Mynaric slashed its 2024 revenue guidance by nearly 70% at the midpoint, citing production delays in its laser communications product.tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer.Germany-based Mynaric slashed its 2024 revenue guidance by nearly 70% at the midpoint — cutting its previous range of €70 million to €50 million to a range of €24 million to €16 million .
At the same time, Mynaric announced"the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week." Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.at a market value of about $325 million. But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.Mynaric shares fell more than 50% on Tuesday from a previous close of $4.
Mynaric makes optical communication terminals, devices which use a laser to send data from one point to another. Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.The company warned that, as of Friday, it had cash reserves totaling €6.3 million.
"With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp," Mynaric said.san fernando valley
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