Mynaric to Transition CEO Position Citing Production Ramp-Up Struggles

Laser communications company Mynaric has terminated Mustafa Veziroglu as CEO and member of the company’s management board, effective immediately. The move comes after the producer of optical communications terminals for air, space, and mobile applications last week resolved an update to its full-year revenue guidance. The update included a drop-off in expected revenue from the originally published range of between €50 million and €70 million ($56 million and $78 million) to a revised range of between €16 million and €24 million. The company attributed the decrease to production delays related to its CONDOR Mk3 optical communications terminal.

Mynaric additionally revised its forecast for its annual operating loss. The company now expects full-year 2024 operating loss to range between a loss of €55 million to €50 million, compared to previous guidance of a range between a loss of €40 million to €30. The company attributed the guidance decrease to the lower than expected revenue and higher than expected production costs due to lower yields. Mynaric simultaneously announced the departure of its CFO, Stefan Berndt von-Bülow.

“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,” the company said in a press release issued Aug. 20. “At this time, we are evaluating a number of different strategic options to address our near-term capital needs.”

Mynaric appointed Andreas Reif chief restructuring officer and a member of the management board, also with immediate effect. The company has initiated a global search for a new CFO.