secure new orders as planned or incur delays in the secured new orders from customer there is a high likelihood that the company could need to raise additional capital Minerva is also considering pursuing multiple alternative options in order to secure.

Stefan Berndt: Mynaric is also considering pursuing multiple alternative options in order to secure the cash need and pollster its long-term success. For the full year 2024, we expect revenue to arrange between 50, 50 million euros and 70, so 70 million euros driven by shipment of condom Mark III units to multiple customers. This assumes we are able to ramp to our current production plans. We expect our operating loss for the year to decrease significantly from last year's level and range between a loss of 40 for zero million euros and a loss of 30 for zero million euros. Importantly, we believe our production level should help us achieving a break even if at the R level by the end of the year on a run rate basis.

Speaker Change: The cash needs and poster its long term success.

Speaker Change: For the full year 2024, we expect revenue to a range between 55 million euros, and 77 zero million euros, driven by shipment of condo Mark three units to multiple customers.

Speaker Change: <unk>, we are able to ramp to our current production plans.

Speaker Change: We expect our operating loss for the year to decrease significantly from last year's level and range between a loss of 44 zero million and a loss of 33.

Speaker Change: <unk> zero million Europe.

Stefan Berndt: Importantly, we believe our production level should help us achieve a break-even EBITDA level by the end of the year on a run rate basis. We expect cash-in from customer contracts to range between 65 million euros and 100 million euros, reflecting both cash-in from terminal shipments as well as customer repayments for new business wins. We expect our optical communication terminal shipment backlog to finish the year in a range between 800 and 1000 units. This reflects expected new wins in the government and commercial sectors more than offsetting our projected shipment for this year. With that, operator, would you please provide the instructions for the question and answer session? Operator?

Speaker Change: Importantly, we believe our production level.

Speaker Change: Help us achieving a breakeven at EBIT level by the end of the year on a run rate basis.

Stefan Berndt: We expect cash in from customer contracts to range between 65 million euros and 100 million euros, reflecting both cash from terminal shipment as well as customer repayments for new business wins. We expect our optical communication terminal shipment backlog to finish the year in a range between 800 and 1,000 units. This reflects expected new wins in the government and commercial sector, more than offsetting our protected shipment for this year.

Speaker Change: We expect the cash in from customer contracts to range between 65 million euros, and 100 million euros, reflecting both cash in from terminal shipments as well as customer prepayments for new business wins.

Speaker Change: We expect our optical communications terminal shipment backlog to finish the year in a range between 800000 units. This reflect expected new wins in the government and commercial sector more than offsetting our protected shipment for this year.

Operator: We expect operator what you believe provide the instructions for the question and answer session operator. Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star 11 on your telephone and then wait to hear your name announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster.

Speaker Change: With that operator would you. Please provide the instructions for the question and answer session operator.

Speaker Change: Thank you.

Speaker Change: Ladies and gentlemen, as a reminder to ask a question. Please press star one on your telephone and wait to hear your name announce.

Speaker Change: Withdraw your question. Please press star one again.

Please standby, while we compile the Q&A roster.

Speaker Change: Okay.

Gregory Konrad: Our first question comes from the line of great con, not con, right. I'm sorry, great con right with Jeffries. Your line is open.

Speaker Change: Our first question comes from the line of Great cannot Con Ryan I'm, sorry, Greg Konrad with Jefferies. Your line is open.

Gregory Konrad: Good afternoon. May be just to start, you know, you mentioned you started shipping production units at the end of Q1. We're almost through H1. Is there any color you can give us in terms of the revenue and op-loss guidance for the year, how you kind of expect that between H1 and H2? Thank you.

Speaker Change: Good afternoon.

Gregory Arnold Konrad: Maybe just to start, you know, you mentioned you started shipping production units at the end of Q1. We're almost through H1. Is there any color you can give us in terms of the revenue and OPLOS guidance for the year, how you kind of expect that between H1 and H2? Thank you. I'm glad you're here, and thanks for the question.

Speaker Change: Maybe just to start you mentioned you started shipping production units at the end of Q1 were almost through H. One is there any color you can give us in terms of the revenue and op loss guidance for the year, how you kind of expect that between H, one and H two.

Mustafa Veziroglu: So we don't want to get into the specific unit projections, as we are not included in that in our outlook. But from a revenue guidance perspective, obviously, most of the revenue guidance would be driven by product shipments. And given that we're in June, most of that would be happening back and loaded. Stefan, did you want to add some more to it? No, I think you covered it well.

Mustafa Veziroglu: I'm glad you're here. Thanks for the question. So we don't want to get into the specific unit projections as we are not included in that in our outlook, but from my revenue guidance perspective, obviously most of the revenue guidance would be driven by the product shipments, and given that we are in June, most of that would be happening back in Logan.

Speaker Change: Thank you.

Speaker Change: I'm glad you are here and thanks for the question. So we don't want to get into the specific unit projections is since we are not included in the in that in our outlook, but from a revenue guidance perspective, obviously.

Speaker Change: Most of the revenue guidance would be driven by the product shipments and given that we are in June most of that would be happening backend loaded stuff.

Stefan Berndt: Stefan, did you want to add some more to it? No, I think you covered it. Well, I think we are in a ramp up of the production and starting off the shipments, and then we will see the revenue in the second half of the year, and mostly the second half of the year. And this is our current revenue and shipment forecast where we feel comfortable. And then I mean to think sticking on operating income, I mean, in the past, you kind of talked about a 50% gross margin. You gave some good color around kind of expenses.

Speaker Change: Stephane do you want to add some water.

Stefan Berndt: I think we are in a ramp-up phase of production and starting shipments, and then we will see revenue in the second half of the year, or mostly the second half of the year. And this is our current revenue and shipment forecast, where we feel comfortable. And then, I mean, sticking on operating income, you've kind of talked about a 50% gross margin in the past, you gave some good color around kind of expenses. Is that kind of what we should think?

Stephane: I think you covered it well.

Speaker Change: I think we are in the ramp up of the production.

Stephane: Starting of the shipments and.

Stephane: Then we will see the revenue in the second half of the year.

Stephane: Mostly the second half of the year.

Stephane: And this is our current.

Stephane: Revenue and shipment forecast, where we feel comfortable.

Speaker Change: Okay and then.

Speaker Change: Sticking on.

Speaker Change: Operating income.

Speaker Change: In the past you've kind of talked about a 50% gross margin you gave some good color around kind of expenses is that kind of what we should think.

Stefan Berndt: Is that kind of what we should think of from the onset, just as production unit ship, or is there kind of a build on the gross margin side? Greg, no, I think that's overall what's still correct, and we're looking of a 50% gross margin to be fair. What we are looking more at the moment is to speed up the ramp-up of the production. So this is the main focus, and then the second focus point is then for sure reducing the material costs overall. So we have a mid and long term plans to significantly reduce the material costs.

Stefan Berndt: from the onset just as production units ship, or is there kind of a build on the gross margin side? Greg, no, I think that's overall what's still correct, and we're looking at a 50% gross margin. To be fair, what we are looking more at the moment is to speed up the ramp-up of production. So this is the main focus. And then the second focus point is, for sure, reducing material costs overall.

Speaker Change: From the onset just as production units ship or is there kind of a build.

Speaker Change: Build on the gross margin side.

Speaker Change: Greg.

Speaker Change: Think thats overall.

Speaker Change: What's the correct and we are looking off of 50% gross margin to be fair, but we're looking more at the moment is to speed up the ramp up of the production. So this is the main focus and then the second.

Speaker Change: <unk> focused partners then for sure reducing the material cost overall, so we have met and long term plan to significantly reduced.

Stefan Berndt: So we have a mid- and long-term plan to significantly reduce material costs, but overall, your statement is still right, yes. And then, I mean, you called out some risk when talking about the capital side.

Speaker Change: Material cost.

Stefan Berndt: But overall, your statement is still right. Yes.

Speaker Change: But overall, you said minister right yes.

Stefan Berndt: And then, I mean, you called out some risk; you know, it wasn't talking about on the capital side. I mean, how much of that is supply side ramp versus demand potential? And when you think about this year, you know, what percentage of expected shipments are already in backlog? So I mean, so this is most so the very much 100% all the revenue shipments this year will come from existing backlog. So we're not banking on any turns business that we need to book. In fact, as you know, we have over 800 terminals on our backlog. Roughly, you know, euros dollars roughly somewhere around 800 and $200 million.

Mustafa Veziroglu: I mean, how much of that is supply side ramp versus demand potential? And when you think about this year, you know, what percentage of expected shipments are already in backlog? So, I mean, this is Mustafa.

Speaker Change: Clog.

Mustafa Veziroglu: So, pretty much 100% of the revenue shipments this year will come from existing backlogs. So we're not banking on any terms business that we need to book. In fact, as you know, we have over 800 terminals in our backlog, roughly, you know, euros, and dollars, roughly somewhere around 800. I mean, $200 million. So we're only shipping, planning, forecasting, giving outlooks for part of that. The aging of the backlog looks like the second half of this year, most of 2025, and some of that ages into the early part of 2026. And then maybe just one more for me. I mean, you mentioned a number of commercial pursuits.

Speaker Change: So this is not.

Speaker Change: So.

Speaker Change: Pretty much 100% of the revenue shipments this year will come from existing backlog. So we're not banking on any turns business that we need to bulk in fact as you know we have.

Speaker Change: 800 terminals on our backlog roughly.

Speaker Change: Roughly somewhere around 800, I mean $200 million.

Stefan Berndt: So we're only shipping planning forecasting, giving out look for a partial of that. So we the aging or the backlog looks like the second half of this year, most of 2025, and some of that ages into early part of 26.

So we only shipping planning forecasting, giving your outlook for a partial of that so.

Speaker Change: The aging of the backlog looks like the second half of this year.

Speaker Change: <unk> 2025, and some of that ages into early part of 'twenty six.

Mustafa Veziroglu: I mean, I think we're aware of a bunch of them, you know, and you said you were hopeful for announcements over the coming months. You know, when we think about the guidance for 800 to 1000 terminal backlog guidance for year end, we can kind of do the math on how many you expect to ship this year. How do you think about the conservatism in that, you know? How does that, you know, provide P wins attached to maybe some of those pursuits and just kind of how you arrived at that number?

Speaker Change: And then maybe just one more for me I mean, you mentioned the number of commercial pursuits, I mean, I think we're aware of.

Speaker Change: Bunch of them.

Speaker Change: You said hopeful for announcements over the coming months.

When we think about the guide for 800 to 1000 terminal backlog guidance for year end and we can kind of do the math on how many you expect to ship this year.

Speaker Change: How do you think about the conservatism in that how does that provide <unk> attached to maybe some of those pursuits and just kind of how you arrived at that number.

Stefan Berndt: Right, and as you know, this is a combination of how much you ship, how much you add, so it's a net add is what we're seeing. So the first level of messages, we anticipate being able to book more orders than we're able to ship. And we are rapidly, as we said, our main focus right now is to rapidly ramp up that shipment because it's the best way of securing cash for the company and, most importantly, to meet our delivery objectives for our end customers.

Mustafa Veziroglu: Right, and as you know, this is a combination of how much you ship and how much you add. So it's a net add that we're seeing. So the first level of message is we anticipate being able to book more orders than we're able to ship. And we are rapidly, as we said, our main focus right now is to rapidly ramp up that shipment because it's the best way of, you know, securing cash for the company, and most importantly, meeting our delivery objectives for our end customers. Well, I'll leave it at that. Thank you. Thank you very much. Thank you, Craig. Thank you. Please stand by. As a reminder, ladies and gentlemen, to ask the question, that's star 11.

Speaker Change: Right and as you know this is a combination of how much you ship how might you add so it's a net add.

Thomas J. Dinges: I'm showing no further questions in the, and I would now like to turn the call back over to Tom. Thank you, operator. For further information about our upcoming engagement with the investment community, please visit the investor relations section of Mynaric.com. Thank you to everyone who joined us today, and thank you for your interest in Mynaric. We'll speak with all of you again when we release our half-year 2024 financial results later this year. Goodbye. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

Speaker Change: What we're saying so the first level of messages, we anticipate being able to book more orders than we were able to ship.

Speaker Change: And we are rapidly as we said our main focus right now is rapidly ramp up that shipment because it's the best way of.

Speaker Change: Securing cash for the company and most importantly to meet our delivery objectives for our end customers.

Stefan Berndt: Well, I'll leave it at that.

Speaker Change: Okay I'll leave it at that thank you.

Stefan Berndt: Thank you. Thank you very much. Thank you, Craig. Thank you.

Speaker Change: Thank you very much thank you Craig.

Speaker Change: Thank you.

Operator: Please stand by.

Speaker Change: Please standby.

Operator: As a reminder, ladies and gentlemen, to ask the question, press star 1-1.

Speaker Change: As a reminder, ladies and gentlemen to ask a question Thats Star one.

Operator: I'm showing no further questions than the queue.

Speaker Change: I'm showing no further questions in the queue.

Speaker Change: I would now like to turn the call back over to Tom.

Thank you operator.

Speaker Change: For further information about our upcoming engagement with the investment community. Please visit the Investor Relations section of mine, Eric Dot Com.

Thomas Dinges: Thank you for everyone who joined us today, and thank you for your interest in Mynaric.

Thomas Dinges: We'll speak with all of you again when we release half-year 2024 financial results later this year.

Operator: Goodbye for now.

Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

Speaker Change: Ladies and gentlemen that concludes today's conference call. Thank you for your participation you may now disconnect.

Full Year 2023 Mynaric AG Earnings Call

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