Mynaric stock tanks after space lasers company slashes revenue guidance, announces CFO departure

Core Insights - Mynaric, a Germany-based space laser communications company, significantly reduced its 2024 revenue forecast by nearly 70%, revising the range from €70 million to €50 million down to €24 million to €16 million (approximately US$18 million) [1][2] - The revenue guidance cut is attributed to production delays of the CONDOR Mk3 satellite laser communication terminal, caused by lower than expected production yields and shortages of key components from suppliers [2] - The company also announced the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week, after serving in the role for four years [3] Stock Performance - Mynaric's shares plummeted over 50% on Tuesday, falling from a previous close of $4.15 per share, marking a potential worst single-day trading performance since the company went public [4] - Since its debut on Nasdaq in late 2021 with a market value of about $325 million, the stock has consistently declined, trading below $2 per share and under a market value of $50 million [3]