From CNBC: 2024-08-20 16:56:45

Mynaric’s space stock plummeted after the company slashed its 2024 revenue guidance by nearly 70% due to production delays and component shortages, leading to the departure of its CFO. The German-based company’s stock debuted on the Nasdaq at $325 million, but has since dropped to below $2 per share.

Mynaric specializes in optical communication terminals using lasers for data transmission. The company has secured contracts for satellite networks, including with the Space Force’s Space Development Agency, with a backlog of up to 1,000 terminals. Mynaric currently holds 6.3 million euros in cash reserves but will seek additional capital due to lower expected revenue.



Read more at CNBC: Mynaric MYNA stock tanks after slashing revenue guidance, CFO exit