Munich, April 2, 2020 – We, as the Mynaric Executive Board, want to use this opportunity to share an update about our response to the global coronavirus pandemic and its effect on our markets.
The health and safety of Mynaric employees is, above all else, the most important consideration for us at this time. A rapid reaction task force was established in February to deal with the situation and is tasked to implement social distancing and hygiene recommendations from the relevant German and, where applicable, international agencies. Where possible, employees have been encouraged to work from home. Having identified key personnel who can work safely in-house we have ensured that core product finalization is progressing without hindrance.
Mynaric’s recent capital increase in February, in addition to remaining cash reserves, equips us with enough liquidity at hand to continue our growth path for now. We continue to invest in staff, equipment and our production ramp-up. Continuation of this path is all the more critical as none of our customers have, to-date, indicated any major delays or reduced required production volumes. Indeed, the contrary is the case as we are experiencing an ever-growing intensity and depth of customer interaction as well as an industry-wide desire to accelerate the adoption of laser communication capabilities. We are seeing new customer opportunities emerging with increasing frequency to the point that we have hired additional sales personnel to deal with them.
We continue to monitor the situation closely to be able to respond quickly with corrective measures if needed. Additionally, as a company that relies on supplies from various providers we are closely monitoring developments at this level and remaining in constant communication with suppliers in the hope of identifying and mitigating potential hold-ups before they occur. Mynaric remains committed to ensuring our customers’ success during these difficult times.
To put things in perspective
For the moment the only thing we know with any certainty is that the pandemic will pass and that companies will be eager to catch-up on potentially slipped schedules as soon as industry returns to normal. There are no indications that the expected uptick in demand for laser communication terminals will slow or diminish as a result of the current pandemic. We actually believe that as a result of this global crisis we will see an increased demand for our products and more aggressive timelines for their deployment by our customers. Consequently, Mynaric is continuing the finalization of the CONDOR space terminal and production of multiple units of the HAWK AIR flight terminal. We have continued to grow our wider workforce during the current situation.
The global pandemic has highlighted all too forcefully how connectivity helps societies when traditional methods of human interaction are impossible. The unprecedented demand for connectivity placed on existing networks shows that for tele-work to replace physical work – to keep both society and economies running in times of crisis – assets need to be connected always and everywhere. Never has the need for this global connectivity been more urgent and we will continue – are continuing – on our mission to ensure that such a future is established.
The Mynaric Executive Board