Last close As at 05/08/2026
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Market capitalisation
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Research: TMT
Mynaric has developed equipment for transmitting data via laser between moving airborne or space platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. This opens the possibility of equipping the airborne networks proposed by Facebook and Google, or the satellite networks supported by Elon Musk and Richard Branson with high-speed optical data links rather than slower microwave connections. These proposed networks offer the opportunity of providing more data transmission in the developed world without needing to install more fibre optic cable and extending internet access to the half of the world’s population who are not connected.
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Mynaric |
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Fibreless optical links in the skies
Mynaric has developed equipment for transmitting data via laser between moving airborne or space platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. This opens the possibility of equipping the airborne networks proposed by Facebook and Google, or the satellite networks supported by Elon Musk and Richard Branson with high-speed optical data links rather than slower microwave connections. These proposed networks offer the opportunity of providing more data transmission in the developed world without needing to install more fibre optic cable and extending internet access to the half of the world’s population who are not connected.
Serial production ahead of first on-satellite launch
In October 2019, Mynaric announced that it will deliver multiple laser communication flight terminals to an undisclosed customer in an initial deal for a product validation mission valued at €1.7m. These will be part of a demonstration programme prior to rolling out the full satellite constellation. The contract confirms market demand for Mynaric’s cost-effective, serially produced laser communication inter-satellite product designed for mega-constellations. Mynaric is focused on delivering the first satellite units in readiness for launch into space in H220. It has recently increased the number of terminals in production to be able to support missions from additional customers at short notice.
Raised finance to complete pre-commercial phase
Total operating performance during H119 was €2.9m. This was similar to H118 (€2.8m) with intensified development work on space- and air-borne terminals ahead of commercial availability in FY20 substituting for milestone payments on project work in H118. Losses after tax widened by 3% to €3.8m. Net cash (there is no debt) increased by €3.3m during H119 to €18.5m at the period-end. Free cash outflow totalling €7.8m was offset by €11m from the issue of shares at €55/share to the lead investor of the LEO satellite constellation in March.
Valuation: Analysis of potential revenues
Our scenario analysis shows that a cluster of 250 airborne communications platforms could require €125m worth of Mynaric’s equipment, and a constellation of 100 small satellites could need €100m of Mynaric’s equipment.
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Consensus estimates
Source: Refinitiv |
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Mobotix’s five-year plan aims for minimum revenues of €100m by FY23 at an EBIT margin of c 12%, which management notes represents an average annual revenue growth rate of around 9.3% and a profit per share of c €0.64 by FY23. The key growth driver is a new camera platform for decentralised IoT applications. Its embedded processor will carry out data analysis, including AI-based deep learning algorithms in situ, for improved cybersecurity and GDPR compliance. It enables the development of plug-in software apps, creating a recurring revenue stream from software sales. The first product in the range will be launched later in 2019. Mobotix is also expanding the complementary MOVE camera range for centrally managed solutions to address large-scale projects.