Good day, thank you for standing by. Welcome to the Mynaric preliminary full year 2022 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentations, there will be a question-and-answer session. To ask a question during that session, you will need to press star one one on your phone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Tom Dinges, Vice President of investor relations. Sir, please go ahead. Thank you, operator. Welcome everyone to Mynaric's preliminary full year 2022 results conference call. Prior to this call, we released our preliminary full year 2022 results, which are available for download on the investor relations section of mynaric.com. 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 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 day 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. 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 be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity, or performance under IFRS. We have not completed preparation of our financial statements for the year ended December 31st, 2022. 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 2022. 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 financial year 2022 will be included in our 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. After some brief opening remarks, we will provide an update on our operations, discuss our preliminary full year 2022 financial results, and provide a bit more color on our outlook for 2023. Following the formal presentation, we will take questions from analysts. We anticipate this call will last no more than one hour. On the call today are Mynaric's Co-CEOs, Bulent Altan and Mustafa Veziroglu, and Mynaric's CFO, Stefan Berndt‑von Bülow. With that, it is my pleasure to turn the call over to Bulent for his opening remarks. Bulent? Thank you, Tom. Mynaric reported solid preliminary results for 2022 as we prepare for significantly higher production levels later this year, next year, and thereafter. Our order momentum and funnel of new opportunities remains strong. We can say it has possibly even accelerated as some constellation operators, both commercial and government, have moved past the design and development stage and are actively selecting suppliers to formally launch their constellations over the coming years. We reported another strong increase in order backlog in terms of optical communications terminals from 36 at the end of 2021 to 256 at the end of 2022 and 348 as of today. Our cash in from customer contract increased significantly from EUR 3.9 million in 2021 to EUR 18.3 million in 2022. Already in 2023, as of today, cash in from customer contracts has already exceeded the full previous year's amount with EUR 18.8 million. We also remain disciplined in our investment strategy to support the future growth of the business, and our pipeline of opportunities remains the highest in our history. Over the past two years, we invested significantly into preparing the company for serial production, and as such, the company does not need to make substantial investments in capability and capacity to meet our near-term delivery commitments. We are now focused on continuing to improve our operational excellence, and the improvements we have implemented over the past year in our product design have allowed us to now have the machine capacity in place in order to fulfill our medium-term goal of producing 2,000 terminals per year. I'm extremely proud of our team's success putting in place this capability serving the wider constellation community. A reminder to many of you on the call who may not be familiar with Mynaric. Our vision is to eliminate the barriers of connectivity to ensure the unrestricted flow of information and close the digital divide. We're not only a space company or an aerospace company, we are a critical communication systems company with products that are produced at scale to serve many end markets, including government and commercial customers. Before I turn it over to Mustafa, I want to welcome him to our earnings call as my partner in the co-CEO role, which he assumed in January. He's a very seasoned corporate executive, I couldn't ask for a better partner to work with as Mynaric shifts into its next phase of growth. Let me turn it over to Mustafa so he can discuss our strategy that supports Mynaric's vision, as well as provide an update on our operations and product development activities. Mustafa? Thank you, Bulent, for your kind words, and I'm excited to be part of the team. Mynaric's strategy for realizing the vision of eliminating barriers of connectivity is focused on making what has previously been market of one-off, highly tailored solutions into a scalable volume production market through serial production, a high reliability and simplicity, greater affordability, and increased standardization of our products for both government and commercial markets. Our products enable our customers to deploy solutions addressing the communications challenges they face in space, in air, on the seas and on the ground. Since joining Mynaric in August of last year, my focus have been on three main areas: production readiness, continuous process improvement, and streamlining our product development process. Let me give you a bit more detail on each one of these three areas and how I believe they set us up for success over the both near and long term. As you may have recently read from one of our key customers, Northrop Grumman, they announced that their SDA satellite design, featuring our CONDOR Mark III terminals, has passed the vigorous critical design review process. With that critical step behind us, the Mynaric team has been working diligently preparing for the first year of production shipments to key customers, including Northrop Grumman, starting in the second half of this year. We've made great strides to ensure we're ready to handle this key milestone in the company and the industry's development by already building pre-serial production, verifying our assumptions about takt times involved in different manufacturing and assembly steps, ensuring that our data systems are ready for the demanding requirements of complex aerospace systems production documentation. The company has secured the supply chain to support the current and any additional near-term orders. As we continue to prepare for serial production at scale, we've made many process improvements over the near term. One key process improvement that has significantly unlocked the production capability was the insourcing of our telescope production. The telescope is one of the most critical subcomponents of our CONDOR Mk3 terminals. These were previously outsourced, a process that took weeks and sometimes months to get enough qualified components to complete a build. By insourcing the production and focusing on process improvement, we were able to reduce this process from weeks to minutes. This has freed up additional resources and allows us to meet our medium-term 2,000 unit production targets based on the installed physical capability. As we mature and move the CONDOR Mk3 into serial production, we're leveraging the technology into future product development. The focus on our product development engineering team is on utilizing fundamental building blocks, such as using common components, the optical head, electronic control assembly, and software, with an eye towards reusing these building blocks to accelerate development of future generations of both CONDOR and HAWK terminals. This should also improve our manufacturability of these next-generation products, as well as removing potential barriers such as single-source critical components, which in the past have negatively impacted our industry's ability to manufacture at scale. In summary, I can tell you that we're well prepared for the opportunity ahead, and I believe we have the right team with the right products to capitalize on this exciting opportunity in front of us. With that, let me turn it over to Stefan to walk you through our results in more detail. Stefan? Thank you, Mustafa. Let's turn to our preliminary results for the full year 2022. First, let's turn to two key business metrics we introduced at the Analyst Day in April of last year that we believe will continue to be best demonstrate the momentum we are seeing as a business. 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's typically a lag between when cash in received from customer contracts and when the shipments are made. This varies depending on the contract terms. As a reminder, these are contractual payments received when certain milestones are met, but fully 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. As Bulent referenced before, cash in from customer contracts was EUR 18.3 million in 2022, compared to EUR 3.9 million in 2021. Year to date, our cash in from customer contracts is EUR 18.8 million, which is already more than we reported for all of the last year, demonstrating our execution for our customers. Second, optical communications terminal backlog in units at year-end was 256 units, up from 40 units at the end of 2021. As of today, our terminal backlog is 348 units. As a reminder, our current terminal backlog is heavily weighted towards government-funded contracts, including programs with the FCA. We continue to see a strong and steady pipeline of opportunities spanning both CONDOR and HAWK products, as well as across government and commercial opportunities. Let's look at a few other figures. Revenue was EUR 4.4 million in 2022, was driven by terminal shipments to multiple customers, as well as service revenue. Our current contractual permitted optical communications terminal backlog, primarily consisting of CONDOR Mk3 products, mostly foresees scheduled shipment in the second half of 2023 and throughout 2024. Cost of materials increased by more than 45% compared to a year ago, as we continue to ramp up our production ahead of major delivery milestones over the next six to 18 months. Including in this increase was a EUR 5.6 million write-down for components related to prior generation CONDOR products. Our drive to product excellence through rigorous testing involves assembling many units for internal use. The production of these units has contributed to the increased cost of materials. Personnel costs increased 60% compared to the year-ago level as we continue to add talent and capabilities to our team. Part of the increase is related to higher stock compensation costs, which increased by EUR 4 million to EUR 6 million year-over-year. Currently, our total head count is similar to what we reported at the half year at just over 300 employees. Looking ahead, we are taking a disciplined approach to adding head counts and other operating expenses. We feel comfortable with the overall investment in engineering. We expect to add to our operations head count to support our higher level of production. We believe the growth rate in personnel expenses over the near term should decelerate to a more moderate level. Overall, the company report an operating loss of EUR 73.8 million. The operating loss for 2022 was higher than 2021 for a number of reasons, including a previously mentioned higher personnel costs as we increased head count and incurred higher stock compensation expenses. We incurred higher insurance, legal, and consulting fees of EUR 8.5 million related to our dual listing, an extraordinary write-off of EUR 9 million, including EUR 7.5 million related to component inventories for our CONDOR Mk1 and Mk2 terminals, as well as additional EUR 1.5 million write-off of own work capitalized. Let's turn to a few key balance sheet figures and discuss our current credit agreement and capital raise. Our cash balance at end of 2021 was more than EUR 10 million compared to EUR 48 million in 2021. This does not include the approximately EUR 11 million that were in transit at the year-end for cash and from customer contracts. Our cash balance today is EUR 63.9 million, inclusive of the recent debt and equity raise, net of prepayment of our previous line of credit, along with fees, expenses incurred as a part of the capital raise. We remain in market leading mode. As a pre-break-even company, we expect our cash balance to decrease from today's level through year-end before stabilizing in 2024. With our recent capital raise, we believe we have a strong balance sheet. We are very well positioned to capitalize on the opportunities ahead of us. Inventories were at EUR 13.3 million, up from EUR 8.4 million at the end of last year, as we continue to invest in component inventory ahead of the expected ramp in the terminal production in the second half of the year. We also took a charge of EUR 1.9 million against existing inventory of our CONDOR Mk1 and CONDOR Mk2 terminals, reflecting our expectation of decreased demand for these products. Property, plant, and equipment at the year-end 2022 was EUR 22.3 million compared to approximately EUR 16.7 million at the year-end 2021. We invested EUR 10.2 million in property, plant, and equipment in 2022 as compared to EUR 7.6 million in 2021. Earlier this week, we announced our new funding that in total brought approximately EUR 80 million to Mynaric. We are thrilled to welcome a fund managed by an affiliate of a U.S.-based global investment manager as our new credit provider and new shareholder of Mynaric. This transaction provides us with the long-term capital we need to support our future growth. We used a portion of the funding to repay our existing line of credit and intend to use the rest to support our business plan. I want to highlight just a few key points here before I turn to the guidance for 2023. First, we undertook an extensive and exhaustive process using highly experienced outside advisors, looking at a number of options to provide us with the capital needed to support our business plan. The agreement provides us with the capital and the flexibility to fund our growth and objectives over the near term, near to mid-term, with the reduced dilution for existing shareholders, as was one of the objectives with the financing. Second, the credit agreement is a multi-year agreement at a competitive rate of interest given the stage we are as a company with no restriction on early repayment. Finally, the additional equity funding provided in conjunction with the credit agreement added more liquidity to our balance sheet in the near term and fund needed working capital requirements to support the needs of our customers. Let me walk you through our guidance 2023. We released our guidance for the key performance indicator for 2023 in an ad hoc release on Tuesday, and I want to reiterate what we disclosed. We expect cash in from customer contracts to increase significantly for the full year 2023. Specifically, in the first half of the year, our cash in has been and as it will continue to be based on milestone payments and customer deposits. In the second half of this year, we expect cash in from customer contracts to be a bit more balanced in terms of deposit and milestone payment relative to delivery-related receipts in comparison to prior periods as customer milestone payments will be continued with receipts from terminal shipments. As we see our shipment starts to ramp, cash in from customer contracts will be more, much more closely correlated to shipments going forward. As noted earlier, we have had a great start to the year in terms of cash in from customer contracts with year-to-date cash in already above last year's full year level and see a strong pipeline of cash in based on secured orders and potential opportunities through year-end. We expect continued growth in our optical communications terminal backlog by the end of this year as we expect our year-end 2023 optical communications terminal backlog to increase significantly compared to 2022 levels. As a reminder, the backlog is net of shipments, and we have a substantial ramp in shipments projected for the second half of the year. Addition to this year-end backlog, we will be function of our ability to capitalize on a number of opportunities that could close by year-end, and our term remains well-positioned to capture these. These opportunities are across both the government and commercial sector, as well as spanning all our product lines. As a reminder, we define a significant increase as a year-over-year increase of 30% or more. With that, operator, would you please provide the instructions for the questions and answer session. Operator? Yes, thank you. As a reminder, to ask a question, please press star one one on your phone and wait for your name to be announced. To withdraw your question, please press star one one again. Stand by as we compile the Q&A roster. One moment, please, for our first question. Our first question will come from Greg Konrad of Jefferies. Your line is open. Good morning or good afternoon. Sorry about that. At this point in, you mentioned a substantial ramp in production in the second half of the year. How much is kind of locked in at this point versus the potential to book and ship still in this year? Any way to kind of level set, you know, expectations around shipments for 2023? Just for us to reiterate the question to make sure that I understood it right. Your question is around how much is locked in this year for shipments to the customers versus our current backlog. How much of it we have to ship. I would say, I don't wanna give any numbers we haven't given to the market yet, but I would say that our shipments concentrate right now in our backlog, quite a bit between the two years, 2023 and 2024, almost equally. Let's leave it at that to show how many units we'll be shipping this year and that we'll refill to build our backlog and then on add on top. That math is pretty easy to do, so I appreciate that. Then you mentioned some acceleration in constellation operators, you know, reaching kind of the design stage or getting past the design stage. Is there any way to level set maybe, you know, the near term opportunity set or how many terminals you're in active discussion for? Absolutely. I think orders from our customers coming towards Mynaric are very often preceded by customers reaching out to system houses that build a bigger system such as satellite network systems, routing architectures and whatnot. If you look at the current market movements by constellation operators on both sides of the Atlantic, you'll see that there have been recent movements in acquiring launches and satellites by some big players. We exactly expect those people to come out and do the optical communications decision next. We expect people who have selected their satellites or their launchers or at least significant filings to come out in the next half year or so and do their optical comms decision. Then maybe just last one for me. I mean, a lot of the conversation is more on the satellite side. I mean, what are you seeing in terms of divergence between CONDOR and HAWK and kind of any update on discussions around HAWK and, you know, when we could see, you know, maybe some more substantial orders for that system? Of course. I think, the two markets are quite a bit different. If it's a satellite side, of course we see these larger projects that are quite intertwined and these large block orders because there is a quite a takt time to be kept when launching a constellation between the first and the last one being launched to build up that network in the sky. In the air markets or other mobility, maritime, ground-based markets, we see a different approach as one can deploy, almost wanna say at leisure. Therefore we have more of a push market from the Mynaric side of view rather than a pull market. We are engaged with multiple customers out there, and there, the modus operandi very often is an early shipment to the customer for them to do their integration tests, their hands-on trials, certain amount of technical education of their team. And then, very often we talk about larger orders than split over multiple years. They have a different type of indicator versus, of course, that big giant order coming in from a, from a constellation customer. That's what we're seeing today on the market. I think that that will continue for a while. Very often these early orders, these trial orders are, I wanna say, competition sensitive for these customers who are doing an early adoption. We don't communicate them as openly out there, and we can't really give guidance around what the customer is thinking around that order. Very often there are some really large undertakings in their mind. Thank you. Thank you. Thank you. One moment please for our next question. Our next question will come from Scott Deuschle of Credit Suisse. Your line is open. Hey, good afternoon. Stefan, I think you said the cash balance would stabilize in 2024. Are you saying you expect to be free cash flow break even by 2024? Otherwise, how do I interpret that stabilization commentary? Thanks. Yeah. I would say we expect end of 2024 to be cash flow neutral, yeah. Got it. Okay. Then the credit agreement, can you say what the annual cash interest cost is on that? The interest rate is, I think we published it. It's 10 basis points above the SOFR. You can calculate it on the 75 million EUR... Sorry, $75 million dollar loan per year. Got it. Okay. More for Bulent or Mustafa, the, I guess just kinda more a market opportunity question. Seems like you've had some momentum with HAWK. I think kinda originally when you guys came out, something like CONDOR was gonna be the bigger opportunity, but curious kind of looking forward the next 3 years, which of those market opportunities looks bigger, the air base market or the space market? Thank you. I would talk about the market opportunity. I think we still see CONDOR preceding HAWK for a year or two at least. It is an opportunity that is being pushed forward by U.S. government and commercial constellations alike, but U.S. government has done a fantastic job, and now we also see the European government adopting this technology for their constellation and really trailblazing for the commercial constellations as well. We see that trend continuing at least for two years. HAWK in itself has the opportunity, of course, to immediately surpass the CONDOR opportunity because there is no delay in acquisition from the decision-making to the purchasing to the deployment. There is no waiting around for a launch opportunity or the satellites being built. It can materialize a lot quicker. I think that is still two years or so away. Okay. I'd be remiss if I didn't ask, I think it kinda gets to the question Greg asked, but just any kind of revenue guidance or bookmarking give us, you know, at least the low end in terms of this year, how to think about revenue. Yeah. I keep it at that. Significant increase mean at least 30%. Regarding to the question before. You're starting out from $4 million though, so. Yeah. I'm coming to the second part of my answer. Okay. The question was raised before about the shipments and the current order terminal backlog. As Bulent mentioned before, the shipments will be split at mainly 2023, 2024. You can recalculate about approximately revenue. Yeah. I think our ASP out on the market is quite well. Quite well, I think formulated. I think you combining the ASP and with our projection of even split, I think one can do a quick calculation there. Okay, fair enough. Thanks, guys, appreciate it. No, thank you. Thank you. One moment. Again, to ask a question, please press star one one on your phone and wait for your name to be announced. To withdraw your question, please press star one one again. One moment for our next question. One moment, please. Our next question will come from Zafer Rüzgar of Pareto Securities. Your line is open. Yes, gentlemen. Thank you for having me. A few questions from my side. The first one is on your financing and, yeah, the net proceeds of $75 million. I think it's a bit more than originally expected, and what is the reason for this? Do you need more than originally planned for the production ramp up? Because if I look into your cash in numbers, that looks quite strong. The question is, do you have more capital need? Also would be interesting to know for which period is this financing sufficient? Thank you for the question. First of all, it's not only the $75 million. It's additional the capital increase with close to 10%, which adds EUR 12.2 million. Saying that, a portion of that was used to repay the existing loan. For sure with this transaction, there were also related some fees and expenditures. Still the net proceeds are significant for the company, but we will use this for further ramp up the production, fulfill our contracts, and this gives us also a headroom if there may be some delays or some other topics coming up, so we have enough headroom for the next 12-24 months. If I may add to Stefan's comments here, I think he's absolutely right. The headroom is, I think, an important one because also this year is a defining moment for many constellations and their supply chain, that we wanna be well, well-armed, with a good balance sheet to be able to materialize on these opportunities at hand. They are coming big this year, I believe. This really gives us the headroom to do so, and it also gives our customers a certain amount of, I wanna say, peace of mind that they are working with a stable company, and they have no concerns about ordering these really large orders from us. I think it is overall multiple tools combined in one. It's really helps us very well. Okay, understood very clear. Your cash in of EUR 90.8 million, you mentioned. Mm-hmm. How many units does this corresponds to? If I'm right, these units, will be also your shipments in the near-term future, right? Just for clarity, you're re-referencing to the cash in by customer this year or last year? Yeah, yeah. Yes. No, no. Year to date, EUR 80.8 million for this year. Yeah, yeah. These are mostly related to prepayments and when we achieve milestones with the customer. The maturity of the shipment will be in the second half of the year. Still, beginning of this year we shipped some engineering models already. With the cash in, it's not 100% related to shipment. It's more prepayment, long lead items and products. Okay. Can you give us an idea about the size of the units, the total volume? Yeah. shipments ahead? Yeah. I think- Based on this cash in. Absolutely. What I would say is, of course, our backlog is from firm contracted orders. With every unit out of our backlog, we are in some contract, and each one of those contracts are built around the milestone payments and upfront payments. I would say when we're talking about the payments, the cash in from customers this year, we're talking about prepayments against our complete current backlog. Knowing the backlog what it is today, you can kinda calculate what that is. I think it allows us to cash efficiently operate all of our contracts without going into a negative for too much supply chain ahead and our purchases. Okay, fine. Finally, a question regarding constellation in Europe and IRIS². This is progressing well now in Europe. We know from previous announcement that the EU wants to involve also startups in this program. Where do you see your opportunities here? Do you think that your related business, the optical terminals, will be divided between multiple suppliers? Would be interesting to have your thoughts on this IRIS² program. Absolutely. I think we welcome definitely Europe taking a really bold approach there on building up a constellation for their own hard soft gov needs as well as service needs for their governmental customer. As you have said, European Commission has taken a hard stance that they want startup involvement. We really wanna see that materialize. I think that is very important for the space industry of Europe. The European Commission has realized that as well and has written that in as a criteria. What we see is that optical comm plays a very big role in that constellation. There are other elements like quantum key distribution also, which are a big part of a constellation and its use of optical communications. I can also remind you that we have recently announced that we are working in multiple programs with the German government on the quantum key distribution topic. All of that combined, and also in addition, the fact that we are one of the very few viable optical communications businesses in Europe, in countries of the European Union, and are, I wanna say, leading role already on this side, on the U.S. side of the Atlantic in governmental programs. I think we are very well situated to make use of these constellation for providing terminals, I'd say, at least, in the percentages of the startup involvement, if not more. Okay, sounds good. Thank you very much. Thanks a lot. Thank you. Thank you. Pardon me. It looks like there may be a follow-up. One moment. We are getting a follow-up from Zafer Rüzgar of Pareto Securities. Your line is open. No, there's no follow-up question from my side. Should be a mistake, sorry. No problem. Thank you, sir. Okay. There are no questions in the queue at this time, so I will turn the call back to Mr. Tom Dinges. Thank you, operator. For further information about our upcoming engagements with the investment community, please visit the investor relations section of mynaric.com. Thank you everyone who joined us today, and we thank you for your interest in Mynaric. We will speak with all of you again when we release half year 2023 financial results. Goodbye for now. Thank you. Thank you. This concludes today's conference call. Thank you all for participating. You may now disconnect and have a pleasant day.