
Mynaric, a company specializing in satellite laser communications, has seen its stock plummet by 51% in pre-market trading following a significant reduction in its revenue guidance for 2024. The company cited slower-than-expected production ramp and increased production costs as reasons for the revised forecast, which now reflects a 66% cut in revenue expectations. Additionally, Mynaric announced the departure of its Chief Financial Officer, Stefan Berndt von-Bülow, contributing to investor concerns. The stock's decline is part of a broader trend in the pre-market, where other companies like Sidus Space and Cingulate also reported disappointing results and significant stock drops of 25% and 21%, respectively. Mynaric is now seeking strategic options to navigate a potential liquidity crisis.
Satellite lasercom terminal builder @mynaric cuts 2024 rev forecast 66%, seeks strategic options to avoid liquidity crisis. @SemperCitiusSDA @northropgrumman @RocketLab @defis_eu. https://t.co/LB0ipn3pHb https://t.co/v79YUhht09
Satellite 5G IoT narrowband NTN startup @sateliot: First 4 commercial sats healthy in orbit, revenue generation starts this year; looking to complete downsized Series B round of EUR 30M ($33.3M) for more sats/more-frequent revisits. @esa @bancosantander. https://t.co/jY24G7D5s7 https://t.co/6bLVyrA3P1
wait, I thought space lasers was a joke Mynaric stock tanks after space lasers company slashes revenue guidance, announces CFO departure https://t.co/LlFMyRH9TC
