Mynaric - Customer engagement intensifying

During H121 Mynaric continued to broaden its customer base and expand capacity. This is in readiness to supply the requirements of the US Space Development Agency (SDA) and others as they roll out networks of hundreds of small, cost-effective satellites at speed.

Mynaric - Laser communication made scalable

Mynaric has developed optical inter-satellite link (OISL) terminals for transmitting data via laser between moving space or airborne platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. Recent newsflow demonstrates that not only are government and commercial entities planning satellite constellations deploying optical communications links, but also that Mynaric is being selected as a supplier of laser communication

Mynaric - The new space race

The US Space Development Agency (SDA) is investing in a new network of reconnaissance satellites. This will potentially have hundreds of relatively inexpensive LEO satellites, each deploying optical communications links. Mynaric has already won a contract to supply optical communications links for the first phase of this project. Its focus on design for manufacture in volume and investment in capacity, as demonstrated by the recent opening of a new production hall near Munich, places it in a goo

Mynaric - Industrial age of laser communications

In FY20 Mynaric was selected to provide laser communications terminals for two separate US government constellations. This is clear evidence that satellite networks are beginning to deploy optical inter-satellite links and that Mynaric is seen as having the technical expertise and production capacity to deliver terminals in relatively high volumes. This puts Mynaric in a good position to take market share as demand for terminals starts to grow.

Mynaric - Optical fibre for the skies

Mynaric’s free space optical communications terminals are beginning to come off the production line just as government agencies and commercial operators are commissioning high-speed communications networks based on constellations of satellites. In the last quarter, the company has announced contracts to supply multiple terminals for deployment on pathfinder missions for two US government programmes: one with DARPA and the other, we have inferred, with the Space Development Agency (SDA).

Mynaric - Connectivity for the skies and beyond

Mynaric has developed equipment for transmitting data via laser between moving airborne or space platforms at rates similar to conventional optical fibre but with the light transmitted through free space rather than along a cable. Recent newsflow demonstrates that not only are government and commercial entities planning satellite constellations deploying optical communications links, but also that Mynaric is being selected as a supplier of laser communications terminals for these constellations.

Mynaric - Taking initial share of market

Recent newsflow demonstrates that not only are government and commercial entities planning satellite constellations deploying optical communications links but also that Mynaric is being selected as a supplier of laser communications terminals for these constellations. Given Mynaric’s focus on the creation of terminals that can be manufactured and deployed in relatively high volumes, this puts it in a good position to take market share as demand for terminals starts to grow.

Mynaric - Terminals coming off production line

Mynaric’s manufacturing facility has started to produce communications terminals which can transmit data via laser between moving airborne or space platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. It aims to be the first company to offer laser communications terminals in the volumes and at the price point required by communications systems such as those being developed by Amazon, Telesat and SpaceX.

Mynaric - Fibreless optical links in the skies

Mynaric has developed equipment for transmitting data via laser between moving airborne or space platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. This opens the possibility of equipping the airborne networks proposed by Facebook and Google, or the satellite networks supported by Elon Musk and Richard Branson with high-speed optical data links rather than slower microwave connections. These proposed networks off

Filtronic - LEO liftoff: SpaceX strategic agreement and $20m order

Just 15 months after winning its first order in the Low Earth Orbit (LEO) satellite communications market, Filtronic has announced a 5-year strategic partnership with SpaceX which includes an initial $19.7m (£15.8m) E-band amplifier production order for delivery in FY25. As a result, we upgrade our FY24/FY25 forecasts and lift our target price to 57.4p (was 37.5p), equivalent to 74% upside. Although this is the first time SpaceX’s Starlink has been named as a Filtronic customer, this is now the

Morning Note – 24 April 2024

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

CyanConnode (CYAN LN) - FY24 update: revenue materially ahead

CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

SRT Marine Systems - FY24 update: revenue forecasts pushed out for new June YE

SRT Marine Systems has reported a change of year end from 12-months to March 2024 to 15-months to June 2024, with revenue forecasts extended by three months for both new year ends, and an encouraging operational update. The company is concerned that government related paperwork on two existing CG projects (SEA and ME) may not be completed in time for a March invoice and risks falling into the next quarter. In one jurisdiction where there a number of new project prospects, the company must meet s

Filtronic - Backlog supports strong growth from H224

Filtronic’s recent investment and focus on high-performance radio frequency (RF) design and manufacturing is starting to pay off, with recent new customer wins, development contracts and volume production orders boosting the order backlog. H124 results do not reflect this recent success: revenue was essentially flat and investment in sales and engineering reduced EBITDA. However, the strong backlog gives management confidence that revenue and profit will exceed consensus estimates for FY24 and F

Morning Note – 21 December 2023

Calnex Solutions - FY24 trading update – marking time

Calnex has released a pre-close trading update for the year to March 2024, indicating that revenue would be £16.3m, c£0.7m below our forecast, partly due to the timing of orders at the end of the period. Group trading has been impacted by the well-documented, continuing challenges in the Telecoms sector which have seen delayed project timings leading to corresponding delays in customer spending. Administrative costs are being controlled and are focussed on maintaining R&D. Calnex remains confide

BATM+ (BVC, House Stock at 18p) - New client Edgility contract

Filtronic - H1/24 Riding the EM-waves across land, sea and space

Filtronic has reported results in-line with management expectations for H1/24, and now expects to perform ahead of our forecasts for FY24E and FY25E in terms of revenue and profit. We are raising our revenue forecasts for FY24E and FY25E by 14.6% and 6.2% respectively, and our EBITDA forecasts by 85.2% and 28.0% respectively. The increase in expectation is driven by a strong recent acceleration in order flow, including a £7.8m order announced today. In this report we present a detailed review of

Hybridan Small Cap Feast - 06 Feb 24

6th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Thunderclap in British telecoms

FY23 revenues and EBITDA were in line with expectations. The major news was that BT plans to shed more than 40% of staff. At the end of the decade the EBITDA could reach £11bn with the massive restructuring announced and capex could return to €3.5bn per year. EBITDA less capex could be multiplied by 2.5 and therefore also the dividend. This could value BT at 385 pence at that time. We maintain our opinion at Add on the stock.

A fairly safe long term buy and hold

A decent Q1 performance despite the expected headwinds from cost-of-living pressure and cost inflation. The group is clearly a fairly safe long-term buy and hold. BT plans to shed more than 40% of staff by the end of the decade. In parallel it is further accelerating its FTTP deployment with high capex. But at the end of this phase EBITDA-capex could be multiplied by 2.5. Speculation could also again reignite as Drahi’s empire (owning 24.5% of BT) is being shaken by corruption cases.

Increasingly aggressive on the TV side

Q4 revenues were only up by 1.3% yoy (excluding the inclusion of EE for two months). A better performance than might be thought at first sight given the 8% decline recorded by the wholesale division (due to the benefit of ladder pricing revenue recognised last year). BT’s Fixed consumer revenues, 25% of BT’s business (excluding EE and Openreach) corresponding to BT’s own retail business, were up by 8% yoy with a 20% increase in broadband and TV revenue. Openreach revenue (28% of BT’s revenue not