Aankondiging • Jun 12
Nasdaq to Delist ADS of Mynaric AG The Nasdaq Stock Market announced that it will delist the American Depository Shares of Mynaric AG. Mynaric’s security was suspended on February 18, 2025 and has not traded on Nasdaq since that time. Aankondiging • May 01
Mynaric AG announced delayed 20-F filing On 04/30/2025, Mynaric AG announced that they will be unable to file their next 20-F by the deadline required by the SEC. Aankondiging • Mar 30
Mynaric AG Announces Resignation of Bulent Altan as Chairman and Member of Supervisory Board Effective April 1, 2025 Mynaric AG announced that Bulent Altan, on March 28, 2025, has tendered his resignation as Chairman and Member of the Supervisory Board of the Company for personal reasons effective April 1, 2025. Bulent Altan was elected Chairman of the Supervisory Board of the Company following his election as member of the Supervisory Board by the General Assembly in August 2023. The Supervisory Board of the Company will conduct a new election for the role of Chairman without undue delay. A new member will be appointed in due course in accordance with the provisions of applicable stock corporation act (Aktiengesetz). Aankondiging • Mar 13
Rocket Lab USA, Inc. (NasdaqCM:RKLB) entered into a non-binding term sheet to acquire Mynaric AG (XTRA:M0YN) from Lenders for $150 million. Rocket Lab USA, Inc. (NasdaqCM:RKLB) entered into a non-binding term sheet to acquire Mynaric AG (XTRA:M0YN) from Lenders for $150 million on March 10, 2025. As part of the acquisition, Rocket Lab would acquire 100% of the outstanding equity interests of Mynaric and initial purchase price is expected to be $75 million payable in either cash or shares of common stock of Rocket Lab, at Rocket Lab’s option, with the potential for additional earn-out consideration based on future revenue targets of the Mynaric business of up to an additional $75 million in shares of Rocket Lab common stock or cash, at Rocket Lab’s option. The initial closing purchase price will also be increased (and the potential earnout consideration correspondingly decreased) to the extent of any additional cash investment by the Lenders or their affiliates in Mynaric after completion of the StaRUG Restructuring and before the closing of the potential acquisition. If Rocket Lab USA, Inc chooses to issue cash consideration, then the proceeds from the offering will be used to fund the acquisition.
The transaction is subject to receipt of certain governmental approvals, following the completion of Mynaric’s previously announced and pending StaRUG restructuring proceedings under German law, the completion of which would result in certain outstanding debt held by the Lenders converting into 100% of the equity of Mynaric, subject to customary due diligence and signing of definitive agreement. Aankondiging • Mar 12
Mynaric Updates on Operational Continuity and Ongoing Production and Deliveries Mynaric announced that it is continuing to ramp up production and customer deliveries of the CONDOR Mk3 optical communications terminal and updates on the background to the company’s StaRUG proceedings. The StaRUG proceedings, once completed, would provide for significant debt relief, enabling the company to continue to serve its current and potential customers, suppliers and partners. Focus on Delivering on Existing Contracts and Winning Future Opportunities: Mynaric is also continuing to pursue opportunities that explore the use of free-space optical communications for additional space programs. In addition to contributing to the U.S. Space Development Agency’s (SDA) Proliferated Warfighter Space Architecture (PWSA) Tranche 1 and Tranche 2 programs, Mynaric has also been recognized as a key development partner in multiple projects to develop quantum communication capabilities. Establishing a Stable Financial and Operational Footing Moving Forward: Mynaric’s lenders agreed to the restructuring concept on the condition that Mynaric initiates StaRUG proceedings and that the restructuring plan provides for a capital reduction to zero. To enable Mynaric to cover its expected ongoing operational and working capital until the conclusion of the StaRUG proceedings, Mynaric’s lenders committed a fourth bridge loan of USD 28 million in February 2025 as well as an additional USD 25 million restructuring loan, giving Mynaric the necessary resources to support its production plan and ongoing operations. The implementation of the financial restructuring through the StaRUG proceedings would safeguard jobs, protect creditor interests, and significantly reduce Mynaric’s cash interest burden. Aankondiging • Feb 14
Mynaric Announces Receipt of Delisting Notice from Nasdaq Mynaric announced that it received a delisting notification dated February 10, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market Inc. As previously disclosed, on February 7, 2025, Mynaric's management board, with the approval of its supervisory board, resolved on a financial restructuring by proceedings under the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) and notified the competent Munich Local Court - Restructuring Court - of such restructuring project (the "StaRUG Proceeding").On February 10, 2025, Mynaric received the Delisting Notice from Nasdaq notifying Mynaric that, as a result of the StaRUG Proceeding and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined that Mynaric's American Depositary Shares representing its ordinary shares (the "ADS") will be delisted from Nasdaq. The Delisting Notice also advises Mynaric of its right to appeal Nasdaq's determination pursuant to procedures set in the Nasdaq Listing Rule 5800 Series. Mynaric does not intend to pursue an appeal. Trading of the ADS will be suspended at the opening of business on February 18, 2025. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the ADS from listing and registration on Nasdaq. Nasdaq has previously notified Mynaric that it is no longer in compliance with (i) Nasdaq Listing Rule 5450(b)(2)(A) for failing to maintain a minimum market value of $50 million in listed securities, (ii) Nasdaq Listing Rule 5250(c)(2) for not filing an interim balance sheet and income statement as of and for the end of its second quarter on Form 6-K within six months following the end of Mynaric's second quarter, (iii) Nasdaq Listing Rule 5620(a) for failing to hold an annual meeting of shareholders within twelve months after the end of the Mynaric's fiscal year, and (iv) Nasdaq Listing Rule 5450(a)(1) for not meeting the minimum closing bid price of $1.00 per share of the ADS. Aankondiging • Jan 16
Mynaric AG, Annual General Meeting, Feb 21, 2025 Mynaric AG, Annual General Meeting, Feb 21, 2025, at 10:00 W. Europe Standard Time. Aankondiging • Jan 04
Mynaric AG Updates Earnings Guidance for the Full Year 2024 Mynaric AG updated earnings guidance for the full year 2024. For the year, the company anticipates IFRS-15 revenue of EUR 14.1 million compared to previous guidance of a range estimating between EUR 16.0 million to EUR 24.0 million. The guidance decrease reflects shipments of CONDOR Mk3 terminals, originally expected to ship in late 2024, to slip into early 2025, due to shortages of key components from suppliers. These delays resulted in approximately EUR 2.6 million of revenue for terminals previously expected to ship in 2024 now expected to ship and revenue recognized in early 2025. Operating loss: the previous Company guidance of a range of operating loss estimating to range between a loss of EUR 55.0 million to EUR 50.0 million is unchanged. Aankondiging • Nov 05
Mynaric AG, Annual General Meeting, Dec 11, 2024 Mynaric AG, Annual General Meeting, Dec 11, 2024, at 10:00 W. Europe Standard Time. Aankondiging • Nov 01
Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Files Against Mynaric AG Bronstein, Gewirtz & Grossman, LLC announced that a class action lawsuit has been filed against Mynaric AG (Mynaric) and certain of its officers. This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Mynaric securities between June 20, 2024, and October 7, 2024, inclusive (Class Period). The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric's CONDOR Mk3 product; (2) the foregoing issues were likely to have a material negative impact on the Company's revenue growth and cause the Company to incur an operating loss; (3) as a result, Mynaric was unlikely to meet its own previously issued financial guidance for fiscal year 2024; (4) accordingly, the Company's business and/or financial prospects were overstated; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times. Aankondiging • Oct 08
Mynaric Receives Deficiency Letter from Nasdaq Regarding Non-Compliance with the Minimum Market Value of Listed Securities Mynaric AG announced that it received a notification letter dated October 2, 2024 (the ‘Deficiency Letter’) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the ‘Nasdaq’) notifying that Mynaric is no longer in compliance with the Nasdaq continued listing criteria, including the Nasdaq Listing Rule 5450(b)(2)(A) due to its failure to maintain a minimum of $50 million in market value of listed securities (the ‘MVLS Requirement’). Nasdaq also determined that Mynaric does not meet the alternatives of total assets and total revenue for continued listing. The Deficiency Letter has no immediate effect on the listing of Mynaric’s American Depositary Shares representing its ordinary shares (the ‘ADS’), which continue to trade under the symbol ‘MYNA.’ The Deficiency Letter provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C), Mynaric has a period of 180 calendar days from the date of the Deficiency Letter, or until March 31, 2025, to regain compliance with the MVLS Requirement. During this period, the ADS will continue to trade on Nasdaq. Nasdaq will deem Mynaric to have regained compliance with the MVLS Requirement if at any time during this compliance period Mynaric’s MVLS closes at $50,000,000 or more for a minimum of ten consecutive business days. In the event Mynaric does not regain compliance with the MVLS Requirement by March 31, 2025, Mynaric will receive written notification from Nasdaq that Mynaric’s ADS are subject to delisting. At that time, Mynaric may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance, if Mynaric does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful. In such event, Mynaric may also seek to apply for a transfer to The Nasdaq Capital Market if it meets the requirements for continued listing thereon. Mynaric is reviewing its options for regaining compliance with the MVLS Requirement and for remedying other future potential non-compliances with Nasdaq continued listing requirements. There can be no assurance that Mynaric will be able to regain compliance with the MVLS Requirement or other Nasdaq continued listing requirements in a timely fashion, in which case its securities would be delisted from Nasdaq. Aankondiging • Sep 17
Mynaric Advances Production of CONDOR Mk3 Mynaric 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. 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 on-going operations and production ramp. New Risk • Sep 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€34m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€34m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-€49m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€46m net loss in 2 years). Market cap is less than US$100m (€19.6m market cap, or US$21.7m). New Risk • Aug 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €94m Forecast net loss in 2 years: €46m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-€49m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€34m). Currently unprofitable and not forecast to become profitable over next 2 years (€46m net loss in 2 years). Market cap is less than US$100m (€21.7m market cap, or US$24.1m). New Risk • Aug 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-€49m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€34m). Market cap is less than US$100m (€44.1m market cap, or US$49.1m). Price Target Changed • Jul 30
Price target decreased by 29% to €31.50 Down from €44.50, the current price target is an average from 2 analysts. New target price is 109% above last closing price of €15.05. Stock is down 28% over the past year. The company is forecast to post a net loss per share of €7.52 next year compared to a net loss per share of €15.48 last year. Aankondiging • Jul 23
Mynaric AG, Annual General Meeting, Aug 29, 2024 Mynaric AG, Annual General Meeting, Aug 29, 2024, at 10:00 W. Europe Standard Time. Aankondiging • Jun 21
Mynaric Provides Earnings Guidance for the Full Year 2024 Mynaric provided earnings guidance for the full year 2024. For the fiscal year 2024, revenue outlook is driven by shipments of CONDOR Mk3 units to multiple customers. This outlook assumes it is able to ramp to its current production plans. This outlook remains at the lower end of the most recent published analyst estimates for 2024 (for which the arithmetic average is approximately €65 million). The company expects its operating loss for the fiscal year 2024 to decrease significantly from last year's level due to higher revenue levels. This outlook remains in-line with the most recent published analyst estimates for 2024 (for which the arithmetic average is approximately -€36 million). The outlook is based on the current projected production ramp and current liquidity projection. Should Mynaric experience either a pushout in its production schedule, fail to secure new orders as planned or incur delays in securing new orders from customers, there is a high likelihood the company could need to raise additional capital. Mynaric is also considering pursuing multiple alternative options in order to secure its cash needs and bolster its long-term success. Aankondiging • Jun 14
Mynaric AG to Report Fiscal Year 2023 Results on Jun 20, 2024 Mynaric AG announced that they will report fiscal year 2023 results on Jun 20, 2024 Aankondiging • May 01
Mynaric AG announced delayed 20-F filing On 04/30/2024, Mynaric AG announced that they will be unable to file their next 20-F by the deadline required by the SEC. Aankondiging • Nov 12
Mynaric Provides Earnings Guidance for the Full Year 2023 Mynaric provides earnings guidance for the full year 2023. The company now expects full-year 2023 IFRS-15 revenue to remain around the same level as 2022 revenue of EUR 4.4 million compared to previous guidance of a significant increase. The guidance decrease is due to the production delay of CONDOR Mk3 that was previously scheduled to start in fourth quarter 2023. The company now expects full-year 2023 operating loss to be around the same level as last year compared to previous guidance of a moderate decrease relative to the EUR 73.8 million operating loss reported for full-year 2022. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€25m net loss in 2 years). Shareholders have been diluted in the past year (10% increase in shares outstanding). New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.1m (US$94.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€25m net loss in 2 years). Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (€90.1m market cap, or US$94.9m). Reported Earnings • Sep 17
First half 2023 earnings released: €5.55 loss per share (vs €6.28 loss in 1H 2022) First half 2023 results: €5.55 loss per share (improved from €6.28 loss in 1H 2022). Net loss: €32.4m (loss narrowed 1.4% from 1H 2022). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Price Target Changed • Sep 16
Price target increased by 28% to €47.00 Up from €36.67, the current price target is an average from 3 analysts. New target price is 172% above last closing price of €17.30. Stock is down 33% over the past year. The company is forecast to post a net loss per share of €10.21 next year compared to a net loss per share of €13.57 last year. New Risk • Sep 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €73m Forecast net loss in 2 years: €21m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€21m net loss in 2 years). Shareholders have been diluted in the past year (10% increase in shares outstanding). Aankondiging • Sep 08
Mynaric AG to Report First Half, 2023 Results on Sep 14, 2023 Mynaric AG announced that they will report first half, 2023 results on Sep 14, 2023 Price Target Changed • Sep 07
Price target decreased by 21% to €36.67 Down from €46.67, the current price target is an average from 3 analysts. New target price is 110% above last closing price of €17.50. Stock is down 37% over the past year. The company is forecast to post a net loss per share of €9.28 next year compared to a net loss per share of €13.57 last year. Aankondiging • Aug 09
Mynaric Announces Executive Changes Mynaric announced key results of the company's annual general assembly held on August 7, 2023. Following shareholder approval, industry veterans Bulent Altan and Margaret Abernathy joined Mynaric's Supervisory Board after receiving the requisite number of votes during the annual general assembly. They join the three re-elected Supervisory Board members: Dr. Hans Königsmann, Dr. Manfred Krischke, and Peter Müller-Brühl, effective immediately. Following the company's annual general assembly meeting, the Supervisory Board met and elected Bulent Altan as Chairman. Mustafa Veziroglu will serve as the company's Chief Executive Officer. Veziroglu will lead Mynaric's day-to-day business operations and strategy to produce laser communications terminals at scale for applications in space, air and terrestrial applications. Aankondiging • Jul 01
Mynaric AG, Annual General Meeting, Aug 07, 2023 Mynaric AG, Annual General Meeting, Aug 07, 2023, at 10:00 Central European Standard Time. Location: Haus der Bayrischen Wirtschaft, Max-Joseph-Strasse 5, 80333 Munich, Germany Munich Germany Agenda: To consider Annual Financial Statement as of December 31, 2022; to consider Curriculum vitae of the candidates proposed for election to the Supervisory Board; and to consider other business matters. Price Target Changed • May 03
Price target decreased by 13% to €51.17 Down from €59.00, the current price target is an average from 3 analysts. New target price is 107% above last closing price of €24.70. Stock is down 31% over the past year. The company is forecast to post earnings per share of €2.94 next year compared to a net loss per share of €13.57 last year. Breakeven Date Change • May 01 The 4 analysts covering Mynaric previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 22% per year to 2024. The company is expected to make a profit of €10.9m in 2025. Average annual earnings growth of 44% is required to achieve expected profit on schedule.
Breakeven Date Change • Nov 18
Forecast to breakeven in 2023 The 3 analysts covering Mynaric expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €12.0m in 2023. Average annual earnings growth of 50% is required to achieve expected profit on schedule. Breakeven Date Change • Jul 29
Forecast breakeven date moved forward to 2023 The 3 analysts covering Mynaric previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of €12.0m in 2023. Average annual earnings growth of 80% is required to achieve expected profit on schedule. Reported Earnings • May 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: €10.68 loss per share (down from €5.90 loss in FY 2020). Net loss: €45.4m (loss widened 130% from FY 2020). Revenue missed analyst estimates by 79%. Earnings per share (EPS) also missed analyst estimates by 117%. Over the next year, revenue is forecast to grow 1,547%, compared to a 22% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 24
First half 2021 earnings released: €3.94 loss per share (vs €2.33 loss in 1H 2020) The company reported a solid first half result with improved revenues and control over costs, although losses increased. First half 2021 results: Revenue: €1.35m (up €1.26m from 1H 2020). Net loss: €16.1m (loss widened 120% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 09
New 90-day low: €63.20 The company is down 4.0% from its price of €65.60 on 08 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €167 per share. Is New 90 Day High Low • Feb 06
New 90-day high: €84.00 The company is up 50% from its price of €56.00 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €184 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €75.40 The company is up 5.0% from its price of €72.00 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €174 per share. Is New 90 Day High Low • Nov 07
New 90-day low: €56.00 The company is down 14% from its price of €65.40 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €383 per share. Reported Earnings • Sep 23
First half earnings released Over the last 12 months the company has reported total losses of €11.9m, with losses widening by 50% from the prior year. Total revenue was €9.80m over the last 12 months, up 185% from the prior year.