Shipments will support the Space Development
Agency's Tranche 1 program
MUNICH, Sept. 16,
2024 /PRNewswire/ -- Mynaric (NASDAQ:
MYNA) (FRA: M0YN), a leading provider of industrialized,
cost-effective and scalable laser communications products, today
announced the successful advancement of the company's volume
production ramp for the CONDOR Mk3. Mynaric continues to work
through previously announced production delays and has realized
near-term improvement in production yields and supply chain-related
bottlenecks. Production delays of CONDOR Mk3 were caused by lower
than expected production yields and supplier shortages of key
components.
"We remain committed to our mission to deliver laser
communications products at scale to the market and meet our
near-term customer requirements," said Joachim Horwath, Chief Technology Officer and
founder of Mynaric. "Despite the setbacks we faced over the past
few months, our team has worked tirelessly to address these
challenges. We have implemented solutions to ensure the smooth
continuation of our production process."
"We are happy to report that the technical challenges on the
production ramp are being addressed and I am working with Joachim
to ensure that Mynaric is well positioned for future success," said
Andreas Reif, Chief Restructuring
Officer of Mynaric. "Moving forward, Mynaric will continue to meet
the current requirements of our customers."
Current shipments of the CONDOR Mk3 free space optical
communications system will be part of the United States Space
Development Agency (SDA) Tranche 1 program. Mynaric was selected by
Northrop Grumman as the sole supplier of optical communications
terminals for the SDA's Tranche 1 Transport and Tracking Layer
programs and by York Space Systems for the SDA's Tranche 1
Transport Layer. Mynaric was also selected by Loft Federal to
supply the CONDOR Mk3 terminals to NExT – the SDA's Experimental
Testbed.
In addition, Mynaric continues to pursue opportunities that
explore the use of free-space optical communications for additional
space programs. Mynaric has been recognized as a key development
partner in Phase 2 of DARPA's Space-BACN program, was selected by
the European Space Agency (ESA) to investigate optical technologies
for next generation high-throughput optical inter-satellite links
and was selected by the German government for multiple projects to
develop quantum communication capabilities.
In addition, Mynaric continues to diligently pursue additional
capital sources to secure our on-going operations and production
ramp. We continue to evaluate a number of different strategic
options to address our near-term capital needs.
About Mynaric
Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial
revolution of laser communications by producing optical
communications terminals for air, space and mobile applications.
Laser communication networks provide connectivity from the sky,
allowing for ultra-high data rates and secure, long-distance data
transmission between moving objects for wireless terrestrial,
mobility, airborne- and space-based applications. The company is
headquartered in Munich, Germany,
with additional locations in Los Angeles,
California, and Washington,
D.C.
For more information, visit mynaric.com.
MEDIA CONTACT
Krista Hazen
krista.hazen@mynaricusa.com
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SOURCE Mynaric USA, Inc.
