A rendering of the company’s laser communications system on board a satellite in orbit.
Minarik
Space Stocks Minarik Shares fell sharply in Tuesday trading after the company sharply cut its previous earnings guidance and announced that its chief financial officer would step down.
Germany-based Minalic cut its 2024 revenue guidance by nearly 70% at the midpoint, to a range of 16 million to 24 million euros ($18 million) from a previous range of 50 million to 70 million euros.
The company issued a similar revenue outlook on June 20.
“The reduction in guidance is [our satellite laser communication terminal] “The discontinuation of CONDOR Mk3 production is due to lower than expected production yields and shortages at component suppliers of key components,” Mynaric said in a press release.
At the same time, Mynaric announced that “Effective last week, CFO Stefan Berndt von-Bulow will voluntarily leave the company for personal reasons.” Berndt von-Bulow has been with the company since 2018 and has served as CFO for the past four years.
The German space laser company listed on Nasdaq in late 2021 with a market capitalization of about $325 million, but its shares have fallen steadily since then, trading below $2 per share and below a market cap of $50 million, according to FactSet.
Minalic’s shares fell 56% on Tuesday to close at $1.83, its worst single-day trading performance since the company went public.
Mynaric makes optical communications terminals that use lasers to transmit data from one point to another. Its target market is companies and governments building satellite constellations that include broadband and imaging applications.
Minalic has won several contracts, primarily to build satellites for a network being built by the Space Force’s Space Programme, and has a backlog of as many as 1,000 devices.
The company warned that as of Friday it had cash reserves totalling 6.3 million euros.
“Due to lower than previously expected revenue and cash inflows from customers for fiscal year 2024, we will need to pursue additional sources of financing to ensure our continued operations and production expansion,” Minarik said.
