Mynaric AG

CIK:0001850453|SEC Filings

Consolidated Statements of Profit/Loss and Other Comprehensive Income/Loss - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of profit or loss and other comprehensive income [abstract]

Revenue

€ 5,390

^[1]

€ 4,422

€ 2,355

^[1]

Other operating income

3,624

2,376

435

Cost of materials of which capitalized costs 2023: (256);2022: (689); 2021: (1,995)

(16,771)

(15,434)

(10,624)

Personnel costs of which capitalized costs 2023: (385); 2022: (665); 2021: (1,906)

(36,604)

(37,410)

(23,365)

Depreciation, amortization and impairment of which capitalized costs 2023: (89); 2022: (112); 2021: (287)

(11,622)

(7,989)

(4,518)

Other operating costs of which capitalized costs 2023: (88); 2022: (101); 2021: (427)

(23,222)

(22,082)

(11,830)

Change in inventories of finished goods and work in progress

(776)

760

568

Own work capitalized

818

1,567

4,615

Operating profit/(loss)

(79,163)

(73,790)

(42,364)

Financial income

^[2]

911

Financial costs

^[3]

(16,035)

(2,545)

(2,148)

Net foreign exchange gain/(loss)

562

2,574

826

Financial result

^[4]

(14,562)

(1,322)

Share of profit of equity-accounted investees, net of tax

(355)

(45)

Profit/(loss) before tax

(94,080)

(73,806)

(43,686)

Income tax expense

552

(1,791)

Consolidated net profit/(loss)

(93,528)

(73,782)

(45,477)

Items which may be subsequently reclassified to profit and loss

Foreign operations – foreign currency translation differences

1,126

(411)

(498)

Other comprehensive income/(loss) for the period after tax

1,126

(411)

(498)

Total comprehensive (loss) for the period

€ (92,402)

€ (74,193)

€ (45,975)

Weighted average ordinary shares outstanding basic

6,043,142

5,435,839

4,250,134

Weighted average ordinary shares outstanding diluted

6,043,142

5,435,839

4,250,134

Basic loss per share in EUR

€ (15.48)

€ (13.57)

€ (10.7)

Diluted loss per share in EUR

€ (15.48)

€ (13.57)

€ (10.7)

[1]	No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.
[2]	(1) Referred to as “Interest and similar income" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[3]	(2) Referred to as “Interest and similar expenses" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[4]	(3) Referred to as “Net finance income/(costs)" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.

Consolidated Statements of Cash Flows - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from operating activities

Consolidated net income / (loss) for the period

€ (93,528)

€ (73,782)

€ (45,477)

Adjustments for:

Income tax expense

(552)

(24)

1,791

Depreciation, amortization and impairment

11,622

7,989

4,518

Loss from disposals of non-current assets

630

109

Net finance (income) and costs

15,124

2,545

2,148

Equity-settled share-based payments

3,972

6,133

1,942

Share of profit of equity-accounted investees, net of tax

355

Net foreign exchange (gain)/loss

(562)

(2,574)

(826)

Inventories

(9,379)

(4,958)

(3,167)

Trade receivables

732

(1,120)

572

Other financial and non-financial assets

(3,744)

(87)

(4,209)

Provisions

296

(296)

Trade and other payables

5,908

2,235

2,320

Contract liabilities

39,760

15,144

^[1]

(1,013)

Other financial liabilities

336

(22)

Other non-financial liabilities

(1,552)

^[1]

1,941

Net cash used in operating activities

(28,984)

(50,215)

(39,426)

Cash flows from investing activities

Acquisition of intangible assets

(70)

(1,120)

(3,346)

Acquisition of property, plant and equipment

(4,851)

(10,179)

(7,612)

Acquisition of equity-accounted investees

(400)

Interest received

333

Net cash used in investing activities

(4,588)

(11,699)

(10,958)

Cash flows from financing activities

Proceeds from issue of share capital

12,769

11,201

66,542

Share issue costs

(1,420)

(262)

(8,303)

Proceeds from loans and borrowings

67,723

13,529

7,500

Transaction costs related to loans and borrowings

(5,796)

(450)

Repayments of loans and borrowings

(13,185)

(96)

(7,500)

Payments of lease liabilities

(2,264)

(1,713)

(1,056)

Interest expenses paid

(10,740)

(241)

(1,931)

Net cash from financing activities

47,087

21,968

54,802

Net increase/decrease in cash and cash equivalents

13,515

(39,946)

4,418

Cash and cash equivalents at January 1

10,238

48,143

43,198

Effects of movements in exchange rates on cash and cash equivalents

205

2,041

527

Cash and cash equivalents at December 31

€ 23,958

€ 10,238

€ 48,143

[1]	(1) Adjusted as per Note 29.

Consolidated Statements of Financial Position - EUR (€)
€ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Non-current assets

Intangible assets

€ 13,336

€ 18,058

Property, plant and equipment

22,936

22,309

Right-of-use assets

26,168

8,782

Equity-accounted investees

355

Other financial assets

^[1]

1,200

449

Total non-current assets

63,640

49,953

Current assets

Inventories

22,695

13,348

Trade receivables

300

1,101

Other financial and non-financial assets

8,493

5,681

Cash and cash equivalents

23,958

10,238

Total current assets

55,446

30,368

TOTAL ASSETS

119,086

80,321

EQUITY

Share capital

6,234

5,668

Capital reserve

204,025

189,269

Accumulated deficit

(260,077)

(166,549)

Accumulated other comprehensive income/(loss)

531

(595)

TOTAL EQUITY

(49,287)

27,793

Non-current liabilities

Provisions

1,114

217

Lease liabilities

^[2]

19,833

7,087

Contract liabilities

11,663

Loans and borrowings

59,496

Other financial liabilities

167

249

Deferred tax liabilities

1,215

1,766

Total non-current liabilities

93,488

9,319

Current liabilities

Provisions

686

723

Lease liabilities

^[3]

5,440

1,855

Trade and other payables

16,555

9,238

Contract liabilities

47,256

15,297

^[4]

Loans and borrowings

^[5]

3,286

14,440

Other financial liabilities

1,041

Other non-financial liabilities

621

1,566

^[4]

Total current liabilities

74,885

43,209

Total liabilities

168,373

52,528

TOTAL EQUITY AND LIABILITIES

€ 119,086

€ 80,321

[1]	(1) Referred to as “Other non-current financial assets" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[2]	(2) Referred to as “Non-current lease liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[3]	(3) Referred to as “Current lease liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[4]	(5) Adjusted as per Note 29.
[5]	(4) Included in “Other financial liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.