Mynaric AG (MYNA) 2023 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to Mynaric's fiscal year 2023 preliminary results and fiscal year 2024 outlook webcast call. (Operator Instructions) I would now like to turn the call over to Tom Dinges, Vice President of Investor Relations for Mynaric. You may begin.

您好，感謝您的耐心等待。歡迎參加 Mynaric 2023 財政年度初步業績及 2024 財年展望網路直播電話會議。（操作員指示）現在，我將把電話交給 Mynaric 的投資者關係副總裁 Tom Dinges。你可以開始了。

Thank you, Operator. Welcome, everyone, to Mynaric's preliminary full-year 2023 results and 2024 outlook webcast call. Prior to this webcast call, we released our preliminary full-year 2023 results and 2024 outlook, which are available for download on the Investor Relations section of mynaric.com.

謝謝接線生。歡迎各位參加 Mynaric 2023 年全年業績初步報告及 2024 年展望網路直播電話會議。在本次網路直播電話會議之前，我們發布了 2023 年全年業績初步報告和 2024 年展望，這些報告可在 mynaric.com 的投資者關係部分下載。

Before we begin today's formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subjects of this presentation are preliminary results as we not complete our European filing and include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

在開始今天的正式演講和發言之前，我必須提醒各位，本次演講和關於本次演講主題的口頭陳述均為初步結果，因為我們尚未完成歐洲的備案，並且包含經修訂的 1995 年《私人證券訴訟改革法案》所指的前瞻性陳述。

All statements, other than statements of historical or current facts contained in this presentation, are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and our actual results may differ materially from those expected or implied as forward-looking statements.

本簡報中除歷史事實或當前事實陳述外，所有其他陳述均為前瞻性陳述。這些前瞻性陳述涉及已知和未知的風險、不確定性和假設，這些風險、不確定性和假設難以預測或超出我們的控制範圍，我們的實際結果可能與預期或前瞻性陳述所暗示的結果有重大差異。

The forward-looking statements included in this presentation are made only as of the date hereof. Neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation or otherwise.

本簡報中包含的前瞻性陳述僅代表截至本簡報發布之日的資訊。我們和任何其他人均不承擔任何義務更新任何前瞻性聲明，以反映本次演示日期之後的事件或情況。

This presentation may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity, or performance under IFRS.

本次演示可能包含一些不符合國際財務報告準則（IFRS）的財務指標。此類財務指標並非依照國際財務報告準則衡量的財務績效指標，並且可能遺漏對理解和評估我們的財務表現至關重要的項目。因此，不應孤立地考慮這些措施，也不應將其視為該期間虧損或根據國際財務報告準則衡量的其他獲利能力、流動性或業績指標的替代措施。

With that out of the way, we have a great agenda for you today. We will begin with opening remarks by Mustafa. Following Mustafa's remarks, Stefan will discuss our preliminary full-year '23 results, and our outlook for 2024. Following the formal presentation, we will take questions from analysts. We anticipate this webcast will last no more than one hour.

既然這件事已經解決了，我們今天就為大家帶來一個精彩的議程。我們將先由穆斯塔法致開幕詞。在 Mustafa 發言之後，Stefan 將討論我們 2023 年全年初步業績以及我們對 2024 年的展望。正式報告結束後，我們將接受分析師的問題。我們預計本次網路直播時長不會超過一小時。

On the webcast today are Mynaric CEO, Mustafa Veziroglu; and Mynaric CFO, Stefan Berndt-von Bülow. With that, it's my pleasure to turn it over to Mustafa for his opening remarks. Mustafa?

今天參加網路直播的有 Mynaric 執行長 Mustafa Veziroglu 和 Mynaric 財務長 Stefan Berndt-von Bülow。接下來，我很高興把發言權交給穆斯塔法，請他致開幕詞。穆斯塔法？

Thank you, Tom. Mynaric reported solid results for the full year of 2023. Order momentum was excellent in '23 and early 2024, as evidenced by record backlog of terminal units. Our team did a great job in landing new customers as well as winning repeat business with existing customers. Our current backlog now stands at 829 terminal units, including our most recent award from Rocket Lab in support of the SDA Tranche 2 Transport Layer Program.

謝謝你，湯姆。Mynaric公佈了2023年全年穩健的業績。2023 年和 2024 年初的訂單勢頭非常強勁，終端單元的積壓訂單創下歷史新高，足以證明這一點。我們的團隊在吸引新客戶以及贏得現有客戶的重複業務方面都做得非常出色。我們目前的積壓訂單為 829 個終端單元，其中包括我們最近從 Rocket Lab 獲得的 SDA Tranche 2 傳輸層計畫的訂單。

As a reminder, just a few short years ago, our backlog was standing at 40 units. Increase, we reported over the past couple of years is a testament to the strength of our core technology, as well as the execution and high degree of customer service of our sales team. It also demonstrates the strong belief our customers have placed in us to support their next generation satellite communication networks.

提醒一下，就在幾年前，我們的積壓訂單還有 40 台。過去幾年我們所取得的成長，證明了我們核心技術的實力，以及我們銷售團隊的執行力和高水準的客戶服務。這也體現了我們的客戶對我們支持其下一代衛星通訊網路的堅定信任。

Our funnel of new opportunities remain very strong across both the government and commercial sectors. We remain disciplined in our investment strategy to support the future growth of the business, and our pipeline of opportunities remain the highest in our history.

我們在政府和商業領域都擁有非常強勁的新機會管道。為了支持業務的未來成長，我們將繼續堅持嚴謹的投資策略，目前我們的投資機會儲備也達到了歷史最高水準。

Since the last time we spoke with you, the industry has continued to make progress in terms of constellation deployment, funding, and design. Let's start with the government sector. The US Space Development Agency is now past the initial deployment phase of its constellation and has awarded all Tranche 1 and nearly all Tranche 2 awards to prime satellite contractors.

自上次與您交談以來，該行業在星座部署、資金和設計方面都取得了持續進展。我們先從政府部門說起。美國太空發展局目前已完成其衛星星座的初始部署階段，並將所有第一批次和幾乎所有第二批次的合約授予了主要衛星承包商。

We expect the first launches of Tranche 1 satellite should begin later this year or early next year. Within the SDA, we estimate we have the highest -- largest market share of optical terminals, and we are now in the early phase of our manufacturing grant to meet the needs of our multiple prime customers for this program. Albeit somewhat slowly, we are finally seeing movement in other government constellations.

我們預計第一批衛星將於今年稍後或明年年初發射。在 SDA 內部，我們估計我們擁有最高的——最大的光終端市場份額，目前我們正處於製造補助金的早期階段，以滿足我們多個主要客戶對該計劃的需求。儘管速度有些緩慢，但我們終於看到其他政府機構也開始有所行動。

On IRIS2 constellation for Europe, the bids for the technical specifications were submitted while the major government funding has been approved. Since then, the European Commission has asked for final bids from the consortium by the end of this month. We recognize that there are potentially both economic and political factors at play here that are outside of our control that could delay the final decision of the constellation, and right now, we are in a wait-and-see mode.

歐洲 IRIS2 星座的技術規範投標已經提交，而主要的政府資金也已獲得批准。此後，歐盟委員會要求該財團在本月底前提交最終報價。我們意識到，這裡可能存在一些我們無法控制的經濟和政治因素，這些因素可能會推遲星座的最終決定，目前，我們只能靜觀其變。

Similar to the SDA program, we're seeing other governments across the world, in initial steps, to develop and deploy their own SDA-like constellations, given their unique regional security concerns. Many of these are moving into RFI phases at this time. Importantly, the team has worked hard to ensure we are in a position to meet the needs of these significant programs once they are finalized.

與 SDA 計畫類似，鑑於各國政府各自獨特的區域安全問題，我們看到世界各國政府正處於初步階段，開始開發和部署類似 SDA 的衛星系統。目前，其中許多項目正進入資訊徵詢階段。重要的是，團隊已經努力確保我們能夠在這些重要專案最終確定後滿足其需求。

Next, switching to the commercial opportunities. We've talked for some time now about a number of large opportunities for low Earth orbit satellite constellations. I'm happy to say many of these are now moving into RFP stage. Some of these are well known to most of you as they're very large mecha constellations, while others are smaller, more regionally focused, or specific use case focused constellations.

接下來，我們來談談商業機會。我們已經討論過一段時間低地球軌道衛星星座的許多重大機會。我很高興地告訴大家，其中許多項目現在都進入了招標階段。其中一些對你們大多數人來說都很熟悉，因為它們是非常龐大的機甲星座，而另一些則規模較小，更側重於區域性或特定用例。

Importantly, capital is slowly starting to flow into these opportunities. That's allowing the constellation operators to start to move forward with their selections for key critical subsystem suppliers such as Mynaric. Hopefully, we'll have more to share with you in the coming months when we anticipate that these decisions will be finalized.

重要的是，資金正逐漸開始流入這些領域。這使得星座運營商可以開始推進關鍵子系統供應商（例如 Mynaric）的選擇工作。希望在接下來的幾個月裡，當這些決定最終確定時，我們能與大家分享更多資訊。

In total, these large commercial and government constellations represent an opportunity in the multiple thousands of terminals to be delivered over the coming years. We believe we have the right technology, manufacturing scale, and capability to capitalize on these opportunities.

總而言之，這些大型商業和政府設施代表著未來幾年將交付的數千個終端的機會。我們相信我們擁有合適的技術、生產規模和能力，能夠抓住這些機會。

Last year, we talked about three focus areas for Mynaric, production readiness, continuous process improvement, and streamlining the product development process. With the completion of our first product shipment at the end of the first quarter of this year, we've now moved onto the early phase of the big push for our production ramp.

去年，我們討論了 Mynaric 的三個重點領域：生產準備、持續流程改善和簡化產品開發流程。隨著今年第一季末首批產品出貨的完成，我們現在已經進入了大規模產能爬坡的早期階段。

On the process of improvement front, the team continues to refine the production process as we look to ramp shipments throughout the remainder of this year. We made significant progress in this area in just a few short months, but a lot more work is still left to do to meet the production levels we need to achieve.

在改善流程方面，團隊將持續改善生產流程，以期在今年剩餘時間內提高出貨量。短短幾個月內，我們在這個領域取得了顯著進展，但要達到我們需要的生產水平，還有很多工作要做。

Process improvement isn't our only focus. In November, we moved into a new 11,000 square meter or 120,000 square feet facility in Munich. This facility is significantly larger than our prior production facility and also allowed us to combine most of our product development, administration, and production capabilities all within one building. This not only gives us the capacity to support higher volumes of unit shipments, but also improves our product development as our product development engineers are now only a short walk away from the production lines.

流程改善並非我們唯一的關注點。11 月，我們搬進了位於慕尼黑的一處新的 11,000 平方米（12​​0,000 平方英尺）的工廠。該設施比我們之前的生產設施大得多，也使我們能夠將大部分產品開發、管理和生產能力整合到一棟大樓內。這不僅使我們能夠支援更高的單位出貨量，而且還改進了我們的產品開發，因為我們的產品開發工程師現在距離生產線只有很短的路程。

In addition, throughout 2023 and into 2024, we've added key staff members, promoted a number of employees into senior leadership roles, continued to optimize our non-production processes, and accelerated our supply chain procurement to ensure we can meet customer deadlines. We feel comfortable with our existing footprint and headcount to meet our current and near-term expected shipment goals.

此外，在 2023 年及 2024 年，我們增加了關鍵員工，提拔了一些員工擔任高階領導職務，繼續優化非生產流程，並加快供應鏈採購，以確保我們能夠滿足客戶的交貨期限。我們認為，我們現有的規模和人員配置足以滿足我們當前和近期預期的出貨目標。

I'm confident we are well prepared for the opportunity ahead, and I believe we have the right team with the right solutions and the operational structure and capacity to capitalize on the opportunity in front of us.

我相信我們已經為即將到來的機會做好了充分的準備，並且我們擁有合適的團隊、合適的解決方案、營運結構和能力，能夠抓住眼前的機會。

With that, let me turn it over to Stefan to walk you through our results and outlook in more detail. Stefan?

接下來，我將把發言權交給斯特凡，讓他更詳細地為大家介紹我們的業績和展望。斯特凡？

Thank you, Mustafa. Let's turn to our results for the full year 2023. First, let's turn to the two key business metrics that we believe will continue to best demonstrate the momentum we are seeing in the business.

謝謝你，穆斯塔法。讓我們來看看2023年全年的業績。首先，讓我們來看看我們認為能夠最好地展現公司目前發展勢頭的兩個關鍵業務指標。

First, cash-in from customer contracts. This is a key forward-looking predictor of revenue as the cash is only received as we met contractual milestones. There is typically a lag between when cash is received from customer contracts and when shipments are made. This varies depending on the contract terms.

首先，從客戶合約中收回款項。這是預測收入的關鍵前瞻性指標，因為只有在我們達到合約里程碑後才能收到現金。通常情況下，從收到客戶合約款項到實際發貨之間存在時間差。具體情況取決於合約條款。

As a reminder, these are contractual payments received when certain milestones are met, but full delivery and acceptance has not been reached. In essence, this is pre-revenue cash received, and we believe a very significant indicator of the future revenue of the company.

再次提醒，這些是達到某些里程碑後收到的合約款項，但尚未完成全部交付和驗收。從本質上講，這是公司在獲利前收到的現金，我們認為這是公司未來收入的一個非常重要的指標。

Cash-in from customer contracts for the full year 2023 was EUR49.2 million, which is well above the EUR18.3 million we reported for the full year of 2022. This reflects the achievement of program milestones as well as the high level of new program wins we were awarded in 2023.

2023 年全年客戶合約現金收入為 4,920 萬歐元，遠高於 2022 年全年報告的 1,830 萬歐元。這反映了專案里程碑的實現，以及我們在 2023 年獲得的大量新專案。

Second, optical communication terminal backlog in units for the full year 2023, where 794 units compared to 256 units at the year-end 2022. In addition, our backlog as of today showed further momentum and increased to 829 units net of recent shipments. As a reminder, our current terminal backlog is heavily weighted towards government-funded contracts and primarily includes programs with the SDA.

其次，2023 年全年光通訊終端積壓訂單數量為 794 台，而 2022 年底為 256 台。此外，截至今日，我們的積壓訂單量進一步成長，扣除近期出貨量後淨增至 829 台。提醒各位，我們目前的終端積壓訂單主要集中在政府資助的合約上，主要包括與 SDA 合作的項目。

Scheduled shipments will continue over the remainder of 2024 throughout 2025 and a small number of units delivered in the first half of 2026. We continue to see a strong and steady pipeline of opportunities for our terminal products across both government and commercial markets.

計劃發貨將在 2024 年剩餘時間以及 2025 年繼續進行，少量產品將於 2026 年上半年交付。我們持續看到，無論是在政府市場或商業市場，我們的終端產品都有著強勁且穩定的發展機會。

Let's look at a few other figures before opening the call for questions. As a reminder, our preliminary financials are presented in accordance with IFRS and are reported in euros.

在正式開始提問之前，我們先來看幾個其他數據。再次提醒，我們的初步財務報表依照國際財務報告準則編制，並以歐元列報。

Revenue was EUR5.4 million for the full year 2023 compared to EUR4.4 million for the full year 2022. Revenue for the full year reflects terminal shipment to multiple customers as well as service revenue. Cost of materials increased by more than 8% compared to the year-ago period, driven by one-time items that more than offset reduced costs for finalizing the development and testing of our products as well as production line testing.

2023 年全年收入為 540 萬歐元，而 2022 年全年收入為 440 萬歐元。全年收入反映了向多個客戶發貨的終端收入以及服務收入。與去年同期相比，材料成本增加了 8% 以上，這是由於一次性專案增加所致，這些專案超過了產品開發和測試以及生產線測試成本的減少。

Included in the cost of the materials for 2023 is a write-down in the amount of EUR9.4 million related to raw materials attributable to our HAWK Mark I terminals. Excluding the write-down, cost of materials would have decreased by 37% compared to the year-ago period.

2023 年的材料成本中包含與我們的 HAWK Mark I 終端相關的原料減損 940 萬歐元。不計減損損失，材料成本與去年同期相比下降了37%。

As our production rate increased substantially over the coming months and into the next year, we expect our cost of materials to increase. We have implemented a number of internal initiatives to reduce the cost of materials for the Condor Mark III terminals over time that should provide positive benefits over the coming years as shipment accelerates.

隨著未來幾個月乃至明年生產力的大幅提高，我們預計材料成本將會增加。我們已經實施了一系列內部舉措，以逐步降低 Condor Mark III 碼頭的材料成本，隨著貨運量的加速成長，這些舉措將在未來幾年帶來正面的效益。

Personal costs decreased 2% compared to the year-ago level. We continue to selectively add talent and capabilities to our team, but at a much slower pace than we reported in the prior period. As a result, our overall headcount was relatively flat at just over 301 average employees compared to the year-ago period. The decrease in the personal cost was mostly due to lower stock compensation expense.

個人支出比上年同期下降了2%。我們繼續有選擇地為團隊增添人才和能力，但速度比上一時期報告的速度慢得多。因此，與去年同期相比，我們的員工總數基本上持平，平均員工人數略高於 301 人。個人成本的下降主要是因為股票補償支出減少。

Looking ahead, we expect to continue to add to our operations headcount as we look to ramp production, which we've previously discussed with you. We are taking a disciplined approach to adding headcount and other operating expenses. We feel comfortable with the overall investment and engineering. We believe the growth rate and the personal expenses over the near term should remain relatively flat in the first half of this year and then increase slightly in the second half of the year as our production ramps accelerate.

展望未來，隨著我們逐步提高產量，我們預計將繼續增加營運人員數量，這一點我們之前已經和你們討論過了。我們正採取有條不紊的方式來增加員工人數和其他營運費用。我們對整體投資和工程設計感到滿意。我們認為，今年上半年成長率和個人支出應保持相對平穩，下半年隨著生產爬坡速度加快，成長率和個人支出將略有上升。

Overall, the company reported an operating loss of EUR79.2 million for the full year 2023 compared to an operating loss of EUR73.8 million for the full year 2022. Including in the operating loss for the year are more than EUR14 million in one-time charges related to write-downs and impairment charges. Excluding these charges, our operating loss decreased 2% by less than 1% compared to the year-ago period, which was in line with our forecast.

總體而言，該公司報告稱，2023 年全年營業虧損為 7,920 萬歐元，而 2022 年全年營業虧損為 7,380 萬歐元。本年度的營業虧損中包含超過 1,400 萬歐元的與減損和資產減損相關的一次性費用。剔除這些費用後，我們的營業虧損較上年同期減少了 2%，降幅不到 1%，這與我們的預測相符。

Now, let's turn to a few key balance sheet figures. Looking first at our cash and liquidity, our cash balance at the end of December 2023 was just under EUR24 million compared to EUR10.2 million at the end of 2022. Our cash balance as stated in our 20-F filing on May 17 was EUR2.5 million. As shipments continue to ramp throughout the remainder of 2024, we expect to remain in cash consumption mode through year-end.

現在，讓我們來看幾個關鍵的資產負債表資料。首先來看我們的現金和流動性，截至 2023 年 12 月底，我們的現金餘額略低於 2,400 萬歐元，而 2022 年底為 1,020 萬歐元。根據我們 5 月 17 日提交的 20-F 文件，我們的現金餘額為 250 萬歐元。隨著 2024 年剩餘時間出貨量持續成長，我們預計到年底仍將維持現金消費模式。

Based on our current production forecast, we believe we can achieve EBITDA break-even by the end of this production forecast's hold. So that's -- to that end, we entered into an additional deferred draw-term facility with our primary lender totalling USD20 million. As of May 17, we had draw down USD10 million on the facility.

根據我們目前的生產預測，我們相信在本生產預測期結束時，我們可以達到 EBITDA 收支平衡。因此，為此，我們與主要貸款方簽訂了一份總額為 2000 萬美元的額外延期提款協議。截至5月17日，我們已從該貸款中提取了1,000萬美元。

As we stated in the 20-F filing, should we experience a shortfall of revenue and of corresponding cash-in from customer contracts compared to our forecast, it's highly likely we could require additional external financing. We are focused on ramping our shipment and winning new contracts as these are the two best cash-generating activities for Mynaric at this time.

正如我們在 20-F 文件中所述，如果我們的收入和客戶合約的相應現金收入與我們的預測相比出現缺口，我們很可能需要額外的外部融資。我們目前專注於提高出貨量和贏得新合同，因為這是 Mynaric 目前兩項最佳的創收活動。

Turning to inventories. Our inventories were EUR22.7 million, up from EUR13.3 million at the end of last year as we continue to invest in component inventory ahead of the expected ramp in terminal production over the coming months.

開始盤點庫存。由於我們持續投資零件庫存，以應對未來幾個月終端產量預期成長的情況，因此我們的庫存為 2,270 萬歐元，高於去年年底的 1,330 萬歐元。

Finally, looking at our fixed assets. Our property, plant and equipment were EUR22.9 million compared to EUR22.3 million at year-end 2022. We invested EUR4.9 million in property plant and equipment during the full year 2023 as compared to EUR10.2 million for the full year 2022.

最後，我們來看看我們的固定資產。我們的固定資產、廠房和設備為 2,290 萬歐元，而 2022 年底為 2,230 萬歐元。2023 年全年，我們在固定資產和設備方面投資了 490 萬歐元，而 2022 年全年則投資了 1,020 萬歐元。

Looking ahead, we expect our investment in property, plant and equipment in 2024 to remain relatively flat in euros with the last year due to the significant investment we have already made over the past several years.

展望未來，由於過去幾年我們已經進行了大量投資，我們預計 2024 年我們在房地產、廠房和設備方面的投資額（以歐元計）將與去年基本持平。

Now, let me walk you through our guidance for 2024. For 2024, we are adding specific numeric guidance for revenue and operating loss to our prior key performance indicator guidance. Given we are now shifting from a pre-production company to a full production ramp, our guidance metrics going forward will reflect this transaction -- transition.

現在，讓我帶您了解我們2024年的指導方針。對於 2024 年，我們將在先前關鍵績效指標的指引之外，增加收入和營業虧損的具體數值指引。鑑於我們現在正從一家生產前期的公司轉型為一家全面投產的公司，我們未來的指導指標將反映這一轉變。

In addition, the outlook is based on the current projected production ramp and current liquidity projection. Should Mynaric experience either a push-out in this production schedule, fail to secure new orders as planned, or incur delays in the secured new orders from customers, there is a high likelihood that the company could need to raise additional capital.

此外，該展望基於當前預期的產量提升和當前的流動性預測。如果 Mynaric 的生產計劃被推遲，未能按計劃獲得新訂單，或者已獲得的客戶新訂單出現延誤，則該公司很可能需要籌集額外的資金。

Mynaric is also considering pursuing multiple alternatives in order to secure the cash needs and bolster its long-term success. For the full year 2024, we expect revenue to a range between EUR50 million and EUR70 million driven by shipment of Condor Mark III units to multiple customers. This assumes we are able to ramp to our current production plans.

Mynaric 也正在考慮採取多種替代方案，以確保現金需求並鞏固其長期成功。預計 2024 年全年收入將在 5,000 萬歐元至 7,000 萬歐元之間，這主要得益於 Condor Mark III 設備向眾多客戶的出貨。這假設我們能夠以目前的生產計畫逐步提高產能。

We expect our operating loss for the year to decrease significantly from last year's level and range between a loss of EUR40 million and a loss of EUR30 million. Importantly, we believe our production level should help us achieving a break-even EBITDA level by the end of the year on a run-rate basis.

我們預計本年度的營業虧損將比去年大幅減少，虧損額將在 4,000 萬歐元至 3,000 萬歐元之間。重要的是，我們相信，我們的生產水準應該能夠幫助我們在年底前實現 EBITDA 收支平衡。

We expect cash in from customer contracts to range between EUR65 million and EUR100 million, reflecting both cash in from terminal shipments as well as customer prepayments for new business wins. We expect our optical communication terminal shipment backlog to finish the year in a range between 800 and 1,000 units. This reflects expected new wins in the government and commercial sector, more than offsetting our projected shipment for this year.

我們預計客戶合約帶來的現金收入將在 6,500 萬歐元至 1 億歐元之間，這不僅包括終端貨物的現金收入，也包括客戶為贏得新業務而支付的預付款。我們預計今年光通訊終端的出貨積壓量將在 800 至 1000 台之間。這反映了政府和商業領域預期的新訂單，足以抵消我們今年的預計出貨量。

With that, operator, would you please provide the instructions for the question-and-answer session? Operator?

操作員，請您提供問答環節的說明好嗎？操作員？

(Operator Instructions) Greg Konrad, Jefferies.

（操作說明）Greg Konrad，傑富瑞集團。

Good afternoon. Maybe just to start, you mentioned you started shipping production units at the end of Q1. We're almost through H1. Is there any color you can give us in terms of the revenue and op loss guidance for the year, how you kind of expect that between H1 and H2?

午安.或許可以先從您提到的第一季末開始出貨生產單位開始說起。上半年即將結束。您能否就今年的營收和營運虧損預期提供一些資訊？您對上半年和下半年的業績有何預期？

Thank you. I'm glad you're here, and thanks for the question. So we don't want to get into the specific unit projections since we are not included in that in our outlook. But from a revenue guidance perspective, obviously, most of the revenue guidance would be driven by the product shipments. And given that we're in June, most of that would be happening back-end loaded.

謝謝。很高興你在這裡，謝謝你的提問。因此，我們不想深入探討具體的單位預測，因為我們的展望中不包含這些預測。但從營收預期來看，顯然，大部分營收預期將取決於產品出貨量。鑑於現在已經是六月了，大部分工作都會在後期集中進行。

Stefan, did you want to add some more to it?

斯特凡，你還想補充些什麼嗎？

No, I think you covered it well. I think we are in the ramp up of the production and starting of the shipments. And then we will see the revenue in the second half of the year and mostly the second half of the year. And this is our current revenue and shipment forecast where we feel comfortable.

不，我覺得你已經解釋得很清楚了。我認為我們正處於產能提升和開始出貨的階段。然後我們將在今年下半年，而且主要是下半年，看到營收情況。這是我們目前對收入和出貨量的預期，我們對此感到滿意。

And then, I mean, sticking on operating income, I mean, in the past, you kind of talked about a 50% gross margin. You gave some good color around kind of expenses. Is that kind of what we should think from the onset just as production units ship, or is there kind of a build on the gross margin side?

然後，我的意思是，說到營業收入，我的意思是，過去你們曾談到 50% 的毛利率。你對各類開支做了很好的描述。從生產單元出貨之初，我們就該這樣想嗎？還是說毛利率方面還有進步的空間？

Greg, no. I think that overall, what's still correct and we are looking of a 50% gross margin. To be fair, what we are looking more at the moment is to speed up the ramp up of the production. So this is the main focus. And then the second focus point is then for sure reducing the material costs overall. So we have mid and long-term plans to significantly reduce the material costs. But overall, your statement is still right. Yes.

格雷格，不。我認為總體而言，情況仍然是正確的，我們預計毛利率將達到 50%。公平地說，我們目前更關注的是加快產能提升速度。所以這就是重點。其次，重點肯定是降低整體材料成本。因此，我們制定了中長期計劃，以大幅降低材料成本。但總的來說，你的說法仍然是正確的。是的。

And then, I mean, you called out some risk when talking about on the capital side. I mean, how much of that is supply side ramp versus demand potential? And when you think about this year, you know, what percentage of expected shipments are already in backlog?

然後，我的意思是，你在談到資本方面時也提到了一些風險。我的意思是，這其中有多少是供應方面的成長，又有多少是需求方面的潛力？想想今年，預計出貨量中有多少百分比已經積壓了？

So I mean -- so this is Mustafa. So the -- pretty much 100% of the revenue shipments this year will come from existing backlogs. So we're not banking on any terms business that we need to book. In fact, as you know, we have over 800 terminals on our backlog, roughly euros, dollars, roughly somewhere around 800 -- I mean, $200 million.

我的意思是──這位是穆斯塔法。因此，今年幾乎 100% 的營收出貨量將來自現有的積壓訂單。所以我們並不指望任何需要預訂的短期業務。事實上，如您所知，我們已經積壓了 800 多個終端訂單，價值約 800 歐元、美元，約 2 億美元。

So we're only shipping, planning, forecasting, giving outlook for a partial of that. So the aging of the backlog looks like the second half of this year, most of 2025, and some of that ages into early part of '26.

所以我們目前只負責出貨、規劃、預測和展望其中的一部分。因此，積壓案件的積壓情況看起來會持續到今年下半年、2025 年的大部分時間，其中一些案件還會持續到 2026 年初。

Yeah. And then maybe just one more for me. I mean, you mentioned a number of commercial pursuits. I mean, I think we're aware of a bunch of them and you said hopeful for announcements over the coming months. When we think about the guide for 800 to 1,000 terminal backlog guidance for year end, we can kind of do the math on how many you expect to ship this year.

是的。然後，也許我還能再來一杯。我的意思是，你提到了一些商業活動。我的意思是，我認為我們已經了解了很多這樣的情況，而且你也說過希望在接下來的幾個月裡能有相關消息公佈。當我們考慮年底 800 至 1,000 個終端積壓訂單的指導方針時，我們可以大致計算出您預計今年將交付多少件產品。

How do you think about the conservatism in that? How does that provide P wins attached to maybe some of those pursuits and just kind of how you arrived at that number?

你如何看待其中的保守主義？那如何提供與某些追求相關的 P 勝利，以及你是如何得出這個數字的？

Right. And as you know, this is a combination of how much you ship, how much you add. So it's a net add is what we're seeing. So the first level is we anticipate being able to book more orders than we're able to ship. And we are rapidly, as we said, our main focus right now is rapidly ramp up that shipment because it's the best way of securing cash for the company and, most importantly, to meet our delivery objectives for our any customers.

正確的。如你所知，這是你的出貨量和你的進貨量的總和。所以我們看到的是淨成長。所以第一階段是我們預計能夠接到的訂單數量會超過我們能夠出貨的數量。正如我們所說，我們目前的主要重點是迅速增加出貨量，因為這是確保公司現金流的最佳方式，最重要的是，這是滿足我們所有客戶的交付目標的最佳方式。

(Operator Instructions) I'm showing no further questions in the queue. I would now like to turn the call back over to Tom.

（操作員指示）佇列中沒有其他問題了。現在我想把電話轉回給湯姆。

Thank you, operator. For further information about our upcoming engagement with the investment community, please visit the Investor Relations section of mynaric.com. Thank you for everyone who joined us today and thank you for your interest in Mynaric. We'll speak with all of you again when we release half year 2024 financial results later this year. Goodbye for now.

謝謝接線生。如需了解我們即將與投資界開展的各項活動的更多信息，請訪問mynaric.com網站的投資者關係頁面。感謝今天所有到場的朋友，也感謝您對Mynaric的關注。我們將在今年稍後發布 2024 年上半年財務業績時再次與大家見面。暫別了。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。