Mynaric AG (MYNA) — Mynaric — Investor Day (April 2022)
50 slides from Mynaric AG (MYNA)'s investor day presentation, Apr 28, 2022
Slide 1: 2022 Analyst & Investor Day
2022 ANALYST & INVESTOR DAY 1 | April 28, 2022
Slide 2: Disclaimer/Important Notice
DISCLAIMER/IMPORTANT NOTICE This presentation (and oral statements regarding the subjects of this presentation) include(s) 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
Slide 3: Agenda
AGENDA 1 4 Vision & Strategy Preliminary Results FY21 2 5 Scale Outlook 3 Customer Success Q&A 3|
Slide 4: Today's Presenters
TODAY’S PRESENTERS Bulent Altan Joachim Horwath Tina Ghataore Stefan Berndt- von Buelow CEO CTO & Founder CCO CFO
Slide 5: Vision & Strategy
VISION & STRATEGY 5|
Slide 6: Vision: Why We Exist
VISION: WHY WE EXIST VISION Eliminating the barriers to connectivity PURPOSE Ensure secure and Closing the unrestricted flow of digital divide information MARKETS Government Commercial 6|
Slide 7: Total Addressable Market Set for Multi-Decade Growth
TOTAL ADRESSABLE MARKET SET FOR MULTI-DECADE GROWTH $20bn+ Commercial Air & space Expected TAM laser communications TBD communications equipment $10bn Data Center Civil aircraft $1bn Laser-enabled Military aircraft market segments Diversified Satellite broadband Satellite intelligence $0.1bn Unmanne
Slide 8: Number of Constellation Satellites Grew 10x Over Last Two Years
NUMBER OF CONSTELLATION SATELLITES GREW 10X OVER THE LAST TWO YEARS WITH CONTINUING TRENDLINE Communication constellations +10x +10x 8 | Sources: Unition of concerned scientists, N2YO.com, ITU, Bryce research, Beyond Earth Institute, Mynaric estimates
Slide 9: Momentum Building
MOMENTUM BUILDING 2020 2021 2022 9|
Slide 10: Serial Production in Scale Facility
SERIAL PRODUCTION IN SCALE FACILITY Spotlight: World’s first dedicated serial production facility for laser communications Located in Germany Background: Production capacity and volume ramp a major decision factor for customers Facility used as sandbox to establish large-scale production capabilitie
Slide 11: US Expansion
US EXPANSION Spotlight: February 2021 opening of representation in Washington, DC Proximity to decision makers of U.S. government and Department of Defense Significantly expanded US-based team Exhibited at various major industry conferences Background: Market intelligence about upcoming programs Sup
Slide 12: Nasdaq IPO
NASDAQ IPO Spotlight: Successful initial public offering in the United States Listed 4.6m ADSs with gross proceeds of USD 75.9m Now dual-listed FRA:M0Y and NASDAQ:MYNA Background: Strategic step towards US commercial and government customers Provides access to US-based investors and financial market
Slide 13: Strategy: Laser Communication. Made Scalable.
STRATEGY: LASER COMMUNICATION. MADE SCALABLE. Serial production Affordability • Focus on scalability • Cost reduction as core throughout product lifecycle activity • Establish production capacity • Pricing that allows large suited for proliferated deployments by customers networks Reliability & Simp
Slide 14: Scale
SCALE 14 |
Slide 15: Serial Production: World's First Dedicated Facility
SERIAL PRODUCTION: WORLD‘S FIRST DEDICATED FACILITY Metal optics production Final assembly Logistics, quality Electr assurance, Sub-systems onics warehouse Facility allows for integrated test and production optimization processes in order to quickly scale production 15 |
Slide 16: Affordability: Insourced Optics Production
AFFORDABILITY: INSOURCED OPTICS PRODUCTION • Utilization of metal telescopes over typical (but more expensive) materials • Upcoming complete inhouse processing from raw material to optical telescopes Significant cost-savings compared to external sourcing and other telescope materials 16 |
Slide 17: Affordability: Commercial Electronics for Space
AFFORDABILITY: COMMERCIAL ELECTRONICS FOR SPACE • Faults induced by space radiation biggest hurdle for standard electronics • Extensive parts qualification program used to identify and select suitable components Total ionizing dose testing Proton testing Heavy ion testing Allows for the utilizatio
Slide 18: Affordability: Material Cost Reduction of Products
AFFORDABILITY: MATERIAL COST REDUCTION OF PRODUCTS ~80% Material cost per unit degradation of unit costs already CONDOR Mk1 CONDOR Mk2 CONDOR Mk3 CONDOR Mk3 (high volume) 18 |
Slide 19: Reliability: Extensive Product Testing
RELIABILITY: EXTENSIVE PRODUCT TESTING Cleanroom laboratory Moving hexapod test platform Thermal vacuum chamber Thermal chambers Vibration tables Optical metrology Intensive product testing to eliminate faults before they occur post delivery and installation 19 |
Slide 20: Simplicity: Outdoor and Flight Campaigns
SIMPLICITY: OUTDOOR AND FLIGHT CAMPAIGNS Test platforms • Static • Ultra-light aircraft • High-altitude long endurance aircraft (HALE) Two HAWK mounted on Grob G 520 test aircraft Tests parameters • Environmental conditions (atmosphere, temperature, visibility, vibrations, …) • Link situations (plat
Slide 21: Standardization: Interoperability Lab
STANDARDIZATION: INTEROPERABILITY LAB • Full satellite and/or aircraft motion testing • Testing of point ahead and associated effects • Acquisition testing (far-field simulator) • Data transmission testing over different link distances • 3-axis platform micro-vibration testing • Can be combined with
Slide 22: Customer Success Highlights
CUSTOMER SUCCESS HIGHTLIGHTS 22 |
Slide 23: Typical Space Program Lifecycle
TYPICAL SPACE PROGRAM LIFECYCLE ~ 6 Months ~ 6 - 12 Months ~ 12 Months 12+ Months RfI RfP Stage campaign Integration phase Product delivery phase campaign Backlog* 100% 100% 0% Cash-in from Up to 50% Minimum of 50% customer contracts* Revenue (IFRS-15) Negligible Upon delivery and customer acceptanc
Slide 24: Highlight: SDA Interoperability
HIGHLIGHT: SDA INTEROPERABILITY Spotlight: May 2021 - Industry’s first implementation of Space Development Agency’s (SDA) interoperability standard Demonstrated compatibility with third party products 24 |
Slide 25: Highlight: Telesat Program
HIGHLIGHT: TELESAT PROGRAM Spotlight: Continuing work for Telesat in context of DARPA Blackjack program Scheduled delivery of initial CONDOR terminals in 2022 25 |
Slide 26: Highlight: Data Relay Service in Space
HIGHLIGHT: DATA RELAY SERVICE IN SPACE Spotlight: May 2021 announcement of CONDOR terminals selected for MEO constellation Compatibility with SDA’s interoperability standard was key decision criteria Opportunity to sell-through SpaceLink to additional customers 26 | SDA: Space Development Agency, OI
Slide 27: Highlight: Earth Observation from Space
HIGHLIGHT: EARTH OBSERVATION FROM SPACE Spotlight: November 2021 - Capella Space selected Mynaric’s CONDOR Mk3 Goal is to feed commercial satellite data directly to satellites of US government satellites Compatibility with SDA’s interoperability standard key decision criteria 27 |
Slide 28: Highlight: Northrop Grumman Partnership
HIGHLIGHT: NORTHROP GRUMMAN PARTNERSHIP Spotlight: November 2021 - Mynaric selected as strategic supplier in the space domain Delivery of CONDOR Mk3’s expected to commence in 2022 5-year agreement foreseeing joint business throughout term 28 |
Slide 29: Highlight: DARPA Space-BACN Program
HIGHLIGHT: DARPA SPACE-BACN PROGRAM Spotlight: December 2021 - Selected as key supplier for the Space-BACN program to develop universally interoperable product Starting with initial 15-week phase 0 to work on architectural design of next-gen terminal 29 |
Slide 30: Highlight: Ultra High-Speed Communication
HIGHLIGHT: ULTRA HIGH-SPEED COMMUNICATION Spotlight: April 2022 - Selected for ESA program to work towards 1 Terabit per second laser communication capabilities First step to design build and test a laboratory model 30 |
Slide 31: Highlight: Northrop Grumman Order
HIGHLIGHT: NORTHROP GRUMMAN ORDER Spotlight: April 2022 - Delivery of products for a US government program led by the Space Development Agency Total contract volume of USD 36m Product deliveries starting in 2023 and accelerating in 2024 31 |
Slide 32: Highlight: Industry Recognition
HIGHLIGHT: INDUSTRY RECOGNITION Satellite Executive Pioneer Space of the Year 2022 Business Award 2021 32 |
Slide 33: Preliminary FY21 Results
PRELIMINARY FY21 RESULTS 33 | Mynaric has not yet completed preparation of its financial statements for the year ended December 31, 2021. The information presented herein is preliminary in nature and is subject to change, including as a result of any normal adjustments resulting from completion of p
Slide 34: FY21 Key Figures
FY21 KEY FIGURES EUR in millions 3.9 4.0 109% growth YoY 3.0 246% 2.4 growth 1.9 2.0 YoY 1.0 0.7 0.0 Revenue (IFRS-15) Cash-in from customer contracts* 2020 2021 IFRS accounting standard with recommendations by the Public Company Accounting Oversight Board. 2020 audited, 2021 preliminary. * non-IFRS
Slide 35: FY21 Key Figures (Continued)
FY21 KEY FIGURES (CONTINUED) EUR in millions 30.0 23.4 20.0 16.8 10.7 10.0 6.2 0.0 -10.0 -20.0 -19.3 -30.0 -40.0 -50.0 -42.3 Cost of materials Personnel costs Operating loss 2020 2021 IFRS accounting standard with recommendations by the Public Company Accounting Oversight Board. 2020 audited, 2021 p
Slide 36: FY21 Key Figures (Continued)
FY21 KEY FIGURES (CONTINUED) EUR in millions 50.0 48.1 43.2 40.0 30.0 20.0 16.8 10.1 10.0 8.5 5.2 0.0 Property, plant and equipment Inventories Cash and cash equivalents 2020 2021 36 | IFRS accounting standard with recommendations by the Public Company Accounting Oversight Board. 2020 audited, 2021
Slide 37: Outlook
mynaric — OUTLOOK \
Slide 38: Key Business Metrics
KEY BUSINESS METRICS Optical Cash-in from Communications Customer Terminal Backlog Contracts (EUR)* (units)* ✓ Quantity of all open terminal ✓ Payments received as deliverables milestones along customer program delivery ✓ Received purchase orders and signed agreements ✓ Payments commence during inte
Slide 39: Cash-in from Customer Contracts
Business Metrics CASH-IN FROM CUSTOMER CONTRACTS EUR in millions 25 More than 20.0 20 15 More than 400% 109% growth 10 growth YoY YoY 5 3.9 1.9 0 2020a 2021a 2022e 39 |
Slide 40: Optical Communications Terminal Backlog
OPTICAL COMMUNICATIONS TERMINAL BACKLOG Actual units 300 211 YTD 200 More than 5x in 4 months More 100 than 10x 40 3 0 2020a 2021a 2022e 40 |
Slide 41: Summary
mynaric SUMMARY
Slide 42: Q&A
Q&A 42 |
Slide 43: More Information
MORE INFORMATION mynaric.com/investor-relations [email protected] 43 |
Slide 44: Upcoming Investor Events
UPCOMING INVESTOR EVENTS May 4, 2022 May 10, 2022 Goldman Sachs 15th Kepler Cheuvreux European Small and SMID Mega Trend Mid Cap Symposium, Day, Paris London 44 |
Slide 45: Thank You
mynaric THANK YOU
Slide 46: Speaker Bios
mynaric SPEAKER BIOS 46 |
Slide 47: Bulent Altan
BULENT ALTAN Bulent is Mynaric’s Chief Executive Officer. Bulent began his career as one of the first employees at the then newly-established SpaceX in 2004, having graduated from Stanford University, and the Technical University of Munich. At SpaceX, he was essential in growing the company’s avioni
Slide 48: Joachim Horwath
JOACHIM HORWATH Joachim is Mynaric’s Chief Technology Officer. Being the founder of Mynaric, Joachim Horwath combines more than 20 years of experience in laser communications and has led the company’s technical direction since its inception. In addition to necessary technical control, Joachim and hi
Slide 49: Tina Ghataore
TINA GHATAORE Tina is Mynaric’s Chief Commercial Officer, as well as the President of Mynaric USA. An aerospace industry veteran with 20 years’ experience in airborne and satellite communication and connectivity, Tina’s career has taken in senior roles at Yahsat, Panasonic Avionics, and The Boeing C
Slide 50: Stefan Berndt-von Buelow
STEFAN BERNDT-VON BUELOW Stefan is Mynaric’s Chief Financial Officer. Boasting a 20-year background in auditing, tax consultancy, finance and accounting, as well as investor relations, Stefan accrued his experience at high profile German companies operating in the areas of currency technology and di