PARIS — Air- and spaceborne laser communications terminal manufacturer Mynaric AG published startup-style financial results for the first six months of 2019 that revealed nothing about the company’s current or prospective satellite constellation customers.
The report to the Frankfurt Stock Exchange asked shareholders to take it on faith that the company was on the cusp of major orders for multiple satellite and airborne applications.
The document, dated Oct. 31, listed the many satellite and high-altitude platforms planned or in development by well-known companies including OneWeb, SpaceX, Telesat, Amazon, Google and Facebook, with a month-by-month accounting of their progress. It was left to investors to infer from this the near-term market potential of Mynaric.
Mynaric promised that by sometime in 2020 it would begin product deliveries and transition from a product-development company to a serial-production operation.
Munich-based Mynaric is strengthening its U.S. presence with expanded offices in Los Angeles and said it “plans a major push to develop electronics and software designed and sources solely from within the U.S. in 2020. This is a key consideration for many U.S. companies that are planning utilizing Mynaric’s products in U.S. governmental programs.”
Mynaric announced a year ago that it had signed an MoU with an unnamed company to provide 1,000 laser terminals for a constellation of around 300 satellites. That had been expected to transition for formal contract status early this year but has not.
In March of this year, the company said the lead investor in this same satellite constellation had invested 11 million euros for a 6.9% share of Mynaric equity.
In October, Mynaric said it had signed a contract, valued at 1.7 million euros ($1.9 million), to deliver an initial set of terminals to fly on a demonstration satellite, apparently for the same customer.
Mynaric’s H1 2019 financial report is as optimistic about the market for airborne and space borne as it is sparing on any details of customer interest.
The company said “initial units are scheduled to become available to customers in 2020. And we are not speaking just one or two units: Today, Mynaric has — to our knowledge — more space-grade laser communications units in production schedule than have ever been launched into orbit by the aerospace industry.”
There is presumably a difference between “in production schedule” and in actual production.
The company said its products will debut in late 2019 and 2020 but “so little of it is allowed to be publicized…. We plan to complete the first batches of production of both Hawk [airborne and space] terminals in the next six months.”
Mynaric reported an operating loss of 5.1 million euros on revenue of 207,000 euros for the first six months of 2019. It reported cash of 18.5 million euros at June 30, up from 15.2 million euros 12 months earlier.