11:22 AM EDT, 08/20/2024 (MT Newswires) -- Mynaric ( MYNA ) shares plunged more than 54% in recent Tuesday trading after the company widened its loss guidance and lowered its revenue outlook for 2024 due to production delays and costs.

Mynaric ( MYNA ) said it estimates full-year revenue of 16 million euros ($17.8 million) to 24 million euros, down from the previous guidance of 50 million euros to 70 million euros, due to production delays of its CONDOR Mk3 optical communications terminal. Two analysts surveyed by Capital IQ expect 56.6 million euros.

The company said it now expects operating loss for the year of 50 million euros to 55 million euros, versus its previous loss forecast of 30 million euros to 40 million euros, mainly attributed to lower-than-expected revenue and higher-than-expected production costs.

The company said it will need to secure additional capital sources to fund its ongoing operations and production ramp, and it is evaluating strategic options for its near-term capital needs.

Price: 1.91, Change: -2.28, Percent Change: -54.43