Mynaric announced that Mustafa Veziroglu is no longer the CEO and they have a new chief restructuring officer.
Production Problems
The company has been having trouble making enough laser communications terminals. These terminals are for a satellite network the U.S. Space Force’s Space Development Agency is planning. Many of the satellite makers working with the SDA are Mynaric’s customers.
Andreas Reif is now the chief restructuring officer (CRO) and will work on cutting costs and fixing cash flow problems while ensuring customer orders are fulfilled.
Last week, Mynaric lowered its revenue forecast for 2024. They said production was slow and costs were high for their CONDOR Mk3 terminals. This was because of low yields and not enough parts. Their chief financial officer also quit, which made their stock price fall.
“As CRO, Andreas Reif will be integral to reducing costs and near-term cash consumption while working closely with our customers to meet their requirements,” Mynaric stated. Reif brings experience from executive financial and operational roles at several German industrial manufacturing firms.
We think it’s interesting how companies handle sudden changes like this.
