Welcome everyone to Mynaric's 2022 Analyst and Investor Day conference call and webcast. We released our 2021 letter to shareholders on Form 6-K, including preliminary fiscal year 2021 results. The letter is also available for download on the investor relations section of mynaric.com. Before we begin today's presentation, I must remind you that this presentation and oral statements regarding the subject of this presentation include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended. 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 actual results may differ materially from those expected or implied as forward-looking statements. The forward-looking statements included in this presentation are made only as of the date hereof. Neither we nor any other person undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of this presentation or otherwise. We have not yet completed preparation of our financial statements for the year ended December 31, 2021. The information presented herein is preliminary in nature and is subject to change, including as a result of any normal adjustments resulting from completion of procedures in relation to the financial statements for the financial year 2021. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Financial results for the fiscal year 2021 will be included in annual report on Form 20-F to be filed with the Securities and Exchange Commission. With that out of the way, we have a great agenda for you today, including a deep dive into our vision and strategy, our ability to produce at scale, many customer success highlights, as well as a discussion of our preliminary 2021 financial results and our outlook for 2022. With that, let me turn it over to Bulent for his opening remarks. Bulent. Thank you, Tom, for leading us in, and thank you, everyone for joining our analyst and business update call. I'm Bulent Altan. I'm the CEO of Mynaric, and with me today, I will have some exciting speakers from the company. Among others, we will have Joachim Horwath, our CTO and founder of Mynaric. We will have Tina Ghataore, who is our Chief Commercial Officer, and Stefan Berndt-von Bülow, who is our Chief Financial Officer. We will present in that order of our presentation for today about what has happened and what we are looking forward to. Some of you may be new to Mynaric. Some of you I'm sure we have met or at least talked to in the last couple of years. For the people who may be new to the company, I would like to start with our vision and strategy and maybe talk a little bit about what really makes Mynaric, what drives us, why we exist. If we could go to that slide. To talk about why Mynaric exists today, we are all here in Mynaric with the vision that we share for our company, which is to eliminate the barriers of connectivity. Barriers of connectivity, we understand that we need to connect everyone and everything, and that is the vision that Mynaric enables for everyone. We do that with the purpose of ensuring secure and unrestricted flow of information for everyone. May it be for personal use, for governmental use, for military use, defense use. May it be for devices that need to be connected everywhere. We are in the age of industrial Internet of Things, regular Internet of Things. We are in the age of needing information everywhere we live, travel or may exist. We wanna ensure that it can happen in the most secure and unrestricted way. The technologies we develop in Mynaric really allow our customers to deploy systems that really get communication into every nook and cranny of the world. With that, what we want to do is close the digital divide that exists today between places that have communication and between places that do not, and people who have it and people who have not. Today, we live in a world where 4 billion people are still either unconnected or underconnected, and our technologies and our customers that deploy these technologies really move us towards that. Our markets are diverse. We serve both government, military purposes as well as commercial, and we're gonna talk about how that is developing over the next couple of slides. To look into the addressable market set that Mynaric serves. As I have said, we have both a governmental and a military side of it and the commercial side to it. The commercial side comes from telecom services and the government and commercial side combined represent a 4 trillion-plus end market that we serve. When you look into the segments that we enable within that market and which can be served by optical communication, by laser communication, and then look into what those segments actually spend in air and space communications equipment alone, today we have a total addressable market of $20 + billion. That is in itself going towards the optical communication side. As optical communication penetrates that total addressable market, what we are seeing today, and that's represented on the left side, is that the early adopters of this technology are coming in government, and you're gonna see that with the way our backlog has been building over the last year. It is coming from the government where Mynaric is capable and has been able to represent what the company can do in deploying early adopter systems and really winning contracts. From then on, we are seeing that the commercial players that exist in the world that are deploying either mega constellations or Earth observation constellations, broadband constellations, that they are betting on the same people that the government is also putting their seal of approval on. After those markets, after the broadband markets, we're seeing a very diversified set of customers now forming that even go beyond just the air and space and ground station segment. We're seeing even all other mobility devices looking into optical communications for their needs. Why then unpacking maybe a little bit the space market and its growth in that, and how these optical communication constellations are really representing for Mynaric a very fast growing opportunity. We have to look into the way that satellites have been deployed until very recently and how that has changed in a very short amount of time. When you look back in just a little over two years ago, we see a picture of space where there were only 1,900 active satellites in orbit. A very small amount of that were active communication constellation satellites. In just two short years, that number has increased to almost 5,000. A growth for the constellation side, I think, of more than 10x. Those constellation satellites have mostly come from broadband communications constellations, which are in itself the natural customer for optical communication technologies that need high bandwidth and secure communication between multiple different satellites. This is just a tip of the iceberg. When you look into the current filings in the ITU, FCC, and any other organization, you see a tremendous growth happening over the next decade. We know that the communications constellations are going another 10x from here. The projected about 100,000 or even more, satellites are mostly communication constellations, again, with a large need for optical communications constellations. This is what Mynaric has been preparing itself to, and this is what we're gonna talk about today. This is the start of the momentum that is building itself over these last year and also in 2022. That is preparing, that is getting Mynaric the markets to address and the place to the opportunities to place its products. I think one of the words you're gonna hear today very often is momentum building, and momentum. If you look into the history of Mynaric, we are a 12-year-old company that have been preparing technology IP and a company that can really deliver it, for a time where we know that this technology was going to be needed. We knew that constellations were coming. We knew that optical communications is going to be the backbone of world's communication capabilities, especially when it's developed from aerospace, and we were getting ready for prime time. What we will show you today is that prime time has arrived. Where we were just talking about singular customers until 2021. Since 2021, since the beginning of 2021, we have steadily grown our backlog. What started with our Telesat DARPA involvement in the U.S. now has borne fruit. Over the last year and a few months, we have been able to sign prestigious customers such as the Space Development Agency, SpaceLink, Capella Space, Northrop Grumman multiple times, DARPA multiple times, and the European Space Agency, building up a backlog both in commercial and in governmental applications, really showing the fact that optical communication, when it arrives, is coming in a very large wave. How has the company prepared itself for the sudden arrival of customers? What we have done is we have prepared a company that can do serial production in scale. When we think about the space industry, serial production has really not been a focus of it in the past. What that meant is for Mynaric to be successful in addressing a market that needs tens of thousands, if not hundreds of thousands terminals in the future per year, we need to start thinking new. That meant building facilities ahead of time for a market that will need products in mass manufacture. That meant investing our assets into building the world's first dedicated serial production facility for laser communication. This facility just built outside of Munich was a facility we built up really quickly and now is ready for customers to come in, which they are coming in right now. Is ready to build more than 2,000 terminals a year to be able to meet the demand backlog with a certainty of execution. This facility is not just there to meet the backlog. It is also a way to show to our customers that Mynaric is dedicated to support their mission with certainty, that we have made the investment, that we are ahead of the demand curve, and that we can deliver the products they need on time. Very often it's the customer's visits that enter this production facility that convinces them of Mynaric's strength and capabilities to deliver what they need. What it also meant is increasing our footprint where our main customers are, and that was for us, the United States. Being a German company, having a large U.S. presence was very important to do the business development and the support that our customers need and be able to close the major contracts that we have been able to close. The company today has more than 35 people working in the U.S. and we have that started in Los Angeles but was first only in Los Angeles as an office now also is represented since February 2021 in Washington, D.C., where we do our government and government outreach and government support. We also have expanded the U.S. team quite significantly last year. That number is more than 35 people, used to be about 10 at the beginning of 2021, and we can see that we are really working on hiring top talent in the U.S. to make sure that we are matching the needs of our customer and the questions of our customer with a top talent and a top team that can support them from the U.S. What that U.S. location also gets us is participation in different events and making sure that we are in the talk at all times. That ensures that we are part of the conversation. We can participate in things like standard setting, such as the one that the Space Development Agency is doing to make sure that we are performing and is seen as a key player, not just in Europe, also in the US. Another event from last year, which I think is a highlight, is our initial public offering from Nasdaq. We were already a publicly traded company in the Frankfurt Stock Exchange, but knowing the familiarity with the space sector and the access to capital that the U.S. markets offer, we have decided that being listed in Nasdaq is advantageous for Mynaric, and we have as such decided to do an IPO in Nasdaq. Now we are a dual-listed company with the tickers Mynaric and MYNA. We are quite excited about that to have done this at the end of last year with gross proceeds of $75.9 million, which we are once again investing into our R&D, but mostly also into our production and scale-up capabilities, as well as our business development team. Mynaric's strategy from the start has always been very clear. We want to have serially produced terminals. We want mass production, not onesies, twosies things that do very few things in space that are scientific in nature. We want serially produced products in the hands of our customers that want to connect the world, and because of that, they need it in the thousands. This is a telecom play more than a space play or an aviation play. We focus on scalability throughout the product lifecycle, and we build capabilities before they are needed. For us, affordability is a very big target, and one we have been always able to achieve. We do that by the cost reduction as our core activity, starting from engineering, really focusing on the technology that allows a cost reduction that can be mass-produced, and that allows our customers that look beyond a few terminals into the thousands of terminals for their purposes to be able to afford our products. For us, reliability and simplicity is another thing. We are constantly iterating on our products, always making it more compact, more reliable, more simpler to use. We do that also as Joachim will talk in just a second about our technology. We do that with testing and more testing and then deploying out onto the field. The last column that we build on is standardization. We work on our terminals as much as we build on standards that allow us to communicate to any system out there. We see interoperability between terminals from multiple different operators as a key, and we enable that interoperability by being one of the main architects of standards that exist out there for optical communication terminals. We also utilize maximum flexibility in our terminals. By making our terminals very flexible, we ensure that our customers can do their use case regardless of what it is from our main commercial off-the-shelf product without us having to re-engineer anything. With that, I would like to close out our strategy and vision session, and I would like to hand the word over to our CTO, Joachim Horwath, who's gonna do more of a deep dive into these columns that I just talked. Thank you very much. Joachim. Thank you, Bulent. The market for free-space optical communication is here now. The numbers will only increase. That is why optical communication is being addressed by multiple companies today. Only Mynaric has a scalable and mass producible solution and the mass production capabilities to match it with, because we have put over a decade worth of investment in research and development. You can see the shop floor with logistics, quality assurance, warehouse, electronics, integration facility. We have an area where we do the subsystems like fine steering mirror and coarse pointing assemblies. We have our optics production I'm going to talk about soon, and we have our final assembly in the middle with the acceptance test. What we do there. The optical telescope for our terminal is the most important building block when it comes to cost efficiency because of the high quality we need, because we coupling to the fiber. What did we do? First, we identified the right material. We evaluated everything what was out there, like glass and ceramics, and concluded that metal optics out of aluminum is the best solution for this application. This is a cheap material that allows wavelength independent high quality operation over a large temperature range. It's isothermal because the holding structure is out of the same material and it's fully demisable, which is very important for space since after the lifetime when the satellites come down they need to be demisable. Second, we looked then after we have chosen the material for potential manufacturing partners and there was no cost efficient solution with the required capacity out there that would produce thousands of telescopes per year. That is why insourcing of the metal telescope production was key to the affordability and scalability effort and gives us on top of that a better handle on quality and reaction to market demands. The next important pillar for affordability is the electronics. Traditionally in space, radiation-hardened electronics was used and that is very expensive and sometimes not the latest technologies available with the highest speed what we need for our very high data rates. Therefore, we qualify commercial electronics for space. That is very important because not all electronics works in space and quite some electronics fails with even batches or die, which is even batch or die revision dependent. That is why we do a lot of tests. We start with total ionizing dose tests where we look how the electronics work under gamma rays. We do proton tests at quite high fluxes up to 200 mega electron volts to see if there are any destructive or non-destructive latchups. Last but not least, heavy ion testing where we can even deposit more energy into the electronic parts and see if there is any issues or if they break. That makes this solution very, very cost efficient. It's an effort to do, but we are committed to do so. Affordability. We are mass production oriented through iterations of technology and through economy of scale. We have been able to already reduce the unit cost by 80% from going from CONDOR Mk1 to CONDOR Mk3 and now the serial production ready CONDOR Mk3 terminal. Further mass production and vertical integration should bring it even to half of that. Reliability for our products is key. To have the highest reliability and also the capability to innovate on our products, we need to have subsystems and targeted testing and full system test. On the lower right-hand you see the optical metrology where we test every mirror and the final telescope. On top of that is our thermal vacuum chamber, how we simulate space and see that the terminals work throughout the whole thermal range. Left to that is our Hexapod test platform with the HAWK aviation terminal where we simulate base motion disturbance of aircraft and whatnot. Right below we have vibration tables with our terminals on it where we simulate rocket launches and rough aircraft rides. Of course, also thermal chambers where we can see that the whole temperature range is okay with our products. For aviation links, we go with our systems into the real scenario. We have different aircraft available. We have partners with L3 Mission Systems with the G520 aircraft that can go up to the stratosphere, where we can test the whole range of our products. Whenever we improve something on the system, we go back and test and test. We always say we do not want to ship new products to customers if we have not done everything to or with or to the products that the customer might do with or to the product. For space, we have a very special piece of equipment where we can test the terminals like in space. It is called the link testbed. We are a company that simulates space better than anybody else. We can put the terminals in this testbed. They see the same micro vibrations like on the satellite. They rotate that simulates the orbit motion and the satellite maneuvers. We have a sophisticated optical system that simulates the 8,000-35,000 kilometers. That really guarantees that everything works in the target scenario. Let me now hand over to my colleague, Tina. She will talk about customer success highlights. Tina, please. Thank you, Joachim. Hello, everyone. I'd like to walk you all briefly through our sales and BD activities, starting with the typical timeline from targeting opportunities to booking deals and finally the delivery of our products. As Bulent mentioned earlier, we have truly been building momentum across a number of fronts. As you can see in this slide, working to close a deal on a space program can have a prolonged period. This varies depending on if we're engaged with a commercial customer or a government program. Commercial opportunities tend to have a more fluid, shorter timeline from when we engaged in an opportunity to closing a deal. The typical request for information or request for proposal is sometimes bypassed or less formal. On government opportunities, we often see a lead up of engagement with customers to make sure we receive the request for information. Typically, a six-month engagement. Once our initial proposals are submitted, our confidence in receiving the request for proposal increases. The more engaged we remain with these customers on Q&A, showcasing our capabilities beyond our product, scalable manufacturing, for example, the better chance we have. In many cases, we work through leading aerospace primes, so this process can be a longer process. Our terms for our contracts are defined upfront during the proposal process. On average, we're able to secure about 50% of the contract value or cash in from award through to the integration phase of the program. The remainder of the contract value comes at product delivery to the customer, after which we're able to recognize the revenue. I wanted to share some of the highlights of our customer engagement in 2021 to date with some of the contracts that we have executed. 2021 was a crucial year for us to engage with key stakeholders in the adoption of optical communication products. As Bulent mentioned earlier, the Space Development Agency here in the U.S. is really leading this effort in adopting this capability for their planned large constellations. Our teams have been engaged closely with the SDA to establish the standard by which the optical communications from different vendors communicate with one another. Mynaric was one of the first to prove out our product complied with this standard when we completed the required tests at the Naval Research Laboratory. This was a great achievement for us. Our engagement with the Telesat Government Solutions team continued in 2021 for the DARPA Blackjack program. This program, for us, is a stepping stone to engage further on advanced capabilities on optical communications, and we continue to build close working relationships with the Telesat Government Solutions team and other players involved in this program. We have been delivering product during earlier milestones and final flight models will be delivered soon for an anticipated launch later this year. 2021 was also a year to engage with commercial customers planning various constellations. Our success in the market with the Space Development Agency standard and securing the DARPA program gave confidence to commercial players like SpaceLink, who are planning a data relay service using the medium Earth orbit to connect with their customer satellite in the low Earth orbit. Customer satellites can be Earth observation communication satellites. In 2021, we secured a contract with SpaceLink to deliver medium Earth orbit terminals, as well as our CONDOR Mk3 product for their low Earth orbit customers. With the introduction of the CONDOR Mk3 product in summer 2021 and the full thrust efforts to engage with customers, communities, both government and commercial, we're excited to have secured Capella Space as our launch customer for CONDOR Mk3. Our delivery to this customer is planned for the end of this year. We're excited to broaden our customer base and also a diverse set of applications that will benefit from adopting optical communication terminals within the networks. Throughout 2021, our engagement with prime contractors continued and our relationship with Northrop Grumman is a key highlight. The team at Northrop Grumman dug deep into our technical capability, our ability to execute programs at the scale needed, and most importantly, our agility and innovation. This led us to a strategic partnership we announced around the space domain. We secured contracts with Northrop Grumman for CONDOR Mk3 and now we will continue to work on a variety of pursuits together during this five-year term of our strategic partnership. As mentioned previously, the DARPA Blackjack program was a stepping stone to our engagement with the DARPA team. Our most recent engagement is a selection of Mynaric as a key supplier for the Space-BACN program. This program is focused on the development of a universally interoperable product with aggressive price points. The initial phase zero program is a study to work on the architecture design of the next gen terminal. Our wins continued this year with the award of a European Space Agency program, where we're looking at terabit per second communication capabilities. The first step in this program is to design, build, and test a laboratory model of this terminal. Continuing on our capabilities of innovating in this technology. The significant efforts of our team over the course of 18+ months paid off recently with the award of the Space Development Agency Tranche 1 Transport Layer program. Northrop Grumman was selected by the SDA, and we're part of this winning team, and have secured the largest contract to date for Mynaric. Very excited to be part of this program as it offers capabilities around larger constellations in subsequent tranches. Industry recognition is always key to the success of any company. 2021 and 2022 so far has had us recognized by Euroconsult as well as Via Satellite, leading organizations of our industry, recognizing Mynaric and our team's capabilities in really moving technology into products, into networks of the future. Now I'd like to hand over to Stefan to go over the financials. Thank you, Tina, and good afternoon to the audience. Let's turn to our preliminary results for the fiscal year 2021. We released our preliminary results for the fiscal year 2021 earlier this evening. We anticipate filing for Form 20-F beginning of next week. I want to highlight a couple of items in our preliminary results that we believe best represent the customer and program momentum Bulent and Tina spoke to in the terms of our financial results. First, total revenue increased by more than 240% in 2021 compared to 2020. We are still at a very early stage of revenue recognition as we look to accelerate product shipments this year and the coming years. Again, strong momentum that we believe positions us very well for further gains in revenue in 2022 and beyond. Second, cash in from customer contracts increased by 109% in 2021 compared to the previous year. This is the cash we received from our customers as we achieved specific contractual milestones as we move from contract awards to pre-production and to product delivery over a multi-year period, as Tina walked you through earlier. For comparison, two years ago, we had virtually no cash in from customer contracts, so we are showing a very strong momentum as we continue to execute for our customers. We go to the key figures on the income statement. Looking at a few other preliminary figures. We continue to invest at a strong pace in product development. This includes both enhancement to existing products and investment in next-generation product. The cost of purchased material increased by 72% in 2021 compared to 2020 as product levels increased, and also we are producing more terminals for internal testing purposes along with units for customer demonstration. Personnel costs increased 39% in 2021 compared to 2020 as we continue to add talent to our team. We've expanded our capability across the divisions of the company in 2021 and will continue to do so in 2022. Overall, the company reports an operating loss in 2021 that more than doubles compared to 2020 due to the higher investments we made in people, equipment, and system in preparation for strong growth in 2022 and the start of the production of laser communication terminals. Key figures from the balance sheet. Now let's turn to a few key balance sheet highlights. Property, plant, and equipment at the end of 2021 was approximately EUR 70 million, up from EUR 10 million in 2020 as we continue to invest in capacity and capability ahead of the expected significant ramp-up in optical communication terminal production in the coming years. Inventories were EUR 8.5 million, up from EUR 5.2 million in 2020 as we continue to invest in component inventory ahead of the expected significant ramp in communication terminals products in the coming years. Our cash balance at the end of 2021 was more than EUR 48 million, up from EUR 43 million at the end of 2020, and up from EUR 80 million at the half of the year, 2021. In November, we raised, as Bulent mentioned, close to $76 million or EUR 71 million with our Nasdaq IPO, and we are now a dual-listed company in Germany and in the U.S.. We welcome many new shareholders with the IPO. In 2022, we remain in investment mode and as a pre-break-even company, we expect our cash balance to decline in 2022. Now to the outlook. Let's turn to the two key business metrics we are focused on for 2022 that we believe will continue to demonstrate the momentum we are seeing in the business. First, cash in from customer contracts. This is a key forward-looking predictor of revenue as the cash is only received as we meet contractual milestones. As Tina walked you through earlier, there is typically a link between cash and cash received from customer contracts and shipments. This varies depending on the contract terms. Second, optical communication terminal backlog in units. We believe this is the most important forward-looking metric for our business. We saw incredible growth in this metric in 2021 compared to 2020, and we have already seen this momentum continue up through today. Cash in from customer contracts. We saw great growth here over greater than 100% in 2021 compared with 2020 as cash payments were received from the numbers of customers in 2021. 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 receipts and we believe a very significant indicator of the future revenue of the company. We expect cash in from customer contracts reaching more than EUR 20 million in 2022, up from less than EUR 4 million we reported for 2021. Very strong momentum in the business demonstrated by our ability to achieve contractual milestones. Backlog. We reported a more than tenfold increase in backlog of optical communication terminals to 40 at the end of 2021 compared to 2020. Furthermore, we can announce that until today, we could already achieved a fivefold increase of our terminal backlog to 211 units in the last four months. I really want to highlight that we were able in the last four months to increase the number from 40 units to 211 units. This was driven by a strong focus by our team and execution and same key development and test milestone reached over the course of 2021. We now have a strong pipeline customers, prospective customers for our terminal products. As Bulent showed earlier during his opening remarks, we believe the momentum into 2022 continues at a very strong pace, and we expect these metrics will continue on a very strong trajectory throughout the remaining of 2022 as we continue to win new business from new customers and as existing customers give us follow on their orders. Strong momentum once again. With that, I'll give it back to Bulent for the brief closing remarks. Thank you. Well, thank you, Stefan, for those remarks and the presentation. As we wrap up, what have we shown you today? What are the key takeaways? In short, today was all about growth and momentum. When we talk about growth and momentum, we're not merely speaking in terms of double digit or even triple digit growth like you may see reported in other growth companies, but rather we are talking about growth that is four times, five times in very short order. Look at our order backlog as one example of this. As many of you listening today know I've been in the space industry for two decades. I've seen what growth of this magnitude looks like, and more importantly, what it takes to capitalize on that growth. Mynaric is the only company with the ability to do that, to do what we do at scale. That gives us a huge advantage and one that we intend to leverage to the fullest and have been able to do so. In order to do that, you must have a great team, and we've put together a great leadership team that is driving execution in order to capitalize on the multi-decade opportunity ahead of us as we enable the Internet above the cloud. As you heard from Joachim, Tina, and Stefan in their presentations, we built a strong foundation in 2021. We demonstrated our ability to scale production, our customer success highlights, and our significant order backlog. Now is the time to capitalize on the opportunity ahead of us, and we are making the right investments ahead of growth so we can accelerate our momentum. We are only getting started. With that, operator, would you please provide the instructions maybe for the question and answer session, and we can maybe go on to Q&A and take some questions and answer them as a team here. Operator? This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Scott Deuschle with Credit Suisse. Please go ahead. Hey everyone, thanks for taking the questions. We want maybe a few for you to start, and then I have a few for Stefan as well. I guess just, you know, many users of optical links, they're, they've been vertically integrating that capability. You know, Starlink and Spire are obvious examples of that. I guess, do you think they've done that because that's been the best or optimal solution for them? Or was it just because that was the only option they had at the time, and now as you guys scale production, maybe that trend starts to reverse? Just big picture, how do you think about that trend? Thanks. Sorry, I had a little bit of a delay there. To be frank, we do not see too many operators undertaking an in-house solution. Yes, you have definitely pointed out some of the constellations there and some big ones there, absolutely. Overall, I think we still see in the market a tendency to rather go out to the market for optical communication payloads. I think maybe the mega constellations in certain case may wanna look into optical as an in-house development capability. Even in those examples, I think the ones that have undertaken that have shown that it is a very lengthy process. Mynaric with its really long history has been building up IP, building up technology. has and brings that to the table, all of that has to be built for an in-house solution, and no one has done it in a short amount of time. For most mega constellation, optical comms is a merchant supplier at best part. At the end of the day, constellations are businesses which need to turn a profit, and this will be driven by the cost of the hardware to be deployed and the business that can be generated using that. I think as Mynaric is already quite price competitive supplier, it's going to come down to the specifications and interoperability. I think we're going to see most people going with a merchant supplier because we need to get to the economies of scale. That's exactly what Mynaric is supplying. I think when we look into the opportunities that maybe with the in-house solution drivers such as SpaceX you mentioned and others, I think Mynaric can be at least a fantastic backup solution as they eliminate single points of failure because we have built a terminal that is highly interoperable. We support pretty much any standard out there. We have done all our modem design and whatnot in reprogrammable fashion. We've done our hardware configurable. I think that is going to lead everyone to look into where we end up in spec and cost down the line, and I think that is going to result in these companies looking into eliminating single point of failures, looking into Mynaric-like companies also to augment their in-house capability. As I said, I think we see vertical integration as not a big trend in the mega constellation. Got it. That makes complete sense. I guess just to follow up on the Northrop Grumman contract. I think I'd read there's some exclusivity there. I'm just curious, is that contract exclusive for all defense work you'd wanna do with the U.S. government? Does it have to go through Northrop Grumman, or is it just exclusive with respect to the SDA, Tranche zero or whatever that one is? Thanks. Yeah. I'm very cognizant about the business relationship we have with Northrop Grumman and the certain amount of secrets they want to non-disclosures they wanna have. What I can tell you is, Mynaric is perfectly fine selling commercial or standard terminals to anyone who wants to have them for any purpose including space, air, whether it be commercial or government or defense. The exclusivity is in a much more narrower definition when it comes to really custom products. Got it. This one maybe is more for Tina, but just curious, you know, if you're selling a Condor Mk3 to the government customer versus a commercial customer, is there any difference in pricing that we should be aware of, just given the incremental costs of working with the U.S. government? I'm just basically trying to think about as I model out units, you know, is there gonna be a difference in average revenue per unit depending on the mix of customers in a given year? Thanks. Thank you for the question. You know, our pricing is really consistent. We base it on any kind of volumes as well, it really is volume dependent. We have a consistent set of pricing for our customer communities. As you know, you know, depending on certain government contracts, you cannot undercut them, but really it's contract specific and volume specific. You know, we're looking at the larger volume business and where we can afford to pass on any savings based on our terminal pricing. We can certainly look into that. You know, we operate on a COTS methodology, so as Bulent mentioned, you know, we are very much focused on a price point based on volume, pricing that we see based on the different sizes of the constellations across both government and commercial. Understood. Then just for Stefan, the gross margin progression in 2022, how should we think about that relative to 2021? I guess, would you be willing to put a line in the sand, say if gross margins would be positive or negative and any kind of guidance from a margin perspective? Thanks. In 2022, we just, we don't give guidance, but 2022 will still a strong investment year, and in every sector. I expect that the gross margin is getting better because we are scaling up the production, but not as high, as at the end. We will not break even in 2022. This will come in further years. Oh, got it. Thanks everyone. Appreciate the time. Thank you very much. The next question is from Austin Moeller with Canaccord Genuity. Please go ahead. Good afternoon, everyone. My first question here. I remember from your investor deck you had mentioned that there was an undisclosed U.S. defense contractor that had an agreement with you potentially to procure HAWK air terminals for drones. I was wondering if you had any incremental details you could share about that yet. I'll jump in and quickly answer that question. That engagement is still going on. We have actually collected quite a bit of experience over the course of the year. We're learning a lot into the application and how we can really penetrate a very large market with that partner. I'm not at liberty to say who that customer is, but I can tell you that they are an integrator that really looks into putting this as a key technology on many platforms out there, both theirs and others. I think that experience is going to come in twofold. I think we're going to see our current HAWK really being a big demo product for everything they do. We're going to look into opportunities to evolve our product as well for future opportunities beyond just the immediate market that the current version can serve. That's about the status I can give on that. Okay. That's pretty helpful. Just on the Northrop contract that you have, the five-year agreement, does that include the opportunity for them to procure HAWK air terminals as well? Or is it strictly limited to the CONDOR and any HAWK contract would be awarded separately? I will answer that as I said earlier, we are a merchant supplier, and we are open to all companies procuring our products, and Northrop Grumman and anyone else is of course able to purchase that. The business development agreement doesn't have any provisions for a HAWK per se because it's about rather the joint work for space. That doesn't preclude us working with Northrop Grumman or any other entity for a HAWK, for HAWK opportunities. Okay. Great. Then just one last question. Looking at the presentation you guys put out today, it shows that you've sort of got 211 terminals year to date in the backlog. Sort of the pale line there would seem to imply that you're somewhere expecting around like 300 terminals in the backlog by the end of the year. Is that correct to think that? I think I'll let Tina comment on our outlook, but I can tell you, my biggest answer is, of course, very bullish, but Tina can put it in much better words. Thanks, Bulent. We're just in the first quarter of this year. You can see the backlog is what we have right now. We are engaged across both product lines, the HAWK and the CONDOR product line, as well as market segments, commercial and government. We're already forecasting few goes and few wins across the various programs that we hope to close this year. The number that you're looking at is, you know, forward-looking, reflective of some of the opportunities we're actively engaged in at the moment. Okay. That's helpful. Thank you, guys. I would like to turn it back to Mr. Dinges as we have some questions received from the web. Thank you, operator. Bulent, yes, we have and team, we have a number of questions that have come in. Bulent, I'll throw the first one at you, and you can decide who on the team is best to answer. The first question is, what are the main constraints on growth both in the U.S. And internationally as Mynaric ramps up its operations? Actually, I'll jump in on this one, and then we'll see across the questions to see who is best suited in our team to answer them. For this question, I would say that we are in the midst of a rapid expansion of our operational capabilities in the U.S. and in Germany. In Germany, we are outfitting our recently built and outfitted production facility with additional machinery for higher capacity output for terminals, vertically integrating key capabilities like precision CNC for optics. We are putting in a coating facility to decrease our reliance on external capacities and whatever their fluctuations may be. We are bringing in-house a full electronic board assembly capability, which is already in-house, being about 75% with state-of-the-art automation, process control, quality and data integration, and quick turnaround. Once again, eliminating costly and slow processes where in the past we had to rely solely on external companies. We are keeping these external suppliers activated and certified for us. Our in-house capabilities just really ensure seamless operation. We don't just have to rely on in-house or out of house, but by having the capabilities available in-house, we really make sure that we have a takt time and we have execution that is reliable. We've already seen all the benefits that happen from vertical integration in the current supply chain issues that the world is facing. In the U.S. production side, we have increased our Los Angeles footprint to twice the size it has been. We have put in clean rooms, assembly stations, environmental testing capabilities, some logistics and supply chain management capabilities. This was done to a certain extent in response to our customers' wishes, especially in security sensitive domains, to have the hardware that touches their data to be supplied out of our U.S. facilities and to be in 100% U.S. custody. Now we are almost done with that task as well, and we are ready to execute on such orders. This was really, as we have also said in our IPO process, this was really where we wanted to invest that capital and really bring up that scalability. To look into the potential issues so far, we have been able to really execute these steps quite rapidly. Just as an example, we decided on which PCB so electronics production line we want to build, and we identified the line, and within two months we had the machines in-house. We're able to hire an expert team and place it here as we're well underway in certifying. One of the advantages that we are enjoying today is not just the sourcing of machinery, but also Mynaric enjoys a certain amount of a certain benefit by being a really strong growth company today during the times of COVID, where people are looking to companies that are hiring and there are definite downturns in other industries that allow us to look for the best talent and really bring them in. Once again, for that printed circuit board line, we looked worldwide. We found a fantastic expert. We were able to bring him from the U.S. to Germany and put him in there and offer him with a team that supports it. I think we've been able to really use the current time to really pull in the machinery and the talent in place, and we haven't really had too many stumbles along the way to execute our scalability. Okay, we've got one more that's come in as well. Mynaric currently has 100 job openings on your website. How do you plan to, one, recruit and fill those positions? Two, is your current production reduced at all due to having that many open positions? Thanks, Tom. Maybe I'll lob them over to Joachim. Yeah. Thank you, Bulent. Mynaric has been an always expanding company. I must say, growing companies need more helping hands, of course. When we did our switch from a project company to a product company in mid-2018 or so, we were less than 40 people. Now the company employs more than 250 people across 3 offices, and our recent accolades are putting the spotlight on us for top talent, of course. Coupled with our ambitious goals and our communication around the vision and our investment into our infrastructure, we are getting a very healthy influx of applications to fulfill these positions. We are expanding our HR and talent team to source on and onboard all these top candidates out of this influx. I must say, so far we have done a great job in that, and now we are reaping the benefits, and we will keep on doing so. As far as the impact to the production rate, the impact of the current open position is not significant and in many cases none. We have a current production capacity that can fulfill the backlog of the company and the open positions in many cases for the new capabilities we are bringing in-house. Bulent mentioned the coating facility for the optics production. Previously outsourced processes, of course, with new machines, they demand operators for this machinery and therefore the acquisition of such machines go in parallel with the hiring of the supporting team, of course. We at Mynaric, that's a bit the philosophy. We believe in leading the market, being ready for any demand while it is forming, rather than waiting around for the fixed orders to build the capacity then. We always say we will put the capacity in place and then the customers will come, not like the competition that wait until they have the contract and then they act on that. The open positions exactly reflect that. Our recent success came on the back of such a philosophy. Therefore, we think that 100 open positions is a rather healthy number. The next question from the conference call is from Jürgen Wagner from Stifel. Please go ahead. Yeah. Hi. Thank you for taking my question. You mentioned the EUR 20 million cash in from customer contracts. How much of that will turn into revenues in 2022? A follow-up question on the previous pricing topic. What pricing curve should we in general model as volumes ramp, let's say, over the next five years? Thank you. Mm-hmm. Yeah, I would like to invite you to answer that question, if you don't mind. Sorry, Bulent? Stefan, I just wanted to ask you, as our CFO, to talk about the cash and turning into revenue in 2022 and beyond. Yeah, yeah. I'm happy to talk about the cash in. Yes. We expect more than EUR 20 million cash in by customer this year. As Tina already explained, the contracts are Over a period of one or two years. A part of that will be turned into revenue in 2022, but there are still further revenue seen at the company. What is important to mention here is we do revenue recognition under IFRS 15. This means the revenue could only be recognized as revenue when the product is delivered. We go more for the cash in by customer because this reflects more our capability to deliver product or increase the work in the company. For that, this one and the second one was how we see the decrease of the cost with the further production. Joachim also referred to that. We will see significant decrease on the, especially on the material costs with increasing of the production because we in-source the main components as the optics, and then we are able to produce cheaper. I think at the moment we are producing double digits, but when we are going now to the triple digit, then we could already achieve this goal. If price go down by 10%, you, your cost position will match that. Basically, the gross margin shouldn't be impacted. Is that what you mean? Right. I think maybe I'll give kind of that section of the answer to Tina, who is doing a lot of our proposal pricing and whatnot, and she'll talk a little bit about the pricing sensitivity and how we price. Tina. Thanks, Bulent, and thanks, Stefan. On the pricing side of things, you know, both our commercial and government customers are being price sensitive. On the government side, the Space Development Agency is in general setting targets for their satellites, which then translate down to various subsystems of which we are a part. Commercially, always customers have been sensitive in terms of incorporating a communication payload of which we are a part, onto this. The way we look at things is, you know, we've in-sourced capability. We're in it to deploy large scale products into these constellations. We evaluate each opportunity with respect to the probability of when we have healthy margins because we have in-sourced a significant capability. As a point of reference, I have spoken about the DARPA Space-BACN program, which has publicly set a target for a very capable next generation terminal of about $100,000 per terminal. If you're considering modeling for the future, those are the numbers that folks like ourselves and others have to match for volume production on a very capable terminal of the future that is interoperable, has a higher throughput capability. Our price targets really are based on the throughput, the volume, and pretty much what we can do to get the product deployed into the market fast. The $100,000 price target is when the capability of this interoperability across various technological aspects of the terminal has been achieved. It's sort of far into the future. Not immediate this year by any means. That's where we have to all head in that direction. Okay. That's helpful. Thank you. A follow-up on your competitors. Who do you see as your closest competitor, as we've seen some entrants lately, Outside Data? Thank you. Bulent, I'm happy to take that. From a competition standpoint, there have been those that have been well established in the industry working on one-off missions that take multiple years to execute, but may or may not have the scalability that we've been investing in over a period of time. Some of the new entrants, you know, can readily pull off maybe a one terminal mission. But the key to this is what we've learned and, you know, Joachim and team and Bulent and team have really learned well over a decade of experience is being able to scale, you know, design products that take industrial design into consideration. Manufacturing of multiple terminals a day can be achieved. So this is basically, you know, we have a handful of competitors in the market. We're always in the top three, so not too concerned there in terms of winning programs. Some of the new entrants will keep us on our toes. As we continue to invest our own monies into innovation, into our not only technology but our manufacturing capability, increasing our margins, I think we have a pretty large head start against our competition. Okay. Thank you very much. I would like to turn it back to Mr. Dinges as we have some additional questions received from the web. Thank you, operator. The next question that we have is, do you think constellations will replace fiber over long distances in the medium term? Sorry. This is a question that I think I would once again give over to Tina. I think she's been studying exactly our market quite closely. Tina, go ahead. Thanks, Bulent. Happy to take that. The age-old question of satellites and fiber communication. Here's how I look at it. We believe that constellations are, you know, a parallel capability to terrestrial networks. Just like optical communication is a complementary technology to the traditional radio frequency communication. Constellations are the right solutions where there are identity, where the digging of trenches and cables becomes prohibitively expensive. Here we see a role for constellations, unconnected and the underconnected, which as Bulent mentioned earlier, is a population of over 4 billion today. Beyond that, we believe that constellations will also be the next key in unlocking connectivity for mobility applications, may it be on the roads, what's in the sea, in the air. In all of these domains, there is an exponential growing demand for additional bandwidth in every geographical area that we've come across. We believe that especially with events like the arrival of the self-driving cars, this demand will grow even more rapidly. As we become more and more a passenger in our cars and less a driver, we will be driven to consume more bandwidth and constellation in this use case will play a critical role, you know, here patching the not so bridge. This will continue across various other mobility applications, whether in airborne or maritime. Thank you, Tina. We have one more, Bulent, that's come in. How has Mynaric stress-tested its terminal? I think this is a great question for Joachim, to talk about the link testbed and many other capabilities he has built in the company. Jochen, I think this is one for you to shine. Go ahead. Joachim, are you there? Sorry. Yeah, sure. I've shared a little bit in the presentation, and I can just say that Mynaric, here at Mynaric, take a very regimented and thorough approach to stress testing. We are proud to say that we have built even more higher fidelity emulation capabilities in our company to mimic the environment and the life our terminals will be going through. We know of no other company, in fact, or institution that can mimic the environment as close as we can do. Governmental institutions we work together with, they even want to learn from us how we do it, or come to us to test their terminals or the competitor terminals at our facilities. These capabilities, which we call the link testbed, and we have a copy both in Germany and in the U.S., is in addition to the whole slew of testing capabilities that are common to the aerospace industry. We follow the standard aerospace guidelines, of course, for the qualification of our terminals very closely, and then add the layer of ensuring that every potential issue can be identified and everything that our customers may do to our terminals, as I have mentioned before, we want to do ourselves to the terminals to really know that the stress test really happens and that we know that it works in the customer's application. For our air terminals, I've shared that we additionally test them with multiple aircraft in the air. Our partnership with H3 HATS and their G520 aircraft gets us the real stress test, that's why further test bed in space to test more scenarios, of course. More on this mission we will be coming out shortly. Thank you, Joachim. Bulent, we have one more question that we've got in from the web. Can you please update us on development progress you've made on ground station optical terminals? Or what are your plans for re-ramping development work there? Will the satellite terminals you're producing today? Be able to communicate with a future ground station product, or will they only be suitable for inter-satellite links? [guess] Simon, if you don't mind, I'll take this myself. Yeah. Over the last year, we've seen quite an increased interest in the development of optical ground station terminals. I think this is a sign of the industry's confidence in optical communication technology and its adoption. We are, I think, in a phase of market opportunity sizing. We are doing some amount of effort estimation, what it would take to do a revamp of our existing RHINO ground station. Some ground station we have already done and even delivered in the past. We believe there is a good size market here justifying a design refresh, for enabling a much better engagement by Mynaric into this market segment. I believe we will finish these assessments very soon, and I expect a favorable outcome that we will go into this segment. This could very well result in us, first of all, selling, quite a bit of ground stations. Beyond that, I think, this would also enable us to sell more space terminals, because of the fact that I think customers are looking for a turnkey solution across different domains, from ground to air to space. To answer the second part of the question, all our space terminals we build, until now and we will keep on building in the future, will be capable of doing not just optical inter-satellite links, but also ground links. As I've mentioned earlier, both in hardware and in software, we have built configurable, adaptable, flexible, interoperable terminals. That is a key to be able to deliver these terminals to multiple different customers without having to constantly build a new version of the hardware. What that also does is this terminal, once we wanna do a ground station, can adapt itself to the uniqueness of ground station link. Of course, you're going through the atmosphere. There's different disturbances. It has to adapt itself, but very quickly it can reconfigure itself and do a ground station link. Both use cases are possible with the terminal we're delivering today. I think really this engagement will once again show Mynaric's commitment in all the domains, doing optical comms, and you're gonna see Mynaric doing space, air and ground. I wanna say that the air terminal really is an atmospheric terminal that goes beyond just air and does pretty much all mobility. Well, thank you for that question. We have reached the end of the question and answer session. I will now turn the call back over to Mr. Dinges for closing remarks. Thank you, operator. Thank you everyone for joining us today for our first Analyst and Investor Day. We thank you for your interest in Mynaric. We will speak with you all again when we release first half 2022 financial results. Goodbye for now.