0000950170-24-061880 | 20-F | XBRL Viewer

€ 621

€ 1,566

^[1]

[1]	(5) Adjusted as per Note 29.

Other Operating Costs (Tables)

12 Months Ended

Dec. 31, 2023

Summary Other Operating Costs

Other operating costs consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Legal and consulting fees	8,129	6,955	2,477
Office and IT costs	4,680	4,236	3,282
Insurance	3,106	4,855	803
Other business supplies, equipment and services	2,529	1,835	1,396
Incidental rental costs and maintenance	1,860	814	696
Selling and travel costs	1,115	2,279	1,638
Disposals of property, plant and equipment	630	0	0
Loss allowance on trade receivables (ECL)	337	0	0
Onerous contracts	0	0	240
Other costs	836	1,108	1,298
Total	23,222	22,082	11,830

Impairment Test for Non-Financial Assets	12 Months Ended
Dec. 31, 2023
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Test for Non-Financial Assets	25. Impairment test for non-financial assets During the year ended December 31, 2023, the Group identified events that might trigger an impairment for non-financial assets mainly due to the fact that the existing and capitalized AIR Technology will not be the basis for the production of HAWK terminals anymore (refer to Note 17). Consequently, the segment SPACE, which represent a single cash-generating unit, is allocated all assets not directly attributable to the AIR segment, which also represents a single cash-generating unit. The recoverable amount of the intangible assets is based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorized as a Level 3 fair value based on the inputs in the valuation technique used. The key assumptions for determining the fair value less costs of disposal are the discount rates, expected number of sold terminals and the respective selling prices and direct costs during the planing period. Management estimates discount rates using post-tax rates that reflect current market assessments of the time value of money and the risks specific to each CGU, which are identical to the reportable segments. The Company prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next 10 years. The Group estimates the cash flows generated by the sale of terminal equipment based on internal expectations, which in turn are based in part on external market studies, expected profits in tendered projects from private and public customers, and potential new business areas. The planned costs consider the number of terminals expected to be sold and the general growth of other operating expenses and estimated price increases. A growth rate of 1% was used for deriving the terminal value. The Company uses a post-tax discount rates of 18.17% for both segment CGUs (2022: 19.07%, 2021: 17.66%) based on the historical industry weighted average cost of capital, with a possible debt leveraging of 14.46% (2022: 14.60%, 2021: 17.00%), a market premium of 7.00% (2022: 7.50%, 2021: 8.00%) and a risk premium of 10.00% (2022: 10.00%, 2021: 11.00%). The impairment test did not uncover any indication for asset impairment as of December 31, 2023. This result would not change when considering any reasonably possible change in the key assumptions.

Impairment Test for Non-Financial Assets

12 Months Ended

Dec. 31, 2023

Disclosure of impairment loss and reversal of impairment loss [abstract]

Impairment Test for Non-Financial Assets

25. Impairment test for non-financial assets

During the year ended December 31, 2023, the Group identified events that might trigger an impairment for non-financial assets mainly due to the fact that the existing and capitalized AIR Technology will not be the basis for the production of HAWK terminals anymore (refer to Note 17). Consequently, the segment SPACE, which represent a single cash-generating unit, is allocated all assets not directly attributable to the AIR segment, which also represents a single cash-generating unit.

The recoverable amount of the intangible assets is based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorized as a Level 3 fair value based on the inputs in the valuation technique used.

The key assumptions for determining the fair value less costs of disposal are the discount rates, expected number of sold terminals and the respective selling prices and direct costs during the planing period. Management estimates discount rates using post-tax rates that reflect current market assessments of the time value of money and the risks specific to each CGU, which are identical to the reportable segments. The Company prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next 10 years. The Group estimates the cash flows generated by the sale of terminal equipment based on internal expectations, which in turn are based in part on external market studies, expected profits in tendered projects from private and public customers, and potential new business areas. The planned costs consider the number of terminals expected to be sold and the general growth of other operating expenses and estimated price increases. A growth rate of 1% was used for deriving the terminal value.

The Company uses a post-tax discount rates of 18.17% for both segment CGUs (2022: 19.07%, 2021: 17.66%) based on the historical industry weighted average cost of capital, with a possible debt leveraging of 14.46% (2022: 14.60%, 2021: 17.00%), a market premium of 7.00% (2022: 7.50%, 2021: 8.00%) and a risk premium of 10.00% (2022: 10.00%, 2021: 11.00%).

The impairment test did not uncover any indication for asset impairment as of December 31, 2023. This result would not change when considering any reasonably possible change in the key assumptions.

Personnel Costs (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Personnel Costs

Personnel costs consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Wages and salaries	27,602	26,318	18,185
Social security contributions, pensions and other employee benefits	5,031	4,959	3,238
Share-based payments	3,972	6,133	1,942
Total	36,604	37,410	23,365

Summary of Detailed Information About Development of Stock Options

The following table provides the development of the stock options during the year ended December 31, 2023:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	SOP 2023
Options outstanding as of Jan. 1, 2023	222,250	14,000	60,000	108,000	0
Options granted	0	0	20,000	7,000	48,000
Options forfeited	64,400	0	0	0	0
Options exercised	0	0	0	0	0
Options expired	0	0	0	0	0
Options outstanding as of Dec. 31, 2023	157,850	14,000	80,000	115,000	48,000
Options exercisable as of Dec. 31, 2023	0	0	0	0	0

The following table provides the development of the stock options during the year ended December 31, 2022:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	Tranche Altan
Options outstanding as of Jan. 1, 2022	236,250	14,000	100,000	0	56,700
Options granted	2,500	0	0	108,000	0
Options forfeited	16,500	0	0	0	0
Options exercised	0	0	0	0	0
Options expired	0	0	40,000	0	56,700
Options outstanding as of Dec. 31, 2022	222,250	14,000	60,000	108,000	0
Options exercisable as of Dec. 31, 2022	0	0	0	0	0

A total of 40,000 options from the SOP 2021 were waived, which was compensated for by the granting of 33,000 new stock options under the SOP 2022. The waived stock options are presented as expired.

The following table provides the development of the stock options during the year ended December 31, 2021:


	SOP 2019	SOP 2020	SOP 2021	Tranche Altan
Options outstanding as of Jan. 1, 2021	234,750	14,000	0	56,700
Options granted	25,350	0	100,000	0
Options forfeited	23,850	0	0	0
Options exercised	0	0	0	0
Options expired	0	0	0	0
Options outstanding as of Dec. 31, 2021	236,250	14,000	100,000	56,700
Options exercisable as of Dec. 31, 2021	0	0	0	56,700

Summary of Measurement of Stock Option Plan Based On Monte Carlo Simulation

The measurement of the existing SOP's was based on the Monte Carlo Simulation model or the Binomial model, considering the terms and conditions for the stock options.

The table below provides the inputs used for the model during the year ended December 31, 2023:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	SOP 2023
Exercise price (in €)	37.31 - 71.15	61.27	20.25 - 71.15	20.25 - 32.90	21.20
Term in years	7	7	7	9	9
Remaining term in years	2.8 - 5.5	3.8	4.5 - 6.5	7.8 - 8.5	9.0
Share price as of the valuation date (in €)	27.55 - 80.20	75.46	23.50 - 80.20	19.76 - 23.50	21.20
Expected dividend yield (in %)	0.00	0.00	0.00	0.00	0.00
Expected volatility (in %)	36.39 - 48.45	36.39	36.90 - 39.81	35.31 - 37.68	53.80
Risk-free interest rate (in %)	(0.74) - 1.12	(0.65)	(0.40) - 2.47	2.02	1.97
Option value (in €)	5.72 - 26.14	26.14	9.25 - 25.17	1.97 - 7.51	8.76

The table below provides the inputs used for the model during the year ended December 31, 2022:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	Tranche Altan
Exercise price (in €)	37.31 - 71.15	61.27	71.15	32.90	25.00
Term in years	7	7	7	9	1.7
Remaining term in years	3.8 - 6.5	4.8	5.5	8.8	0.0
Share price as of the valuation date (in €)	27.55 - 80.20	75.46	80.20	19.76	43.39
Expected dividend yield (in %)	0.00	0.00	0.00	0.00	0.00
Expected volatility (in %)	36.39 - 48.45	36.39	36.90	35.31	51.31
Risk-free interest rate (in %)	(0.74) - 1.12	(0.65)	(0.40)	2.02	(0.82)
Option value (in €)	5.72 - 26.14	26.14	25.17	1.97 - 2.01	20.40

The table below provides the inputs used for the model during the year ended December 31, 2021.


	SOP 2019	SOP 2020	SOP 2021	Tranche Altan
Exercise price (in €)	41.03 - 71.15	61.27	71.15	25.00
Term in years	7	7	7	1.7
Remaining term in years	4.8 - 6.8	5.8	6.5	0.4
Share price as of the valuation date (in €)	35.20 - 80.20	75.46	80.20	43.39
Expected dividend yield (in %)	0.00	0.00	0.00	0.00
Expected volatility (in %)	36.39 - 48.45	36.39	36.90	51.31
Risk-free interest rate (in %)	(0.74) - (0.39)	(0.65)	(0.40)	(0.82)
Option value (in €)	9.43 - 26.14	26.14	25.17	20.40

Summary of Detailed Information Of Restricted Stock Units Under RSU Plan

The following table provides the development of the RSUs during the year ended December 31, 2023:


	RSUP 2021	RSUP 2022
RSUs outstanding as of Jan. 1, 2023	181,434	0
RSUs granted	0	27,596
RSUs forfeited	50,906	2,933
RSUs exercised	0	0
RSUs expired	0	0
RSUs outstanding as of Dec. 31, 2023	130,528	24,663
RSUs exercisable as of Dec. 31, 2023	0	0

The following table provides the development of the RSUs during the year ended December 31, 2022:


	RSUP 2021
RSUs outstanding as of Jan. 1, 2022	100,196
RSUs granted	118,551
RSUs forfeited	20,963
RSUs exercised	16,149
RSUs expired	0
RSUs outstanding as of Dec. 31, 2022	181,434
RSUs exercisable as of Dec. 31, 2022	0

The following table provides the development of the RSUs during the year ended December 31, 2021:


	RSUP 2021
RSUs outstanding as of Jan. 1, 2021	0
RSUs granted	101,107
RSUs forfeited	911
RSUs exercised	0
RSUs expired	0
RSUs outstanding as of Dec. 31, 2021	100,196
RSUs exercisable as of Dec. 31, 2021	0

Summary of Measurement of Restricted Stock Unit Plan Based On Binomial Model

The valuation of the present RSU programs was performed using a binomial model considering the option terms.

The table below provides the inputs used for the model during the year ended December 31, 2023:


	RSUP 2021	RSUP 2022
Exercise price (in €)	0.00	0.00
Term in years	4.5 - 5.3	4.5 - 5.3
Remaining term in years	2.3 - 3.3	4.3
Share price as of the valuation date (in €)	19.76 - 80.60	16.20 - 23.50
Expected dividend yield (in %)	0.00	0.00
Expected volatility (in %)	38.89 - 45.59	39.88 - 45.72
Risk-free interest rate (in %)	(0.62) - 1.92	2.30 - 2.77
RSU-value (in €)	19.76 - 80.60	16.20 - 23.47

The table below provides the inputs used for the model during the year ended December 31, 2022:


	RSUP 2021
Exercise price (in €)	0.00
Term in years	4.5 - 5.3
Remaining term in years	3.3 - 4.3
Share price as of the valuation date (in €)	19.76 - 80.60
Expected dividend yield (in %)	0.00
Expected volatility (in %)	38.89 - 45.59
Risk-free interest rate (in %)	(0.62) - 1.92
RSU-value (in €)	19.76 - 80.60

The table below provides the inputs used for the model during the year ended December 31, 2021:


	RSUP 2021
Exercise price (in €)		0.00
Term in years	4.5 - 4.8
Remaining term in years	4.3
Share price as of the valuation date (in €)	62.90 - 80.60
Expected dividend yield (in %)		0.00
Expected volatility (in %)	39.75 - 39.83
Risk-free interest rate (in %)	(0.62) - (0.60)
RSU-value (in €)	62.90 - 80.60

Other Financial and Non-Financial Assets

12 Months Ended

Dec. 31, 2023

23. Other financial and non-financial assets

Non-current and current financial and non-financial assets consist of the following:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
NON-FINANCIAL ASSETS
Advance payments	5,887	0	625	0
Tax receivables	1,125	0	2,166	0
Prepaid expenses	737	0	2,238	0
Deferred capital raise preparation costs	82	0	0	0
Other	117	0	433	0
Total non-financial assets	7,948	0	5,461	0
FINANCIAL ASSETS
Receivables from suppliers	357	0	48	0
Receivables from funded projects	188	0	0	0
Security deposits	0	1,200	0	449
Embedded derivative	0	0	172	0
Total financial assets	545	1,200	220	449
Total	8,493	1,200	5,681	449

The maximum default risk for financial and non-financial assets is their carrying amount.

Personnel Costs - Summary of Personnel Costs (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Employee Benefit Expenses [Abstract]
Wages and salaries	€ 27,602	€ 26,318	€ 18,185
Social security contributions, pensions, and other employee benefits	5,031	4,959	3,238
Share based payments	3,972	6,133	1,942
Total	€ 36,604	€ 37,410	€ 23,365

Basis of Accounting

12 Months Ended

Dec. 31, 2023

Basis of Accounting

2. Basis of accounting

The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (IASB) considering the interpretations issued by the International Financial Reporting Standards Interpretations Committee (“IFRIC”).

These consolidated financial statements have been authorized for issue by the Company’s supervisory board on May 17, 2024.

The consolidated financial statements are presented in Euro (€). Rounding differences may result in differences in amounts and percentages.

The consolidated statements of profit and loss were prepared using the nature of expense method.

In accordance with IAS 1 (Presentation of Financial Statements), a distinction is made in the statement of financial position between non-current and current assets and liabilities. Assets, provisions, and liabilities are classified as current if they are realizable or due within a period of one year.

The consolidated financial statements were prepared on a going concern basis; however, management has identified material uncertainties that may cast significant doubt on the Group’s ability to continue as a going concern. For the year ended December 31, 2023, the Group recognized a net loss of €93.5 million while the Group’s net current assets as of December 31, 2023, amount to negative €19.4 million and the equity amounts to negative €49.3 million. As of the date of the authorization of these consolidated financial statements the Group has €2.5 million in cash and cash equivalents as well as an undrawn amount of $10.000 thousand of the term loan facility.

While the vast majority of revenue for 2024 and a significant amount of revenue for 2025 is contractually committed and prepayments for those contracts have already been received, the Group is dependent on winning further major public project tenders and realizing corresponding advance payments from the tenders won. Management is actively pursuing multiple opportunities in the commercial and government sectors to sell its CONDOR terminals to an expanding customer base. To realize these planned revenue increases, commercial production will need to ramp up. For this, the Group has made the majority of necessary investments in property, plant and equipment. The majority of product development and enhancement costs have also been incurred. Liquidity is mainly required for operating costs until the ramp-up of commercial production.

Based on the Group’s liquidity position on May 17, 2024, and management’s forecast of sources and uses of cash and cash equivalents, management believes that it has sufficient liquidity to finance its operations over at least the next twelve months from the date of authorization of these consolidated financial statements. However, there can be no assurance that the revenues and the corresponding customer payments will be generated in the amount as expected or at the time needed. A shortfall in revenues or the corresponding customer payments compared to the budget could require additional external financing to meet the Group’s current operational planning. In such a situation, if the Group should be unable to obtain such additional financing or take other timely actions in response to such circumstances, for example significantly curtailing its current operational budget in 2024, it may be unable to continue as a going concern.

As a result, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, the Group may be unable to realize its assets and discharges its liabilities in the normal course of business.

These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the carrying amounts and classification of assets, liabilities and reported expenses that may otherwise be required if the going concern basis was not appropriate

Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	€ 22,309
Additions	6,670	€ 8,776	€ 8,594
Depreciation for the year	3,824	3,254	1,994
Impairment for the year	1,172	0	0
Ending balance	22,936	22,309
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	28,415	19,837	11,427
Exchange rate differences	(145)	124	107
Additions	6,670	8,776	8,594
Reclassifications	0	0	0
Disposals	(1,608)	(322)	(291)
Ending balance	33,332	28,415	19,837
Cost \| Land and buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,610	2,966	1,256
Exchange rate differences	(56)	70	49
Additions	35	438	1,107
Reclassifications	0	136	562
Disposals	(440)	0	(8)
Ending balance	3,149	3,610	2,966
Cost \| Machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	14,314	8,754	4,303
Exchange rate differences	(16)	(9)	0
Additions	1,234	1,239	2,437
Reclassifications	449	4,331	2,014
Disposals	(137)	(1)	0
Ending balance	15,844	14,314	8,754
Cost \| Other plant, furniture, fixtures, and office equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	8,108	5,867	3,151
Exchange rate differences	(40)	41	34
Additions	2,721	2,356	2,654
Reclassifications	74	105	311
Disposals	(220)	(261)	(283)
Ending balance	10,643	8,108	5,867
Cost \| Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,383	2,250	2,717
Exchange rate differences	(33)	22	24
Additions	2,680	4,743	2,396
Reclassifications	(523)	(4,572)	(2,887)
Disposals	(811)	(60)	0
Ending balance	3,696	2,383	2,250
Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	6,106	3,068	1,352
Exchange rate differences	(33)	5	6
Disposals	(587)	(221)	(283)
Depreciation for the year	3,738	3,254	1,993
Impairment for the year	1,172
Ending balance	10,396	6,106	3,068
Depreciation \| Land and buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,041	514	206
Exchange rate differences	(19)	1	4
Disposals	(291)	0	0
Depreciation for the year	724	526	304
Impairment for the year	0
Ending balance	1,455	1,041	514
Depreciation \| Machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,820	1,403	630
Exchange rate differences	(3)	0	0
Disposals	(86)	(2)	0
Depreciation for the year	1,771	1,419	773
Impairment for the year	1,172
Ending balance	5,674	2,820	1,403
Depreciation \| Other plant, furniture, fixtures, and office equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,245	1,151	516
Exchange rate differences	(11)	4	2
Disposals	(210)	(219)	(283)
Depreciation for the year	1,243	1,309	916
Impairment for the year	0
Ending balance	3,267	2,245	1,151
Depreciation \| Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0	0
Exchange rate differences	0	0	0
Disposals	0	0	0
Depreciation for the year	0	0	0
Impairment for the year	0
Ending balance	0	0	0
Carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	22,309	16,769
Ending balance	22,936	22,309	16,769
Carrying amount \| Land and buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,569	2,452
Ending balance	1,694	2,569	2,452
Carrying amount \| Machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	11,494	7,351
Ending balance	10,170	11,494	7,351
Carrying amount \| Other plant, furniture, fixtures, and office equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	5,863	4,716
Ending balance	7,376	5,863	4,716
Carrying amount \| Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,383	2,250
Ending balance	€ 3,696	€ 2,383	€ 2,250

Financial Instruments and Financial Risk Management

12 Months Ended

Dec. 31, 2023

Financial Instruments and Financial Risk Management

35. Financial instruments and financial risk management

35.1. Financial instruments

The financial instruments were allocated to the following categories:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
Financial Assets measured at amortized costs
Other financial assets	545	1,200	48	449
Cash and cash equivalents	23,958	0	10,238	0
Trade receivables	300	0	1,101	0
Total	24,803	1,200	11,387	449
Derivative Financial Assets measured at fair value through profit and loss	0	0	172	0
Total financial assets	24,803	1,200	11,559	449
Financial Liabilities measured at costs
Trade and other payables	16,555	0	9,238	0
Lease liabilities	5,440	19,833	1,855	7,087
Loans and borrowings	3,286	59,496	14,440	0
Other financial liabilities	432	167	90	249
Total	25,713	79,496	25,623	7,336
Derivative Financial Liabilities measured at fair value through profit and loss	609	0	0	0
Total financial liabilities	26,322	79,496	25,623	7,336

Financial assets

For other financial assets of the category financial assets measured at cost, trade receivables, and cash and cash equivalents, it is assumed that their carrying amounts correspond to their fair values due to their short terms.

The carrying amount of non-current financial assets of the category financial assets measured at cost approximates the fair value. These include non-interest-bearing security deposits. The carrying amount approximates the fair value.

The derivative financial assets consist of a prepayment option. As of December 31, 2023, the loan agreement of May 2, 2022, is repaid in full and therefore, the prepayment option doesn’t exist anymore. The option has a fair value as of December 31, 2022, in the amount of €172 thousand. The prepayment option is recognized as other financial asset measured at fair value through profit and loss and was calculated by applying an option pricing model. This model uses the risk-free interest rate, the credit spread of the group and the interest rate volatility as material input factors. The volatility is considered as material unobservable input factor (Level 3).

Changes in level 3 financial instruments are shown in the following table:


€ thousand	Fair value January 1, 2023	Additions	Disposals	Gains/(losses) recognized in financial income /expenses	FX-effects	Fair value December 31, 2023
Other financial and non-financial assets	172	0	(172)	0	0	0


€ thousand	Fair value January 1, 2022		Additions		Disposals		Gains/(losses) recognized in financial income /expenses			FX-effects		Fair value December 31, 2022
Other financial and non-financial assets		0		454		0		(282	)		0		172

Financial liabilities

Other financial liabilities as of December 31, 2023, include a carrying amount of €62,782 thousand relating to the loan agreement from April 25, 2023. The corresponding fair value amounts to €68,992 thousand.

The carrying amount of current financial liabilities in the category financial liabilities measured at cost, such as trade and other payables as well as the remaining other financial liabilities, corresponds to the fair value due to their short terms.

The carrying amount of non-current financial liabilities classified financial liabilities measured at cost, such as other financial liabilities approximate their fair value. The lease liabilities are discounted in accordance with the requirements set out in IFRS 16.

The derivative financial liabilities relating to the loan from April 25, 2023 (refer to Note 30) consist of a prepayment option and an embedded interest rate floor. As of December 31, 2023, the Level 3 fair value of the prepayment option amounts to €111 thousand (December 31, 2022: € 0) and the Level 2 fair value of the embedded floor to €(720) thousand (December 31, 2022: € 0). Both, the prepayment option and the embedded floor, are recognized as other financial liabilities measured at fair value through profit and loss (as both features constitute a multiple embedded derivative in sense of IFRS 9). The entire multiple embedded derivatives are treated as Level 3 instrument. The prepayment option as well as the embedded floor are calculated by applying an option pricing model. For the prepayment option the model uses the risk-free interest rate, the credit spread of the group and the interest rate volatility as material input factors. The credit spread as well as the interest rate volatility are considered as material unobservable input factors (Level 3 – Inputs). For the embedded floor the option price model uses the risk-free interest rate as well as the volatility on the risk-free rate (Level 2 – Inputs).

The table below summarizes the impact on the fair values of Level 3 liabilities by changing the significant unobservable input factors:


	December 31, 2023 - Profit or loss
€ thousand	increase	decrease
Prepayment option in the loan agreement of April 25, 2023
Interest rate volatility (movement +/- 5%)	88	(80)
Credit Spread (movement +/- 1%)	(25)	26

Changes in level 3 financial liabilities are shown in the following table:


€ thousand	Fair value January 1, 2023	Additions	Disposals	(Gains)/losses recognized in financial income /expenses	FX-effects	Fair value December 31, 2023
Other financial liabilities	0	1,179	0	(578)	9	609

Net gains/losses in the profit and loss statement

The net gains/losses by measurement category are as follows:


2023 - € thousand			Other income and cost items, or gain and loss items
Financial assets	AC	Measured at amortized cost	(330)
Derivative financial assets	FVTPL	Measured subsequently at fair value through profit or loss	0
Derivative Financial Liabilities	FVTPL	Measured subsequently at fair value through profit or loss	578


2022 - € thousand			Other income and cost items, or gain and loss items
Financial assets	AC	Measured at amortized cost	0
Derivative financial assets	FVTPL	Measured subsequently at fair value through profit or loss	(282)


2021 - € thousand			Other income and expense items, or gain and loss items
Financial assets	AC	Measured at amortized cost	0
Derivative financial assets	FVTPL	Measured subsequently at fair value through profit or loss	0

35.2. Financial risk management

The Group is exposed to the following risks from the use of financial instruments:

•

Credit risk (see Note 35.2 a))

•

Liquidity risk (see Note 35.2 b))

•

Market risk (see Note 35.2 c))

Principles of risk management

The Management Board of the Company is responsible for the structure and control of the Group’s risk management. For this purpose, the Management Board has appointed employees who are responsible for monitoring and developing the Group’s risk management policies. The employees submit regular reports to the Management Board about their activities. The risk management policies and the risk management systems are reviewed regularly to reflect changes in market conditions and the Group’s activities.

Capital risk management

The Group’s primary financial objectives include increasing the enterprise value on a sustained basis, ensuring solvency at all times to safeguard the Group’s ability as a going concern, and maintaining an optimal capital structure. Ensuring sufficient available liquidity is of key significance in this context. These objectives are managed by means of an integrated controlling concept, in which as part of the monthly closing process, management is provided with current indicators for various items of the financial statements and therefore also for changes in equity, and as the basis for necessary entrepreneurial decisions. The equity ratio as of December 31, 2023, was -41.4% (2022: 34.6%, 2021: 78.6%). The strong decrease of the equity ratio is due to the high consolidated net loss for the financial year 2023 as well as the increase in loans and borrowings, contract liabilities and lease liabilities. The equity ratio was calculated as the ratio of total equity to total assets.

There have been no changes in the Group’s overall capital risk management strategy relative to 2022.

Credit risk

Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from the Group’s trade receivables and its cash and cash equivalents. The carrying amounts of the other financial assets and of contract assets correspond to the maximum credit risk exposure.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment, that includes forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held) or the financial assets is more than 90 days past due.

Impairments of financial assets are recognized in profit or loss as follows:

Trade receivables

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, the Group’s Management Board also considers the factors that may influence the credit risk of the customer base, including the credit risk associated with the industries, countries, and regions in which the customers are operating.

Detailed disclosures concerning the concentration of revenue in particular areas/regions can be found in Note 6. Segment reporting and information on geographical areas.

The Group has a receivables management system that facilitates initial and ongoing analysis of customer creditworthiness individually. This analysis comprises external ratings, information by credit agencies (if available), industry information, and, in some cases, information provided by banks. Before the Group enters a business relationship, a salesperson has to submit this opportunity into a Sales Triage with the purpose to analyze all facets of the opportunity. Prior to entering into business relationship with a customer, a member of the sales department enters the opportunity in a “sales triage” tool which analyzes key facts of the opportunity. The Group limits its credit risk from trade receivables by determining a maximum.

Trade receivables are impaired where there is no reasonable expectation of recovery. A general indicator that there is no reasonable expectation of recovery is the failure to make contractual payments for a period of more than 90 days past due, unless other indicators exist that contradict this general assumption..

The overall credit risk exposure is considered low.

Other financial assets

As of the reporting date, other non-current financial assets primarily include security deposits for rental agreements of the Group. Other current financial assets include mainly receivables from suppliers.

The credit risk exposure resulting from receivables from security deposits is considered low since the deposits are hold at separate accounts restricted from usage for other purposes.

Cash and cash equivalents

The estimated loss allowance for cash and cash equivalents was calculated based upon expected losses within 12 months and reflects the short terms to maturity. As of December 31, 2023, the expected credit loss is not material and therefore was not recognized.

Liquidity risk

Liquidity risk is the risk that the Group might not be able to settle its financial liabilities as contractually agreed by delivering cash or other financial assets. The Group’s objective for liquidity management is to ensure that to the extent possible, sufficient cash funds are available at all times to be able to meet its payment obligations when due under both normal and stress scenarios, without having to bear any unsustainable losses or damage to the Group’s reputation.

The Group uses activity-based cost accounting to calculate the costs of its product and services. This enables the Group to monitor cash requirements and to optimize cash inflows on capital employed.

Prudent liquidity risk management means being able to meet obligations when due at any time and, beyond that, maintaining sufficient cash and cash equivalents for unplanned expenditures. Management applies rolling forecasts to monitor cash and cash equivalents based upon expected cash flows. This is generally done centrally for the Group.

To ensure the Group’s solvency and its ability as a going concern, the Group implemented an adapted profit and liquidity planning for the year 2024. To ensure the financing, the subsidiary, Mynaric USA Inc. (“Mynaric USA”), entered into a new five-year term loan credit agreement in the amount of $75.0 million, and Mynaric AG received an equity investment in the amount of €12.4 million on April 25, 2023. In March 2024, the Group amended the term loan credit agreement to add a delayed draw term loan facility in an aggregate amount of $20,000 thousand, of which $10,000 thousand remain undrawn as of the date hereof (refer to Note 38).

The following table shows the remaining contractual terms of financial liabilities as of the reporting date, including estimated interest payments. The amounts presented are undiscounted gross amounts, including contractual interest payments but excluding the presentation of netting effects.


	December 31, 2023
€ thousand	Carrying amount	less than 1 year	between 1 and 2 years	between 3 and 5 years	more than 5 years	Total
Trade and other payables	16,555	16,555	0	0	0	16,555
Lease liabilities	25,273	5,679	4,062	10,227	26,022	45,990
Loans and borrowings	62,782	10,227	10,227	106,947	0	127,401
Other financial liabilities	1,208	1,043	98	82	0	1,222
Total	105,818	33,504	14,387	117,256	26,022	191,168


	December 31, 2022
€ thousand	Carrying amount	less than 1 year	between 1 and 2 years	between 3 and 5 years	more than 5 years	Total
Trade and other payables	9,238	9,238	0	0	0	9,238
Lease liabilities	8,942	1,901	1,905	3,405	2,372	9,583
Loans and borrowings	14,440	14,440	0	0	0	14,440
Other financial liabilities	339	188	98	180	0	466
Total	32,959	25,767	2,003	3,585	2,372	33,727

Market risk

Market risk is the risk that market prices, such as exchange rates, interest rates, or share prices, can change and thus can affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable ranges, while simultaneously optimizing yield.

Currency risk

The Group is exposed to transactional foreign currency risks to the extent that currencies in which sales and purchase transactions as well as receivables and lending transactions are denominated do not correspond to the functional currency of the Group companies. The functional currencies of the Group companies are the Euro and the US dollar. The transactions mentioned above are mainly denominated in Euro, USD, RMB, GBP and CHF.

Effects of currency risk

The following is a summary of quantitative information about the Group’s currency risk exposure provided to Group management:


	December 31, 2023
€ thousand	USD
Intercompany receivables	1,724
Other financial assets	70
Cash and cash equivalents	5,106
Intercompany payables	(11,725)
Trade payables	(1,634)
Net statement of financial position exposure	(6,459)


	December 31, 2022
€ thousand	USD
Intercompany receivables	4,060
Other financial assets	7,500
Cash and cash equivalents	3,868
Intercompany payables	(55)
Trade payables	(142)
Other liabilities	(435)
Net statement of financial position exposure	14,796

Sensitivity analysis

A potential appreciation (depreciation) of EUR, USD against other currencies as of December 31 would have influenced the measurement of financial instruments denominated in foreign currency and would have affected equity and profit or loss in the amounts presented below. The analysis assumes that all other influencing factors, above all the interest rates, remain constant. The effects of the forecast sales and purchase transactions are ignored.


Effects on Group profit/loss
	2023		2022		2021
	Changes in exchange rates		Changes in exchange rates		Changes in exchange rates
€ thousand	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%
EUR	0	0	0	0	(328)	328
USD	(323)	323	740	(740)	1,818	(1,818)
Total	(323)	323	740	(740)	1,490	(1,490)


Effects on Group equity
	2023		2022		2021
	Changes in exchange rates		Changes in exchange rates		Changes in exchange rates
€ thousand	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%
EUR	0	0	0	0	(325)	325
USD	(323)	323	740	(740)	1,818	(1,818)
Total	(323)	323	740	(740)	1,493	(1,493)

The following exchange rates were used:


	Average rate			Spot exchange rate as of the reporting date
	2023	2022	2021	2023	2022	2021
EUR/USD	0.92368	0.95441	0.84819	0.90498	0.93756	0.88292

Interest rate risk

As of the reporting date, the Group does have an multiple embedded derivative related to the loan agreement, which is included in the other financial and non-financial liabilities. This consists of a prepayment option amounting to €111 thousand (December 31, 2022: € 0) and a embedded floor amounting to €(720) thousand (December 31, 2022: € 0). This derivative is exposed to interest rate changes. A sensitivity analysis and their effects on the consolidated equity is disclosed in Note 35.1.

Basis of Consolidation and Accounting Policies

12 Months Ended

Dec. 31, 2023

Basis of Consolidation and Accounting Policies

3. Basis of consolidation and accounting policies

3.1. Basis of consolidation

The consolidated financial statements include the financial statements of Mynaric AG and its subsidiaries as of December 31, 2023, and 2022 and for years ended December 31, 2023, 2022 and 2021, and were prepared using accounting policies applied consistently.

Subsidiaries are the entities directly or indirectly controlled by Mynaric AG. An entity is controlled when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Any intragroup balances, income and expenses, unrealized gains and losses, and dividends from intragroup transactions are eliminated.

Set out below is the list of consolidated subsidiaries:


Company name	Shareholding in %	Consolidation
Mynaric Lasercom GmbH, Munich	100.0	fully consolidated
Mynaric Systems GmbH, Munich	100.0	fully consolidated
Mynaric USA, Inc., Los Angeles, USA	100.0	fully consolidated
Mynaric Government Solutions, Inc., Arlingtion, USA	100.0	fully consolidated

3.2. Accounting policies

Transactions in foreign currency and translation into foreign currency

The consolidated financial statements are prepared in Euro, the functional currency of the Mynaric AG. The functional currency of each entity is determined by the primary economic environment in which these entities independently operate with respect to financial, economic and organizational considerations, and in which they predominantly generate and expend cash. The functional currency of each subsidiary corresponds to its respective local currency. Foreign currency transactions are remeasured into the respective functional currency of the respective entity at the exchange rates at the date such transactions occur.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Any resulting exchange rate differences are recorded in profit or loss. Non-monetary assets and liabilities in foreign currency are carried at historical exchange rates. To determine the exchange rate applied for initial recognition of the associated asset, expense or income when derecognizing a non-monetary asset or liability arising from prepaid considerations, the date of the transaction is the date of initial recognition of the non-monetary asset or liability.

The assets and liabilities of entities with a functional currency other than the Euro, are translated into Euro at the exchange rates at the reporting date. The income and expenses of such companies are translated into Euro at the average exchange rates of the reporting period. Currency translation differences are recognized in other comprehensive income and presented as a reserve for exchange rate differences in equity.

Revenue recognition

In accordance with IFRS 15 (Revenue from Contracts with Customers), revenue is recognized when control over distinct goods or services are transferred to a customer, i.e., when the customer has the ability to direct the use of, and obtains substantially all of the remaining benefits from, the transferred goods or services. A prerequisite for this is that an arrangement exists with enforceable rights and obligations and that, among other things, it is probable that the entity will collect the consideration, considering the customer’s credit standing.

Revenue is generally recognized with a customer at the level of the individual contract unless the prerequisites for combining contracts are met. The rules set out in IFRS 15 are applied consistently to similarly structured contracts and under similar circumstances. The Group generated revenue from the sale of goods and provision of services. In addition, revenue is recognized when the underlying contract is terminated due to customer default in accordance with IFRS 15.15 b), or in accordance with IFRS 15.15 a) when the Group has performed all services and received all payments for a contract that was not initially accounted for as a contract with a customer in accordance with IFRS 15.

The Group considers whether there are multiple promises in the contract that represent separate performance obligations to which a portion of the transaction price should be allocated. In determining the transaction price for such contracts, the Group considers the effect of variable consideration, the existence of a significant financing component, non-cash consideration and consideration payable to the customer (if any).

Most of the contracts with customers include multiple payment milestones that differ from the fulfillment of performance obligations. The Group typically receives a significant portion of the payments in advance. Therefore, the Group assesses each contract for a significant financing component, taking into account the period between the customer's payment and the fulfillment of the performance obligation, as well as the prevailing market interest rate. In such cases, the transaction price represents the consideration promised plus the interest element. A financing component is considered significant if the interest element exceeds 5% of the total amount of all payments under a contract. The implicit interest rate that determines the interest element is derived from existing financing arrangements, taking into account the risk-free interest rate for the expected term of the contract at point in time of contract inception.

Where a contract with a customer includes a significant financing component, the Group recognizes the interest element implicit in the contract as interest expense. The recognition of interest expense is based on contract milestones. Past milestones reflect the dates of actual payment and actual fulfillment of performance obligations. Milestones after December 31, 2023 ("Future Milestones") are based on the Group's long-term financial planning. If Future Milestones differ from the expected dates, the Group must adjust the recognition of interest expense accordingly.

The Group applies the practical expedient for short-term customer advances at contract level. This means that the amount of consideration promised is not adjusted for the effects of a significant financing component if the period between the transfer of the last promised good or service and the first payment is one year or less.

If a contract involves multiple distinct goods or services, the transaction price is allocated across the performance obligations based on the relative stand-alone selling prices. If stand-alone selling prices are not directly observable, they are estimated using the amounts that depicts the amount of consideration to which the Group expects to be entitled in the exchange for the goods or services promised to the customer. For each performance obligation, revenue is recognized either at a point in time or over time.

Revenue recognition over time is required if the customer simultaneously receives and consumes the benefits provided by the Group’s performance, the Group creates or enhances an asset that is controlled by the customer, or the Group creates an asset without an alternative use to the Group and simultaneously has an enforceable right to payment for performance completed.

The Group generates revenue from:

•

the sale of laser communication terminals

•

the provision of services (training, support and other services)

The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies.


Type of product/service	Nature and timing of satisfaction of performance obligation including significant payment terms	Revenue recognition policies
Sale of products	Customers obtain control of the laser terminals when the goods are delivered and accepted by the customer. Invoices are either issued based on the agreed payment plan of the respective contract or at that point in time of the delivery. Invoices are usually payable within 10 to 60 days.	Revenue is recognized at point in time when the customer obtains control over the product. Generally, this happens, when the product is delivered at the place agreed in the customer agreement. Advances received are presented as contract liabilities.

Training, support and other services	The Group provides training, support and other services to its customers. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Invoices for these services are either issued based on the agreed payment plan of the respective contract or after the completion of the services. Invoices are usually payable within 10 to 60 days.	Revenue is recognized over time based on the cost-to-cost method unless they are not relevant for satisfaction of performance obligation. Advances received are included in contract liabilities.

Government grants

The Group has received various government grants related to innovation projects encouraged by governmental authorities which generally reimburse a specified amount or proportion of the costs related to such projects. These grants are received or receivable in exchange for past and / or future compliance with conditions specified plan or program under which they were given the respective governmental authority, and, accordingly, they are accounted for as government grants under IAS 20. Government grants related to capitalized assets are recognized on the date on which the conditions for receipt of the grant are met and are deducted from the carrying amount of the respective assets.

Government grants related to expenses incurred by the Group are recognized in profit or loss as other operating income on a systematic basis in the periods in which the expenses are recognized, unless the conditions for receiving the grant are met after the related expenses have been recognized. In this case, the grant is recognized when it becomes receivable.

Financial result

The financial result includes

•

interest income

•

interest expense

•

the net gain or loss on financial assets/liabilities at fair value through profit and loss ("FVTPL")

•

the foreign currency gain or loss on financial assets and financial liabilities

Interest income or expense is recognised under the effective interest method. The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

•

the gross carrying amount of the financial asset; or

•

the amortised cost of the financial liability

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the liability.

Intangible assets

Intangible assets are measured at cost upon initial recognition. In subsequent periods, intangible assets are recognized at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis. The estimated (remaining) useful lifes as well as the amortization method are subject to annual reviews. If necessary, adjustments due to changes of the expected useful life or of the amortization method are accounted for prospectively as changes in accounting estimates. Intangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized; however, they are tested for impairment annually and whenever there is an indication that the intangible asset may be impaired based on the individual asset or on the level of the related cash-generating unit.

Intangible assets include purchased software and licenses as well as capitalized development expenses. Purchased software and licenses are amortized on a straight-line basis over their expected useful life of three to five years.

In accordance with IAS 38 (Intangible Assets), expenses incurred during the research and development phase must be accounted for separately. Research is defined as original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. Such costs are expensed in the period incurred. Development is defined as the technical and commercial implementation of research findings.

In accordance with IAS 38, development costs must be capitalized if the criteria set out in IAS 38.57 are fulfilled.

The Group capitalizes costs for the development of a technology until the time that development of such technology is completed. The capitalized development costs are amortized on a straight-line basis over the economic useful life of 15 years based on the expected useful life of such technology. Amortization of capitalized development costs commences upon completion of the development project (technology). Amortization expense resulting from capitalized development costs is reported in the statement of profit or loss under depreciation and amortization.

Property, plant and equipment

Property, plant, and equipment are recognized at cost, and also includes capitalized borrowing costs, less any accumulated depreciation and impairment losses, if any. Depreciation is recognized on a straight-line basis. The depreciation period is based on the expected useful life of each respective asset. The underlying useful life ranges between two and 20 years for computer hardware, between three and 20 years for machinery, furniture, fixtures, and office equipment and for leasehold improvements between two and 10 years.

The useful lifes, residual values, and depreciation methods for property, plant, and equipment are reviewed periodically and adjusted prospectively, if necessary, to ensure that the depreciation method and depreciation period reflect the expected economic benefit of the assets.

Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interests in associates and a joint venture.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases.

Impairment of non-financial assets

At each balance sheet date, the Group assesses whether there is any indication that a non-financial (other than inventories) asset may be impaired. If any such indication exists, the Group estimates the recoverable amount of the non-financial asset. For the purpose of impairment testing, assets are grouped into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or cash-generating units. The recoverable amount is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those from other cash-generating units. Intangible assets not yet available for use are tested for impairment at least once per year.

If the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount, an impairment loss is recognized in the amount of the exceeding amount in profit or loss. The recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell (FVLCOD) and its value in use.

The FVLCOD and the value in use are generally based on the estimated future cash flows of the cash-generating unit, discounted to their present value using a risk- adjusted post-tax discount rate. The future cash flows are determined on the basis of long-term corporate planning approved by management and in effect at the time the impairment test is performed.

With respect to the capitalized development costs for AIR technology and SPACE technology, the Group determines the recoverable amount using an income approach based on the Relief-from-Royalty-method. Under the Relief-from-Royalty-method, the royalty savings (cash flows) from owning an intangible asset are approximated by the royalty payments that the owner of that asset saves compared to the alternative of licensing a comparable asset. The calculation is based on the actual royalty payments that would be required if the intangible asset were not owned. The recoverable amount of the intangible asset is the present value of the hypothetical royalty payments.

At each reporting date, the Group assesses whether an impairment loss recognized in prior periods no longer exists or may have decreased. In such cases, the Group recognizes a partial or full reversal of the impairment loss by increasing the carrying amount to the recoverable amount. However, the increased carrying amount may not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

Inventories

Inventories are recognized at the lower of cost or net realizable value. The cost (including costs of purchase and manufacturing costs) is determined based on the moving average price of the item.

Apart from directly attributable unit costs, production costs include appropriate portions of production overheads based on normal operating capacity. The net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

Write-downs to the lower net realizable values primarily consider inventory risks resulting from turnover period and reduced recoverability. In addition, inventory related to product versions is written off when the intent to sell is discontinued. Write-downs are reversed when the reasons for impairment no longer exist.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. This includes both primary financial instruments (such as trade receivables and payables as well as other receivables and payables) and derivative financial instruments such as foreign exchange contracts or embedded derivatives.

Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at Fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

i) Financial assets

On initial recognition, a financial asset is classified as subsequently measured at:

•

AC – amortised cost

•

FVTPL – Fair value through profit or loss

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

Financial assets held to collect contractual cash flows and whose contractual cash flows solely represent payment of principal and interest are measured at amortized cost. Interest income from these financial assets is reported under financial income applying the effective interest method. Gains or losses from derecognition are directly recorded in the consolidated statement of comprehensive income and, together with foreign exchange gains and losses, recorded under the result from foreign currency translation. Trade receivables, cash, and other financial assets are classified as measured at amortized costs.

Derivative financial instruments ("FVTPL")

Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss.

Impairment of financial assets

The Group holds the following instruments as financial assets that are subject to the credit loss model in accordance with IFRS 9:

•

Trade receivables

•

Other financial assets

•

Cash and cash equivalents

The Group also recognizes loss allowances for expected credit losses (“ECL”) on lease receivables, which are disclosed as part of trade and other receivables.

The general impairment methodology for financial assets follows a three-stage approach based on the change in credit quality of financial assets since initial recognition (general approach). At initial recognition, debt instruments are assumed to have a low credit risk, for which a loss

allowance for 12-months ECL is recognized (Stage 1). When there has been a significant increase in credit risk, the loss allowance is measured using lifetime ECL (Stage 2). A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. If there is objective evidence of impairment (Stage 3), the Group also accounts for lifetime ECL and recognizes an impairment. The Group considers that there is objective evidence of impairment if any of the following indicators are present: significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization or default or delinquency in payments.

The Group applies this general approach for cash and cash equivalents as well as other financial assets. These assets are considered to have a low credit risk when the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Cash and cash equivalents are only placed at banks with credit ratings of investment grade or higher. Rental deposits are trust assets that, in case of a default of the counterparty, are separated from insolvency estate and are paid back primarily. Considering that, the impairment for these assets is not material.

For trade and other receivables in particular, which are not individually impaired, the Group applies the simplified approach under which lifetime ECL is recognized without monitoring the change in customers’ credit risk. To measure expected credit losses, trade receivables are aggregated based on common credit risk characteristics (risk classes) and days past due. The expected loss rates are derived from the historical payment profile of milestone invoices to customers over the two financial years preceding the balance sheet date. Adjusted for forward-looking macroeconomic factors, this historical and forward-looking information forms the basis for the expected probability of default.

Impairment losses and reversals of previous impairment losses are presented as Other operating costs in the consolidated statement of profit/loss and comprehensive income/loss.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

ii) Financial liabilities

Financial liabilities are measured at fair value upon initial recognition, less any directly attributable transaction costs in the case of loans and borrowings. The Group’s financial liabilities comprise trade and other payables as well as liabilities to banks, including overdraft credits.

The subsequent measurement of financial liabilities depends on their classification, as described below:

Financial liabilities measured at amortized cost (“FLAC”)

This category comprises Trade and other payables, Other financial liabilities as well as Loans and borrowings. Subsequent to initial recognition, interest-bearing loans are measured at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and otherwise through the amortization process based on the effective interest method.

Financial liabilities are derecognized when the contractual obligations are discharged, canceled, or expire. Financial liabilities are classified as non-current liabilities unless settlement of the financial liabilities is due within 12 months after the end of the reporting period, in which case they are classified as current.

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

Derivative financial instruments ("FVTPL")

Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial liability and certain criteria are met.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss.

Income taxes

Income taxes are comprised of current and deferred taxes. Current and deferred taxes are recognized in profit or loss to the extent that they do not relate to items recorded in equity or other comprehensive income.

Current income taxes

The expected income tax liabilities or receivables arising as a result of the taxable profit in each applicable tax jurisdiction, taking into account applicable tax rules and regulations, are recognized as current taxes. The tax rates applicable as of the reporting date are used for measurement. All necessary adjustments to tax liabilities or tax assets from prior periods are also considered.

Deferred income taxes

In accordance with IAS 12, temporary differences between the tax base of assets and liabilities on the one hand and their carrying amount under IFRS, on the other hand, result in the recognition of deferred taxes. Deferred tax assets on deductible temporary differences are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. The same applies to deferred tax assets on tax loss carryforwards.

Current and deferred income taxes for 2023 were determined using the applicable tax rates. The Group applies a tax rate of 28.648% (2022: 27.725%, 2021: 27.725%) to calculate deferred taxes for Mynaric AG. This combined income tax rate comprises 15% corporation tax plus 5.5% solidarity surcharge thereon as well as 12.82% (2022: 11.90%, 2021: 11.90%) trade tax. The tax rate for the trade tax increased due to the move of the Group's headquarter from Gilching to Munich.

Deferred tax assets and liabilities are offset if the deferred taxes refer to income taxes levied by the same taxation authority and if the current taxes are offset against each other.

Changes in deferred tax assets and liabilities are generally recognized through profit and loss, except for changes recognized in other comprehensive income or directly in equity.

Uncertain tax positions

In cases for which it is probable that amounts declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized. The amount is based on Group´s best estimate of the expected tax payment (expected value or most likely amount). Tax refund claims from uncertain tax positions are recognized when it is probable that they can be realized. In the case of tax loss, no liability for taxes or tax claim is recognized for these uncertain tax positions. Instead, the deferred tax assets for the unused tax loss carryforwards or tax credits are to be adjusted.

Share issue costs

Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from the capital reserve.

Equity-settled share-based payment

The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For equity-settled share-based payments awards with non-vesting conditions, the grant-date fair value of the equity-settled share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Provisions

Provisions are recognized when either a legal or constructive obligation to a third party as a result of a past event exists as of the reporting date, it is probable that an outflow of economic resources will be required to settle the obligation, and a reliable estimate of the amount of this obligation can be made. If the Group expects at least a partial reimbursement for a recognized provision (e.g., in the case of an insurance policy), the reimbursement is recognized as a separate asset when such reimbursement is virtually certain. The expense arising from the recognition of the provision is presented in the statement of profit or loss net of reimbursement. If the obligations fall due after more than one year and payment can be reliably estimated in terms of both amount and timing, the non-current portion of the obligation is measured at the respective present value in case the corresponding time value of money is material. The present value to be recognized is determined based on market interest rates that reflect the risk and the time period until the obligation is settled.

For long-term provisions with an interest portion the increase in the amount of a provision reflecting the time value of money is recognized as interest expense in the financial result.

Provisions are reviewed as of each reporting date and adjusted to the current best estimate.

Onerous contracts

Present obligations arising in connection with onerous contracts are recognized as provisions. The existence of an onerous contract is presumed when the Group is party to a contract that is expected to be settled by incur-ring costs that exceed the economic benefits available under the contract.

A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on the full cost necessary to fulfil the obligation under the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.

Dismantling and restoration provisions

The Group is required to restore some of the leased premises to their original condition at the end of the respective lease terms. A provision has been recognised for the present value of the estimated expenditure required to remove any leasehold improvements and restore the premise. Costs, which are directly attributable to specific leasehold improvement, have been capitalised as part of the cost of leasehold improvements and are amortised over the shorter of the term of the lease and the useful life of the assets. Remaining costs have been capitalised as part of the right-of-use-asset and are amortised over the useful life of the right-of-use-asset.

Leases

At contract inception, the Group assesses whether the contract is or contains a lease. This is the case if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

p) i) The Group as lessee

The Group presents all leases on the face of the statement of financial position with the exception of short-term leases and leases for low-value assets. It recognizes liabilities for lease payments to be made and right-of-use assets for the right to use the underlying asset.

Right-of-use assets

The Group recognizes right-of-use assets as of the commencement date (i.e., the date on which the underlying leased asset is available for use). Right-of-use assets are measured at cost less accumulated depreciation and accumulated impairment losses, if any, and adjusted for any remeasurement of the lease liabilities. The cost of the right-of-use assets correspond to the associated lease liabilities, plus any restoration costs, less any initial direct costs as well as the lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the expected useful life of the leased asset, as follows:

•

Real estate – 3 to 15 years

•

Other leases – 4 to 6 years

If ownership of the leased asset is transferred to the Group at the end of the lease term or the exercise of a purchase option is considered in the determination of the cost, depreciation is determined based on the expected useful life of the leased asset. In addition, right-of-use assets are subject to impairment testing in the same manner as property, plant and equipment described in Note 3.2 h).

Lease liabilities

On the commencement date, the Group recognizes the lease liability at the present value of the lease payments to be made over the lease term. The lease payments comprise fixed payments (including in-substance fixed payments), less any lease incentives receivable, variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date and amounts expected to be payable by the lessee under residual value guarantees. Lease payments also include the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, as well as payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. Variable lease payments that do not depend on an index or rate are expensed in the period in which the event or condition triggering such payment occurs. The Group determines the lease term based on the non-cancelable period of a lease and any periods covered by an option to extend the lease if the lessee is reasonably certain to exercise such option.

The lease liability is measured at amortised cost under the effective interest method. The Group uses the interest rate implicit in the lease, if known to the Group, for the calculation of the present value of the lease payments. In the case of leases for which this interest rate is unknown, the Group applies its incremental borrowing rate as of the commencement date. The incremental borrowing rate is the rate of interest that the

Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. After the commencement date, the lease payment is split into a principal and interest portion with the liability being reduced for the principal portion and the interest is recorded in the consolidated statement of profit and loss and other comprehensive income. In addition, the carrying amount of the lease liabilities is remeasured to reflect any modifications to the lease, changes in the lease term, changes in the lease payments (e.g., changes of future lease payments following a change in the index or rate used to determine these payments), or changes in the assessment of an option to purchase the underlying asset.

Short-term leases and leases for low-value assets

The Group applies the practical expedient for its short-term leases for real estate and other operating equipment (i.e., leases with a term of not more than 12 months from the commencement date and that do not include a purchase option). With respect to leases for office equipment deemed as being of low value, the Group also applies the exemption provided for leases for low-value assets. Lease payments for short-term leases and for leases for low-value assets are recognized as an expense on a straight-line basis over the lease term.

p) ii) The Group as a lessor

At inception or on modification of a contract with customer that contains a lease component, the Group allocates the consideration in the contract to each lease component based on their relative standalone prices.

The Group recognizes payments received related to lease under operating leases as income on a straight-line basis over the lease term as part of other operating income.

3.3. Changes in accounting policies

Newly issued financial reporting standards and interpretations

The International Accounting Standards Board (IASB) and the IFRS Interpretation Committee (IC) amended the following standards and interpretations that must be applied for the fiscal year 2023:


	Date of application
IFRS 17 Insurance Contracts	Jan. 1, 2023
Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2	Jan. 1, 2023
Definition of Accounting Estimates – Amendments to IAS 8	Jan. 1, 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12	Jan. 1, 2023
International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12	May 23, 2023

The Group has adopted all the foregoing amendments in 2023, none of which had a significant impact on the consolidated financial statements.

Newly issued financial reporting rules that have not yet been applied

The IASB has issued standards, interpretations, and amendments to existing standards whose application is not yet required, or which must be applied only in subsequent reporting periods, respectively, and which have not been applied early by the Group.


	Date of application
Non-current Liabilities with Covenants - Amendments to IAS 1 and Classification of Liabilities as Current or Non-current - Amendments to IAS 1	Jan. 1, 2024
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16	Jan. 1, 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7	Jan. 1, 2024
Lack of Exchangebility - Amendsments to IAS 21	Jan. 1, 2025
Presentation and Disclosures in Financial Statements - IFRS 18	Jan. 1, 2027
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28	Available for optional adoption / effective date deferred indefinitely

The Group is currently analyzing the effects of the new or revised financial reporting standards listed above but does not expect any material effects apart from IFRS 18 resulting from application of the revised standards to the Group.

Trade Receivables - Summary of Changes in the Loss Allowance (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Balance as of January 1	€ 0
Balance as of December 31	330	€ 0
Trade receivables [member]
Disclosure of financial assets [line items]
Balance as of January 1	0	0
Additions	330	0
Utilization	0	0
Reversals	0	0
Net foreign exchange effects	0	0
Balance as of December 31	€ 330	€ 0

Financial Instruments And Financial Risk Management - Summary Of Categories Of Financial Instrument (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Current, Financial assets measured at amortized costs	€ 24,803	€ 11,387
Non-current, Financial assets measured at amortized costs	1,200	449
Derivative Financial Assets measured at fair value through profit and loss, Current	0	172
Derivative Financial Assets measured at fair value through profit and loss, Noncurrent	0	0
Total financial assets, Current	24,803	11,559
Total financial assets, Non-current	1,200	449
Current, Cost financial liabilities measured at costs	25,713	25,623
Non-current, Cost financial liabilities measured at costs	79,496	7,336
Derivative Financial Liabilities measured at fair value through profit and loss, Current	609	0
Derivative Financial Liabilities measured at fair value through profit and loss, Non-current	0	0
Total financial liabilities, current	26,322	25,623
Total financial liabilities, Non-current	79,496	7,336
Trade and Other Payables [member]
Disclosure of detailed information about financial instruments [line items]
Current, Cost financial liabilities measured at costs	16,555	9,238
Non-current, Cost financial liabilities measured at costs	0	0
Lease liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Current, Cost financial liabilities measured at costs	5,440	1,855
Non-current, Cost financial liabilities measured at costs	19,833	7,087
Loans and Borrowings [member]
Disclosure of detailed information about financial instruments [line items]
Current, Cost financial liabilities measured at costs	3,286	14,440
Non-current, Cost financial liabilities measured at costs	59,496	0
Other Financial Liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Current, Cost financial liabilities measured at costs	432	90
Non-current, Cost financial liabilities measured at costs	167	249
Other Financial Assets [member]
Disclosure of detailed information about financial instruments [line items]
Current, Financial assets measured at amortized costs	545	48
Non-current, Financial assets measured at amortized costs	1,200	449
Cash and Cash Equivalents [member]
Disclosure of detailed information about financial instruments [line items]
Current, Financial assets measured at amortized costs	23,958	10,238
Non-current, Financial assets measured at amortized costs	0	0
Trade receivables [member]
Disclosure of detailed information about financial instruments [line items]
Current, Financial assets measured at amortized costs	300	1,101
Non-current, Financial assets measured at amortized costs	€ 0	€ 0

Other Non-Financial Liabilities - Summary of The Prepayments Received From Customers Developed (Detail) € in Thousands	Dec. 31, 2023 EUR (€)
Disclosure Of Detailed Information About Current Other Non Financial Liabilities [abstract]
Received prepayments from customers as of January 1,	€ 74
Received prepayments from customers as of December 31,	€ 74

Intangible assets - Additional Information (Detail) - EUR (€)		12 Months Ended
	Mar. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Development projects expenses		€ 0	€ 56,000	€ 79,000
Market premium rate		7.00%	7.50%	8.00%
Development costs expense		€ 21,572,000	€ 18,019,000	€ 17,830,000
Development costs capitalized		0	967,000	2,845,000
Total development cost		21,572,000	18,986,000	20,675,000
Impairment loss		4,480,000	1,531,000	0
Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets		0
Capitalised development expenditure [member] \| Condor Meo [member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			1,531,000
Impairment loss			1,531,000
Recognized recoverable amount			0
Carrying amount of recognized recoverable amount		€ 0	€ 0	€ 508,000
Capitalised development expenditure [member] \| Space Base Technology [member]
Disclosure of detailed information about intangible assets [line items]
Useful life of intangible assets		12 years 2 months 12 days	13 years 2 months 12 days	14 years 2 months 12 days
Capitalised development expenditure [member] \| Air Technology [member]
Disclosure of detailed information about intangible assets [line items]
Impairment loss		€ 3,308,000
Recognized recoverable amount		0
Carrying amount of recognized recoverable amount		€ 0	€ 3,680,000	€ 3,965,000
Space Technology [Member]
Disclosure of detailed information about intangible assets [line items]
Useful life of intangible assets	15 years
Expected marketability period for the products	12 years

Financial Instruments And Financial Risk Management - Additional Information (Detail) € in Thousands, $ in Thousands			12 Months Ended
	Apr. 25, 2023 EUR (€)	Apr. 01, 2023	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Mar. 31, 2024 USD ($)	Apr. 25, 2023 USD ($)
Financial Instruments and Financial Risk Management [Line Items]
Fair value of the prepayment option of the loan				€ 172
Proceeds from issuing shares			€ 12,769	11,201	€ 66,542
Liabilities			168,373	52,528
Other financial liabilities carrying value			2,559
Financial liabilities fair value amount			€ 68,992
Trade receivables contractual payments description			Trade receivables are impaired where there is no reasonable expectation of recovery. A general indicator that there is no reasonable expectation of recovery is the failure to make contractual payments for a period of more than 90 days past due, unless other indicators exist that contradict this general assumption.
Level 2 of fair value hierarchy [member] \| Embedded Interest Rate Floor Of Loan [member]
Financial Instruments and Financial Risk Management [Line Items]
Derivative financial liabilities			€ (720)	0
Level 3 of fair value hierarchy [member] \| Prepayment Option of the Loan [member]
Financial Instruments and Financial Risk Management [Line Items]
Derivative financial liabilities			111	€ 0
Loan Agreement [Member]
Financial Instruments and Financial Risk Management [Line Items]
Other financial liabilities carrying value			€ 62,782
Term loan [Member] \| Mynaric USA [member]
Financial Instruments and Financial Risk Management [Line Items]
Borrowings \| $							$ 75,000
Borrowings, maturity		five-year
Proceeds from issuing shares	€ 12,400
Amended term loan [Member]
Financial Instruments and Financial Risk Management [Line Items]
Borrowings \| $							$ 10,000
Amended term loan [Member] \| Non Adjusting Events After Reporting Period [Member]
Financial Instruments and Financial Risk Management [Line Items]
Aggregate principal amount \| $						$ 20,000
Remaining borrowing capacity \| $						$ 10,000
Capital Risk [member]
Financial Instruments and Financial Risk Management [Line Items]
Equity ratio			(41.40%)	34.60%	78.60%
Interest rate risk [member] \| Loan Agreement Embedded Derivative [member] \| Prepayment Option [member]
Financial Instruments and Financial Risk Management [Line Items]
Liabilities			€ 111	€ 0
Interest rate risk [member] \| Loan Agreement Embedded Derivative [member] \| Embedded Floor [member]
Financial Instruments and Financial Risk Management [Line Items]
Liabilities			€ 720	€ 0

Contingent Liabilities, Commitments, and Other Financial Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Detailed Information About Other Financial Obligations

Other financial obligations as of December 31, 2023, are as follows:


€ thousand	up to 1 year	between 1 and 5 years	more than 5 years	Total
Software and licenses	717	631	0	1,349
Incidental rental costs	123	367	27	517
Other	251	344	99	694
Total	1,091	1,342	126	2,559

Summary of Detailed Information About Financial Obligations From Outstanding Purchase Order

In addition, there are financial obligations from outstanding purchase orders for intangible assets and Property, plant and equipment in the following amounts:


€ thousand	December 31, 2023
Intangible assets	12
Property, plant and equipment	3,866
Total	3,878

Other Operating Costs - Summary Other Operating Costs (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	€ 23,222	€ 22,082	€ 11,830
Legal and consulting fees [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	8,129	6,955	2,477
Office and IT costs [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	4,680	4,236	3,282
Insurance [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	3,106	4,855	803
Other business supplies, equipment and services [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	2,529	1,835	1,396
Incidental rental costs and maintenance [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	1,860	814	696
Selling and travel costs [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	1,115	2,279	1,638
Disposals Of Property, Plant And Equipment [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	630	0	0
Loss allowance on trade receivables (ECL) [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	337	0	0
Onerous contracts [member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	0	0	240
Other costs [Member]
Disclosure Of Other Operating Expense [Line Items]
Other operating income expense	€ 836	€ 1,108	€ 1,298

Intangible Assets - Summary of Detailed Information About Carrying Amount of Intangible Assets Other Than Goodwill (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Carrying amount	€ 13,336	€ 18,058
Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	13,074	17,678	€ 19,545
Carring Amount One [Member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	13,336	18,058	19,969
Carring Amount One [Member] \| Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	13,074	17,678	19,545
Carring Amount One [Member] \| Software And Licenses [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	€ 262	€ 380	€ 424

Personnel Costs - Additional Information (Detail) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2020	Dec. 31, 2019 shares € / shares	Aug. 07, 2023 EUR (€)
Personnel Costs [Line Items]
Share based payments \| €	€ 3,972	€ 6,133	€ 1,942
Mr Altan
Personnel Costs [Line Items]
Incremental fair value of option granted \| € / shares					€ 25
Number of stock options granted					56,700
Bulent Altan \| Restricted Stock Units
Personnel Costs [Line Items]
Severance compensation \| €						€ 750
2019 Stock Option Plan ("SOP 2019")
Personnel Costs [Line Items]
Share based compensation arrangement award vesting period					4 years
Share based compensation arrangement share option exercise period					3 years
Description about how options will be exercised share options granted					volume-weighted six-month average price of the Company shares in Xetra trading (or a comparable successor system) at the Frankfurt Stock Exchange exceeds the exercise price by 20% or more
Incremental fair value of option granted \| € / shares					€ 5.93
Number of stock options granted	0	2,500	25,350
2020 Stock Option Plan ("SOP 2020")
Personnel Costs [Line Items]
Share based compensation arrangement award vesting period				4 years
Share based compensation arrangement share option exercise period				3 years
Description about how options will be exercised share options granted				the volume-weighted six-month average price of the Company shares in Xetra trading (or a comparable successor system) at the Frankfurt Stock Exchange exceeds the exercise price by 20% or more
Number of stock options granted	0	0	0
2021 Stock Option Plan ("SOP 2021")
Personnel Costs [Line Items]
Share based compensation arrangement award vesting period			4 years
Share based compensation arrangement share option exercise period			3 years
Description about how options will be exercised share options granted			the volume-weighted six-month average price of the Company shares in Xetra trading (or a comparable successor system) at the Frankfurt Stock Exchange exceeds the exercise price by 20% or more
Number of stock options granted	20,000	0	100,000
Share based payments \| €	€ 1,942	€ 2,300	€ 513
Share based compensation by share based award number of options waived by the holder	40,000
2021 Stock Option Plan ("SOP 2021") \| Capital reserve
Personnel Costs [Line Items]
Share based payments \| €	€ 7,058	5,116	€ 2,815
RSUP 2021
Personnel Costs [Line Items]
Share based compensation arrangement award vesting period			4 years
Vested entitlement settlement trading days			40 days
Award vesting rights, percentage			25.00%
RSUP 2021 \| Restricted Stock Units
Personnel Costs [Line Items]
Share based payments \| €	1,280	3,832	€ 1,429
RSUP 2021 \| Capital reserve \| Restricted Stock Units
Personnel Costs [Line Items]
Share based payments \| €	€ 6,541	€ 5,261	1,429
RSUP 2022
Personnel Costs [Line Items]
Share based compensation arrangement award vesting period		4 years
Vested entitlement settlement trading days		40 days
Award vesting rights, percentage		25.00%
2022 Stock Option Plan ("SOP 2022")
Personnel Costs [Line Items]
Number of stock options granted	7,000	108,000
Share based compensation by share based award period within which stock options may be excercised from the date of vesting		5 years
Share based compensation by share based award options issued in exchange of options waived	33,000	33,000
Incremental fair value granted modified share based payment arrangements \| €		€ 58,378
2022 Stock Option Plan ("SOP 2022") \| Tranche 2021 I
Personnel Costs [Line Items]
Share based compensation by share based award number of options waived by the holder		40,000
2022 Stock Option Plan ("SOP 2022") \| Share Price Performance Target
Personnel Costs [Line Items]
Share based compensation by share based award performance weightage percentage		80.00%
2022 Stock Option Plan ("SOP 2022") \| ESG Performance Target
Personnel Costs [Line Items]
Share based compensation by share based award performance weightage percentage		20.00%
2022 Stock Option Plan ("SOP 2022") \| Share Price And ESG Performance Target \| Bottom of range
Personnel Costs [Line Items]
Share based compensation by share based award target achievement percentage		0.00%
2022 Stock Option Plan ("SOP 2022") \| Share Price And ESG Performance Target \| Top of range
Personnel Costs [Line Items]
Share based compensation by share based award target achievement percentage		100.00%
2023 Stock Option Plan ("SOP 2023")
Personnel Costs [Line Items]
Number of stock options granted	48,000
Share based compensation by share based award period within which stock options may be excercised from the date of vesting	5 years
2023 Stock Option Plan ("SOP 2023") \| Share Price Performance Target
Personnel Costs [Line Items]
Share based compensation by share based award performance weightage percentage	80.00%
2023 Stock Option Plan ("SOP 2023") \| ESG Performance Target
Personnel Costs [Line Items]
Share based compensation by share based award performance weightage percentage	20.00%
2023 Stock Option Plan ("SOP 2023") \| Share Price And ESG Performance Target \| Bottom of range
Personnel Costs [Line Items]
Share based compensation by share based award target achievement percentage	0.00%
2023 Stock Option Plan ("SOP 2023") \| Share Price And ESG Performance Target \| Top of range
Personnel Costs [Line Items]
Share based compensation by share based award target achievement percentage	100.00%
Defined Contribution Pension Plans
Personnel Costs [Line Items]
Contributions to governmental pension schemes \| €	€ 1,914	€ 1,799	€ 1,301

Right-of-use Assets - Summary of Lease Expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Lease Expenses [Abstract]
Interest costs for lease liabilities	€ 652	€ 229	€ 185
Costs for leases of low-value assets	29	6	6
Costs for short-term leases	€ 2	€ 26	€ 13

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Summary of write-downs of inventories

Summary of inventories

Inventories consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Raw materials and supplies	20,975	10,851
Work in progress	832	2,058
Finished goods	888	439
Total	22,695	13,348

The Group recognized the following write-downs of inventories during the years:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Write-downs of raw material and supplies	(9,569)	(5,601)	(2,039)
Write-downs of work in progress	(470)	(1,225)	(397)
Write-downs of finished goods	(337)	(657)	(65)
Total	(10,375)	(7,483)	(2,501)

Inventories - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Text Block [Abstract]
Cost Of Inventories Recognised	€ 18,043	€ 13,378	€ 7,964

Related Party Disclosures - Summary of Annual Remuneration For The Supervisory Board (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Total remuneration	€ 493	€ 506	€ 263
Dr.Manfred Krischke [member]
Disclosure of transactions between related parties [line items]
Total remuneration	127	151	80
Bulent Altan [member]
Disclosure of transactions between related parties [line items]
Total remuneration	51	0	0
Peter Müller-Brühl [member]
Disclosure of transactions between related parties [line items]
Total remuneration	117	121	50
Hans Koenigsmann Member [member]
Disclosure of transactions between related parties [line items]
Total remuneration	64	66	12
Margaret Abernathy [member]
Disclosure of transactions between related parties [line items]
Total remuneration	35	0	0
Steve Geskos [member]
Disclosure of transactions between related parties [line items]
Total remuneration	59	101	32
Wincent Wobbe [member]
Disclosure of transactions between related parties [line items]
Total remuneration	40	67	19
Dr.Gerd Gruppe [member]
Disclosure of transactions between related parties [line items]
Total remuneration	0	0	39
Thomas Hanke [member]
Disclosure of transactions between related parties [line items]
Total remuneration	0	0	16
Dr.Thomas Billeter [member]
Disclosure of transactions between related parties [line items]
Total remuneration	€ 0	€ 0	€ 15

Revenue - Summary of Revenue (Detail) - EUR (€)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Disclosure of disaggregation of revenue from contracts with customers [line items]

€ 1,420,000

^[1]

€ 1,783,000

€ 554,000

^[1]

3,962,000

^[1]

2,589,000

1,801,000

^[1]

8,000

^[1]

50,000

^[1]

Total revenues from contracts with customers

5,390,000

^[1]

4,422,000

2,355,000

^[1]

5,390,000

^[1]

4,422,000

2,355,000

^[1]

Space

Disclosure of disaggregation of revenue from contracts with customers [line items]

1,420,000

399,000

554,000

3,962,000

2,589,000

1,801,000

8,000

50,000

Total revenues from contracts with customers

5,390,000

3,038,000

2,355,000

5,390,000

3,038,000

2,355,000

Air

Disclosure of disaggregation of revenue from contracts with customers [line items]

1,384,000

Total revenues from contracts with customers

1,384,000

1,384,000

USA

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

8,000

Disclosure of disaggregation of revenue from contracts with customers [line items]

4,422,000

2,355,000

^[1]

USA | Space

Disclosure of disaggregation of revenue from contracts with customers [line items]

5,390,000

3,038,000

2,355,000

USA | Air

Disclosure of disaggregation of revenue from contracts with customers [line items]

1,384,000

At Point in Time

1,420,000

^[1]

1,783,000

554,000

^[1]

Disclosure of disaggregation of revenue from contracts with customers [line items]

3,500,000

^[1]

2,589,000

^[1]

At Point in Time | Space

1,420,000

399,000

554,000

Disclosure of disaggregation of revenue from contracts with customers [line items]

3,500,000

2,589,000

At Point in Time | Air

1,384,000

Disclosure of disaggregation of revenue from contracts with customers [line items]

Transferred over Time

462,000

^[1]

1,801,000

^[1]

Transferred over Time | Space

50,000

^[1]

Disclosure of disaggregation of revenue from contracts with customers [line items]

462,000

1,801,000

Transferred over Time | Air

€ 8,000

50,000

€ 0

Disclosure of disaggregation of revenue from contracts with customers [line items]

€ 0

[1]	No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.

Intangible Assets - Summary of Detailed Information About Carrying Amounts of the Capitalized Development Projects (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Carrying amount	€ 13,336	€ 18,058
Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	13,074	17,678	€ 19,545
Capitalised development expenditure [member] \| Space Base Technology [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	13,074	13,998	15,072
Capitalised development expenditure [member] \| Air Base Technology [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	0	3,680	3,965
Capitalised development expenditure [member] \| Condor Meo [member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount	€ 0	€ 0	€ 508

Basis of Accounting - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Basis of Accounting [Line Items]
Net loss	€ (93,500)
Net current assets	(19,400)
Equity	(49,287)	€ 27,793	€ 84,914	€ 70,708
Cash and cash equivalents	23,958	€ 10,238	€ 48,143	€ 43,198
Non Adjusting Events After Reporting Period [Member]
Disclosure of Basis of Accounting [Line Items]
Cash and cash equivalents	€ 2,500

Investments accounted for using equity method [abstract]

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Equity-Accounted Investees

12 Months Ended

Dec. 31, 2023

Equity-Accounted Investees

20. Equity-accounted investees

Joint venture

In July 2022, Mynaric AG entered into a joint venture agreement with Isar Aerospace Technologies GmbH, REFLEX aerospace GmbH, and SES Astra Services Europe S.a.r.l. and established UNIO Enterprise GmbH ("UNIO"), Munich. The share capital amounted to €25,000 and the shareholding is 21.25% (2022: 25.0%) for each shareholder. The Group recognized UNIO as equity-accounted investee in the Group’s condensed consolidated statements of financial position.

Considering the share of the profit and loss of UNIO the carrying amount of the investment amounts to €0 as at December 31, 2023 (2022: €355).

Related Party Disclosures - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 EUR (€)
Disclosure of transactions between related parties [line items]
Percentage of fixed remuneration	40.00%
Percentage of performance related remuneration	60.00%
Percentage of event target achieved	100.00%
Remuneration	€ 60,000
Attendance fee	500,000
Audit Committee [member]
Disclosure of transactions between related parties [line items]
Remuneration	€ 20,000

Cost of materials (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Cost of Materials

Cost of materials consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Raw materials and consumables used	14,492	13,007	7,736
Costs for services purchased	2,279	2,427	2,888
Total	16,771	15,434	10,624

Right-of-use Assets - Additional Information (Detail) - EUR (€)	1 Months Ended		12 Months Ended
	Jan. 31, 2024	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Cash outflow for leases			€ 2,916,000	€ 1,942,000	€ 1,241,000
Impairment loss on right of use assets			0
Carrying amount of right of use assets			€ 1,743,000	7,868,000	7,277,000
New Headquarter In Munich Germany [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Lessee operating lease term of contract			10 years
Lessee operating lease extension term of contract			5 years
Additions to right-of-use assets			€ 22,232,000	€ 1,438,000	€ 1,995,000
Bottom of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Useful life of real estate			4 years
Bottom of range [member] \| Machinery [member]
Disclosure of quantitative information about right-of-use assets [line items]
Term of rental contract			4 years
Top of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Useful life of real estate			15 years
Top of range [member] \| Machinery [member]
Disclosure of quantitative information about right-of-use assets [line items]
Term of rental contract			6 years
Gilching (Germany) [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Operating lease expiration year			April 2028
Percentage of the leased property transferred		65.00%
Impairment loss on right of use assets			€ 0
Gilching (Germany) [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of the leased property transferred	65.00%

Other operating income (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Other Operating Income

Other operating income consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Income from grants	3,299	2,091	279
Miscellaneous operating income	325	285	156
Total	3,624	2,376	435

Cost of materials - Summary of Cost of Materials (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Cost of Materials [Abstract]
Raw materials and consumables used	€ 14,492	€ 13,007	€ 7,736
Costs for services purchased	2,279	2,427	2,888
Total	€ 16,771	€ 15,434	€ 10,624

Other Financial and Non-Financial Assets (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Other Financial and Non-Financial Assets

Non-current and current financial and non-financial assets consist of the following:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
NON-FINANCIAL ASSETS
Advance payments	5,887	0	625	0
Tax receivables	1,125	0	2,166	0
Prepaid expenses	737	0	2,238	0
Deferred capital raise preparation costs	82	0	0	0
Other	117	0	433	0
Total non-financial assets	7,948	0	5,461	0
FINANCIAL ASSETS
Receivables from suppliers	357	0	48	0
Receivables from funded projects	188	0	0	0
Security deposits	0	1,200	0	449
Embedded derivative	0	0	172	0
Total financial assets	545	1,200	220	449
Total	8,493	1,200	5,681	449

Right-of-use Assets - Summary Of Undiscounted Future Payments For A Not Yet Commenced Leasing Contract (Detail) - Non Adjusting Events After Reporting Period [Member] € in Thousands	Jan. 01, 2024 EUR (€)
Disclosure In Tabular Form Of Future Lease Payments For Contracts Not Yet Commenced [Line Items]
Future payments for a not yet commenced leasing contract	€ 11
Within five years
Disclosure In Tabular Form Of Future Lease Payments For Contracts Not Yet Commenced [Line Items]
Future payments for a not yet commenced leasing contract	11
Over five years [member]
Disclosure In Tabular Form Of Future Lease Payments For Contracts Not Yet Commenced [Line Items]
Future payments for a not yet commenced leasing contract	€ 0

Contract Liabilities - Summary of Current Liabilities (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Current liabilities [abstract]

€ 686

€ 723

^[1]

5,440

1,855

16,555

9,238

47,256

15,297

^[2]

^[3]

3,286

14,440

1,041

621

1,566

^[2]

€ 74,885

43,209

As Previously Reported

Current liabilities [abstract]

723

1,855

9,238

205

14,440

16,658

43,209

Classification Error

Current liabilities [abstract]

15,092

(15,092)

Current contract liabilities [abstract]

€ 0

[1]	(3) Referred to as “Current lease liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[2]	(5) Adjusted as per Note 29.
[3]	(4) Included in “Other financial liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.

Impairment Test for Non-Financial Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [abstract]
Cash flow forecasts period	10 years
Growth rate for deriving terminal value	1.00%
Post-tax discount rate	18.17%	19.07%	17.66%
Debt leveraging rate	14.46%	14.60%	17.00%
Market premium rate	7.00%	7.50%	8.00%
Risk premium rate	10.00%	10.00%	11.00%

Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Contract Liabilities Developed

The contract liabilities developed as follows:


€ thousand	2023	2022
Current and non-current contract liabilities as of January 1,	15,297	307
Received cash-ins	44,711	16,070
Revenue recognition	(4,746)	(903)
Accumulated interest expenses due to financing component	5,078	0
Net foreign exchange effects	(1,421)	(176)
Current and non-current contract liabilities as of December 31,	58,919	15,297

Summary of Current Liabilities

The current liabilities as of December 31, 2022, have been adjusted as follows:


	As previously reported	Classification error	As adjusted
Current liabilities
Provisions	723		723
Lease liabilities	1,855		1,855
Trade and other payables	9,238		9,238
Contract liabilities	205	15,092	15,297
Loans and borrowings	14,440		14,440
Other financial liabilities	90		90
Other non-financial liabilities	16,658	(15,092)	1,566
Total current liabilities	43,209	0	43,209

Summary of Cash Flow Statement

The cashflow statement for the year ended December 31, 2022, has been adjusted as follows:


€ thousand	As previously reported	Classification error	As adjusted
Cash flows from operating activities
Consolidated net income/(loss) for the period	(73,782)		(73,782)
Adjustments for:
Income tax expense	(24)		(24)
Depreciation, amortization and impairment	7,989		7,989
Loss from disposals of non-current assets	109		109
Net finance (income) and costs	2,545		2,545
Equity-settled share-based payments	6,133		6,133
Share of profit of equity-accounted investees, net of tax	45		45
Net foreign exchange (gain)/loss	(2,574)		(2,574)
Changes in:
Inventories	(4,958)		(4,958)
Trade receivables	(1,120)		(1,120)
Other financial and non-financial assets	(87)		(87)
Provisions	(296)		(296)
Trade and other payables	2,235		2,235
Contract liabilities	(144)	15,288	15,144
Other financial liabilities	(22)		(22)
Other non-financial liabilities	13,736	(15,288)	(1,552)
Net cash used in operating activities	(50,215)	0	(50,215)

Other operating income

12 Months Ended

Dec. 31, 2023

Other operating income

7. Other operating income

Other operating income consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Income from grants	3,299	2,091	279
Miscellaneous operating income	325	285	156
Total	3,624	2,376	435

Trade and Other Payables - Summary of Detailed Information of Trade and Other Payables Explanatory (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Trade And Other Payables [Abstract]
Trade payables	€ 7,627	€ 4,222
Other accruals	8,928	5,016
Total	€ 16,555	€ 9,238

Basis of Consolidation and Accounting Policies - Summary of Newly Issued Financial Reporting Rules not yet Applied (Detail)	12 Months Ended
	Dec. 31, 2023
Non-current Liabilities with Covenants - Amendments to IAS 1 and Classification of Liabilities as Current or Non-current - Amendments to IAS 1
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2024
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2024
Lack of Exchangebility - Amendsments to IAS 21
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2025
Presentation and Disclosures in Financial Statements - IFRS 18
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2027

Revenue - Summary of total transaction price of unfulfilled or partially unfulfilled performance obligations (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of performance obligations [line items]
Total transaction price of unfulfilled or partially unfulfilled performance obligations	€ 204,997	€ 72,455	€ 16,703
Within 12 month
Disclosure of performance obligations [line items]
Total transaction price of unfulfilled or partially unfulfilled performance obligations	101,499	32,790	16,703
Within 13 to 24 month
Disclosure of performance obligations [line items]
Total transaction price of unfulfilled or partially unfulfilled performance obligations	93,363	39,141	0
Over 24 month
Disclosure of performance obligations [line items]
Total transaction price of unfulfilled or partially unfulfilled performance obligations	€ 10,135	€ 524	€ 0

Governing bodies of the Company

12 Months Ended

Dec. 31, 2023

Governing bodies of the Company

37. Governing bodies of the Company

The Management Board consists of the following members:

•

Mustafa Veziroglu, Co-CEO, Master of Business Administration, Monte Sereno, California, USA (CEO since August 7, 2023)

•

Bulent Altan, Co-CEO, Master of Science in Aerospace, Playa Vista, California (until August 7, 2023)

•

Stefan Berndt-von Bülow, CFO, graduate in business administration, Tutzing

•

Joachim Horwath, CTO, Dipl.-Ing., Gilching

The Supervisory Board consists of the following members:

•

Bulent Altan, Chairman, Space engineer and CEO of Earhart Consulting LLC (since August 8, 2023)

•

Dr, Manfred Krischke, Chairman, CEO of Cloudeo AG (Chairman until August 7, 2023, and re-elected as a member of the Supervisory Board on August 7, 2023)

•

Peter Müller-Brühl, Deputy Chairman, COO of GreenCom Networks AG

•

Hans Königsmann, member of the Supervisory Board, Former vice president of flight reliability at SpaceX (until December 31, 2023)

•

Steve Geskos, member of the Supervisory Board, Managing Director Rose Park Advisors (until August 7, 2023)

•

Vincent Wobbe, member of the Supervisory Board, Head of Public Markets Investments Apeiron Investment Group (until August 7, 2023)

•

Margaret Abernathy, member of the Supervisory Board, General Counsel at Impulse Space (since August 7, 2023)

Basis of Consolidation and Accounting Policies - Summary of Consolidated Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2023
Mynaric Lasercom GmbH, Munich
Disclosure of subsidiaries [line items]
Shareholding	100.00%
Consolidation	fully consolidated
Mynaric Systems GmbH, Munich
Disclosure of subsidiaries [line items]
Shareholding	100.00%
Consolidation	fully consolidated
Mynaric USA, Inc., Los Angeles
Disclosure of subsidiaries [line items]
Shareholding	100.00%
Consolidation	fully consolidated
Mynaric Government Solutions Inc Arlington USA [Member]
Disclosure of subsidiaries [line items]
Shareholding	100.00%
Consolidation	fully consolidated

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Disclosing Information Relating to Tax Expenses


	For the year ended
€ thousand	December 31, 2023	December 31, 2022
Loss before taxes	(94,080)	(73,806)
Expected taxes applying the domestic tax rate of 28.648% (previous year: 27.725%)	(26,952)	(20,463)
Effect of income tax rate change	52	0
Foreign tax rate differential	97	(19)
Tax effect of expenses that are not deductible for tax purposes / tax adjustments	445	267
Tax effect from losses incurred in the current year and deductible temporary differences for which no deferred taxes were recognized	25,670	18,160
Recognition of previously unrecognized deferred tax assets from deductible temporary differences and on loss carryforwards and reversal of deductible temporary differences / utilization of loss carryforwards for which no deferred taxes were previously recognized	(189)	(448)
Write-up/-down of deferred tax assets	1,164	451
Effect of equity-settled share-based payments	66	1,630
Permanent effects from equity transactions and investments	(292)	0
Other	(613)	399
Tax expense for the fiscal year	(552)	(24)

Summary of Balances of Deferred Tax Assets and Liabilities

Balance of deferred tax assets and liabilities:


	December 31, 2023		December 31, 2022		2023	2022
€ thousand	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities	Changes recognized in profit or loss
Intangible assets	0	3,731	12	4,901	1,158	529
Right-of-use-assets	0	7,004	0	2,236	(4,768)	(2,238)
Property, plant, and equipment	808	0	333	0	475	232
Other non-financial assets	0	0	0	48	48	(48)
Inventories	0	381	2	121	(261)	(198)
Other financial and non-financial assets	85	0	0	0	85	0
Provisions	435	1	56	1	379	(32)
Lease liabilities	6,607	0	2,221	0	4,385	2,221
Contract Liabilities	1,287	0	0	0	1,287	0
Other financial and non-financial liabilities	20	1,451	0	273	(1,158)	(251)
Tax loss carryforwards and tax credits	2,109	0	3,187	0	(1,078)	(193)
Offsetting	(11,351)	(11,351)	(5,812)	(5,812)	0	0
Total	0	1,215	0	1,767	552	24

Trade Receivables - Summary of Trade Receivables (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Trade receivables	€ 630	€ 1,101
Loss allowance (ECL)	(330)	0
Total	€ 300	€ 1,101

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [text block]

Cost


€ thousand	Land and buildings	Machinery	Other plant, furniture, fixtures, and office equipment	Construction in progress	Total
Balance as of Jan. 1, 2021	1,256	4,303	3,151	2,717	11,427
Exchange rate differences	49	0	34	24	107
Additions	1,107	2,437	2,654	2,396	8,594
Reclassifications	562	2,014	311	(2,887)	0
Disposals	(8)	0	(283)	0	(291)
Balance as of Dec. 31, 2021	2,966	8,754	5,867	2,250	19,837
Exchange rate differences	70	(9)	41	22	124
Additions	438	1,239	2,356	4,743	8,776
Reclassifications	136	4,331	105	(4,572)	0
Disposals	0	(1)	(261)	(60)	(322)
Balance as of Dec. 31, 2022	3,610	14,314	8,108	2,383	28,415
Exchange rate differences	(56)	(16)	(40)	(33)	(145)
Additions	35	1,234	2,721	2,680	6,670
Reclassifications	0	449	74	(523)	0
Disposals	(440)	(137)	(220)	(811)	(1,608)
Balance as of Dec. 31, 2023	3,149	15,844	10,643	3,696	33,332

Depreciation


€ thousand	Land and buildings	Machinery	Other plant, furniture, fixtures, and office equipment	Construction in progress	Total
Balance as of Jan. 1, 2021	206	630	516	0	1,352
Exchange rate differences	4	0	2	0	6
Depreciation for the year	304	773	916	0	1,993
Disposals	0	0	(283)	0	(283)
Balance as of Dec. 31, 2021	514	1,403	1,151	0	3,068
Exchange rate differences	1	0	4	0	5
Depreciation for the year	526	1,419	1,309	0	3,254
Disposals	0	(2)	(219)	0	(221)
Balance as of Dec. 31, 2022	1,041	2,820	2,245	0	6,106
Exchange rate differences	(19)	(3)	(11)	0	(33)
Depreciation for the year	724	1,771	1,243	0	3,738
Impairment for the year	0	1,172	0	0	1,172
Disposals	(291)	(86)	(210)	0	(587)
Balance as of Dec. 31, 2023	1,455	5,674	3,267	0	10,396

Carrying amount


€ thousand	Land and buildings	Machinery	Other plant, furniture, fixtures, and office equipment	Construction in progress	Total
Carrying amount as of Dec. 31, 2021	2,452	7,351	4,716	2,250	16,769
Carrying amount as of Dec. 31, 2022	2,569	11,494	5,863	2,383	22,309
Carrying amount as of Dec. 31, 2023	1,694	10,170	7,376	3,696	22,936

Inventories - Summary of inventories (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Text Block [Abstract]
Raw materials and supplies	€ 20,975	€ 10,851
Work in progress	832	2,058
Finished goods	888	439
Total	€ 22,695	€ 13,348

Equity - Additional Information (Detail)						12 Months Ended
Equity - Additional Information (Detail)	Aug. 07, 2023 EUR (€)	Apr. 25, 2023 EUR (€) € / shares shares	May 14, 2021 EUR (€) € / shares shares	Jun. 12, 2020 EUR (€) € / shares shares	Jul. 02, 2019 EUR (€)	Dec. 31, 2023 EUR (€) € / shares shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Jan. 01, 2023 EUR (€)	Jul. 14, 2022 EUR (€) € / shares shares	Jan. 01, 2022 € / shares	May 14, 2021 $ / shares
Disclosure of classes of share capital [line items]
Share capital						€ 6,234,000	€ 5,668,000
Proceeds from issuing shares						12,769,000	11,201,000	€ 66,542,000
Issue of equity						12,770,000	11,201,000	66,542,000
Conversion and purchase rights in the issuance of bonds replaceable with share certificates						2,720,541,000	2,619,974,000	2,046,474,000
Authorized capital						3,079,679,000	2,605,325,000	880,325,000
Issued capital [member]
Disclosure of classes of share capital [line items]
Issue of equity						566,000	425,000	1,248,000
Capital reserve [member]
Disclosure of classes of share capital [line items]
Issue of equity						€ 12,204,000	10,776,000	70,794,000
Subscription Agreement [member]
Disclosure of classes of share capital [line items]
Share Price \| € / shares		€ 22.02
Proceeds from issuing shares		€ 12,800,000
Affiliates One [Member] \| Subscription Agreement [member]
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares		401,309
Affiliates Two [Member] \| Subscription Agreement [member]
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares		163,915
2017/I Conditional Capital \| Employees Of The Company Or Its Affiliates
Disclosure of classes of share capital [line items]
Reduction in conversion and purchase rights in the issuance of bonds replaceable with share certificates				€ 1,500,000
2019 Conditional Capital
Disclosure of classes of share capital [line items]
Conversion and purchase rights in the issuance of bonds replaceable with share certificates	€ 173,250,000				€ 270,000,000
2020/I Conditional Capital
Disclosure of classes of share capital [line items]
Conversion and purchase rights in the issuance of bonds replaceable with share certificates				34,473,000
2020/II Conditional Capital
Disclosure of classes of share capital [line items]
Conversion and purchase rights in the issuance of bonds replaceable with share certificates								1,179,679,000
2021I Authorized Capital
Disclosure of classes of share capital [line items]
Nominal value per share. \| € / shares						€ 0
Authorized capital								€ 691,827,000
2022/II Authorized Capital
Disclosure of classes of share capital [line items]
Authorized capital							€ 188,498,000
Bearer Shares
Disclosure of classes of share capital [line items]
Share capital		€ 5,668,391				€ 6,233,615			€ 5,668,391
Number Of Shares Issued \| shares						565,224
Nominal value per share. \| € / shares						€ 1					€ 1
Bearer Shares \| Subscription Agreement [member]
Disclosure of classes of share capital [line items]
Share capital						€ 6,233,615
Number Of Shares Issued \| shares		565,224
Bearer Shares \| Subscription Agreement [member] \| Issued capital [member]
Disclosure of classes of share capital [line items]
Increase (decrease) through change in equity of subsidiaries, equity		€ 565,224,000
Bearer Shares \| Subscription Agreement [member] \| Capital reserve [member]
Disclosure of classes of share capital [line items]
Increase of capital reserve by transaction costs						1,420,000
Increase (decrease) through change in equity of subsidiaries, equity		€ 12,203,777,810
Bearer Shares \| 2020/I Conditional Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares			457,501
Bearer Shares \| 2020/II Conditional Capital
Disclosure of classes of share capital [line items]
Share capital				€ 1,277,893
Number Of Shares Issued \| shares				1,277,893
Nominal value per share. \| € / shares				€ 0
Convertible bonds and/or bonds with warrants issued to the bearer						€ 150,000,000
Bearer Shares \| 2021/I Conditional Capital
Disclosure of classes of share capital [line items]
Share capital			€ 457,501
Nominal value per share. \| $ / shares												$ 0
Bearer Shares \| 2021/II Conditional Capital
Disclosure of classes of share capital [line items]
Share capital			€ 103,321
Number Of Shares Issued \| shares			103,321
Nominal value per share. \| € / shares			€ 0
Description of maximum term of options granted for share-based payment arrangement			May 13, 2026
Bearer Shares \| 2021I Authorized Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares						1,841,827
Description of maximum term of options granted for share-based payment arrangement						May 13, 2026
Authorized capital						€ 1,841,827,000
Bearer Shares \| 2021II Authorized Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares						204,647
Nominal value per share. \| € / shares						€ 0
Authorized capital						€ 204,647,000
Bearer Shares \| 2022/I Conditional Capital
Disclosure of classes of share capital [line items]
Share capital										€ 917,501
Number Of Shares Issued \| shares										917,501
Bearer Shares \| 2022/II Conditional Capital
Disclosure of classes of share capital [line items]
Share capital										€ 115,000
Number Of Shares Issued \| shares										115,000
Bearer Shares \| 2022/I Authorized Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares						2,154,680
Nominal value per share. \| € / shares						€ 0
Description of maximum term of options granted for share-based payment arrangement						July 13, 2027
Authorized capital						€ 2,154,680,000
Outstanding amount						€ 1,589,456,000
Bearer Shares \| 2022/II Authorized Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares						262.147
Nominal value per share. \| € / shares						€ 0
Description of maximum term of options granted for share-based payment arrangement						July 13, 2028
Authorized capital						€ 262,147,000
Bearer Shares \| 2023/1 Conditional Capital
Disclosure of classes of share capital [line items]
Share capital										€ 197,317
Number Of Shares Issued \| shares										197,317
Nominal value per share. \| € / shares										€ 0
Bearer Shares \| 2023/I Authorized Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares						2,493,446
Nominal value per share. \| € / shares						€ 0
Description of maximum term of options granted for share-based payment arrangement						August 6, 2028
Authorized capital						€ 2,493,446,000
Bearer Shares \| 2023/II Authorized Capital
Disclosure of classes of share capital [line items]
Number Of Shares Issued \| shares						172.716
Nominal value per share. \| € / shares						€ 0
Description of maximum term of options granted for share-based payment arrangement						August 6, 2028
Authorized capital						€ 172,716,000
Bond Holders \| 2020/I Conditional Capital
Disclosure of classes of share capital [line items]
Share capital			€ 457,501
Bond Holders \| 2020/II Conditional Capital
Disclosure of classes of share capital [line items]
Share capital						1,277,893
Bond Holders \| 2021/I Conditional Capital
Disclosure of classes of share capital [line items]
Description of maximum term of options granted for share-based payment arrangement			May 13, 2026
Bond Holders \| 2022/I Conditional Capital
Disclosure of classes of share capital [line items]
Share capital						€ 917,501
Description of maximum term of options granted for share-based payment arrangement						July 13, 2027

Earnings per Share - Summary of Detailed Information About Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Consolidated net income / (loss) for the period	€ (93,528)	€ (73,782)	€ (45,477)
Weighted average number of ordinary shares used in calculating basic earnings per share	6,043,142	5,435,839	4,250,134
Weighted average number of ordinary shares used in calculating diluted earnings per share	6,043,142	5,435,839	4,250,134
Basic earnings (loss) per share	€ (15.48)	€ (13.57)	€ (10.7)
Diluted earnings (loss) per share	€ (15.48)	€ (13.57)	€ (10.7)

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Summary Of Detailed Information About Intangible Assets Other Than Goodwill

Cost


€ thousand	Development costs	Software and licenses	Total
Balance as of Jan. 1, 2021	17,953	347	18,300
Additions	2,924	436	3,360
Disposals	0	(9)	(9)
Balance as of Dec. 31, 2021	20,877	774	21,651
Additions	1,023	142	1,165
Balance as of Dec. 31, 2022	21,900	916	22,816
Additions	0	67	67
Balance as of Dec. 31, 2023	21,900	983	22,883

Summary Of Detailed Information About Amortization And Impairment Of Intangible Assets Other Than Goodwill

Amortization and impairment


€ thousand	Development costs	Software and licenses	Total
Balance as of Jan. 1, 2021	158	258	416
Amortization for the year	1,174	93	1,267
Disposals	0	(1)	(1)
Balance as of Dec. 31, 2021	1,332	350	1,682
Amortization for the year	1,359	186	1,545
Impairment for the year	1,531	0	1,531
Balance as of Dec. 31, 2022	4,222	536	4,758
Amortization for the year	1,297	184	1,481
Impairment for the year	3,308	0	3,308
Balance as of Dec. 31, 2023	8,827	720	9,547

Summary Of Detailed Information About Carrying Amount Of Intangible Assets Other Than Goodwill

Carrying amount


€ thousand	Development costs	Software and licenses	Total
Carrying amount as of Dec. 31, 2021	19,545	424	19,969
Carrying amount as of Dec. 31, 2022	17,678	380	18,058
Carrying amount as of Dec. 31, 2023	13,074	262	13,336

Summary Of Detailed Information About Carrying Amounts Of The Capitalized Development Projects

The carrying amounts of the capitalized development projects were as follows:


€ thousand	SPACE	AIR	CONDOR MEO	Total
Carrying amount as of Dec. 31, 2021	15,072	3,965	508	19,545
Carrying amount as of Dec. 31, 2022	13,998	3,680	0	17,678
Carrying amount as of Dec. 31, 2023	13,074	0	0	13,074

Summary Of Detailed Information About Useful Life Carrying Amounts Of The Capitalized Development Projects

The remaining useful life of the capitalized development projects were as follows:


in years	SPACE	AIR
Remaining useful life as of Dec. 31, 2021	14.2	13.5
Remaining useful life as of Dec. 31, 2022	13.2	12.5
Remaining useful life as of Dec. 31, 2023	12.2	0.0

Personnel Costs - Summary of Detailed Information of Restricted Stock Units Under RSU Plan (Detail) - Restricted Stock Units - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUP 2021
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
RSUs outstanding as of Jan. 1	181,434	100,196	0
RSUs granted	0	118,551	101,107
RSUs forfeited	50,906	20,963	911
RSUs exercised	0	16,149	0
RSUs expired	0	0	0
RSUs outstanding as of Dec. 31	130,528	181,434	100,196
RSUs exercisable as of Dec. 31	0	0	0
RSUP 2022
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]
RSUs outstanding as of Jan. 1	0
RSUs granted	27,596
RSUs forfeited	2,933
RSUs exercised	0
RSUs expired	0
RSUs outstanding as of Dec. 31	24,663	0
RSUs exercisable as of Dec. 31	0

Basis of Consolidation and Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Transactions in foreign currency and translation into foreign currency

Revenue recognition

The Group generates revenue from:

•

the sale of laser communication terminals

•

the provision of services (training, support and other services)


Type of product/service	Nature and timing of satisfaction of performance obligation including significant payment terms	Revenue recognition policies
Sale of products	Customers obtain control of the laser terminals when the goods are delivered and accepted by the customer. Invoices are either issued based on the agreed payment plan of the respective contract or at that point in time of the delivery. Invoices are usually payable within 10 to 60 days.	Revenue is recognized at point in time when the customer obtains control over the product. Generally, this happens, when the product is delivered at the place agreed in the customer agreement. Advances received are presented as contract liabilities.

Training, support and other services	The Group provides training, support and other services to its customers. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Invoices for these services are either issued based on the agreed payment plan of the respective contract or after the completion of the services. Invoices are usually payable within 10 to 60 days.	Revenue is recognized over time based on the cost-to-cost method unless they are not relevant for satisfaction of performance obligation. Advances received are included in contract liabilities.

Government grants

Property, plant and equipment

The financial result includes

•

interest income

•

interest expense

•

the net gain or loss on financial assets/liabilities at fair value through profit and loss ("FVTPL")

•

the foreign currency gain or loss on financial assets and financial liabilities

•

the gross carrying amount of the financial asset; or

•

the amortised cost of the financial liability

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the liability.

Intangible assets

In accordance with IAS 38, development costs must be capitalized if the criteria set out in IAS 38.57 are fulfilled.

Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interests in associates and a joint venture.

Impairment of non-financial assets

Equity-settled share-based payment

Inventories are recognized at the lower of cost or net realizable value. The cost (including costs of purchase and manufacturing costs) is determined based on the moving average price of the item.

Financial instruments

i) Financial assets

On initial recognition, a financial asset is classified as subsequently measured at:

•

AC – amortised cost

•

FVTPL – Fair value through profit or loss

Derivative financial instruments ("FVTPL")

Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

Impairment of financial assets

The Group holds the following instruments as financial assets that are subject to the credit loss model in accordance with IFRS 9:

•

Trade receivables

•

Other financial assets

•

Cash and cash equivalents

The Group also recognizes loss allowances for expected credit losses (“ECL”) on lease receivables, which are disclosed as part of trade and other receivables.

Impairment losses and reversals of previous impairment losses are presented as Other operating costs in the consolidated statement of profit/loss and comprehensive income/loss.

ii) Financial liabilities

The subsequent measurement of financial liabilities depends on their classification, as described below:

Financial liabilities measured at amortized cost (“FLAC”)

Derivative financial instruments ("FVTPL")

Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial liability and certain criteria are met.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss.

Income taxes

Current income taxes

Deferred income taxes

Deferred tax assets and liabilities are offset if the deferred taxes refer to income taxes levied by the same taxation authority and if the current taxes are offset against each other.

Changes in deferred tax assets and liabilities are generally recognized through profit and loss, except for changes recognized in other comprehensive income or directly in equity.

Uncertain tax positions

Share issue costs

Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from the capital reserve.

Newly issued financial reporting standards and interpretations

For long-term provisions with an interest portion the increase in the amount of a provision reflecting the time value of money is recognized as interest expense in the financial result.

Provisions are reviewed as of each reporting date and adjusted to the current best estimate.

Onerous contracts

Dismantling and restoration provisions

Leases

p) i) The Group as lessee

Right-of-use assets

•

Real estate – 3 to 15 years

•

Other leases – 4 to 6 years

Lease liabilities

Short-term leases and leases for low-value assets

p) ii) The Group as a lessor

The Group recognizes payments received related to lease under operating leases as income on a straight-line basis over the lease term as part of other operating income.

The International Accounting Standards Board (IASB) and the IFRS Interpretation Committee (IC) amended the following standards and interpretations that must be applied for the fiscal year 2023:


	Date of application
IFRS 17 Insurance Contracts	Jan. 1, 2023
Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2	Jan. 1, 2023
Definition of Accounting Estimates – Amendments to IAS 8	Jan. 1, 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12	Jan. 1, 2023
International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12	May 23, 2023

The Group has adopted all the foregoing amendments in 2023, none of which had a significant impact on the consolidated financial statements.

Newly issued financial reporting rules that have not yet been applied


	Date of application
Non-current Liabilities with Covenants - Amendments to IAS 1 and Classification of Liabilities as Current or Non-current - Amendments to IAS 1	Jan. 1, 2024
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16	Jan. 1, 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7	Jan. 1, 2024
Lack of Exchangebility - Amendsments to IAS 21	Jan. 1, 2025
Presentation and Disclosures in Financial Statements - IFRS 18	Jan. 1, 2027
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28	Available for optional adoption / effective date deferred indefinitely

Equity

12 Months Ended

Dec. 31, 2023

Equity

26. Equity

26.1. Subscribed capital

Issued share capital

As of January 1, 2023, the Company’s share capital amounted to €5,668,391, divided into €5,668,391 bearer shares with a nominal value of €1.00 per share.

During the year ended December 31, 2023, share capital was increased to €6,233,615 through the issuance of a total of 565,224 bearer shares with a nominal value of €1.00 per share. This was due to the following transaction:

Equity investment 2023

In connection with the loan agreement (refer to Note 30), on April 25, 2023, the Company and two affiliates of the Lenders (the “Subscribers” / for "Lenders" refer to the loan agreement dated April 25, 2023, disclosed in Note 30) entered into a subscription agreement, pursuant to which the Subscribers subscribed for 401,309 and 163,915 new ordinary registered shares, respectively. The placement price for the new shares was €22.02 per ordinary share, resulting in aggregate proceeds raised of €12.8 million. On the same day, the management board of the Company resolved, with the approval of the supervisory board, to increase the Company’s share capital from €5,668,391.00 to €6,233,615.00 by issuing 565,224 new ordinary registered shares by partially utilizing the Authorized Capital 2022/I and with the exclusion of the shareholders’ subscription rights.

Due to this transaction the share capital increased by €565,224.00 and the capital reserve by €12,203,777.81. The increase of the capital reserve was offset by directly attributable transaction costs in the amount of €1,420 thousand.

For descriptions of the Authorized Capital 2022/I refer to Note 26.1 c).

Conditional capital

As of December 31, 2023, there is conditional capital in the amount of €2,720,541 (2022: €2,619,974, 2021: €2,046,474).

2017/I Conditional Capital

On June 12, 2020, the Annual General Meeting resolved to reduce 2017/I Conditional Capital to €1,500.00, which is used to grant stock option rights to employees of the Company or its affiliates.

On July 14, 2022, the Annual General Meeting resolved to rescind the 2017 Conditional Capital and the 2021/I Conditional Capital.

2019 Conditional Capital

Based on an authorization of the Annual General Meeting on July 2, 2019, 2019 Conditional Capital was created in the amount of €270,000.00. The Management Board was authorized, subject to the consent of the Supervisory Board, to grant stock option rights for shares to members of the Management Board and to employees of the Company or its affiliates on one or more occasions until December 31, 2022.

On August 7, 2023, the Annual General Meeting resolved to reduce 2019 Conditional Capital to €173,250.00 to serve the issued stock options under this conditional capital.

2020/I Conditional Capital

Based on an authorization of the Annual General Meeting on June 12, 2020, 2020/I Conditional Capital was created in the amount of €34,473.00. The Management Board is authorized, subject to the consent of the Supervisory Board, to grant stock option rights for shares to members of the Management Board and to employees of the Company or its affiliates on one or more occasions until December 31, 2025.

2020/II Conditional Capital

Based on an authorization of the Annual General Meeting on June 12, 2020, 2020/II Conditional Capital was created, which led to a contingent increase in the Company’s share capital by up to €1,277,893.00 through the issue of up to 1,277,893 new no-par value bearer shares.

The Management Board is authorized, subject to the consent of the Supervisory Board, to issue on one or more occasions until July 2, 2025 convertible bonds and/or bonds with warrants issued to the bearer in a total amount of up to €150 million with a term of not more than 20 years, and to grant to the bondholders conversion and/or option rights to new shares of the Company with a pro rata amount in the share capital of up to a total of €1,277,893.00 pursuant to the terms and conditions of the convertible bonds and/or bonds with warrants.

Due to the conversion of convertible bonds in fiscal year 2021, Conditional Capital 2020/II amounts to €1,179,679.00 as of December 31, 2021. On May 14, 2021, the Annual General Meeting resolved to create 2021/I Conditional Capital and an additional 2021/II Conditional Capital.

2021/I Conditional Capital

Based on an authorization of the Annual General Meeting on May 14, 2021, 2021/I Conditional Capital was created, which led to a contingent increase in the Company’s share capital by up to €457,501.00 through the issue of up to 457,501 new no-par value bearer shares.

The Management Board is authorized, subject to the consent of the Supervisory Board, to issue on one or more occasions until May 13, 2026 convertible bonds and/or bonds with warrants issued to the bearer with a term of not more than 20 years, and to grant to the bondholders conversion and/or option rights to new shares of the Company with a pro rata amount in the share capital of up to a total of €457,501.00 pursuant to the terms and conditions of the convertible bonds and/or bonds with warrants.

On July 14, 2022, the Annual General Meeting resolved to rescind the 2021/I Conditional Capital.

2021/II Conditional Capital

Based on an authorization of the Annual General Meeting on May 14, 2021, 2021/II Conditional Capital was created which led to a contingent increase in the Company’s share capital by up to €103,321.00 through the issue of up to 103,321 new no-par value bearer shares.

The Supervisory Board is authorized, to grant stock option rights for shares to members of the Management Board of the Company on one or more occasions until May 13, 2026.

2022/I Conditional Capital

Based on an authorization of the Annual General Meeting on July 14, 2022, 2022/I Conditional Capital was created, which led to a conditional increase in the Company’s share capital by up to €917,501 through the issue of up to 917,501 new shares.

The Management Board is authorized, subject to the consent of the Supervisory Board, to issue on one or more occasions until July 13, 2027 convertible bonds and/or bonds with warrants issued to the bearer with a term of not more than 20 years, and to grant to the bondholders conversion and/or option rights to new shares of the Company with a pro rata amount in the share capital of up to a total of €917,501 pursuant to the terms and conditions of the convertible bonds and/or bonds with warrants.

2022/II Conditional Capital

Based on an authorization of the Annual General Meeting on July 14, 2022, 2022/II Conditional Capital was created which led to a contingent increase in the Company’s share capital by up to €115,000 through the issue of up to 115,000 new no-par-value bearer or registered shares.

The Supervisory Board is authorized, to grant stock option rights for shares to members of the Management Board of the Company on one or more occasions until July 14, 2027.

2023/I Conditional Capital

Based on an authorization of the Annual General Meeting on July 14, 2022, 2023/I Conditional Capital was created which led to a contingent increase in the Company’s share capital by up to €197,317 through the issue of up to 197,317 new no-par-value bearer or registered shares.

The Supervisory Board is authorized, to grant stock option rights for shares to members of the Management Board of the Company on one or more occasions until August 6, 2028.

Authorized capital

As of December 31, 2023, there is authorized capital in the amount of €3,079,679 (2022: €2,605,325, 2021: €880,325).

2021/I Authorized Capital

On May 14, 2021, the Annual General Meeting resolved to create 2021/I Authorized Capital. The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s share capital on one or more occasions until May 13, 2026, by up to a total amount of €1,841,827.00 through the issue of up to 1,841,827 new no-par-value bearer shares against cash contributions and/or contributions in kind.

As a result of the capital increases carried out in fiscal year 2021, Authorized Capital 2021/I amounts to €691,827.00 as of December 31, 2021.

On July 14, 2022, the Annual General Meeting resolved to rescind the Authorized Capital 2021/I.

2021/II Authorized Capital

On May 14, 2021, the Annual General Meeting resolved to create 2021/II Authorized Capital .

The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s share capital on one or more occasions until May 13, 2026, by up to a total amount of €204,647.00 through the issue of up to 204,647 new no-par-value bearer shares against cash contributions and/or contributions in kind.

Shareholders’ subscription rights are excluded. Authorized Capital 2021/II serves to deliver shares of the Company to service restricted stock units (RSUs) granted under the Company’s Restricted Stock Unit Program (RSUP) to selected employees of the Company and its affiliates in accordance with the RSUP in return for the contribution of the respective payment entitlements arising under the RSUs.

As a result of the capital increase carried out in fiscal year 2022, Authorized Capital 2021/II amounts to €188,498.00 as of December 31, 2022.

2022/I Authorized Capital

On July 14, 2022, the Annual General Meeting resolved to create 2022/I Authorized Capital.

The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s share capital on one or more occasions until July 13, 2027, by up to a total amount of €2,154,680 through the issue of up to 2,154,680 new no-par-value bearer or registered shares against cash contributions and/or contributions in kind.

As a result of the capital increase carried out in fiscal year 2023, Authorized Capital 2022/I were used. An amount of €1,589,456.00 was outstanding as of May 3, 2023.

On August 7, 2023, the Annual General Meeting resolved to rescind the Authorized Capital 2022/I.

2022/II Authorized Capital

On July 14, 2022, the Annual General Meeting resolved to create 2022/II Authorized Capital .

The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s share capital on one or more occasions until July 13, 2028, by up to a total amount of €262,147 through the issue of up to 262.147 new no-par-value bearer or registered shares against cash contributions and/or contributions in kind.

Authorized Capital 2022/II serves to deliver shares of the Company to service restricted stock units (RSUs) granted under the Company’s Restricted Stock Unit Program (RSUP) to selected employees of the Company and its affiliates in accordance with the RSUP in return for the contribution of the respective payment entitlements arising under the RSUs. Shareholder subscription rights are excluded.

2023/I Authorized Capital

On August 7, 2023, the Annual General Meeting resolved to create 2023/I Authorized Capital.

The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s share capital on one or more occasions until August 6, 2028, by up to a total amount of €2,493,446 through the issue of up to 2,493,446 new no-par-value bearer or registered shares against cash contributions and/or contributions in kind.

2023/II Authorized Capital

On August 7, 2023, the Annual General Meeting resolved to create 2023/II Authorized Capital.

The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s share capital on one or more occasions until August 6, 2028, by up to a total amount of €172,716 through the issue of up to 172.716 new no-par-value bearer or registered shares against cash contributions and/or contributions in kind.

Authorized Capital 2023/II serves to deliver shares of the Company to service restricted stock units (RSUs) granted under the Company’s Restricted Stock Unit Program (RSUP) to selected employees of the Company and its affiliates in accordance with the RSUP in return for the contribution of the respective payment entitlements arising under the RSUs. Shareholder subscription rights are excluded.

26.2. Capital reserve

The capital reserve comprises the premiums received in connection with the issuance of new shares, equity-settled share-based payments, and the incremental costs directly attributable to the specific capital increases.

26.3. Exchange rate differences

The reserve for exchange rate differences comprises all currency translation differences arising due to the translation of the financial statements of foreign operations.

Segment reporting and information on geographical areas - Summary of Operating Segments (Detail) - EUR (€)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

€ 5,390,000

^[1]

€ 4,422,000

€ 2,355,000

^[1]

(79,163,000)

(73,790,000)

(42,364,000)

Financial income

^[2]

911,000

Financial costs

^[3]

(16,035,000)

(2,545,000)

(2,148,000)

562,000

2,574,000

826,000

Share of profit of equity-accounted investees, net of tax

^[4]

(14,562,000)

29,000

(1,322,000)

(355,000)

(45,000)

Profit/(loss) before tax

(94,080,000)

(73,806,000)

(43,686,000)

Consolidated net profit/(loss)

552,000

24,000

(1,791,000)

(93,528,000)

(73,782,000)

(45,477,000)

Air

1,384,000

(16,672,000)

(20,929,000)

(10,793,000)

Space

5,390,000

3,038,000

2,355,000

(53,984,000)

(46,773,000)

(30,082,000)

Not allocated

(8,507,000)

(6,088,000)

(1,489,000)

Group

5,390,000

4,422,000

2,355,000

Interest and similar expenses

(79,163,000)

(73,790,000)

(42,364,000)

Financial income

911,000

Financial costs

(16,035,000)

(2,545,000)

Interest and similar income

(2,148,000)

562,000

2,574,000

826,000

Share of profit of equity-accounted investees, net of tax

(14,562,000)

29,000

(1,322,000)

(355,000)

(45,000)

Profit/(loss) before tax

(94,080,000)

(73,806,000)

(43,686,000)

Consolidated net profit/(loss)

(552,000)

(24,000)

1,791,000

€ (93,528,000)

€ (73,782,000)

€ (45,477,000)

[1]	No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.
[2]	(1) Referred to as “Interest and similar income" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[3]	(2) Referred to as “Interest and similar expenses" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[4]	(3) Referred to as “Net finance income/(costs)" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.

Statement of Cash Flows - Summary of The Reconciliation of Liabilities To The Cash Flows From Financing Activities (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	€ 23,721	€ 9,064	€ 7,956
Inflows	67,723	13,530	7,500
Outflows	(22,598)	(1,850)	(8,556)
Additions	23,118	1,454
Disposals	(4,102)
Financial income	(567)
Financial Costs	2,257
Unpaid interest		1,340	1,988
FX	(288)	183	0
Reclassifications			176
Ending balance	89,263	23,721	9,064
Loans and borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	14,440	0	0
Inflows	67,723	13,110	7,500
Outflows	(20,236)	0	(7,500)
Additions	0	0
Disposals	(1,179)
Financial income	0
Financial Costs	2,234
Unpaid interest		1,330	0
FX	(200)	0	0
Reclassifications			0
Ending balance	62,782	14,440	0
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	8,942	9,027	7,956
Inflows	0	0	0
Outflows	(2,264)	(1,713)	(1,056)
Additions	21,603	1,439
Disposals	(2,923)
Financial income	0
Financial Costs	0
Unpaid interest		6	1,951
FX	(84)	183	0
Reclassifications			176
Ending balance	25,273	8,942	9,027
Other financial liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	339	37	0
Inflows	0	420	0
Outflows	(98)	(137)	0
Additions	1,514	15
Disposals	0
Financial income	(567)
Financial Costs	23
Unpaid interest		4	37
FX	(4)	0	0
Reclassifications			0
Ending balance	€ 1,208	€ 339	€ 37

Cost of materials

12 Months Ended

Dec. 31, 2023

Cash flows from operating activities

Cost of materials

8. Cost of materials

Cost of materials consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Raw materials and consumables used	14,492	13,007	7,736
Costs for services purchased	2,279	2,427	2,888
Total	16,771	15,434	10,624

Included in the cost of materials are write-downs for the year ended December 31, 2023, in the amount of €9,569 thousand (2022: €5,601 thousand, 2021: €2,039).The write-downs for the year ended December 31, 2023, refer mainly to materials relevant for production of HAWK. The write-downs on HAWK materials result from general decision on the HAWK solution and the underlying AIR Technology (refer to Note 17). The write-downs for the year ended December 31, 2022, refer to materials relevant for production of CONDOR Mk1, CONDOR Mk2 and CONDOR MEO. The write-downs for the year ended December 31, 2021, refer to materials relevant for production of CONDOR Mk1 and CONDOR Mk2. The corresponding raw materials were written down to their recoverable amount.

Financial Instruments And Financial Risk Management - Summary Of Changes In Level 3 Financial Instruments (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Changes In Level 3 Financial Instruments Other Financial And Non Financial Assets And Other Financial Liabilities [Line Items]
Assets	€ 80,321
Assets	119,086	€ 80,321
Liabilities	52,528
Liabilities	168,373	52,528
Other Financial and Non Financial Assets \| Level 3 of fair value hierarchy [member]
Disclosure Of Detailed Information About Changes In Level 3 Financial Instruments Other Financial And Non Financial Assets And Other Financial Liabilities [Line Items]
Assets	172	0
Additions	0	454
Disposals	(172)	0
Gains/(losses) recognized in financial income /expenses	0	(282)
FX-effects		0
Assets	0	172
Other Financial Liabilities [member] \| Level 3 of fair value hierarchy [member]
Disclosure Of Detailed Information About Changes In Level 3 Financial Instruments Other Financial And Non Financial Assets And Other Financial Liabilities [Line Items]
Liabilities	0
Additions	1,179
Disposals	0
(Gains)/losses recognized in financial income/expenses	(578)
FX-effects	9
Liabilities	€ 609	€ 0

Consolidated Statements of Cash Flows - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Consolidated net income / (loss) for the period

€ (93,528)

€ (73,782)

€ (45,477)

Depreciation, amortization and impairment

(552)

(24)

1,791

11,622

7,989

4,518

Loss from disposals of non-current assets

630

109

Net finance (income) and costs

15,124

2,545

2,148

Equity-settled share-based payments

3,972

6,133

1,942

Share of profit of equity-accounted investees, net of tax

355

Net foreign exchange (gain)/loss

(562)

(2,574)

(826)

(9,379)

(4,958)

(3,167)

732

(1,120)

572

(3,744)

(87)

(4,209)

296

(296)

5,908

2,235

2,320

39,760

15,144

^[1]

(1,013)

336

(22)

(1,552)

^[1]

1,941

Cash flows from investing activities

(28,984)

(50,215)

(39,426)

Acquisition of intangible assets

(70)

(1,120)

(3,346)

Acquisition of property, plant and equipment

(4,851)

(10,179)

(7,612)

Acquisition of equity-accounted investees

(400)

Interest received

333

Net cash used in investing activities

(4,588)

(11,699)

(10,958)

Cash flows from financing activities

Proceeds from issue of share capital

12,769

11,201

66,542

Share issue costs

(1,420)

(262)

(8,303)

Proceeds from loans and borrowings

67,723

13,529

7,500

Transaction costs related to loans and borrowings

(5,796)

(450)

Repayments of loans and borrowings

(13,185)

(96)

(7,500)

Payments of lease liabilities

(2,264)

(1,713)

(1,056)

Interest expenses paid

(10,740)

(241)

(1,931)

Net cash from financing activities

47,087

21,968

54,802

Net increase/decrease in cash and cash equivalents

13,515

(39,946)

4,418

Cash and cash equivalents at January 1

10,238

48,143

43,198

Effects of movements in exchange rates on cash and cash equivalents

205

2,041

527

Cash and cash equivalents at December 31

€ 23,958

€ 10,238

€ 48,143

[1]	(1) Adjusted as per Note 29.

Depreciation, Amortization and Impairment - Summary of Depreciation, Amortization and Impairment (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation and amortisation expense [abstract]
Amortization of intangible assets	€ 1,482	€ 1,545	€ 1,267
Depreciation of property, plant, and equipment	3,824	3,254	1,994
Depreciation of right-of-use assets	1,836	1,659	1,257
Total	7,142	6,458	4,518
Impairment of intangible assets	3,308	1,531	0
Impairment of property, plant and equipment	1,172	0	0
Total	4,480	1,531	0
Total depreciation, amortization and impairment	€ 11,622	€ 7,989	€ 4,518

Cost of materials - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Cost of Materials [Abstract]
Write down of raw materials and supplies	€ 9,569	€ 5,601	€ 2,039

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Detailed Information About Earnings Per Share

Earnings per share were as follows:


	For the year ended
	December 31, 2023	December 31, 2022	December 31, 2021
Consolidated net profit/loss in € thousand	(93,528)	(73,782)	(45,477)
Weighted-average number of ordinary shares, basic and diluted	6,043,142	5,435,839	4,250,134
Basic and diluted earnings per share in €	(15.48)	(13.57)	(10.70)

Personnel Costs

12 Months Ended

Dec. 31, 2023

Personnel Costs

9. Personnel costs

Personnel costs consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Wages and salaries	27,602	26,318	18,185
Social security contributions, pensions and other employee benefits	5,031	4,959	3,238
Share-based payments	3,972	6,133	1,942
Total	36,604	37,410	23,365

Under defined contribution pension plans, the Group paid contributions to governmental pension schemes for the year ended December 31, 2023, in the amount of €1,914 thousand (2022: €1,799 thousand, 2021: €1,301).

9.1. Equity-settled share-based payment under Stock Option Plans

The Group granted stock options to selected employees under the following stock option plans ("SOP"):

2019 Stock Option Plan ("SOP 2019")

A stock option entitles the holder to the right to purchase Group shares at the relevant exercise price. The vesting period for the exercise of the options is four years, starting on the grant date of such options. The options may be exercised within a period of three years after the expiration of the vesting period provided that the performance target has been achieved. The performance target is linked to the absolute price performance of the Group shares during the vesting period. The stock options can be exercised only if the volume-weighted six-month average price of the Company shares in Xetra trading (or a comparable successor system) at the Frankfurt Stock Exchange exceeds the exercise price by 20% or more upon the expiry of the vesting period. In 2019 under the SOP 2019, in addition to options granted to new beneficiaries, options were also granted in replacement for waiving any claims from the options granted in 2018 from the 2017 Stock Option Plan. The waive and grant of new stock options was treated as replacement according to IFRS 2 and therefore as a modification within the meaning of IFRS 2. The fair value of the original grant and the new grant were both measured at the modification date and the incremental fair value (EUR 5.93 per option) of the new grant is recorded in P&L.

2020 Stock Option Plan ("SOP 2020")

2021 Stock Option Plan ("SOP 2021")

2022 Stock Option Plan ("SOP 2022")

A stock option entitles the holder to the right to purchase Company shares at the relevant exercise price. The vesting period for the exercise of the options is four years, starting on the grant date of such options. The options may be exercised within a period of five years after the expiration of the vesting period provided that the performance target has been achieved. The first performance target is linked to the absolute price performance of the Company shares during the vesting period. The second performance target relates to the achievement of ESG (Environment, Social, Governance) targets (Diversity target and employee engagement target, both measured on a company level). The share price performance target is weighted at 80% and the ESG performance target is weighted at 20%. The target achievement of both performance targets is between 0% and 100% which means that the number of exercisable options is adjusted based on the corresponding target achievement. Furthermore, the stock options can only be exercised to the extent that the maximum compensation of the respective beneficiary for the corresponding period is not exceeded which means that in case the maximum compensation would be exceeded, the number of exercisable options is reduced. A total of 40,000 options from the 2021 I tranche were waived by the beneficiary, which was compensated by granting of 33,000 new stock options from the 2022 I tranche. The waive and grant of new stock options was treated as replacement according to IFRS 2

and therefore as a modification within the meaning of IFRS 2. The fair value of the original grant and the new grant were both measured at the modification date and the total related expense equal to € 58.378 of the new grant is recorded in P&L.

2023 Stock Option Plan ("SOP 2023")

Granting of stock options to Mr. Altan ("Tranche Altan")

During the year ended December 31, 2019, a shareholder of Mynaric AG granted Mr. Altan, the Chief Executive Officer and a member of the management board of Mynaric AG, the right to acquire 56,700 shares of the Company from such shareholder at a price of €25.00 per share. The exercise of Mr. Altan’s option right was subject to a number of conditions, including Mr. Altan’s continued employment until December 31, 2019, with Mynaric AG and the successful exercise of option rights pursuant to separate option agreement under which the granting shareholder was an optionholder. All conditions under the option agreement with Mr. Altan were fulfilled in December 2020. While the Initial Exercise Period would have expired, Apeiron and Mr. Altan agreed to extend the exercise period under the Altan Option Agreement to December 31, 2022. The option was not exercised.

All of the aforementioned SOP's are classified and measured as equity-settled share-based payments in accordance with IFRS 2. Accordingly, the fair value is determined only once on the grant date. The determined expense must then be amortized over the vesting period.

The following table provides an overview of the outstanding, granted, forfeited, exercised, and expired options. The stock options granted in replacement for waiving claims from the stock options under the 2017 Stock Option Plan were accounted for in accordance with the IFRS 2 rules applicable for replacement plans.

The following table provides the development of the stock options during the year ended December 31, 2023:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	SOP 2023
Options outstanding as of Jan. 1, 2023	222,250	14,000	60,000	108,000	0
Options granted	0	0	20,000	7,000	48,000
Options forfeited	64,400	0	0	0	0
Options exercised	0	0	0	0	0
Options expired	0	0	0	0	0
Options outstanding as of Dec. 31, 2023	157,850	14,000	80,000	115,000	48,000
Options exercisable as of Dec. 31, 2023	0	0	0	0	0

The following table provides the development of the stock options during the year ended December 31, 2022:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	Tranche Altan
Options outstanding as of Jan. 1, 2022	236,250	14,000	100,000	0	56,700
Options granted	2,500	0	0	108,000	0
Options forfeited	16,500	0	0	0	0
Options exercised	0	0	0	0	0
Options expired	0	0	40,000	0	56,700
Options outstanding as of Dec. 31, 2022	222,250	14,000	60,000	108,000	0
Options exercisable as of Dec. 31, 2022	0	0	0	0	0

A total of 40,000 options from the SOP 2021 were waived, which was compensated for by the granting of 33,000 new stock options under the SOP 2022. The waived stock options are presented as expired.

The following table provides the development of the stock options during the year ended December 31, 2021:


	SOP 2019	SOP 2020	SOP 2021	Tranche Altan
Options outstanding as of Jan. 1, 2021	234,750	14,000	0	56,700
Options granted	25,350	0	100,000	0
Options forfeited	23,850	0	0	0
Options exercised	0	0	0	0
Options expired	0	0	0	0
Options outstanding as of Dec. 31, 2021	236,250	14,000	100,000	56,700
Options exercisable as of Dec. 31, 2021	0	0	0	56,700

Measurement model and inputs

The measurement of the existing SOP's was based on the Monte Carlo Simulation model or the Binomial model, considering the terms and conditions for the stock options.

The table below provides the inputs used for the model during the year ended December 31, 2023:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	SOP 2023
Exercise price (in €)	37.31 - 71.15	61.27	20.25 - 71.15	20.25 - 32.90	21.20
Term in years	7	7	7	9	9
Remaining term in years	2.8 - 5.5	3.8	4.5 - 6.5	7.8 - 8.5	9.0
Share price as of the valuation date (in €)	27.55 - 80.20	75.46	23.50 - 80.20	19.76 - 23.50	21.20
Expected dividend yield (in %)	0.00	0.00	0.00	0.00	0.00
Expected volatility (in %)	36.39 - 48.45	36.39	36.90 - 39.81	35.31 - 37.68	53.80
Risk-free interest rate (in %)	(0.74) - 1.12	(0.65)	(0.40) - 2.47	2.02	1.97
Option value (in €)	5.72 - 26.14	26.14	9.25 - 25.17	1.97 - 7.51	8.76

The table below provides the inputs used for the model during the year ended December 31, 2022:


	SOP 2019	SOP 2020	SOP 2021	SOP 2022	Tranche Altan
Exercise price (in €)	37.31 - 71.15	61.27	71.15	32.90	25.00
Term in years	7	7	7	9	1.7
Remaining term in years	3.8 - 6.5	4.8	5.5	8.8	0.0
Share price as of the valuation date (in €)	27.55 - 80.20	75.46	80.20	19.76	43.39
Expected dividend yield (in %)	0.00	0.00	0.00	0.00	0.00
Expected volatility (in %)	36.39 - 48.45	36.39	36.90	35.31	51.31
Risk-free interest rate (in %)	(0.74) - 1.12	(0.65)	(0.40)	2.02	(0.82)
Option value (in €)	5.72 - 26.14	26.14	25.17	1.97 - 2.01	20.40

The table below provides the inputs used for the model during the year ended December 31, 2021.


	SOP 2019	SOP 2020	SOP 2021	Tranche Altan
Exercise price (in €)	41.03 - 71.15	61.27	71.15	25.00
Term in years	7	7	7	1.7
Remaining term in years	4.8 - 6.8	5.8	6.5	0.4
Share price as of the valuation date (in €)	35.20 - 80.20	75.46	80.20	43.39
Expected dividend yield (in %)	0.00	0.00	0.00	0.00
Expected volatility (in %)	36.39 - 48.45	36.39	36.90	51.31
Risk-free interest rate (in %)	(0.74) - (0.39)	(0.65)	(0.40)	(0.82)
Option value (in €)	9.43 - 26.14	26.14	25.17	20.40

The term of the options as well as the possibility of early exercise were considered in the option model. Early exercise is assumed when the share price exceeds the exercise price by a factor of 1.2. The implied rate of return of German government bonds with matching maturities was used for determining the risk-free interest rate. The expected volatility is based on an evaluation of the historical volatility for matching maturities of the Group's peer group. Since December 2023, the Group determines the expected volatility based on an evaluation of the historical volatility for matching maturities of the Company's share price. The expected volatility considered assumes that it is possible to derive future trends from historic volatility, and thus the actual volatility may deviate from the assumptions made.

The total expense for equity-settled share-based payments recognized in the year ended December 31, 2023, under the Stock Option Plans is €1,942 thousand (2022: €2,300 thousand, 2021: €513 thousand). The equity-settled share-based payment recognized cumulatively in the capital reserve amount to €7,058 thousand as of December 31, 2023 (2022: €5,116 thousand, 2021: €2,815 thousand).

9.2. Equity-settled share-based payment under Restricted Stock Unit Plans (RSUP)

Subscription rights in the form of restricted stock units (RSUs) were granted to selected employees under the following programs:

RSUP 2021

A RSU grants an entitlement to a cash settlement or shares in the Company, whereby the choice of settlement form lies solely with the Company. The value of an RSU corresponds to the value of the volume-weighted six-month average price of the Company shares on the primary stock exchange (Xetra).The vesting period of the RSUs is four years after the grant date of the subscription rights. RSUs will vest in installments over a four-year vesting period as follows:

•

25% of the RSUs vest 12 months after the grant date;

•

The remaining unvested RSUs will vest in equal amounts each quarter thereafter.

At the discretion of the Company, vested RSUs are settled either (i) by way of new shares utilizing the Authorized Capital 2021/II (refer to Note 26) or (ii) by way of a cash settlement. The vested entitlement is expected to be settled once a year within 40 trading days after publication of the annual financial statements of Mynaric AG by issuing new shares.

RSUP 2022

•

25% of the RSUs vest 12 months after the grant date;

•

The remaining unvested RSUs will vest in equal amounts each quarter thereafter.

At the discretion of the Company, vested RSUs are settled either (i) by way of new shares utilizing the Authorized Capital 2022/II (refer to Note 26) or (ii) by way of a cash settlement. The vested entitlement is expected to be settled once a year within 40 trading days after publication of the annual financial statements of Mynaric AG by issuing new shares.

Grants under both aforementioned RSUPs have been classified and measured as equity-settled share-based payment in accordance with IFRS 2.

The following table provides the development of the RSUs during the year ended December 31, 2023:


	RSUP 2021	RSUP 2022
RSUs outstanding as of Jan. 1, 2023	181,434	0
RSUs granted	0	27,596
RSUs forfeited	50,906	2,933
RSUs exercised	0	0
RSUs expired	0	0
RSUs outstanding as of Dec. 31, 2023	130,528	24,663
RSUs exercisable as of Dec. 31, 2023	0	0

The following table provides the development of the RSUs during the year ended December 31, 2022:


	RSUP 2021
RSUs outstanding as of Jan. 1, 2022	100,196
RSUs granted	118,551
RSUs forfeited	20,963
RSUs exercised	16,149
RSUs expired	0
RSUs outstanding as of Dec. 31, 2022	181,434
RSUs exercisable as of Dec. 31, 2022	0

The following table provides the development of the RSUs during the year ended December 31, 2021:


	RSUP 2021
RSUs outstanding as of Jan. 1, 2021	0
RSUs granted	101,107
RSUs forfeited	911
RSUs exercised	0
RSUs expired	0
RSUs outstanding as of Dec. 31, 2021	100,196
RSUs exercisable as of Dec. 31, 2021	0

Measurement model and inputs

The valuation of the present RSU programs was performed using a binomial model considering the option terms.

The table below provides the inputs used for the model during the year ended December 31, 2023:


	RSUP 2021	RSUP 2022
Exercise price (in €)	0.00	0.00
Term in years	4.5 - 5.3	4.5 - 5.3
Remaining term in years	2.3 - 3.3	4.3
Share price as of the valuation date (in €)	19.76 - 80.60	16.20 - 23.50
Expected dividend yield (in %)	0.00	0.00
Expected volatility (in %)	38.89 - 45.59	39.88 - 45.72
Risk-free interest rate (in %)	(0.62) - 1.92	2.30 - 2.77
RSU-value (in €)	19.76 - 80.60	16.20 - 23.47

The table below provides the inputs used for the model during the year ended December 31, 2022:


	RSUP 2021
Exercise price (in €)	0.00
Term in years	4.5 - 5.3
Remaining term in years	3.3 - 4.3
Share price as of the valuation date (in €)	19.76 - 80.60
Expected dividend yield (in %)	0.00
Expected volatility (in %)	38.89 - 45.59
Risk-free interest rate (in %)	(0.62) - 1.92
RSU-value (in €)	19.76 - 80.60

The table below provides the inputs used for the model during the year ended December 31, 2021:


	RSUP 2021
Exercise price (in €)		0.00
Term in years	4.5 - 4.8
Remaining term in years	4.3
Share price as of the valuation date (in €)	62.90 - 80.60
Expected dividend yield (in %)		0.00
Expected volatility (in %)	39.75 - 39.83
Risk-free interest rate (in %)	(0.62) - (0.60)
RSU-value (in €)	62.90 - 80.60

The implied rate of return of German government bonds with matching maturities was used for determining the risk-free interest rate. The expected volatility is based on an evaluation of the historical volatility for matching maturities of the Group's peer group. Since December 2023, the Group determines the expected volatility based on an evaluation of the historical volatility for matching maturities of the Company's share price. The expected volatility considered assumes that it is possible to derive future trends from historic volatility, and thus the actual volatility may deviate from the assumptions made.

The total expense for equity-settled share-based payments recognized in the year ended December 31, 2023, under the RSUPs is €1,280 thousand (2022: €3,832 thousand, 2021: €1,429 thousand). The equity-settled share-based payments recognized cumulatively in the capital reserve amount to €6,541 thousand as of December 31, 2023 (2022: €5,261 thousand, 2021: €1,429 thousand).

9.3. Equity-settled share-based payment (severance compensation)

The former CEO Bulent Altan left the Board of Management as of August 7, 2023. The Group agreed on a severance compensation in the amount of €750 thousand. This compensation can be settled either by issuing shares or by a cash payment. This transaction is accounted as equity-settled share-based payment since the Group has the choice of settlement. The Company expects to settle the compensation by issuing new shares under the Authorized Capital 2023/I.

Basis of Consolidation and Accounting Policies - Summary of Nature and Timing of Satisfication of Performance Obligation in Contract with Customers (Detail)	12 Months Ended
	Dec. 31, 2023
Sale of products
Disclosure of performance obligations [line items]
Nature and timing of satisfaction of performance obligation including significant payment terms	Customers obtain control of the laser terminals when the goods are delivered and accepted by the customer. Invoices are either issued based on the agreed payment plan of the respective contract or at that point in time of the delivery. Invoices are usually payable within 10 to 60 days.
Revenue recognition policies	Revenue is recognized at point in time when the customer obtains control over the product. Generally, this happens, when the product is delivered at the place agreed in the customer agreement.Advances received are presented as contract liabilities.
Training-, support and other services
Disclosure of performance obligations [line items]
Nature and timing of satisfaction of performance obligation including significant payment terms	The Group provides training, support and other services to its customers. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Invoices for these services are either issued based on the agreed payment plan of the respective contract or after the completion of the services. Invoices are usually payable within 10 to 60 days.
Revenue recognition policies	Revenue is recognized over time based on the cost-to-cost method unless they are not relevant for satisfaction of performance obligation.Advances received are included in contract liabilities.

Basis of Consolidation and Accounting Policies - Summary of Newly Issued Financial Reporting Standards and Interpretations (Detail)	12 Months Ended
	Dec. 31, 2023
IFRS 17 Insurance Contracts
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2023
Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2023
Definition of Accounting Estimates – Amendments to IAS 8
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	Jan. 01, 2023
International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Date of application	May 23, 2023

Income Taxes - Summary of Disclosing Information Relating to Tax Expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Loss before taxes	€ (94,080)	€ (73,806)	€ (43,686)
Expected taxes applying the domestic tax rate of 28.648% (previous year: 27.725%)	(26,952)	(20,463)
Effect of income tax rate change	52	0
Foreign tax rate differential	97	(19)
Tax effect of expenses that are not deductible for tax purposes / tax adjustments	445	267
Tax effect from losses incurred in the current year and deductible temporary differences for which no deferred taxes were recognized	25,670	18,160
Recognition of previously unrecognized deferred tax assets from deductible temporary differences and on loss carryforwards and reversal of deductible temporary differences / utilization of loss carryforwards for which no deferred taxes were previously recognized	(189)	(448)
Write-up/-down of deferred tax assets	1,164	451
Effect of equity-settled share-based payments	66	1,630
Permanent effects from equity transactions and investments	(292)	0
Other	(613)	399
Tax expense for the fiscal year	€ (552)	€ (24)	€ 1,791

Financial Instruments And Financial Risk Management - Summary Of Net Gains/Losses By Measurement Category (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial liabilities at fair value, class [member] \| Financial liabilities at fair value through profit or loss, category [member]
Disclosure of Detailed Information about Net Gains Or Losses by Measurement Category [Line Items]
Derivative Financial Liabilities	€ 578
Financial assets at amortised cost, category [member] \| Financial assets at amortised cost, class [member]
Disclosure of Detailed Information about Net Gains Or Losses by Measurement Category [Line Items]
Financial assets	(330)	€ 0	€ 0
Financial assets at fair value through profit or loss, category [member] \| Financial assets at fair value, class [member]
Disclosure of Detailed Information about Net Gains Or Losses by Measurement Category [Line Items]
Derivative financial assets	€ 0	€ (282)	€ 0

Trade Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Trade Receivables

Trade receivables consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Trade receivables	630	1,101
Loss allowance (ECL)	(330)	0
Total	300	1,101

Summary of Changes in Loss Allowance for Trade Receivables

On that basis, the loss allowance as at December 31, 2023, and 2022, was determined as follows for trade receivables:


€ thousand	2023	2022
Balance as of January 1,	0	0
Additions	330	0
Utilization	0	0
Reversals	0	0
Net foreign exchange effects	0	0
Balance as of December 31,	330	0

Summary of Loss Allowances for Trade Receivables

The loss allowances for trade receivables as at December 31, 2023, and 2022, reconcile to the opening loss allowances as follows:


€ thousand	not overdue	1 to 30 days overdue	more than 90 days overdue
Gross value of trade receivables as of December 31, 2022	656	444	0
Loss allowance (ECL)	0	0	0
Expected default risk in relation to ECL	0	0	0
Gross value of trade receivables as of December 31, 2023	178	0	451
Loss allowance (ECL)	(3)	0	(327)
Expected default risk in relation to ECL	1.6%	0.0%	72.4%

Contract Liabilities

12 Months Ended

Dec. 31, 2023

Disclosure Of Contract liabilities [Abstract]

Contract Liabilities

29. Contract liabilities

The contract liabilities in the amount of €47,256 thousand (December 31, 2022: €15,297 thousand) consist of payments made by customers presented in accordance with IFRS 15.

The contract liabilities developed as follows:


€ thousand	2023	2022
Current and non-current contract liabilities as of January 1,	15,297	307
Received cash-ins	44,711	16,070
Revenue recognition	(4,746)	(903)
Accumulated interest expenses due to financing component	5,078	0
Net foreign exchange effects	(1,421)	(176)
Current and non-current contract liabilities as of December 31,	58,919	15,297

Adjustment of comparative figures according to IAS 8.41/8.42 a)

During the year ended December 31, 2023, the Group identified a classification error in the financial statements as of December 31, 2022. The error arises from the fact that some of the contracts with customers from the financial years 2021 and 2022 were not considered as contracts with customers in the meaning of IFRS 15.9 ("IFRS 15 Contract"). This was due to the termination for convenience clauses in these contracts. Upon reconsideration, these contracts should have been accounted for as IFRS 15 Contracts because although these contracts contain a termination for convenience clause, they also contain clauses that could be considered equivalent to a termination penalty for the customer, as large portions of the prepayments are non-refundable. As a result, the prepayments received on these contracts, which were previously classified

as other non-financial liabilities in the financial statements as of December 31, 2022, should have been classified as contract liabilities. This error has been corrected by adjusting comparative figures in these financial statements.

The current liabilities as of December 31, 2022, have been adjusted as follows:


	As previously reported	Classification error	As adjusted
Current liabilities
Provisions	723		723
Lease liabilities	1,855		1,855
Trade and other payables	9,238		9,238
Contract liabilities	205	15,092	15,297
Loans and borrowings	14,440		14,440
Other financial liabilities	90		90
Other non-financial liabilities	16,658	(15,092)	1,566
Total current liabilities	43,209	0	43,209

The cashflow statement for the year ended December 31, 2022, has been adjusted as follows:


€ thousand	As previously reported	Classification error	As adjusted
Cash flows from operating activities
Consolidated net income/(loss) for the period	(73,782)		(73,782)
Adjustments for:
Income tax expense	(24)		(24)
Depreciation, amortization and impairment	7,989		7,989
Loss from disposals of non-current assets	109		109
Net finance (income) and costs	2,545		2,545
Equity-settled share-based payments	6,133		6,133
Share of profit of equity-accounted investees, net of tax	45		45
Net foreign exchange (gain)/loss	(2,574)		(2,574)
Changes in:
Inventories	(4,958)		(4,958)
Trade receivables	(1,120)		(1,120)
Other financial and non-financial assets	(87)		(87)
Provisions	(296)		(296)
Trade and other payables	2,235		2,235
Contract liabilities	(144)	15,288	15,144
Other financial liabilities	(22)		(22)
Other non-financial liabilities	13,736	(15,288)	(1,552)
Net cash used in operating activities	(50,215)	0	(50,215)

Contract Liabilities - Additional Information (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2023

Dec. 31, 2022

€ 47,256

€ 15,297

^[1]

[1]	(5) Adjusted as per Note 29.

Loans and Borrowings - Summary of Loans and Borrowings (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loan agreements [line items]
Current loan agreements	€ 3,286	€ 14,440
Non-current loan agreements	59,496	0
Loan Agreement - April 25, 2023
Loan agreements [line items]
Current loan agreements	3,286	0
Non-current loan agreements	59,496	0
Loan Agreement - May 02, 2022
Loan agreements [line items]
Current loan agreements	0	14,440
Non-current loan agreements	€ 0	€ 0

Segment reporting and information on geographical areas - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Depreciation and amortisation expense	€ 7,142	€ 6,458	€ 4,518
Air
Disclosure of operating segments [line items]
Depreciation and amortisation expense	352	1,948	1,221
Space
Disclosure of operating segments [line items]
Depreciation and amortisation expense	€ 6,790	€ 4,510	€ 3,297

Material judgments, estimates and assumptions

12 Months Ended

Dec. 31, 2023

Material judgments, estimates and assumptions

4. Material judgments, estimates and assumptions

The preparation of the consolidated financial statements requires the Management Board to make judgments, estimates and assumptions that affect the application of accounting policies and the amounts reported for assets, liabilities, income, and expenses. The most significant of these are described below.

Actual results may differ from these estimates.

Estimates and underlying assumptions are continuously reviewed. Revisions of estimates are accounted for on a prospective basis.

4.1. Management judgments

Information on management judgments made in the application of accounting policies that most significantly affect the amounts recognized in the financial statements are set out in the following disclosures:

Leases

The Group determines the lease term based on the non-cancelable period, together with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option. The Group has entered into several leases that include extension options and makes judgments when assessing whether it is reasonably certain that the option to extend or terminate the lease will or will not be exercised. All relevant factors representing an economic incentive to exercise the extension option are taken into consideration. No extension options have been included in the lease term of significant facilities being leased given the current management’s expectation of the Group’s future use of the building, except for the extension option for the new leased headquarter in Munich (Germany). Had lease extension options been included also in other leases, the amount of right of use assets and lease liabilities recorded on the statement of financial position would have been significantly higher.

Please refer to Note 19 Right-of-use assets for details on the potential future lease payments for periods after the exercise date of the extension options that are not taken into consideration in the lease term.

To measure the right-of-use asset and the corresponding lease liability at commencement date of a lease or upon modification of a lease, the Group uses the incremental borrowing rate to discount the lease payments. Judgment is required in determining the method to determine the relevant discount rate at which the Group would borrow in a similar economic environment. The Group determines its incremental borrowing rate by obtaining interest rates from external sources and makes certain adjustments to reflect the terms of the lease and type of asset leased (refer to Note 30). Using a different method might lead to a different discount rate, which might have a significant impact on the right-of-use asset and lease liability.

4.2. Estimates and assumptions

Information about assumptions and estimation uncertainty as of December 31, 2023, that have a significant risk of resulting in a material adjustment to the carrying amounts of the reported assets and liabilities during the next fiscal year are discussed below:

Recognition of deferred tax assets

The calculation of deferred taxes is based on the tax rates of the individual countries applicable as of the date when the assets are realized, or the liability is settled (using tax rates enacted or announced as of the reporting date) as well as on the assessment of the future taxable income of the Group companies.

Determining the amount of deferred tax assets is subject to estimation uncertainties as regards the availability of future taxable profit against which deductible temporary differences and the tax loss carryforwards may be utilized, which may also result from or be related to future tax planning strategies. As there is no specific standard or interpretation to evaluate the probability of projected future taxable income of the Group entities, the Group uses it's internal financial long-term planning. Deviations from the future from long-term planning may have a significant impact on the deferred tax assets.

Impairment test for non-financial assets

At each balance sheet date, the Group assesses whether there is any indication that a non-financial asset including capitalized development costs may be impaired. The impairment tests require estimates to be made in order to determine the recoverable amount of the cash-generating unit. Assumptions must be made regarding future cash inflows and outflows both in the planning period as well as for the periods thereafter. In particular, the future revenues, costs and expenditures are based on the long-term corporate planning. Also, market- and company-specific

discount rates, expected growth rates and exchange rates are estimated. If the actual amounts deviate from the estimated amount an impairment might be needed in future periods. Based on the impairment tests performed in 2023, the recoverable amounts significantly exceed the net assets of the tested cash-generating units. Refer to Note 17 for further information on the assumptions used.

Inventories

Write-downs of inventories are measured based on the inventory days on hand and on the estimated net realizable value (expected proceeds less estimated costs incurred until completion and the estimated selling expenses necessary to make the sale). The net realizable value is estimated based on the management’s decision and expectation regarding the pricing and the future marketability of the different CONDOR and HAWK product variants. Future utilizations, actual proceeds, and costs still to be incurred may deviate from anticipated amounts, which might lead to additional write-downs in future periods. Also, if the Group does not intend to sell product product version anymore, all related inventories are written down. This primarily relates to CONDOR Mk1, Mk2 and CONDOR MEO as well as HAWK (refer to Note 21).

Income Taxes - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Tax Assets Excluding Deductible Temporary Differences	€ 4,283	€ 1,699
Foreign tax loss carryforwards	16,652	16,904
Unrecognised tax losses to reduce current tax expense	189	0
Corporation Tax Loss Carryforwards [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Domestic Loss Carry forwards	256,941	168,538
Corporation Tax Loss Carryforwards [Member] \| GERMANY
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
No deferred taxes recognized amount	249,550	157,043
Trade Tax Loss Carryforwards [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Domestic Loss Carry forwards	252,481	166,481
Trade Tax Loss Carryforwards [Member] \| GERMANY
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
No deferred taxes recognized amount	245,154	154,986
Foreign Tax Loss Carryforwards [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
No deferred taxes recognized amount	16,652	17,552
Two Thousand Thirty Seven [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Domestic Loss Carry forwards	€ 0	€ 648

Intangible Assets - Summary of Detailed Information About Useful Life Carrying Amounts of the Capitalized Development Projects (Detail) - Capitalised development expenditure [member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Space Base Technology [member]
Disclosure of detailed information about intangible assets [line items]
Remaining useful life	12 years 2 months 12 days	13 years 2 months 12 days	14 years 2 months 12 days
Air Base Technology [member]
Disclosure of detailed information about intangible assets [line items]
Remaining useful life	0 years	12 years 6 months	13 years 6 months

Related Party Disclosures

12 Months Ended

Dec. 31, 2023

Related Party Disclosures

34. Related Party Disclosures

In accordance with IAS 24 (Related Party Disclosures), persons or companies which are influenced by the reporting entity or which can exert influence on the reporting entity must be disclosed unless such parties are already included in the consolidated financial statements as a consolidated company. Key management personnel consist of the members of the Management and the Supervisory boards.

34.1. Remuneration for members of the Management Board

The Supervisory Board determines the total remuneration for members of the Management Board. It also reviews and resolves upon the remuneration system as well as the appropriateness of the total compensation of the respective Management Board members, including the significant contractual elements.

The objective of the remuneration of the Management Board is to provide an adequate compensation for personal performance – considering the Company’s economic performance – and to provide an incentive for successful corporate governance. In this context, the remuneration is in line with the Company’s size as well as industry- and country-specific standards.

The remuneration for Management Board members consists of three components:

•

a non-performance-related remuneration (fixed remuneration),

•

performance-related bonuses,

•

and stock options.

The overall remuneration for the members of the Management Board comprises approximately 40% in fixed remuneration and 60% in performance- related remuneration in the event of 100% target achievement.

Non-performance-related remuneration

The fixed, non-performance-related remuneration comprises the basic remuneration and fringe benefits that may vary over the years, depending on the person involved or the occurrence of certain events.

The amount of the fixed remuneration depends on delegated functions and responsibilities as well as the general conditions customary to the industry and the market. These conditions relate primarily to other listed small- and medium-sized companies from the technology industry and related sectors. The fixed remuneration is paid in monthly installments.

Fringe benefits mainly include expenses for company housing for members of the Management Board. Members also receive taxable in-kind benefits.

Performance-related remuneration

The performance-related remuneration comprises two components: the first is agreed upon with the Supervisory Board on an annual basis, and the second is a strategic special component.

The component agreed upon with the Supervisory Board on an annual basis generally consists of two elements based on the Company’s economic performance and achievement of the annual budget as approved by the Supervisory Board. The bonus can be a maximum of 200% in the case of overachievement. The strategic special component is a reward for the Management Board member’s performance in acquiring strategic investors for the Company.

Stock options

The third remuneration component comprises stock options granted to selected employees in the form of stock options from Stock Option Plans 2019, 2020, 2021, 2022 and 2023, in which the Management Board members also participate. A stock option right entitles the holder to the right to purchase Company shares at the respective exercise price. The vesting period for exercise of the options is four years, starting on the grant date of such options. The options may be exercised within a period of three years after the expiration of the vesting period, provided that the performance target has been achieved.

In the context of these plans, stock options were issued to the Management Board in 2019, 2020, 2021, 2022 and 2023, which entitle the holder to subscribe to Mynaric AG shares. Detailed information about the granted stock options are presented in Note 9.1.

Remuneration granted

The remuneration granted to the Management Board during the year ended December 31, 2023 consists of the following:


	Short-term employee benefits		Long-term equity-settled share-based payments
Year	Basic remuneration in € thousand	Short-term variable remuneration in € thousand	Number of stock options granted	Recognized as expense in € thousand	Severance compensation in € thousand	Total in € thousand
2023	1,475	1,180	75,000	1,515	750	4,920
2022	1,380	488	108,000	1,818	0	3,686

The severance compensation is accounted as an equity-settled share-based payment (refer to Note 9.3).

The former chairman of the Management Board, Bulent Altan, received remuneration for his activities as CEO of the subsidiary Mynaric USA Inc., which is already included in the remuneration granted and paid. The other Management Board members did not receive any remuneration during their term for their activities in a subsidiary.

34.2. Supervisory Board remuneration

The remuneration system of the Supervisory Board is based on the Company’s size, the duties and responsibilities of the Supervisory Board members, and the Company’s economic situation and expected future development. The remuneration of the Supervisory Board is governed by section 14 of the Company’s Articles of Association, which was amended on the Annual General Meeting on July 14, 2022. Accordingly, the Supervisory Board members receive a fixed annual remuneration, payable after the end of the fiscal year. The remuneration amounts to €60,000.00 per year, with the chairman receiving twice that amount and the deputy chairman receiving one and a half times this amount. An attendance fee of €500.00 are paid for Supervisory Board meetings. Supervisory Board members who are also members of the Audit Committee shall receive a remuneration in the amount of € 20,000.00 for each full financial year of membership of the Audit Committee in addition to the remuneration for their activities on the Supervisory Board as member, Chairman or Deputy Chairman. The Chairman of the Audit Committee shall receive one and a half times the remuneration. Members of the Supervisory Board receive reimbursement for their out-of-pocket expenses, however, as well as reimbursement of the value-added tax on their remuneration and out-of-pocket expenses. In addition, the Company bears the costs of D&O liability insurance for the Supervisory Board members. The Company does not grant any loans to the Supervisory Board members.

The annual remuneration for the Supervisory Board is as follows:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Dr. Manfred Krischke	127	151	80
Bulent Altan	51	0	0
Peter Müller-Brühl	117	121	50
Hans Koenigsmann	64	66	12
Margaret Abernathy	35	0	0
Steve Geskos	59	101	32
Wincent Wobbe	40	67	19
Dr. Gerd Gruppe	0	0	39
Thomas Hanke	0	0	16
Dr. Thomas Billeter	0	0	15
Total	493	506	263

Shareholdings of management and supervisory board members

Based on available information, the board members have the following shareholdings:


Number of shares	December 31, 2023		December 31, 2022		Change
Joachim Horwath		220,527		220,527		0
Peter Müller-Brühl		4,445		4,445		0
Bulent Altan		1,136		1,136		0
Stefan Berndt-von Bülow		174		174		0

34.3. Other related party transactions

Interests in subsidiaries are set out in Note 3.1 and interests in an associated company are set out in Note 20.

No transactions identified with the associated company nor with any other related party during the year ended December 31, 2023.

Related Party Disclosures - Summary Of Detailed Information About Board Member's Share Holdings Explanatory (Detail) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Joachim Horwath [member]
Disclosure of transactions between related parties [line items]
Number Of Shares Issued	220,527	220,527	0
Peter Müller-Brühl [member]
Disclosure of transactions between related parties [line items]
Number Of Shares Issued	4,445	4,445	0
Bulent Altan [member]
Disclosure of transactions between related parties [line items]
Number Of Shares Issued	1,136	1,136	0
StefanBerndtvonBlow [member]
Disclosure of transactions between related parties [line items]
Number Of Shares Issued	174	174	0

Intangible Assets - Summary of Detailed Information About Intangible Assets Other Than Goodwill (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	€ 18,058,000
Amortization for the year	1,482,000	€ 1,545,000	€ 1,267,000
Ending Balance	13,336,000	18,058,000
Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	17,678,000	19,545,000
Impairment for the year	0
Ending Balance	13,074,000	17,678,000	19,545,000
Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	22,816,000	21,651,000	18,300,000
Additions	67,000	1,165,000	3,360,000
Disposals			(9,000)
Ending Balance	22,883,000	22,816,000	21,651,000
Gross carrying amount [member] \| Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	21,900,000	20,877,000	17,953,000
Additions	0	1,023,000	2,924,000
Amortization for the year			0
Ending Balance	21,900,000	21,900,000	20,877,000
Gross carrying amount [member] \| Software And Licenses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	916,000	774,000	347,000
Additions	67,000	142,000	436,000
Disposals			(9,000)
Ending Balance	€ 983,000	€ 916,000	€ 774,000

Contract Liabilities - Summary of Cash Flow Statement (Detail) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from (used in) operating activities [abstract]

Consolidated net income / (loss) for the period

€ (93,528)

€ (73,782)

€ (45,477)

Depreciation, amortization and impairment

(552)

(24)

1,791

11,622

7,989

4,518

Loss from disposals of non-current assets

630

109

Net finance (income) and costs

15,124

2,545

2,148

Equity-settled share-based payments

3,972

6,133

1,942

Share of profit of equity-accounted investees, net of tax

355

Net foreign exchange (gain)/loss

(562)

(2,574)

(826)

(9,379)

(4,958)

(3,167)

732

(1,120)

572

(3,744)

(87)

(4,209)

296

(296)

5,908

2,235

2,320

39,760

15,144

^[1]

(1,013)

336

(22)

(1,552)

^[1]

1,941

Cash flows from (used in) operating activities [abstract]

€ (28,984)

(50,215)

€ (39,426)

As Previously Reported

Consolidated net income / (loss) for the period

(73,782)

Depreciation, amortization and impairment

(24)

7,989

Loss from disposals of non-current assets

109

Net finance (income) and costs

2,545

Equity-settled share-based payments

6,133

Share of profit of equity-accounted investees, net of tax

Net foreign exchange (gain)/loss

(2,574)

(4,958)

(1,120)

(87)

(296)

2,235

(144)

(22)

13,736

(50,215)

Classification Error

15,288

(15,288)

€ 0

[1]	(1) Adjusted as per Note 29.

Basis of Consolidation and Accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Consolidated Subsidiaries

Set out below is the list of consolidated subsidiaries:


Company name	Shareholding in %	Consolidation
Mynaric Lasercom GmbH, Munich	100.0	fully consolidated
Mynaric Systems GmbH, Munich	100.0	fully consolidated
Mynaric USA, Inc., Los Angeles, USA	100.0	fully consolidated
Mynaric Government Solutions, Inc., Arlingtion, USA	100.0	fully consolidated

Summary of Nature and Timing of Satisfication of Performance Obligation in Contract with Customers


Type of product/service	Nature and timing of satisfaction of performance obligation including significant payment terms	Revenue recognition policies
Sale of products	Customers obtain control of the laser terminals when the goods are delivered and accepted by the customer. Invoices are either issued based on the agreed payment plan of the respective contract or at that point in time of the delivery. Invoices are usually payable within 10 to 60 days.	Revenue is recognized at point in time when the customer obtains control over the product. Generally, this happens, when the product is delivered at the place agreed in the customer agreement. Advances received are presented as contract liabilities.

Training, support and other services	The Group provides training, support and other services to its customers. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Invoices for these services are either issued based on the agreed payment plan of the respective contract or after the completion of the services. Invoices are usually payable within 10 to 60 days.	Revenue is recognized over time based on the cost-to-cost method unless they are not relevant for satisfaction of performance obligation. Advances received are included in contract liabilities.

Summary of Newly Issued Financial Reporting Standards and Interpretations/Rules not yet Applied

The International Accounting Standards Board (IASB) and the IFRS Interpretation Committee (IC) amended the following standards and interpretations that must be applied for the fiscal year 2023:


	Date of application
IFRS 17 Insurance Contracts	Jan. 1, 2023
Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2	Jan. 1, 2023
Definition of Accounting Estimates – Amendments to IAS 8	Jan. 1, 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12	Jan. 1, 2023
International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12	May 23, 2023


	Date of application
Non-current Liabilities with Covenants - Amendments to IAS 1 and Classification of Liabilities as Current or Non-current - Amendments to IAS 1	Jan. 1, 2024
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16	Jan. 1, 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7	Jan. 1, 2024
Lack of Exchangebility - Amendsments to IAS 21	Jan. 1, 2025
Presentation and Disclosures in Financial Statements - IFRS 18	Jan. 1, 2027
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28	Available for optional adoption / effective date deferred indefinitely

Right-of-use Assets

12 Months Ended

Dec. 31, 2023

Right-of-use Assets

19. Right-of-use Assets

Cost


€ thousand	Real estate leases	Other leases	Total
Balance as of Jan. 1, 2021	9,216	19	9,235
Exchange rate differences	168	0	168
Additions	1,995	0	1,995
Disposals	(11)	0	(11)
Balance as of Dec. 31, 2021	11,368	19	11,387
Exchange rate differences	196	0	196
Additions	688	750	1,438
Disposals	(5)	(11)	(16)
Balance as of Dec. 31, 2022	12,247	758	13,005
Exchange rate differences	(117)	0	(117)
Additions	21,472	760	22,232
Disposals	(4,928)	(8)	(4,936)
Balance as of Dec. 31, 2023	28,675	1,509	30,184

Depreciation


€ thousand	Real estate leases	Other leases	Total
Balance as of Jan. 1, 2021	1,287	6	1,293
Exchange rate differences	17	0	17
Depreciation for the year	1,252	5	1,257
Disposals	(7)	0	(7)
Balance as of Dec. 31, 2021	2,549	11	2,560
Exchange rate differences	13	0	13
Depreciation for the year	1,647	14	1,661
Disposals	0	(11)	(11)
Balance as of Dec. 31, 2022	4,209	14	4,223
Exchange rate differences	(47)	(2)	(49)
Depreciation for the year	1,836	87	1,923
Disposals	(2,078)	(3)	(2,081)
Balance as of Dec. 31, 2023	3,920	96	4,016

Carrying amount


€ thousand	Real estate leases	Other leases	Total
Carrying amount as of Dec. 31, 2021	8,819	8	8,827
Carrying amount as of Dec. 31, 2022	8,038	744	8,782
Carrying amount as of Dec. 31, 2023	24,755	1,413	26,168

The Group has entered into leases for real estate and machinery that it uses for its operations. The useful life of real estate ranges from four to 15 years. The rental contracts for machinery range from four to six years and contain purchase options which management expects to exercise. The obligations of the Group from its lease agreements are collateralized through the lessor’s ownership of the leased assets. Several lease agreements contain extension and termination options that are described in more detail below.

The Group has also entered into lease agreements for properties and operating and office equipment with a term of not more than 12 months, as well as leases for low-value office equipment. For these leases, the Group applies the practical expedients applicable to short-term leases and leases for low-value assets.

The additions presented during the year ended December 31, 2023, in the amount of €22,232 thousand (2022: €1,438 thousand, 2021: €1,995) primarily relating to the lease of the new headquarter in Munich in Germany.

The following amounts were recognized in profit or loss:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Interest costs for lease liabilities	652	229	185
Costs for leases of low-value assets	29	6	6
Costs for short-term leases	2	26	13

The Group's cash outflows for leases amounted to €2,916 thousand in 2023 (2022: €1,942 thousand, 2021: €1,241 thousand).

Several real estate’s leases include extension options. Wherever possible, the Group seeks to include extension options when entering into new leases in order to ensure operational flexibility. The extension options can be exercised only by the Group, not by the lessor. The Group assesses on the commencement date whether an exercise of the extension option is reasonably certain. If a significant event or a significant change in circumstances outside of the Group’s control occurs, the Group reassesses whether the exercise of the extension option is reasonably certain. No extension option is considered in the measurement of the right-of-use asset and the lease liability except for the extension option in the new headquarter in Munich (Germany) during the year ended December 31, 2023, which has a term of 10 year and an extension option of five years. This extension option is expected to be exercised as the Group invested a significant amount in lease improvements.

The following table shows the undiscounted potential future lease payments from the exercise of extension options:


€ thousand	Within five years	Over five years	Total
Extension options that are not expected to be exercised	2,036	4,048	6,084

The following table shows the undiscounted future payments for a not yet commenced leasing contract. The probable commencement date is January 1, 2024.


€ thousand	Within five years	Over five years	Total
Future payments for a not yet commenced leasing contract	11	0	11

Impairment test right-of-use asset Gilching

During the year ended December 31, 2023, the Group identified events that might trigger an impairment for the right-of-use asset of the lease of the previous headquarter in Gilching (Germany), mainly due to the fact that the Group moved into a new headquarter in Munich (Germany) and since then the real estate in Gilching (Germany) is only used for minor storage purposes. The Group is actively seeking a new tenant as the lease expires in April 2028. Approximately 65% of the property has been and will be transferred to a new tenant in November 2023 and January 2024. This transfer is fully recognized during the year ended December 31, 2023, in the form of a lease modification of the respective right-of-use asset and lease liability. Therefore, the remaining part of the property was tested for an impairment due to the significant change in usage.

The value in use is considered to be €0 as the Group does not use the office. However, the fair value less costs to sell for the right-of-use asset is considered to be close to its carrying amount as the new tenant has agreed to the same terms and conditions under which the Group leased the asset previously. Furthermore, as the asset was included in the asset impairment test (see Note 25) and the asset impairment test did not reveal any indication of impairment, the Group did not recognize any impairment of the right-of-use asset. Henceforth, the carrying amount is €1,743 thousand (2022: €7,868 thousand, 2021: €7,277 thousand).

Loans and Borrowings - Additional Information (Detail) - EUR (€) € in Thousands		3 Months Ended	12 Months Ended
	Apr. 25, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loan agreements [line items]
Proceeds from loans and borrowings			€ 67,723	€ 13,529	€ 7,500
Transaction costs			5,796	450	€ 450
Financial liabilities			€ 191,168	€ 33,727
Credit Agreement [member]
Loan agreements [line items]
Borrowings covenant minimum average weekly liquidity		€ 10,000
Credit Agreement [member] \| Mynaric USA [member]
Loan agreements [line items]
Borrowings, maturity	five-year
Notional amount	€ 75,000
Percentage of original issue discount	1.00%
Borrowings floor rate	2.00%
Borrowings, adjustment to interest rate basis	10.00%
Percentage of interest paid in kind	3.00%
Percentage of exit fee charged to invested capital	180.00%
Credit amount	€ 74,250
Percentage Of Exit Fee Charged To Invested Capital	180.00%
Proceeds from loans and borrowings	€ 67,723
Transaction costs	5,796
Financial liabilities	61,926
Embedded derivative	€ 1,179
Credit Agreement [member] \| Mynaric USA [member] \| Third Anniversary [Member]
Loan agreements [line items]
Percentage of exit fee charged to invested capital	185.00%
Percentage Of Exit Fee Charged To Invested Capital	185.00%
Credit Agreement [member] \| Mynaric USA [member] \| Fourth Anniversary [Member]
Loan agreements [line items]
Percentage of exit fee charged to invested capital	200.00%
Percentage Of Exit Fee Charged To Invested Capital	200.00%

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings per Share

16. Earnings per share

Basic earnings per share is calculated by dividing earnings after taxes attributable to the shares by the number of participating shares. Diluted earnings per share is calculated by considering the potential increase in the Group’s ordinary shares as the result of granted stock options, restricted stock units and convertible bonds.

Earnings per share were as follows:


	For the year ended
	December 31, 2023	December 31, 2022	December 31, 2021
Consolidated net profit/loss in € thousand	(93,528)	(73,782)	(45,477)
Weighted-average number of ordinary shares, basic and diluted	6,043,142	5,435,839	4,250,134
Basic and diluted earnings per share in €	(15.48)	(13.57)	(10.70)

Cash and Cash Equivalents - Additional Information (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Text Block [Abstract]
Cash and cash equivalents	€ 23,958	€ 10,238	€ 48,143	€ 43,198

Personnel Costs - Summary of Measurement of Restricted Stock Unit Plan Based On Binomial Model (Detail) - 2021 Stock Option Plan ("SOP 2021") - Restricted Stock Units - € / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUP 2021
Disclosure Of Measurement Of Other Equity Instruments Granted During Period [Line Items]
Exercise price	€ 0	€ 0	€ 0
Remaining term in years			4 years 3 months 18 days
Expected dividend yield	0.00%	0.00%	0.00%
RSUP 2021 \| Bottom of range
Disclosure Of Measurement Of Other Equity Instruments Granted During Period [Line Items]
Term in years	4 years 6 months	4 years 6 months	4 years 6 months
Remaining term in years	2 years 3 months 18 days	3 years 3 months 18 days
Share price as of the valuation date	€ 19.76	€ 19.76	€ 62.9
Expected volatility	38.89%	38.89%	39.75%
Risk-free interest rate	(0.62%)	(0.62%)	(0.62%)
RSU-value	€ 19.76	€ 19.76	€ 62.9
RSUP 2021 \| Top of range
Disclosure Of Measurement Of Other Equity Instruments Granted During Period [Line Items]
Term in years	5 years 3 months 18 days	5 years 3 months 18 days	4 years 9 months 18 days
Remaining term in years	3 years 3 months 18 days	4 years 3 months 18 days
Share price as of the valuation date	€ 80.6	€ 80.6	€ 80.6
Expected volatility	45.59%	45.59%	39.83%
Risk-free interest rate	1.92%	1.92%	(0.60%)
RSU-value	€ 80.6	€ 80.6	€ 80.6
RSUP 2022
Disclosure Of Measurement Of Other Equity Instruments Granted During Period [Line Items]
Exercise price	€ 0
Remaining term in years	4 years 3 months 18 days
Expected dividend yield	0.00%
RSUP 2022 \| Bottom of range
Disclosure Of Measurement Of Other Equity Instruments Granted During Period [Line Items]
Term in years	4 years 6 months
Share price as of the valuation date	€ 16.2
Expected volatility	39.88%
Risk-free interest rate	2.30%
RSU-value	€ 16.2
RSUP 2022 \| Top of range
Disclosure Of Measurement Of Other Equity Instruments Granted During Period [Line Items]
Term in years	5 years 3 months 18 days
Share price as of the valuation date	€ 23.5
Expected volatility	45.72%
Risk-free interest rate	2.77%
RSU-value	€ 23.47

Personnel Costs - Summary of Measurement of Stock Option Plan Based On Monte Carlo Simulation (Detail)	12 Months Ended
	Dec. 31, 2023 yr € / shares	Dec. 31, 2022 yr € / shares	Dec. 31, 2021 yr € / shares
Tranche Mr. Altan
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price		€ 25	€ 25
Term in years \| yr		1.7	1.7
Remaining term in years		0 years	4 months 24 days
Share price as of the valuation date		€ 43.39	€ 43.39
Expected dividend yield		0.00%	0.00%
Expected volatility		51.31%	51.31%
Risk-free interest rate		(0.82%)	(0.82%)
Option value		€ 20.4	€ 20.4
2019 Stock Option Plan ("SOP 2019")
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Term in years \| yr	7	7	7
Expected dividend yield	0.00%	0.00%	0.00%
2019 Stock Option Plan ("SOP 2019") \| Bottom of range
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 37.31	€ 37.31	€ 41.03
Remaining term in years	2 years 9 months 18 days	3 years 9 months 18 days	4 years 9 months 18 days
Share price as of the valuation date	€ 27.55	€ 27.55	€ 35.2
Expected volatility	36.39%	36.39%	36.39%
Risk-free interest rate	(0.74%)	(0.74%)	(0.74%)
Option value	€ 5.72	€ 5.72	€ 9.43
2019 Stock Option Plan ("SOP 2019") \| Top of range
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 71.15	€ 71.15	€ 71.15
Remaining term in years	5 years 6 months	6 years 6 months	6 years 9 months 18 days
Share price as of the valuation date	€ 80.2	€ 80.2	€ 80.2
Expected volatility	48.45%	48.45%	48.45%
Risk-free interest rate	1.12%	1.12%	(0.39%)
Option value	€ 26.14	€ 26.14	€ 26.14
2020 Stock Option Plan ("SOP 2020")
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 61.27	€ 61.27	€ 61.27
Term in years \| yr	7	7	7
Remaining term in years	3 years 9 months 18 days	4 years 9 months 18 days	5 years 9 months 18 days
Share price as of the valuation date	€ 75.46	€ 75.46	€ 75.46
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	36.39%	36.39%	36.39%
Risk-free interest rate	(0.65%)	(0.65%)	(0.65%)
Option value	€ 26.14	€ 26.14	€ 26.14
2021 Stock Option Plan ("SOP 2021")
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price		€ 71.15	€ 71.15
Term in years \| yr	7	7	7
Remaining term in years		5 years 6 months	6 years 6 months
Share price as of the valuation date		€ 80.2	€ 80.2
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility		36.90%	36.90%
Risk-free interest rate		(0.40%)	(0.40%)
Option value		€ 25.17	€ 25.17
2021 Stock Option Plan ("SOP 2021") \| Bottom of range
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 20.25
Remaining term in years	4 years 6 months
Share price as of the valuation date	€ 23.5
Expected volatility	36.90%
Risk-free interest rate	(0.40%)
Option value	€ 9.25
2021 Stock Option Plan ("SOP 2021") \| Top of range
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 71.15
Remaining term in years	6 years 6 months
Share price as of the valuation date	€ 80.2
Expected volatility	39.81%
Risk-free interest rate	2.47%
Option value	€ 25.17
2022 Stock Option Plan ("SOP 2022")
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price		€ 32.9
Term in years \| yr	9	9
Remaining term in years		8 years 9 months 18 days
Share price as of the valuation date		€ 19.76
Expected dividend yield	0.00%	0.00%
Expected volatility		35.31%
Risk-free interest rate	2.02%	2.02%
2022 Stock Option Plan ("SOP 2022") \| Bottom of range
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 20.25
Remaining term in years	7 years 9 months 18 days
Share price as of the valuation date	€ 19.76
Expected volatility	35.31%
Option value	€ 1.97	€ 1.97
2022 Stock Option Plan ("SOP 2022") \| Top of range
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 32.9
Remaining term in years	8 years 6 months
Share price as of the valuation date	€ 23.5
Expected volatility	37.68%
Option value	€ 7.51	€ 2.01
2023 Stock Option Plan ("SOP 2023")
Disclosure Of Measurement Of Share Options Granted During Period [Line Items]
Exercise price	€ 21.2
Term in years \| yr	9
Remaining term in years	9 years
Share price as of the valuation date	€ 21.2
Expected dividend yield	0.00%
Expected volatility	53.80%
Risk-free interest rate	1.97%
Option value	€ 8.76

Trade and Other Payables

12 Months Ended

Dec. 31, 2023

Trade and Other Payables

28. Trade and other payables

Trade and other payables consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Trade payables	7,627	4,222
Other accruals	8,928	5,016
Total	16,555	9,238

Contingent Liabilities, Commitments, and Other Financial Obligations - Summary of Detailed Information About Financial Obligations from Outstanding Purchase Order (Detail) € in Thousands	Dec. 31, 2023 EUR (€)
Disclosure Of Contingent Liabilities And Commitments And Other Financial Obligations [Line Items]
Financial obligations from outstanding purchase orders	€ 3,878
Intangible assets [member]
Disclosure Of Contingent Liabilities And Commitments And Other Financial Obligations [Line Items]
Financial obligations from outstanding purchase orders	12
Property, plant and equipment [member]
Disclosure Of Contingent Liabilities And Commitments And Other Financial Obligations [Line Items]
Financial obligations from outstanding purchase orders	€ 3,866

Revenue

12 Months Ended

Dec. 31, 2023

6. Revenue

Revenue consist of the following:


	For the year ended
€ thousand	December 31, 2023		December 31, 2022			December 31, 2021
	SPACE	Total (1)	AIR	SPACE	Total	SPACE	Total (1)
REVENUE SOURCE
Products	1,420	1,420	1,384	399	1,783	554	554
Services	3,962	3,962	0	2,589	2,589	1,801	1,801
Operating lease income	8	8	0	50	50	0	0
Total	5,390	5,390	1,384	3,038	4,422	2,355	2,355
GEOGRAFIC REGION
USA	5,390	5,390	1,384	3,038	4,422	2,355	2,355
Total	5,390	5,390	1,384	3,038	4,422	2,355	2,355
TIMING OF REVENUE RECOGNITION
Products transferred at point in time	1,420	1,420	1,384	399	1,783	554	554
Service transferred over time	462	462	0	0	0	1,801	1,801
Services recognized at point in time	3,500	3,500	0	2,589	2,589	0	0
Operating lease income recognized over time	8	8	0	50	50	0	0
Total	5,390	5,390	1,384	3,038	4,422	2,355	2,355
Total revenues from contracts with customers	5,390	5,390	1,384	3,038	4,422	2,355	2,355
Revenue reported in consolidated statements of profit/(loss)	5,390	5,390	1,384	3,038	4,422	2,355	2,355

———————————

(1) No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.

With respect to the information on geographical regions, revenue is allocated to the countries based on the country of origin of the respective customer.

During the year ended December 31, 2022, services recognized at point in time are recognized due to IFRS 15.15 b). In such case a customer breeched two contracts and therefore, the Group terminated these contracts. The Group has received non-refundable prepayments on these contracts during the years ended December 31, 2021, and 2022, in the amount of €2,589 thousand.

Revenue recognized from contract liabilities during the year ended December 31, 2023 which existed as of December 31, 2022, amounts to €3,517 thousand (2022: €211 thousand, 2021: €933).

The share of total revenue per customer is as follows:


	For the year ended
in % of total revenue	December 31, 2023		December 31, 2022		December 31, 2021
	SPACE	AIR	SPACE	AIR	SPACE	AIR
Customer A*	65%	0%	0%	0%	0%	0%
Customer B*	12%	0%	1%	15%	5%	0%
Customer C*	0%	0%	58%	0%	0%	0%
Customer D*	0%	0%	0%	16%	0%	0%
Customer E*	0%	0%	0%	0%	90%	0%
Other	23%	0%	10%	0%	5%	0%

———————————

* The customers are disclosed anonymized

The Group's order backlog, in terms of the total transaction price of unfulfilled or partially unfulfilled performance obligations as at the December 31, 2023, is as follows:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Total transaction price of unfulfilled or partially unfulfilled performance obligations	204,997	72,455	16,703
Thereof expected to be recognized as revenue within 12 month	101,499	32,790	16,703
Thereof expected to be recognized as revenue within 13 to 24 month	93,363	39,141	0
Thereof expected to be recognized as revenue over 24 month	10,135	524	0

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Summary of remuneration granted to the management board

The remuneration granted to the Management Board during the year ended December 31, 2023 consists of the following:


	Short-term employee benefits		Long-term equity-settled share-based payments
Year	Basic remuneration in € thousand	Short-term variable remuneration in € thousand	Number of stock options granted	Recognized as expense in € thousand	Severance compensation in € thousand	Total in € thousand
2023	1,475	1,180	75,000	1,515	750	4,920
2022	1,380	488	108,000	1,818	0	3,686

Summary annual remuneration for the supervisory board

The annual remuneration for the Supervisory Board is as follows:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Dr. Manfred Krischke	127	151	80
Bulent Altan	51	0	0
Peter Müller-Brühl	117	121	50
Hans Koenigsmann	64	66	12
Margaret Abernathy	35	0	0
Steve Geskos	59	101	32
Wincent Wobbe	40	67	19
Dr. Gerd Gruppe	0	0	39
Thomas Hanke	0	0	16
Dr. Thomas Billeter	0	0	15
Total	493	506	263

Summary of detailed information about board member's share holdings explanatory

Based on available information, the board members have the following shareholdings:


Number of shares	December 31, 2023		December 31, 2022		Change
Joachim Horwath		220,527		220,527		0
Peter Müller-Brühl		4,445		4,445		0
Bulent Altan		1,136		1,136		0
Stefan Berndt-von Bülow		174		174		0

Events After The Reporting Date

12 Months Ended

Dec. 31, 2023

Events after the reporting date

38. Events after the reporting date

Grants of stock options to the Management Board in February 2024

As of February 2, 2024, the Group granted 71,400 new stock options under the SOP 2023 (refer to Note 9.1) to the Management Board. The exercise price amounts to €20.97.

Amendment No. 1 to loan agreement dated April 25, 2023

In March 2024, the loan agreement dated April 25, 2023, (refer to Note 30) was amended to add a delayed draw term loan facility in an aggregate principal amount of $20,000 thousand. Proceeds from the delayed draw term loan facility will be used for general corporate purposes. The loan

condition remain the same as described in Note 30 The draw $10,000 thousand in April 2023 and therefore, $10,000 thousand remain undrawn as of the date of this report.

Issuance of new shares related to a severance payment

In January 2024, the Management Board and the Supervisory Board have adopted a capital increase resolution, in which they resolved to increase the share capital of Mynaric AG of €6.233.615 by €37,128 to €6,270,743 through the issuance of 37,128 new bearer no par value shares under exclusion of the subscription rights of the shareholders out of the Authorized Capital 2023/I. The 37,128 new shares relate to the severance payment, which is as of December 31, 2023, accounted for as a equity-settled share-based payment (refer to Note 9.3).

Issuance of new shares related to RSUP 2021

In January 2024, the Management Board and the Supervisory Board have adopted a capital increase resolution, in which they resolved to increase the share capital of Mynaric AG of €6,270,743 by €47,579 to €6,318,322 through the issuance of 47,579 new bearer no par value shares under exclusion of the subscription rights of the shareholders out of the Authorized Capital 2021/II. The 47,579 new shares relate to the settlement of 47,579 vested restricted stock units under the RSUP 2021 (refer to Note 9.2).

New member of the Supervisory Board

In April 2024, Arndt Rautenberg joined the Supervisory Board.

Munich, May 17, 2024

The Management Board

       Mustafa Veziroglu
CEO

       Stefan Berndt-von Bülow 
CFO

       Joachim Horwath
Founder & CTO

      

Consolidated Statements of Financial Position - EUR (€)
€ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Non-current assets

Intangible assets

€ 13,336

€ 18,058

Property, plant and equipment

22,936

22,309

Right-of-use assets

26,168

8,782

Equity-accounted investees

355

Other financial assets

^[1]

1,200

449

Total non-current assets

63,640

49,953

Current assets

22,695

13,348

300

1,101

Cash and cash equivalents

8,493

5,681

23,958

10,238

Total current assets

55,446

30,368

TOTAL ASSETS

119,086

80,321

EQUITY

Share capital

6,234

5,668

Capital reserve

204,025

189,269

Accumulated deficit

(260,077)

(166,549)

Accumulated other comprehensive income/(loss)

531

(595)

TOTAL EQUITY

(49,287)

27,793

Non-current liabilities

1,114

217

^[2]

19,833

7,087

11,663

59,496

Total non-current liabilities

167

249

Deferred tax liabilities

1,215

1,766

93,488

9,319

Current liabilities

686

723

^[3]

5,440

1,855

16,555

9,238

47,256

15,297

^[4]

^[5]

3,286

14,440

1,041

621

1,566

^[4]

TOTAL EQUITY AND LIABILITIES

74,885

43,209

Total liabilities

168,373

52,528

€ 119,086

€ 80,321

[1]	(1) Referred to as “Other non-current financial assets" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[2]	(2) Referred to as “Non-current lease liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[3]	(3) Referred to as “Current lease liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[4]	(5) Adjusted as per Note 29.
[5]	(4) Included in “Other financial liabilities" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.

Own Work Capitalized - Summary of Detailed Information About Breakdown of Own Work Capitalized (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Own Work Capitalized [Abstract]
Development costs	€ 0	€ 968	€ 2,845
Property, plant and equipment	818	599	1,770
Total	€ 818	€ 1,567	€ 4,615

Right-of-use Assets - Summary of Right Of Use Assets (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	€ 8,782	€ 8,827
Depreciation for the year	1,836	1,659	€ 1,257
Ending Balance	26,168	8,782	8,827
Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	13,005	11,387	9,235
Exchange rate differences	(117)	196	168
Additions	22,232	1,438	1,995
Disposals	(4,936)	(16)	(11)
Ending Balance	30,184	13,005	11,387
Accumulated Depreciation [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	4,223	2,560	1,293
Exchange rate differences	(49)	13	17
Depreciation for the year	1,923	1,661	1,257
Disposals	(2,081)	(11)	(7)
Ending Balance	4,016	4,223	2,560
Real Estate Leases [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	8,038	8,819
Ending Balance	24,755	8,038	8,819
Real Estate Leases [Member] \| Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	12,247	11,368	9,216
Exchange rate differences	(117)	196	168
Additions	21,472	688	1,995
Disposals	(4,928)	(5)	(11)
Ending Balance	28,675	12,247	11,368
Real Estate Leases [Member] \| Accumulated Depreciation [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	4,209	2,549	1,287
Exchange rate differences	(47)	13	17
Depreciation for the year	1,836	1,647	1,252
Disposals	(2,078)	0	(7)
Ending Balance	3,920	4,209	2,549
Other Leases [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	744	8
Ending Balance	1,413	744	8
Other Leases [Member] \| Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	758	19	19
Exchange rate differences	0	0	0
Additions	760	750	0
Disposals	(8)	(11)	0
Ending Balance	1,509	758	19
Other Leases [Member] \| Accumulated Depreciation [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning Balance	14	11	6
Exchange rate differences	(2)	0	0
Depreciation for the year	87	14	5
Disposals	(3)	(11)	0
Ending Balance	€ 96	€ 14	€ 11

Income Taxes - Summary of Balances of Deferred Tax Assets and Liabilities (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	€ 0	€ 0
Deferred tax liabilities	1,215	1,767
Changes recognized in profit or loss	552	24
Intangible assets
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	0	12
Deferred tax liabilities	3,731	4,901
Changes recognized in profit or loss	1,158	529
Right-of-use-assets
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	0	0
Deferred tax liabilities	7,004	2,236
Changes recognized in profit or loss	(4,768)	(2,238)
Property, plant, and equipment
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	808	333
Deferred tax liabilities	0	0
Changes recognized in profit or loss	475	232
Other non-financial assets
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	0	0
Deferred tax liabilities	0	48
Changes recognized in profit or loss	48	(48)
Other Financial and Non Financial Assets
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	85	0
Deferred tax liabilities	0	0
Changes recognized in profit or loss	85	0
Inventories
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	0	2
Deferred tax liabilities	381	121
Changes recognized in profit or loss	(261)	(198)
Provisions
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	435	56
Deferred tax liabilities	1	1
Changes recognized in profit or loss	379	(32)
Lease liabilities
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	6,607	2,221
Deferred tax liabilities	0	0
Changes recognized in profit or loss	4,385	2,221
Contract Liabilities
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	1,287	0
Deferred tax liabilities	0	0
Changes recognized in profit or loss	1,287	0
Other financial and non-financial liabilities
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	20	0
Deferred tax liabilities	1,451	273
Changes recognized in profit or loss	(1,158)	(251)
Tax loss carryforwards and tax credits
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	2,109	3,187
Deferred tax liabilities	0	0
Changes recognized in profit or loss	(1,078)	(193)
Offsetting
Disclosure For Balances Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets	(11,351)	(5,812)
Deferred tax liabilities	(11,351)	(5,812)
Changes recognized in profit or loss	€ 0	€ 0

Other Non-Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Current Other Non-financial Liabilities

Current other non-financial liabilities consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Liabilities for payroll, social security and payroll tax	544	482
Received prepayments from customers	74	74
Loan related fees	0	782
Other	3	228
Total	621	1,566

Right-of-use Assets (Tables)

12 Months Ended

Dec. 31, 2023

Summary Of Right Of Use Assets

Cost


€ thousand	Real estate leases	Other leases	Total
Balance as of Jan. 1, 2021	9,216	19	9,235
Exchange rate differences	168	0	168
Additions	1,995	0	1,995
Disposals	(11)	0	(11)
Balance as of Dec. 31, 2021	11,368	19	11,387
Exchange rate differences	196	0	196
Additions	688	750	1,438
Disposals	(5)	(11)	(16)
Balance as of Dec. 31, 2022	12,247	758	13,005
Exchange rate differences	(117)	0	(117)
Additions	21,472	760	22,232
Disposals	(4,928)	(8)	(4,936)
Balance as of Dec. 31, 2023	28,675	1,509	30,184

Depreciation


€ thousand	Real estate leases	Other leases	Total
Balance as of Jan. 1, 2021	1,287	6	1,293
Exchange rate differences	17	0	17
Depreciation for the year	1,252	5	1,257
Disposals	(7)	0	(7)
Balance as of Dec. 31, 2021	2,549	11	2,560
Exchange rate differences	13	0	13
Depreciation for the year	1,647	14	1,661
Disposals	0	(11)	(11)
Balance as of Dec. 31, 2022	4,209	14	4,223
Exchange rate differences	(47)	(2)	(49)
Depreciation for the year	1,836	87	1,923
Disposals	(2,078)	(3)	(2,081)
Balance as of Dec. 31, 2023	3,920	96	4,016

Carrying amount


€ thousand	Real estate leases	Other leases	Total
Carrying amount as of Dec. 31, 2021	8,819	8	8,827
Carrying amount as of Dec. 31, 2022	8,038	744	8,782
Carrying amount as of Dec. 31, 2023	24,755	1,413	26,168

Summary Of Lease Expenses

The following amounts were recognized in profit or loss:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Interest costs for lease liabilities	652	229	185
Costs for leases of low-value assets	29	6	6
Costs for short-term leases	2	26	13

Summary Of Undiscounted Potential Future Lease Payments From The Exercise Of Extension Options

The following table shows the undiscounted potential future lease payments from the exercise of extension options:


€ thousand	Within five years	Over five years	Total
Extension options that are not expected to be exercised	2,036	4,048	6,084

Summary Of Undiscounted Future Payments For A Not Yet Commenced Leasing Contract

The following table shows the undiscounted future payments for a not yet commenced leasing contract. The probable commencement date is January 1, 2024.


€ thousand	Within five years	Over five years	Total
Future payments for a not yet commenced leasing contract	11	0	11

Own Work Capitalized - Summary of Detailed Information About Own Work Capitalized (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Own Work Capitalized [Abstract]
Cost of materials	€ 256	€ 689	€ 1,995
Personnel costs	385	665	1,906
Depreciation, amortization and impairment	89	112	287
Other operating costs	88	101	427
Total	€ 818	€ 1,567	€ 4,615

Provisions - Additional Information (Detail)	12 Months Ended
Provisions - Additional Information (Detail)	Dec. 31, 2023
Disclosure Of Detailed Information About Provisions Explanatory [Abstract]
Expected lease settlement	2024

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant, and Equipment

18. Property, plant, and equipment

Cost


€ thousand	Land and buildings	Machinery	Other plant, furniture, fixtures, and office equipment	Construction in progress	Total
Balance as of Jan. 1, 2021	1,256	4,303	3,151	2,717	11,427
Exchange rate differences	49	0	34	24	107
Additions	1,107	2,437	2,654	2,396	8,594
Reclassifications	562	2,014	311	(2,887)	0
Disposals	(8)	0	(283)	0	(291)
Balance as of Dec. 31, 2021	2,966	8,754	5,867	2,250	19,837
Exchange rate differences	70	(9)	41	22	124
Additions	438	1,239	2,356	4,743	8,776
Reclassifications	136	4,331	105	(4,572)	0
Disposals	0	(1)	(261)	(60)	(322)
Balance as of Dec. 31, 2022	3,610	14,314	8,108	2,383	28,415
Exchange rate differences	(56)	(16)	(40)	(33)	(145)
Additions	35	1,234	2,721	2,680	6,670
Reclassifications	0	449	74	(523)	0
Disposals	(440)	(137)	(220)	(811)	(1,608)
Balance as of Dec. 31, 2023	3,149	15,844	10,643	3,696	33,332

Depreciation


€ thousand	Land and buildings	Machinery	Other plant, furniture, fixtures, and office equipment	Construction in progress	Total
Balance as of Jan. 1, 2021	206	630	516	0	1,352
Exchange rate differences	4	0	2	0	6
Depreciation for the year	304	773	916	0	1,993
Disposals	0	0	(283)	0	(283)
Balance as of Dec. 31, 2021	514	1,403	1,151	0	3,068
Exchange rate differences	1	0	4	0	5
Depreciation for the year	526	1,419	1,309	0	3,254
Disposals	0	(2)	(219)	0	(221)
Balance as of Dec. 31, 2022	1,041	2,820	2,245	0	6,106
Exchange rate differences	(19)	(3)	(11)	0	(33)
Depreciation for the year	724	1,771	1,243	0	3,738
Impairment for the year	0	1,172	0	0	1,172
Disposals	(291)	(86)	(210)	0	(587)
Balance as of Dec. 31, 2023	1,455	5,674	3,267	0	10,396

Carrying amount


€ thousand	Land and buildings	Machinery	Other plant, furniture, fixtures, and office equipment	Construction in progress	Total
Carrying amount as of Dec. 31, 2021	2,452	7,351	4,716	2,250	16,769
Carrying amount as of Dec. 31, 2022	2,569	11,494	5,863	2,383	22,309
Carrying amount as of Dec. 31, 2023	1,694	10,170	7,376	3,696	22,936

Investments in property, plant, and equipment made during the year ended December 31, 2023, in the amount of €6,670 thousand (2022: €8,776, 2021: €8,594) mainly for the new headquarter of the Group in Munich (Germany) and for production machinery. In prior years, the investments referred primarily to the expansion of production capacities. Other investments were made in IT infrastructure and office equipment.

During the year ended December 31, 2023, finance expenses in the amount of €77 thousand (2022: €32 thousand, 2021: €154 thousand) were recorded as the cost of property, plant, and equipment in accordance with IAS 23.

Impairment of capitalized HAWK terminals

During the year ended December 31, 2023, the Group has recognized an impairment on the base AIR Technology (refer to Note 17) and therefore identified a triggering event for capitalized HAWK terminals based on this base technology. Since the base technology will no longer be used for future production of HAWK terminals, the Group assumes that the recoverable amounts of the capitalized HAWK terminals based on this base technology, which were used for testing purposes, are equal to €0 as the terminals are not expected to be used internally and are not reasonably saleable. Subsequently, the Group recognized an impairment loss of €1,172 thousand. Henceforth, the carrying amount is €0.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

15. Income taxes


	For the year ended
€ thousand	December 31, 2023	December 31, 2022
Loss before taxes	(94,080)	(73,806)
Expected taxes applying the domestic tax rate of 28.648% (previous year: 27.725%)	(26,952)	(20,463)
Effect of income tax rate change	52	0
Foreign tax rate differential	97	(19)
Tax effect of expenses that are not deductible for tax purposes / tax adjustments	445	267
Tax effect from losses incurred in the current year and deductible temporary differences for which no deferred taxes were recognized	25,670	18,160
Recognition of previously unrecognized deferred tax assets from deductible temporary differences and on loss carryforwards and reversal of deductible temporary differences / utilization of loss carryforwards for which no deferred taxes were previously recognized	(189)	(448)
Write-up/-down of deferred tax assets	1,164	451
Effect of equity-settled share-based payments	66	1,630
Permanent effects from equity transactions and investments	(292)	0
Other	(613)	399
Tax expense for the fiscal year	(552)	(24)

Due to the start-up losses, deferred tax assets were recognized, only to the extent of taxable temporary differences. Accordingly, no deferred taxes were recognized for corporation tax loss carryforwards in Germany in the amount of €249,550 thousand (2022: €157,043 thousand) and for trade tax loss carryforwards in Germany in the amount of €245,154 thousand (2022: €154,986 thousand). The same applies to foreign tax loss carryforwards in the amount of €16,652 thousand (2022: €17,552 thousand). Deductible temporary differences were not recognized in the amount of €4,283 thousand (2022: €1,699 thousand). The utilization of the tax loss carryforwards and deductible temporary differences is ensured to the extent that sufficient taxable temporary differences will be available after the deduction of amounts corresponding to minimum taxation legislation in Germany for each particular year of usage.

As of December 31, 2023, domestic loss carryforwards totaled €256,941 thousand for corporation tax and €252,481thousand for trade tax (2022: €168,538 thousand and €166,481 thousand, respectively). These loss carryforwards do not expire. Foreign tax loss carryforwards in the amount of €0 thousand will expire in 2037 if not used (2022: €648 thousand). Foreign tax loss carryforwards in the amount of €16,652 thousand (2022: €16,904 thousand) do not expire.

During the year ended December 31, 2023, the Group used previously unrecognised tax losses to reduce current tax expense in the amount of €189 thousand (2022: €0 thousand).

Balance of deferred tax assets and liabilities:


	December 31, 2023		December 31, 2022		2023	2022
€ thousand	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities	Changes recognized in profit or loss
Intangible assets	0	3,731	12	4,901	1,158	529
Right-of-use-assets	0	7,004	0	2,236	(4,768)	(2,238)
Property, plant, and equipment	808	0	333	0	475	232
Other non-financial assets	0	0	0	48	48	(48)
Inventories	0	381	2	121	(261)	(198)
Other financial and non-financial assets	85	0	0	0	85	0
Provisions	435	1	56	1	379	(32)
Lease liabilities	6,607	0	2,221	0	4,385	2,221
Contract Liabilities	1,287	0	0	0	1,287	0
Other financial and non-financial liabilities	20	1,451	0	273	(1,158)	(251)
Tax loss carryforwards and tax credits	2,109	0	3,187	0	(1,078)	(193)
Offsetting	(11,351)	(11,351)	(5,812)	(5,812)	0	0
Total	0	1,215	0	1,767	552	24

Inventories - Summary of write-downs of inventories (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Text Block [Abstract]
Write downs of raw material and supplies	€ (9,569)	€ (5,601)	€ (2,039)
Write downs of work in progress	(470)	(1,225)	(397)
Write downs of finished goods	(337)	(657)	(65)
Total	€ (10,375)	€ (7,483)	€ (2,501)

Contingent Liabilities, Commitments And Other Financial Obligations

12 Months Ended

Dec. 31, 2023

Contingent Liabilities, Commitments And Other Financial Obligations

36. Contingent liabilities, commitments and other financial obligations

36.1. Contingent liabilities

Within the course of its ordinary activities, the Group may be involved in legal disputes from time to time. Based on the assessment of the Management Board as well as legal counsel, there are no claims beyond the litigation risks reported in the provisions that may be significant with regard to the Group’s business and its financial position and performance.

36.2. Commitments

As in the previous year, there are no commitments arising under guarantees.

36.3. Other financial obligations

Other financial obligations as of December 31, 2023, are as follows:


€ thousand	up to 1 year	between 1 and 5 years	more than 5 years	Total
Software and licenses	717	631	0	1,349
Incidental rental costs	123	367	27	517
Other	251	344	99	694
Total	1,091	1,342	126	2,559

The significant amount in financial obligations from software and licenses includes an agreement for the use of SAP. The other obligations are primarily service contracts.

In addition, there are financial obligations from outstanding purchase orders for intangible assets and Property, plant and equipment in the following amounts:


€ thousand	December 31, 2023
Intangible assets	12
Property, plant and equipment	3,866
Total	3,878

Other Financial Liabilities - Summary of Current and Non-current Other Financial Liabilities (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Other Financial Liabilities [Abstract]
Embedded derivative, Current	€ 609	€ 0
Other sundry financial liabilities, Current	432	90
Other current financial liabilities, Total	1,041	90
Embedded derivative, Non-current	0	0
Other sundry financial liabilities, Non-current	167	249
Other non-current financial liabilities	€ 167	€ 249

Other Financial Liabilities

12 Months Ended

Dec. 31, 2023

Disclosure Of Other Financial Liabilities [Abstract]

Other Financial Liabilities

31. Other financial liabilities

Current and non-current other financial liabilities consist of the following:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
Embedded derivative	609	0	0	0
Other sundry financial liabilities	432	167	90	249
Total	1,041	167	90	249

The embedded derivative relates to the loan agreement dated April 25, 2023 (refer to Note 30 and Note 35).

Segment reporting and information on geographical areas

12 Months Ended

Dec. 31, 2023

Segment reporting and information on geographical areas

5. Segment reporting and information on geographical areas

In accordance with IFRS 8 (Operating Segments), the Group’s operating segments are based on the management approach. Accordingly, segments must be classified and disclosures for these segments must be made based on the criteria used internally by the chief operating decision maker (CODM) for the allocation of resources and the evaluation of performance by the components of the entity. The CODM is the Management Board (refer to Note 37) collectively which allocates resources and evaluates segment performance based on the Management Board reports submitted to it. The segment reporting below was prepared in accordance with this definition. The CODM uses Operating profit/loss as the primary profitability measure to evaluate performance of the Group’s operating segments.

Segment results are as follows for the year ended December 31, 2023:


	For the year ended December 31, 2023
€ thousand	AIR	SPACE	Not allocated	Group
Revenue	0	5,390	0	5,390
Operating income/(loss)	(16,672)	(53,984)	(8,507)	(79,163)
Financial income				911
Financial costs				(16,035)
Net foreign exchange gain/(loss)				562
Financial result				(14,562)
Share of profit of equity-accounted investees, net of tax				(355)
Profit/(loss) before tax				(94,080)
Income tax expense				552
Consolidated net profit/(loss)				(93,528)

Segment results are as follows for the year ended December 31, 2022:


	For the year ended December 31, 2022
€ thousand	AIR	SPACE	Not allocated	Group
Revenue	1,384	3,038	0	4,422
Operating profit/loss	(20,929)	(46,773)	(6,088)	(73,790)
Interest and similar expenses				(2,545)
Net foreign currency gain/(loss)				2,574
Net finance income/(costs)				29
Share of profit of equity-accounted investees, net of tax				(45)
Profit/(loss) before tax				(73,806)
Income tax expense				24
Consolidated net profit/(loss)				(73,782)

Segment results are as follows for the year ended December 31, 2021:


	For the year ended December 31, 2021
€ thousand	AIR	SPACE	Not allocated	Group
Revenue	0	2,355	0	2,355
Operating profit/loss	(10,793)	(30,082)	(1,489)	(42,364)
Interest and similar income				(2,148)
Net foreign currency gain/(loss)				826
Net finance income/(costs)				(1,322)
Profit/(loss) before tax				(43,686)
Income tax expense				(1,791)
Consolidated net profit/(loss)				(45,477)

"Not allocated" costs include the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
D&O insurance and other costs related the stock listing	3,796	4,715	682
Costs related to financing acitivities	2,649	0	0
Cost for the audit of the financial statements	1,568	951	538
Supervisory Board remuneration	494	422	269
Total not allocated costs	8,507	6,088	1,489

Segment AIR

The segment AIR includes the Group’s HAWK terminals and related services.

The segment AIR result includes:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Impairment of intangible assets	3,308	0	0
Impairment of property, plant and equipment	1,172	0	0
Write-downs of inventories	9,592	1,500	0
Segment AIR - Total impairment and write-downs	14,072	1,500	0

The impairment losses of intangible assets as well as property, plant and equipments are described in more detail in the Note 17 and Note 18. The write-downs of inventories are described in more detail in Note 8 and Note 21.

During the year ended December 31, 2023, depreciation and amortization included in the segment AIR amounts to €352 thousand (2022: €1,948 thousand; 2021: €1,221 thousand).

Segment SPACE

The segment SPACE includes the Group’s CONDOR terminals and related services.

The segment SPACE result includes:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Impairment of intangible assets	0	1,531	0
Write-downs of inventories	783	5,983	2,501
Impairment loss on trade receivables	337	0	0
Segment SPACE - Total impairment and write-downs	1,120	7,514	2,501

The impairment losses of intangible assets is described in more detail in the Note 17. The write-downs of inventories are described in more detail in Note 8 and Note 21. The impairment loss on trade receivables is described in Note 22.

During the year ended December 31, 2023, depreciation and amortization included in the segment SPACE amounts to €6,790 thousand (2022: €4,510 thousand; 2021: €3,297 thousand).

Geographical regions of non-current assets

Non-current assets are allocated to the location of the respective asset:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Germany
Intangible assets	13,336	18,058	19,969
Property, plant, and equipment	20,007	18,589	14,490
Right-of-use assets	24,497	6,447	6,053
Total - Germany	57,840	43,094	40,512
USA
Property, plant, and equipment	2,929	3,720	2,278
Right-of-use assets	1,671	2,335	2,774
Total - USA	4,600	6,055	5,052
Total	62,440	49,149	45,564

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents

24. Cash and cash equivalents

As of the reporting date, the balance of cash and cash equivalents amounts to €23,958 thousand (2022: €10,238 thousand, 2021: €48,143 thousand) and comprises primarily balances held with banks.

Equity-Accounted Investees - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2022
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Share capital	€ 6,234,000	€ 5,668,000
Carrying amount of investment	0	355,000
UNIO Enterprise GmbH "UNIO") [member]
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Carrying amount of investment	€ 0	€ 355,000
UNIO Enterprise GmbH "UNIO") [member] \| Investments accounted for using equity method [member] \| Joint Venture Agreement [member]
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Share capital			€ 25,000
Proportion of ownership interest in joint venture	21.25%	25.00%

Provisions - Summary of Provisions (Detail) € in Thousands	12 Months Ended
Provisions - Summary of Provisions (Detail) € in Thousands	Dec. 31, 2023 EUR (€)
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Dec. 31, 2023	€ 1,114
Asset retirement obligations
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Dec. 31, 2023	1,094
Other
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Dec. 31, 2023	20
Current Provisions
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	940
Utilization	194
Reversals	170
Additions	1,224
FX	0
Dec. 31, 2023	1,800
Current Provisions \| Asset retirement obligations
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	204
Utilization	0
Reversals	0
Additions	1,127
FX	0
Dec. 31, 2023	1,331
Current Provisions \| Litigation
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	708
Utilization	179
Reversals	167
Additions	89
FX	0
Dec. 31, 2023	451
Current Provisions \| Other
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	28
Utilization	15
Reversals	3
Additions	8
FX	0
Dec. 31, 2023	18
Non Current Provisions
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	217
Utilization	0
Reversals	2
Additions	899
FX	0
Non Current Provisions \| Asset retirement obligations
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	204
Utilization	0
Reversals	0
Additions	890
FX	0
Non Current Provisions \| Other
Disclosure Of Detailed Information About Provisions Explanatory [Line Items]
Jan. 1, 2023	13
Utilization	0
Reversals	2
Additions	9
FX	€ 0

Segment reporting and information on geographical areas - Summary of Revenue and Non-Current Assets Breakage Based on Geographical Areas (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Intangible assets	€ 13,336	€ 18,058
Property, plant and equipment	22,936	22,309
Right-of-use assets	26,168	8,782	€ 8,827
Non-current assets	63,640	49,953
Total	62,440	49,149	45,564
Germany
Disclosure of geographical areas [line items]
Intangible assets	13,336	18,058	19,969
Property, plant and equipment	20,007	18,589	14,490
Right-of-use assets	24,497	6,447	6,053
Non-current assets	57,840	43,094	40,512
USA
Disclosure of geographical areas [line items]
Property, plant and equipment	2,929	3,720	2,278
Right-of-use assets	1,671	2,335	2,774
Non-current assets	€ 4,600	€ 6,055	€ 5,052

Financial Result - Summary of Financial Result (Detail) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

FINANCIAL INCOME

Embedded derivative

€ 578

€ 0

Interest income from fixed deposit

333

Interest and similar costs on loans

^[1]

911

FINANCIAL COSTS

(10,209)

(2,403)

(2,196)

Interest on contract liabilities due to significant financing component

(5,078)

Interest on lease obligations

(652)

(229)

(185)

Embedded derivative

(172)

Borrowing costs capitalized in accordance with IAS 23

233

^[2]

(16,035)

(2,545)

(2,148)

562

2,574

826

^[3]

€ (14,562)

€ 29

€ (1,322)

[1]

(1) Referred to as “Interest and similar income" in the audited consolidated financial statements of the Company as of

and for the financial year ended December 31, 2022.

[2]

(2) Referred to as “Interest and similar expenses" in the audited consolidated financial statements of the Company as of

and for the financial year ended December 31, 2022.

[3]

(3) Referred to as “Net finance income/(costs)" in the audited consolidated financial statements of the Company as of

and for the financial year ended December 31, 2022.

Own Work Capitalized

12 Months Ended

Dec. 31, 2023

Statement of profit or loss and other comprehensive income [abstract]

Own Work Capitalized

13. Own work capitalized

Own work capitalized consists of costs that are used to develop intangible assets or construct property, plant and equipment. This line item is a contra account to other profit and loss statement captions presented below. For a determination of the net basis of those costs the amounts in the table below needs to be deducted from the respective line items.


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Cost of materials	256	689	1,995
Personnel costs	385	665	1,906
Depreciation, amortization and impairment	89	112	287
Other operating costs	88	101	427
Total	818	1,567	4,615

The following table shows the breakdown of own work capitalized:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Development costs	0	968	2,845
Property, plant and equipment	818	599	1,770
Total	818	1,567	4,615

Changes in Inventories of Finished Goods and Work in Progress - Summary of Increase in Inventories of Finished Goods and Work In Progress (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes In Inventories Of Finished Goods And Work In Progress [Abstract]
Increase/(decrease) in inventories of work in progress	€ (755)	€ 2,100	€ 414
Increase/(decrease) in inventories of finished goods	786	542	616
Write-downs	(806)	(1,882)	(462)
Total	€ (776)	€ 760	€ 568

Consolidated Statements of Profit/Loss and Other Comprehensive Income/Loss - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cost of materials of which capitalized costs 2023: (256);2022: (689); 2021: (1,995)

€ 5,390

^[1]

€ 4,422

€ 2,355

^[1]

Other operating income

3,624

2,376

435

(16,771)

(15,434)

(10,624)

Personnel costs of which capitalized costs 2023: (385); 2022: (665); 2021: (1,906)

(36,604)

(37,410)

(23,365)

Depreciation, amortization and impairment of which capitalized costs 2023: (89); 2022: (112); 2021: (287)

(11,622)

(7,989)

(4,518)

Other operating costs of which capitalized costs 2023: (88); 2022: (101); 2021: (427)

(23,222)

(22,082)

(11,830)

Change in inventories of finished goods and work in progress

(776)

760

568

Own work capitalized

818

1,567

4,615

Operating profit/(loss)

(79,163)

(73,790)

(42,364)

Financial income

^[2]

911

Financial costs

^[3]

(16,035)

(2,545)

(2,148)

562

2,574

826

Share of profit of equity-accounted investees, net of tax

^[4]

(14,562)

(1,322)

(355)

(45)

Profit/(loss) before tax

(94,080)

(73,806)

(43,686)

Consolidated net profit/(loss)

552

(1,791)

(93,528)

(73,782)

(45,477)

Items which may be subsequently reclassified to profit and loss

Foreign operations – foreign currency translation differences

1,126

(411)

(498)

Other comprehensive income/(loss) for the period after tax

1,126

(411)

(498)

Total comprehensive (loss) for the period

€ (92,402)

€ (74,193)

€ (45,975)

Weighted average ordinary shares outstanding basic

6,043,142

5,435,839

4,250,134

Weighted average ordinary shares outstanding diluted

6,043,142

5,435,839

4,250,134

Basic loss per share in EUR

€ (15.48)

€ (13.57)

€ (10.7)

Diluted loss per share in EUR

€ (15.48)

€ (13.57)

€ (10.7)

[1]	No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.
[2]	(1) Referred to as “Interest and similar income" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[3]	(2) Referred to as “Interest and similar expenses" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.
[4]	(3) Referred to as “Net finance income/(costs)" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.

Personnel Costs - Summary of Detailed Information About Development of Stock Options (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tranche Mr. Altan
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]
Options outstanding as of Jan. 1	0	56,700	56,700
Options granted		0	0
Options forfeited		0	0
Options exercised		0	0
Options expired		56,700	0
Options outstanding as of Dec. 31		0	56,700
Options exercisable as of Dec. 31		0	56,700
2019 Stock Option Plan ("SOP 2019")
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]
Options outstanding as of Jan. 1	222,250	236,250	234,750
Options granted	0	2,500	25,350
Options forfeited	64,400	16,500	23,850
Options exercised	0	0	0
Options expired	0	0	0
Options outstanding as of Dec. 31	157,850	222,250	236,250
Options exercisable as of Dec. 31	0	0	0
2020 Stock Option Plan ("SOP 2020")
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]
Options outstanding as of Jan. 1	14,000	14,000	14,000
Options granted	0	0	0
Options forfeited	0	0	0
Options exercised	0	0	0
Options expired	0	0	0
Options outstanding as of Dec. 31	14,000	14,000	14,000
Options exercisable as of Dec. 31	0	0	0
2021 Stock Option Plan ("SOP 2021")
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]
Options outstanding as of Jan. 1	60,000	100,000	0
Options granted	20,000	0	100,000
Options forfeited	0	0	0
Options exercised	0	0	0
Options expired	0	40,000	0
Options outstanding as of Dec. 31	80,000	60,000	100,000
Options exercisable as of Dec. 31	0	0	0
2022 Stock Option Plan ("SOP 2022")
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]
Options outstanding as of Jan. 1	108,000	0
Options granted	7,000	108,000
Options forfeited	0	0
Options exercised	0	0
Options expired	0	0
Options outstanding as of Dec. 31	115,000	108,000	0
Options exercisable as of Dec. 31	0	0
2023 Stock Option Plan ("SOP 2023")
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]
Options outstanding as of Jan. 1	0
Options granted	48,000
Options forfeited	0
Options exercised	0
Options expired	0
Options outstanding as of Dec. 31	48,000	0
Options exercisable as of Dec. 31	0

Financial Result

12 Months Ended

Dec. 31, 2023

Summary of Loans and Borrowings

Financial Result

14. Financial result

Financial result consists of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
FINANCIAL INCOME
Embedded derivative	578	0	0
Interest income from fixed deposit	333	0	0
Total	911	0	0
FINANCIAL COSTS
Interest and similar costs on loans	(10,209)	(2,403)	(2,196)
Interest on contract liabilities due to significant financing component	(5,078)	0	0
Interest on lease obligations	(652)	(229)	(185)
Embedded derivative	(172)	0	0
Borrowing costs capitalized in accordance with IAS 23	77	87	233
Total	(16,035)	(2,545)	(2,148)
NET FOREIGN EXCHANGE GAIN/(LOSS)
Net foreign exchange gain/(loss)	562	2,574	826
Financial result	(14,562)	29	(1,322)

Events After The Reporting Date - Additional Information (Details) € / shares in Units, € in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 02, 2024 shares € / shares	Jan. 31, 2024 EUR (€) shares € / shares	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Mar. 31, 2024 USD ($)	Apr. 25, 2023 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €			€ 12,770	€ 11,201	€ 66,542
Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Exercise price \| € / shares	€ 20.97
Issuance of New Shares Related to Severance Payment [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €		€ 6,233,615
Number of shares issued \| shares		37,128
Nominal value per share. \| € / shares		€ 0
New shares issued related to severance payment \| shares		37,128
Issuance of New Shares Related to RSUP 2021 [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €		€ 6,270,743
Number of shares issued \| shares		47,579
Nominal value per share. \| € / shares		€ 0
Number of other equity instruments outstanding in share-based payment arrangement \| shares		47,579
RSUP exercised \| shares		47,579
Bottom of range \| Issuance of New Shares Related to Severance Payment [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €		€ 37,128
Bottom of range \| Issuance of New Shares Related to RSUP 2021 [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €		47,579
Top of range \| Issuance of New Shares Related to Severance Payment [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €		6,270,743
Top of range \| Issuance of New Shares Related to RSUP 2021 [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issue of equity \| €		€ 6,318,322
Amended term loan [Member]
Disclosure of non-adjusting events after reporting period [line items]
Borrowings \| $							$ 10,000
Amended term loan [Member] \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Aggregate principal amount \| $						$ 20,000
Remaining borrowing capacity \| $						$ 10,000
2023 Stock Option Plan ("SOP 2023")
Disclosure of non-adjusting events after reporting period [line items]
Number of stock options granted \| shares			48,000
2023 Stock Option Plan ("SOP 2023") \| Non Adjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of stock options granted \| shares	71,400

Loans and Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Loans and borrowings consist of the following:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
Loan agreement - April 25, 2023	3,286	59,496	0	0
Loan agreement - May 02, 2022	0	0	14,440	0
Total	3,286	59,496	14,440	0

Financial Instruments And Financial Risk Management - Summary Of Quantitative Information About The Group's Currency Risk Exposure Provided To Group Management (Detail) - Currency risk [member] - USD - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	$ (6,459)	$ 14,796
Intercompany Receivables [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	1,724	4,060
Other Financial Assets [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	70	7,500
Cash and Cash Equivalents [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	5,106	3,868
Intercompany Payables [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	(11,725)	(55)
Trade Payables [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	$ (1,634)	(142)
Other Liabilities [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure		$ (435)

Consolidated Statements of Changes In Equity - EUR (€) € in Thousands	Total	Share capital	Capital reserve	Prepaid share reserve	Accumulated deficit	Foreign currency translation differences
Beginning balance at Dec. 31, 2020	€ 70,708	€ 3,995	€ 108,189	€ 5,500	€ (47,290)	€ 314
Issue of ordinary shares	66,542	1,248	70,794	€ (5,500)
Share issue costs	(8,303)		(8,303)
Equity-settled share-based payments	1,942		1,942
Consolidated net profit/(loss)	(45,477)				(45,477)
Other comprehensive income/(loss)	(498)					(498)
Total comprehensive (loss) for the period	(45,975)				(45,477)	(498)
Ending balance at Dec. 31, 2021	84,914	5,243	172,622		(92,767)	(184)
Issue of ordinary shares	11,201	425	10,776
Share issue costs	(262)		(262)
Equity-settled share-based payments	6,133		6,133
Consolidated net profit/(loss)	(73,782)				(73,782)
Other comprehensive income/(loss)	(411)					(411)
Total comprehensive (loss) for the period	(74,193)				(73,782)	(411)
Ending balance at Dec. 31, 2022	27,793	5,668	189,269		(166,549)	(595)
Issue of ordinary shares	12,770	566	12,204
Share issue costs	(1,420)		(1,420)
Equity-settled share-based payments	3,972		3,972
Consolidated net profit/(loss)	(93,528)				(93,528)
Other comprehensive income/(loss)	1,126					1,126
Total comprehensive (loss) for the period	(92,402)				(93,528)	1,126
Ending balance at Dec. 31, 2023	€ (49,287)	€ 6,234	€ 204,025		€ (260,077)	€ 531

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	MYNARIC AG
Entity Central Index Key	0001850453
Entity File Number	001-41045
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	Bertha-Kipfmüller-Str. 2-8
Entity Address, City or Town	Munich
Entity Address, Country	DE
Entity Incorporation, State or Country Code	2M
Entity Address, Postal Zip Code	81249
Document Accounting Standard	International Financial Reporting Standards
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Common Stock, Shares Outstanding	6,318,322
Entity Shell Company	false
Auditor Name	KPMG AG Wirtschaftsprüfungsgesellschaft
Auditor Firm ID	1021
Auditor Location	Munich, Germany
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, no par value
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
ADR
Document Information [Line Items]
Title of 12(b) Security	American Depository Shares
Trading Symbol	MYNA
Security Exchange Name	NASDAQ
Business Contact
Document Information [Line Items]
Contact Personnel Name	Stefan Berndt-von Bülow
Entity Address, Address Line One	Bertha-Kipfmüller-Str. 2-8
Entity Address, City or Town	Munich
Entity Address, Country	DE
Entity Address, Postal Zip Code	81249
City Area Code	+49
Local Phone Number	(0)89 5589 428 0
Contact Personnel Email Address	stefan.berndtvonbuelow@mynaric.com

Right-of-use Assets - Summary of Undiscounted Potential Future Lease Payments From The Exercise of Extension Options (Detail) € in Thousands	Dec. 31, 2023 EUR (€)
Disclosure of Maturity Analysis of Future Lease Payments from the Exercise of Extension Options [Line Items]
Extension options that are not expected to be exercised	€ 6,084
Within five years [member]
Disclosure of Maturity Analysis of Future Lease Payments from the Exercise of Extension Options [Line Items]
Extension options that are not expected to be exercised	2,036
Over five years [member]
Disclosure of Maturity Analysis of Future Lease Payments from the Exercise of Extension Options [Line Items]
Extension options that are not expected to be exercised	€ 4,048

Financial Result (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Financial Result

Financial result consists of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
FINANCIAL INCOME
Embedded derivative	578	0	0
Interest income from fixed deposit	333	0	0
Total	911	0	0
FINANCIAL COSTS
Interest and similar costs on loans	(10,209)	(2,403)	(2,196)
Interest on contract liabilities due to significant financing component	(5,078)	0	0
Interest on lease obligations	(652)	(229)	(185)
Embedded derivative	(172)	0	0
Borrowing costs capitalized in accordance with IAS 23	77	87	233
Total	(16,035)	(2,545)	(2,148)
NET FOREIGN EXCHANGE GAIN/(LOSS)
Net foreign exchange gain/(loss)	562	2,574	826
Financial result	(14,562)	29	(1,322)

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Share of Total Revenue per Customer

Summary of Revenue

Revenue consist of the following:


	For the year ended
€ thousand	December 31, 2023		December 31, 2022			December 31, 2021
	SPACE	Total (1)	AIR	SPACE	Total	SPACE	Total (1)
REVENUE SOURCE
Products	1,420	1,420	1,384	399	1,783	554	554
Services	3,962	3,962	0	2,589	2,589	1,801	1,801
Operating lease income	8	8	0	50	50	0	0
Total	5,390	5,390	1,384	3,038	4,422	2,355	2,355
GEOGRAFIC REGION
USA	5,390	5,390	1,384	3,038	4,422	2,355	2,355
Total	5,390	5,390	1,384	3,038	4,422	2,355	2,355
TIMING OF REVENUE RECOGNITION
Products transferred at point in time	1,420	1,420	1,384	399	1,783	554	554
Service transferred over time	462	462	0	0	0	1,801	1,801
Services recognized at point in time	3,500	3,500	0	2,589	2,589	0	0
Operating lease income recognized over time	8	8	0	50	50	0	0
Total	5,390	5,390	1,384	3,038	4,422	2,355	2,355
Total revenues from contracts with customers	5,390	5,390	1,384	3,038	4,422	2,355	2,355
Revenue reported in consolidated statements of profit/(loss)	5,390	5,390	1,384	3,038	4,422	2,355	2,355

———————————

(1) No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.

The share of total revenue per customer is as follows:


	For the year ended
in % of total revenue	December 31, 2023		December 31, 2022		December 31, 2021
	SPACE	AIR	SPACE	AIR	SPACE	AIR
Customer A*	65%	0%	0%	0%	0%	0%
Customer B*	12%	0%	1%	15%	5%	0%
Customer C*	0%	0%	58%	0%	0%	0%
Customer D*	0%	0%	0%	16%	0%	0%
Customer E*	0%	0%	0%	0%	90%	0%
Other	23%	0%	10%	0%	5%	0%

Summary of total transaction price of unfulfilled or partially unfulfilled performance obligations

The Group's order backlog, in terms of the total transaction price of unfulfilled or partially unfulfilled performance obligations as at the December 31, 2023, is as follows:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Total transaction price of unfulfilled or partially unfulfilled performance obligations	204,997	72,455	16,703
Thereof expected to be recognized as revenue within 12 month	101,499	32,790	16,703
Thereof expected to be recognized as revenue within 13 to 24 month	93,363	39,141	0
Thereof expected to be recognized as revenue over 24 month	10,135	524	0

Financial Instruments And Financial Risk Management - Summary Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets (Parenthetical) (Detail) - Prepayment Option of the Loan [Member]	Dec. 31, 2023
Interest rate, measurement input [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Percentage of reasonably possible increase in unobservable input, assets	5.00%
Percentage of reasonably possible decrease in unobservable input, assets	5.00%
Credit spread, measurement input [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Percentage of reasonably possible increase in unobservable input, assets	1.00%
Percentage of reasonably possible decrease in unobservable input, assets	1.00%

Segment reporting and information on geographical areas - Summary of Air and Space Segment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Impairment of property, plant and equipment	€ 1,172	€ 0	€ 0
Write-downs of inventories	806	1,882	462
Total	4,480	1,531	0
Air
Disclosure of operating segments [line items]
Impairment of intangible assets	3,308	0	0
Impairment of property, plant and equipment	1,172	0	0
Write-downs of inventories	9,592	1,500	0
Total	14,072	1,500	0
Space
Disclosure of operating segments [line items]
Impairment of intangible assets	0	1,531	0
Write-downs of inventories	783	5,983	2,501
Impairment loss on trade receivables	337	0	0
Total	€ 1,120	€ 7,514	€ 2,501

Trade Receivables

12 Months Ended

Dec. 31, 2023

Trade Receivables

22. Trade receivables

Trade receivables consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Trade receivables	630	1,101
Loss allowance (ECL)	(330)	0
Total	300	1,101

On that basis, the loss allowance as at December 31, 2023, and 2022, was determined as follows for trade receivables:


€ thousand	2023	2022
Balance as of January 1,	0	0
Additions	330	0
Utilization	0	0
Reversals	0	0
Net foreign exchange effects	0	0
Balance as of December 31,	330	0

The loss allowances for trade receivables as at December 31, 2023, and 2022, reconcile to the opening loss allowances as follows:


€ thousand	not overdue	1 to 30 days overdue	more than 90 days overdue
Gross value of trade receivables as of December 31, 2022	656	444	0
Loss allowance (ECL)	0	0	0
Expected default risk in relation to ECL	0	0	0
Gross value of trade receivables as of December 31, 2023	178	0	451
Loss allowance (ECL)	(3)	0	(327)
Expected default risk in relation to ECL	1.6%	0.0%	72.4%

All receivables result from contracts with customers. All trade receivables are denominated in US dollars and relate to two contracts with two costumers as of each period end date. The maximum default risk for receivables is their carrying amount. Further information on the loss allowance and the Group's exposure to credit risk is described in Note 35.2 a).

Depreciation, Amortization and Impairment (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Depreciation, Amortization and Impairment

Depreciation, amortization and impairment consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Amortization of intangible assets	1,482	1,545	1,267
Depreciation of property, plant and equipment	3,824	3,254	1,994
Depreciation of right-of-use assets	1,836	1,659	1,257
Total	7,142	6,458	4,518
Impairment of intangible assets	3,308	1,531	0
Impairment of property, plant and equipment	1,172	0	0
Total	4,480	1,531	0
Total depreciation, amortization and impairment	11,622	7,989	4,518

Segment reporting and information on geographical areas (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Operating Segments

Segment results are as follows for the year ended December 31, 2023:


	For the year ended December 31, 2023
€ thousand	AIR	SPACE	Not allocated	Group
Revenue	0	5,390	0	5,390
Operating income/(loss)	(16,672)	(53,984)	(8,507)	(79,163)
Financial income				911
Financial costs				(16,035)
Net foreign exchange gain/(loss)				562
Financial result				(14,562)
Share of profit of equity-accounted investees, net of tax				(355)
Profit/(loss) before tax				(94,080)
Income tax expense				552
Consolidated net profit/(loss)				(93,528)

Segment results are as follows for the year ended December 31, 2022:


	For the year ended December 31, 2022
€ thousand	AIR	SPACE	Not allocated	Group
Revenue	1,384	3,038	0	4,422
Operating profit/loss	(20,929)	(46,773)	(6,088)	(73,790)
Interest and similar expenses				(2,545)
Net foreign currency gain/(loss)				2,574
Net finance income/(costs)				29
Share of profit of equity-accounted investees, net of tax				(45)
Profit/(loss) before tax				(73,806)
Income tax expense				24
Consolidated net profit/(loss)				(73,782)

Segment results are as follows for the year ended December 31, 2021:


	For the year ended December 31, 2021
€ thousand	AIR	SPACE	Not allocated	Group
Revenue	0	2,355	0	2,355
Operating profit/loss	(10,793)	(30,082)	(1,489)	(42,364)
Interest and similar income				(2,148)
Net foreign currency gain/(loss)				826
Net finance income/(costs)				(1,322)
Profit/(loss) before tax				(43,686)
Income tax expense				(1,791)
Consolidated net profit/(loss)				(45,477)

Summary of Not allocated Costs

"Not allocated" costs include the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
D&O insurance and other costs related the stock listing	3,796	4,715	682
Costs related to financing acitivities	2,649	0	0
Cost for the audit of the financial statements	1,568	951	538
Supervisory Board remuneration	494	422	269
Total not allocated costs	8,507	6,088	1,489

Summary of Revenue and Non-Current Assets Breakage Based on Geographical Areas

Non-current assets are allocated to the location of the respective asset:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Germany
Intangible assets	13,336	18,058	19,969
Property, plant, and equipment	20,007	18,589	14,490
Right-of-use assets	24,497	6,447	6,053
Total - Germany	57,840	43,094	40,512
USA
Property, plant, and equipment	2,929	3,720	2,278
Right-of-use assets	1,671	2,335	2,774
Total - USA	4,600	6,055	5,052
Total	62,440	49,149	45,564

Air

Summary of Operating Segments

The segment AIR result includes:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Impairment of intangible assets	3,308	0	0
Impairment of property, plant and equipment	1,172	0	0
Write-downs of inventories	9,592	1,500	0
Segment AIR - Total impairment and write-downs	14,072	1,500	0

Space

Summary of Operating Segments

The segment SPACE result includes:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Impairment of intangible assets	0	1,531	0
Write-downs of inventories	783	5,983	2,501
Impairment loss on trade receivables	337	0	0
Segment SPACE - Total impairment and write-downs	1,120	7,514	2,501

Changes in Inventories of Finished Goods and Work in Progress

12 Months Ended

Dec. 31, 2023

Changes in Inventories of Finished Goods and Work in Progress

12. Changes in inventories of finished goods and work in progress

The increase in inventories of finished goods and work in progress primarily results from the CONDOR terminals, and HAWK terminals currently in the production phase. Changes in inventories are as follows:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Increase/(decrease) in inventories of work in progress	(755)	2,100	414
Increase/(decrease) in inventories of finished goods	786	542	616
Write-downs	(806)	(1,882)	(462)
Total	(776)	760	568

The write-downs during the year ended December 31, 2023, refer mainly to the HAWK terminal production, which result from general decision on the HAWK solution and the underlying AIR Technology (refer to Note 17). The write-downs during the year ended December 31, 2022, and 2021, refer mainly to CONDOR Mk2 and Mk1 terminals that were written down to their net realizable value.

Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets

17. Intangible assets

Cost


€ thousand	Development costs	Software and licenses	Total
Balance as of Jan. 1, 2021	17,953	347	18,300
Additions	2,924	436	3,360
Disposals	0	(9)	(9)
Balance as of Dec. 31, 2021	20,877	774	21,651
Additions	1,023	142	1,165
Balance as of Dec. 31, 2022	21,900	916	22,816
Additions	0	67	67
Balance as of Dec. 31, 2023	21,900	983	22,883

Amortization and impairment


€ thousand	Development costs	Software and licenses	Total
Balance as of Jan. 1, 2021	158	258	416
Amortization for the year	1,174	93	1,267
Disposals	0	(1)	(1)
Balance as of Dec. 31, 2021	1,332	350	1,682
Amortization for the year	1,359	186	1,545
Impairment for the year	1,531	0	1,531
Balance as of Dec. 31, 2022	4,222	536	4,758
Amortization for the year	1,297	184	1,481
Impairment for the year	3,308	0	3,308
Balance as of Dec. 31, 2023	8,827	720	9,547

Carrying amount


€ thousand	Development costs	Software and licenses	Total
Carrying amount as of Dec. 31, 2021	19,545	424	19,969
Carrying amount as of Dec. 31, 2022	17,678	380	18,058
Carrying amount as of Dec. 31, 2023	13,074	262	13,336

During the year ended December 31, 2023, development costs in the amount of €21,572 thousand (2022: €18,019 thousand, 2021: €17,830 thousand) were recognized as an expense since the criteria set out in IAS 38.57 were not met. Of the total amount of €21,572 thousand (2022: €18,986 thousand, 2021: €20,675 thousand), development costs of €0 thousand (2022: €967 thousand, 2021: €2,845 thousand) were capitalized.

Capitalized development costs

The Group did not capitalize any development costs during the year ended December 31, 2023. During the year ended December 31, 2022, the Group capitalized costs for the development of the CONDOR MEO. However, the CONDOR MEO Technology was subsequently impaired in the amount of €1,531 thousand. During the year ended December 31, 2021, the group capitalized costs for the development of the base SPACE Technology, which represent the technological foundation for the CONDOR products, as well as for the development of the CONDOR MEO.

The development activities for the base SPACE Technology were completed in March 2021. The amortization of the associated capitalized development costs for SPACE Technology started on March 1, 2021.The expected useful life of 15 years for the capitalized SPACE Technology based on an internal assumption of the Group. The useful life is determined on the basis of the length of the expected marketability of the products, customer requirements regarding the ability to deliver the corresponding products, which is up to 12 years for existing customer contracts, and the relatively high market entry barriers for competitors. This assumption is assessed annually.

During the the year ended December 31, 2023, no finance expenses (2022: €56 thousand, 2021: €79 thousand) were capitalized as the cost of the development projects in accordance with IAS 23.

The carrying amounts of the capitalized development projects were as follows:


€ thousand	SPACE	AIR	CONDOR MEO	Total
Carrying amount as of Dec. 31, 2021	15,072	3,965	508	19,545
Carrying amount as of Dec. 31, 2022	13,998	3,680	0	17,678
Carrying amount as of Dec. 31, 2023	13,074	0	0	13,074

The remaining useful life of the capitalized development projects were as follows:


in years	SPACE	AIR
Remaining useful life as of Dec. 31, 2021	14.2	13.5
Remaining useful life as of Dec. 31, 2022	13.2	12.5
Remaining useful life as of Dec. 31, 2023	12.2	0.0

Impairment test of capitalized development costs

AIR Technology

During the year ended December 31, 2023, the Group identified events that might trigger an impairment for the base AIR Technology, mainly due to the facts that the existing and capitalized AIR Technology will not be the basis for the production of HAWK terminals anymore. The Group continues to consider the HAWK market as a significant market and will continue to provide a laser terminal solution. However, the future HAWK solution will be using more components and software from the existing and capitalized SPACE Technology to benefit from similar production processes and the reduction of development and maintenance efforts for the technology.

During the year ended December 31, 2023, an impairment loss of €3,308 thousand is recognized as the recoverable amount is considered to be €0 as the Technology is no longer expected to be used internally and cannot be sold on a reasonable basis. Henceforth, the carrying amount is €0 (2022: €3,680 thousand, 2021: €3,965 thousand).

CONDOR MEO Technology

During the year ended December 31, 2022, the Group identified an event that might trigger an impairment for the CONDOR MEO Technology mainly due to the fact, that the further development of the CONDOR MEO Technology is since October 2022 under re-evaluation. The development of this adaption of the SPACE Technology was developed in connection with a customer’s contract. This contract was breached by the customer and therefore terminated by the Group. In this context, the Group re-evaluated the scenarios regarding the technology’s future and the completion of the development of the CONDOR MEO product variant. Result of the re-evaluation was to focus the currently available resources on the other products and to prioritize the completion of the development of these existing products and ramp up their serial production.

Subsequently, during the year ended December 31, 2022, an impairment loss of €1,531 thousand is recognized as the recoverable amount is considered to be €0 as the technology is not currently being developed. and there was no saleable product based on this technology that is part of the Group's long-term (ten year) planning. At December 31, 2023, the Group is still prioritizing the ramp up of the serial production. However, the long-term market opportunities for the CONDOR MEO Technology are further out than the Group originally planned. As the Group has not yet a fixed plan to continue the development, the Group considers no change in the recoverable amount and therefore, the carrying amount is still €0 (2022: €0, 2021: €508 thousand).

Provisions

12 Months Ended

Dec. 31, 2023

27. Provisions

Current and non-current provisions changed as follows:


€ thousand	Jan. 1, 2023	Utilization	Reversals	Additions	FX	Dec. 31, 2023
Asset retirement obligations	204	0	0	1,127	0	1,331
Litigation	708	179	167	89	0	451
Warranties	28	15	3	8	0	18
Total	940	194	170	1,224	0	1,800
Thereof non-current
Asset retirement obligations	204	0	0	890	0	1,094
Warranties	13	0	2	9	0	20
Total (non-current)	217	0	2	899	0	1,114

The asset retirement obligations mainly reflect the obligations under lease agreements. The additions are based on the lease agreement of the new headquarter in Munich. The outflows are expected for the end of the lease term in 2038. The provision for litigations mainly relates to a legal dispute, which is expected to be settled within 2024.

Financial Instruments And Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Summary of categories of financial instrument

The financial instruments were allocated to the following categories:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
Financial Assets measured at amortized costs
Other financial assets	545	1,200	48	449
Cash and cash equivalents	23,958	0	10,238	0
Trade receivables	300	0	1,101	0
Total	24,803	1,200	11,387	449
Derivative Financial Assets measured at fair value through profit and loss	0	0	172	0
Total financial assets	24,803	1,200	11,559	449
Financial Liabilities measured at costs
Trade and other payables	16,555	0	9,238	0
Lease liabilities	5,440	19,833	1,855	7,087
Loans and borrowings	3,286	59,496	14,440	0
Other financial liabilities	432	167	90	249
Total	25,713	79,496	25,623	7,336
Derivative Financial Liabilities measured at fair value through profit and loss	609	0	0	0
Total financial liabilities	26,322	79,496	25,623	7,336

Summary of changes in level 3 financial instruments

Changes in level 3 financial instruments are shown in the following table:


€ thousand	Fair value January 1, 2023	Additions	Disposals	Gains/(losses) recognized in financial income /expenses	FX-effects	Fair value December 31, 2023
Other financial and non-financial assets	172	0	(172)	0	0	0


€ thousand	Fair value January 1, 2022		Additions		Disposals		Gains/(losses) recognized in financial income /expenses			FX-effects		Fair value December 31, 2022
Other financial and non-financial assets		0		454		0		(282	)		0		172

Changes in level 3 financial liabilities are shown in the following table:


€ thousand	Fair value January 1, 2023	Additions	Disposals	(Gains)/losses recognized in financial income /expenses	FX-effects	Fair value December 31, 2023
Other financial liabilities	0	1,179	0	(578)	9	609

Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets

The table below summarizes the impact on the fair values of Level 3 liabilities by changing the significant unobservable input factors:


	December 31, 2023 - Profit or loss
€ thousand	increase	decrease
Prepayment option in the loan agreement of April 25, 2023
Interest rate volatility (movement +/- 5%)	88	(80)
Credit Spread (movement +/- 1%)	(25)	26

Summary of net gains/losses by measurement category

The net gains/losses by measurement category are as follows:


2023 - € thousand			Other income and cost items, or gain and loss items
Financial assets	AC	Measured at amortized cost	(330)
Derivative financial assets	FVTPL	Measured subsequently at fair value through profit or loss	0
Derivative Financial Liabilities	FVTPL	Measured subsequently at fair value through profit or loss	578


2022 - € thousand			Other income and cost items, or gain and loss items
Financial assets	AC	Measured at amortized cost	0
Derivative financial assets	FVTPL	Measured subsequently at fair value through profit or loss	(282)


2021 - € thousand			Other income and expense items, or gain and loss items
Financial assets	AC	Measured at amortized cost	0
Derivative financial assets	FVTPL	Measured subsequently at fair value through profit or loss	0

Summary of remaining contractual terms of financial liabilities including estimated interest payments


	December 31, 2023
€ thousand	Carrying amount	less than 1 year	between 1 and 2 years	between 3 and 5 years	more than 5 years	Total
Trade and other payables	16,555	16,555	0	0	0	16,555
Lease liabilities	25,273	5,679	4,062	10,227	26,022	45,990
Loans and borrowings	62,782	10,227	10,227	106,947	0	127,401
Other financial liabilities	1,208	1,043	98	82	0	1,222
Total	105,818	33,504	14,387	117,256	26,022	191,168


	December 31, 2022
€ thousand	Carrying amount	less than 1 year	between 1 and 2 years	between 3 and 5 years	more than 5 years	Total
Trade and other payables	9,238	9,238	0	0	0	9,238
Lease liabilities	8,942	1,901	1,905	3,405	2,372	9,583
Loans and borrowings	14,440	14,440	0	0	0	14,440
Other financial liabilities	339	188	98	180	0	466
Total	32,959	25,767	2,003	3,585	2,372	33,727

Summary of quantitative information about the Group's currency risk exposure provided to group management

The following is a summary of quantitative information about the Group’s currency risk exposure provided to Group management:


	December 31, 2023
€ thousand	USD
Intercompany receivables	1,724
Other financial assets	70
Cash and cash equivalents	5,106
Intercompany payables	(11,725)
Trade payables	(1,634)
Net statement of financial position exposure	(6,459)


	December 31, 2022
€ thousand	USD
Intercompany receivables	4,060
Other financial assets	7,500
Cash and cash equivalents	3,868
Intercompany payables	(55)
Trade payables	(142)
Other liabilities	(435)
Net statement of financial position exposure	14,796

Summary of sensitivity analysis measurement of financial instruments denominated in foreign currency and would have affected equity and profit or loss


Effects on Group profit/loss
	2023		2022		2021
	Changes in exchange rates		Changes in exchange rates		Changes in exchange rates
€ thousand	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%
EUR	0	0	0	0	(328)	328
USD	(323)	323	740	(740)	1,818	(1,818)
Total	(323)	323	740	(740)	1,490	(1,490)


Effects on Group equity
	2023		2022		2021
	Changes in exchange rates		Changes in exchange rates		Changes in exchange rates
€ thousand	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%	Increase by 5%	Reduction by 5%
EUR	0	0	0	0	(325)	325
USD	(323)	323	740	(740)	1,818	(1,818)
Total	(323)	323	740	(740)	1,493	(1,493)

The following exchange rates were used:


	Average rate			Spot exchange rate as of the reporting date
	2023	2022	2021	2023	2022	2021
EUR/USD	0.92368	0.95441	0.84819	0.90498	0.93756	0.88292

Statement of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2023

Summary of The Reconciliation of Liabilities To The Cash Flows From Financing Activities

The reconciliation of liabilities to the cash flows from financing activities required to be disclosed in accordance with IAS 7.44 is as follows:


		Cash Changes		Non-cash changes
€ thousand	Balance as of Jan. 1, 2023	Inflows	Outflows	Additions	Disposals	Financial income	Financial costs	FX	Balance as of Dec. 31, 2023
Loans and borrowings	14,440	67,723	(20,236)	0	(1,179)	0	2,234	(200)	62,782
Lease liabilities	8,942	0	(2,264)	21,603	(2,923)	0	0	(84)	25,273
Other financial liabilities	339	0	(98)	1,514	0	(567)	23	(4)	1,208
Total	23,721	67,723	(22,598)	23,118	(4,102)	(567)	2,257	(288)	89,263


		Cash Changes		Non-cash changes
€ thousand	Balance as of Jan. 1, 2022	Inflows	Outflows	Additions	Unpaid interest	FX	Balance as of Dec. 31, 2022
Loans and borrowings	0	13,110	0	0	1,330	0	14,440
Lease liabilities	9,027	0	(1,713)	1,439	6	183	8,942
Other financial liabilities	37	420	(137)	15	4	0	339
Total	9,064	13,530	(1,850)	1,454	1,340	183	23,721


		Cash Changes		Non-cash changes
€ thousand	Balance as of Jan. 1, 2021	Inflows	Outflows	Unpaid interest	FX	Reclassifications	Balance as of Dec. 31, 2021
Loans and borrowings	0	7,500	(7,500)	0	0	0	0
Lease liabilities	7,956	0	(1,056)	1,951	0	176	9,027
Other financial liabilities	0	0	0	37	0	0	37
Total	7,956	7,500	(8,556)	1,988	0	176	9,064

Financial Instruments And Financial Risk Management - Summary Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	€ 562	€ 2,574	€ 826
Average foreign exchange rate	0.92368	0.95441	0.84819
Closing foreign exchange rate	0.90498	0.93756	0.88292
Effects on Group Profit Loss [member] \| Increase by 5 %
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	€ (323)	€ 740	€ 1,490
Effects on Group Profit Loss [member] \| Increase by 5 % \| EUR
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	0	0	(328)
Effects on Group Profit Loss [member] \| Increase by 5 % \| USD
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	(323)	740	1,818
Effects on Group Profit Loss [member] \| Reduction by 5%
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	323	(740)	(1,490)
Effects on Group Profit Loss [member] \| Reduction by 5% \| EUR
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	0	0	328
Effects on Group Profit Loss [member] \| Reduction by 5% \| USD
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	323	(740)	(1,818)
Effects on Group Equity [member] \| Increase by 5 %
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	(323)	740	1,493
Effects on Group Equity [member] \| Increase by 5 % \| EUR
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	0	0	(325)
Effects on Group Equity [member] \| Increase by 5 % \| USD
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	(323)	740	1,818
Effects on Group Equity [member] \| Reduction by 5%
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	323	(740)	(1,493)
Effects on Group Equity [member] \| Reduction by 5% \| EUR
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	0	0	325
Effects on Group Equity [member] \| Reduction by 5% \| USD
Schedule Of Sensitivity Analysis Measurement Of Financial Instruments Denominated In Foreign Currency And Would Have Affected Equity And Profit Or Loss [Line Items]
Foreign exchange gain (loss)	€ 323	€ (740)	€ (1,818)

Other Financial and Non-Financial Assets - Summary of Other Financial and Non-Financial Assets (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

€ 7,948

€ 5,461

545

220

8,493

5,681

^[1]

1,200

449

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

1,200

449

Advance payments

5,887

625

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

Tax receivables

1,125

2,166

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

Prepaid expenses

737

2,238

Deferred capital raise preparation costs

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

Other

117

433

Receivables from suppliers

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

357

Receivables from funded projects

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

188

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

Security deposits

Disclosure of Detailed Information About Other Financial andNonFinancialAssets [Line Items]

1,200

449

Embedded derivative

172

€ 0

[1]	(1) Referred to as “Other non-current financial assets" in the audited consolidated financial statements of the Company as of and for the financial year ended December 31, 2022.

Changes in Inventories of Finished Goods and Work in Progress (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Increase in Inventories of Finished Goods and Work in Progress


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Increase/(decrease) in inventories of work in progress	(755)	2,100	414
Increase/(decrease) in inventories of finished goods	786	542	616
Write-downs	(806)	(1,882)	(462)
Total	(776)	760	568

Other operating income - Summary of Other Operating Income (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Other Operating Income [Abstract]
Income from grants	€ 3,299	€ 2,091	€ 279
Miscellaneous operating income	325	285	156
Total	€ 3,624	€ 2,376	€ 435

Intangible Assets - Summary Of Detailed Information About Amortization And Impairment Of Intangible Assets Other Than Goodwill (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	€ (18,058,000)
Amortization for the year	1,482,000	€ 1,545,000	€ 1,267,000
Ending Balance	(13,336,000)	(18,058,000)
Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	(17,678,000)	(19,545,000)
Impairment for the year	0
Ending Balance	(13,074,000)	(17,678,000)	(19,545,000)
Accumulated depreciation and amortisation [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	4,758,000	1,682,000	416,000
Amortization for the year	1,481,000	1,545,000	1,267,000
Impairment for the year	3,308,000	1,531,000
Disposals			(1,000)
Ending Balance	9,547,000	4,758,000	1,682,000
Accumulated depreciation and amortisation [member] \| Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	4,222,000	1,332,000	158,000
Amortization for the year	1,297,000	1,359,000	1,174,000
Impairment for the year	3,308,000	1,531,000
Disposals			0
Ending Balance	8,827,000	4,222,000	1,332,000
Accumulated depreciation and amortisation [member] \| Software And Licenses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Balance	536,000	350,000	258,000
Amortization for the year	184,000	186,000	93,000
Impairment for the year	0	0
Disposals			(1,000)
Ending Balance	€ 720,000	€ 536,000	€ 350,000

Property, Plant, and Equipment - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Investments in property, plant, and equipment	€ 6,670	€ 8,776	€ 8,594
Capitalized borrowing costs	77	32	154
Impairment of property, plant and equipment	1,172	€ 0	€ 0
Impairment of capitalized HAWK Terminals [member]
Disclosure of detailed information about property, plant and equipment [line items]
Recognized recoverable amount	0
Impairment of property, plant and equipment	1,172
Carrying amount of recognized recoverable amount	€ 0

Inventories

12 Months Ended

Dec. 31, 2023

21. Inventories

Inventories consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Raw materials and supplies	20,975	10,851
Work in progress	832	2,058
Finished goods	888	439
Total	22,695	13,348

During the year ended December 31, 2023, inventories of €18,043 thousand (2022: €13,378 thousand, 2021: €7,964 thousand) were recognized as a cost during the year.

The Group recognized the following write-downs of inventories during the years:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Write-downs of raw material and supplies	(9,569)	(5,601)	(2,039)
Write-downs of work in progress	(470)	(1,225)	(397)
Write-downs of finished goods	(337)	(657)	(65)
Total	(10,375)	(7,483)	(2,501)

The write-downs for the year ended December 31, 2023, refer mainly to materials relevant for production of HAWK and CONDOR MK3. The write-downs on HAWK materials result from general decision to cease production on the HAWK solution and the underlying AIR Technology (refer to Note 17). The write-downs for the year ended December 31, 2022, refer to materials relevant for production of CONDOR Mk1, CONDOR Mk2 and CONDOR MEO. The write-downs for the year ended December 31, 2021, refer to materials relevant for production of CONDOR Mk1 and CONDOR Mk2. The corresponding raw materials were written down to their recoverable amount.

Own Work Capitalized (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Detailed Information About Own Work Capitalized


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Cost of materials	256	689	1,995
Personnel costs	385	665	1,906
Depreciation, amortization and impairment	89	112	287
Other operating costs	88	101	427
Total	818	1,567	4,615

Summary of Detailed Information About Breakdown of Own Work Capitalized

The following table shows the breakdown of own work capitalized:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Development costs	0	968	2,845
Property, plant and equipment	818	599	1,770
Total	818	1,567	4,615

Financial Instruments And Financial Risk Management - Summary Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets (Detail) - Prepayment Option of the Loan [member] € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)
Interest rate, measurement input [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Increase	€ 88
Decrease	(80)
Credit spread, measurement input [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Increase	(25)
Decrease	€ 26

Revenue - Additional Information (Detail) - EUR (€)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contract liabilities

€ 3,517,000

€ 211,000

€ 933,000

Revenue recognized

5,390,000

^[1]

4,422,000

2,355,000

^[1]

Non Refundable payments received in the previous periods now recognized as revenue

2,589,000

Air Segment

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue recognized

€ 0

€ 1,384,000

€ 0

[1]	No revenue in the AIR segment was recognized during the year ended December 31, 2023, and 2021.

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Contract Liabilities - Summary of Contract Liabilities Developed (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Contract liabilities [Abstract]
Current and non-current contract liabilities as of January 1,	€ 15,297	€ 307
Received cash-ins	44,711	16,070
Revenue recognition	(4,746)	(903)
Accumulated interest expenses due to financing component	5,078	0
Net foreign exchange effects	(1,421)	(176)
Current and non-current contract liabilities as of December 31,	€ 58,919	€ 15,297

Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Detailed Information of Trade and Other Payables Explanatory

Trade and other payables consist of the following:


€ thousand	December 31, 2023	December 31, 2022
Trade payables	7,627	4,222
Other accruals	8,928	5,016
Total	16,555	9,238

Revenue - Summary of Share of Total Revenue per Customer (Details)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Space | Customer A

Disclosure of disaggregation of revenue from contracts with customers [line items]

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

65.00%

0.00%

Space | Customer B

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

12.00%

1.00%

5.00%

Space | Customer C

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

58.00%

0.00%

Space | Customer D

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

Space | Customer E

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

90.00%

Space | Other

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

23.00%

10.00%

5.00%

Air | Customer A

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

Air | Customer B

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

15.00%

0.00%

Air | Customer C

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

Air | Customer D

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

16.00%

0.00%

Air | Customer E

Disclosure of disaggregation of revenue from contracts with customers [line items]

^[1]

0.00%

Air | Other

^[1]

0.00%

[1]	The customers are disclosed anonymized

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Provisions

Current and non-current provisions changed as follows:


€ thousand	Jan. 1, 2023	Utilization	Reversals	Additions	FX	Dec. 31, 2023
Asset retirement obligations	204	0	0	1,127	0	1,331
Litigation	708	179	167	89	0	451
Warranties	28	15	3	8	0	18
Total	940	194	170	1,224	0	1,800
Thereof non-current
Asset retirement obligations	204	0	0	890	0	1,094
Warranties	13	0	2	9	0	20
Total (non-current)	217	0	2	899	0	1,114

Other Operating Costs

12 Months Ended

Dec. 31, 2023

Other Operating Costs

11. Other operating costs

Other operating costs consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Legal and consulting fees	8,129	6,955	2,477
Office and IT costs	4,680	4,236	3,282
Insurance	3,106	4,855	803
Other business supplies, equipment and services	2,529	1,835	1,396
Incidental rental costs and maintenance	1,860	814	696
Selling and travel costs	1,115	2,279	1,638
Disposals of property, plant and equipment	630	0	0
Loss allowance on trade receivables (ECL)	337	0	0
Onerous contracts	0	0	240
Other costs	836	1,108	1,298
Total	23,222	22,082	11,830

Further information on the loss allowance on trade receivables in Note 22.

Loans and Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Loans and Borrowings

30. Loans and borrowings

Loans and borrowings consist of the following:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
Loan agreement - April 25, 2023	3,286	59,496	0	0
Loan agreement - May 02, 2022	0	0	14,440	0
Total	3,286	59,496	14,440	0

On April 25, 2023, Mynaric USA Inc. (“Mynaric USA”), entered into a new five-year term loan agreement with two funds affiliated with a U.S.-based global investment management firm (the “Lenders”), and Alter Domus (US) LLC, as administrative agent. Pursuant to the loan agreement 2023, the lenders agreed to provide Mynaric USA with a secured term loan facility in an aggregate principal amount of $75,000 thousand.

Mynaric USA drew the full amount of the facility (subject to a 1% original issue discount) on the day of the execution of the loan agreement 2023. The loans under the loan agreement 2023 bear interest at a rate equal to Term SOFR (secured overnight financing rate as published by the SOFR Administrator on the website of the SOFR Administrator) for a 3-month tenor (subject to a 2% floor), plus a margin of 10%, and for the first two years, interest in an amount equal to 3% can be paid in kind by increasing the principal amount of the loans. In addition, the loan

agreement 2023 requires Mynaric USA to pay an exit fee to the Lenders at the time the loans are repaid, prepaid or accelerated. The exit fee is calculated as 180% of “invested capital” less the cumulative amount of principal repayments and cash interest payments on the loans received prior to the exit date, with “invested capital” defined to mean $74,250 thousand plus the aggregate amount by which the principal amount of the loans is increased as a result of the payment of interest in kind. The exit fee percentage will increase to 185% if the exit fee is triggered on or after the third, but prior to the fourth anniversary of the drawdown date and will increase to 200% if the exit fee is triggered on or after fourth anniversary of the drawdown date. In addition, certain partial mandatory prepayments require the payment of a portion of the exit fee prior to the full repayment of the facility.

The loans under the loan agreement 2023 are guaranteed by the Company and each of its subsidiaries and are secured by a security interest in substantially all of the assets of the Group.

A portion of the proceeds of the loans were used to repay in full the Group’s existing indebtedness under the loan agreement of May 02, 2022, and for fees and expenses associated with entering into the credit agreement 2023, the remaining amount will be used for general corporate purposes.

The loan agreement 2023 contains customary events of default, as well as customary affirmative and negative covenants, including covenants that limit the ability of the borrower and the guarantors to incur indebtedness or liens, make investments, sell assets, pay dividends or engage in mergers or other corporate transactions. Each such covenant is subject to customary exceptions and qualifications. In addition, the loan agreement 2023 contains financial maintenance covenants, including a covenant requiring the Group not to exceed a specified consolidated leverage ratio (as calculated in accordance with the credit agreement) as of the end of any quarter commencing with the quarter ending March 31, 2025 and a covenant requiring the Group to maintain minimum average weekly liquidity of $10,000 thousand during each quarter, commencing with the quarter ending June 30, 2023.

The proceeds from the loan converted to EUR as of the agreement date on April 25, 2023, amount to €67,723 thousand. Considering the transaction costs of €5,796 thousand an amount of €61,926 thousand was recognized as a financial liability. This amount includes an embedded derivative in the amount of €1,179 thousand as of April 25, 2023 (refer to Note 31).

Related Party Disclosures - Summary of Remuneration Granted To The Management Board (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€)
Supervisory Board remuneration [line items]
Total	€ 493	€ 506	€ 263
Remuneration Granted To The Management Board For 2023 [member]
Supervisory Board remuneration [line items]
Basic remuneration	1,475
Short-term variable remuneration	€ 1,180
Number of share options granted in share-based payment arrangement \| shares	75,000
Severance Compensation	€ 750
Recognized as expense	1,515
Total	€ 4,920
Remuneration Granted To The Management Board For 2022 [member]
Supervisory Board remuneration [line items]
Basic remuneration		1,380
Short-term variable remuneration		€ 488
Number of share options granted in share-based payment arrangement \| shares		108,000
Severance Compensation		€ 0
Recognized as expense		1,818
Total		€ 3,686

Consolidated Statements of Profit/Loss and Other Comprehensive Income/Loss (Parenthetical) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of profit or loss and other comprehensive income [abstract]
Capitalised cost, cost of materials	€ (256)	€ (689)	€ (1,995)
Capitalised costs, personnel costs	(385)	(665)	(1,906)
Capitalised costs, depreciation and amortisation	(89)	(112)	(287)
Capitalised costs, other operating costs	€ (88)	€ (101)	€ (427)

General Information

12 Months Ended

Dec. 31, 2023

General Information

1. General information

Mynaric AG (‘Company’) registered in Commercial Register at Munich Local Court (Reg. No. HRB 232763), has its registered office at Dornierstraße 19 in 82205 Gilching, Germany, and its administrative office at Bertha-Kipfmüller-Straße 2-8 in 81249 Munich, Germany. These consolidated financial statements as at and for the financial year ended December 31, 2023, comprise the Company and its controlled subsidiaries (together referred to as ‘Group’). The objective of the Group is the development, manufacture and sale of laser communication network equipment, software, systems, and solutions, particularly for aerospace applications and related products. The Group engages primarily in the manufacturing and sale of products and projects, and in the provision of services related to laser technology, particularly for applications in aerospace, and satellite services.

Depreciation, Amortization and Impairment

12 Months Ended

Dec. 31, 2023

Depreciation, Amortization and Impairment

10. Depreciation, amortization and impairment

Depreciation, amortization and impairment consist of the following:


	For the year ended
€ thousand	December 31, 2023	December 31, 2022	December 31, 2021
Amortization of intangible assets	1,482	1,545	1,267
Depreciation of property, plant and equipment	3,824	3,254	1,994
Depreciation of right-of-use assets	1,836	1,659	1,257
Total	7,142	6,458	4,518
Impairment of intangible assets	3,308	1,531	0
Impairment of property, plant and equipment	1,172	0	0
Total	4,480	1,531	0
Total depreciation, amortization and impairment	11,622	7,989	4,518

The recognized impairment during the year ended December 31, 2023, relates to the capitalized AIR Technology and related property, plant and equipment (refer to Note 17 and Note 18). The recognized impairment during the year ended December 31, 2022, relates to the capitalized CONDOR MEO Technology (refer to Note 17).

Basis of Consolidation and Accounting Policies - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Percentage of interest element exceed	5.00%
Contractual Payment Description	This means that the amount of consideration promised is not adjusted for the effects of a significant financing component if the period between the transfer of the last promised good or service and the first payment is one year or less.
Depreciation of property, plant, and equipment	€ 3,824,000	€ 3,254,000	€ 1,994,000
Period of expected credit loss recognized	12 months
Due period of financial liabilities to be settled	12 months
Applicable tax rate	28.648%	27.725%
Short term lease term of contract	12 months
Liability for taxes or tax claim recognized, in case of tax loss	€ 0
Mynaric AG
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Applicable tax rate	28.648%	27.725%	27.725%
Corporation Tax \| Mynaric AG
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Applicable tax rate	15.00%
Surcharge \| Mynaric AG
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Applicable tax rate	5.50%
Trade Tax \| Mynaric AG
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Applicable tax rate	12.82%	11.90%	11.90%
Past Due
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Information about credit risk past due financial asset	30 days
Bottom of range \| Real Estate
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of leases	3 years
Bottom of range \| Other Leases
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of leases	4 years
Bottom of range \| Computer equipment
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of property plant and equipment	2 years
Bottom of range \| Plant and equipment
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of property plant and equipment	3 years
Bottom of range \| Leasehold improvements
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of property plant and equipment	2 years
Top of range \| Real Estate
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of leases	15 years
Top of range \| Other Leases
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of leases	6 years
Top of range \| Computer equipment
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of property plant and equipment	20 years
Top of range \| Plant and equipment
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of property plant and equipment	20 years
Top of range \| Leasehold improvements
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of property plant and equipment	10 years
Capitalised development expenditure \| Top of range
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of intangible assets	15 years
Software And Licenses [member] \| Bottom of range
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of intangible assets	3 years
Software And Licenses [member] \| Top of range
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Useful life of intangible assets	5 years

Income Taxes - Summary of Disclosing Information Relating to Tax Expenses (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Domestic tax rate	28.648%	27.725%

Trade Receivables - Summary of Loss Allowances for Trade Receivables (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Trade receivables	€ 300	€ 1,101
Loss allowance (ECL)	(330)	0
Not overdue [member]
Disclosure of financial assets [line items]
Trade receivables	178	656
Loss allowance (ECL)	€ (3)	€ 0
Expected default risk in relation to ECL	1.60%	0.00%
1 to 30 days overdue [member]
Disclosure of financial assets [line items]
Trade receivables	€ 0	€ 444
Loss allowance (ECL)	€ 0	€ 0
Expected default risk in relation to ECL	0.00%	0.00%
More than 90 days overdue [member]
Disclosure of financial assets [line items]
Trade receivables	€ 451	€ 0
Loss allowance (ECL)	€ (327)	€ 0
Expected default risk in relation to ECL	72.40%	0.00%

Other Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Other Financial Liabilities [Abstract]

Summary of Current and Non-current Other Financial Liabilities

Current and non-current other financial liabilities consist of the following:


	December 31, 2023		December 31, 2022
€ thousand	Current	Non-current	Current	Non-current
Embedded derivative	609	0	0	0
Other sundry financial liabilities	432	167	90	249
Total	1,041	167	90	249

Segment reporting and information on geographical areas - Summary of Not allocated Costs (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Not Allocated Costs [abstract]
D&O insurance and other costs related the stock listing	€ 3,796	€ 4,715	€ 682
Costs related to financing acitivities	2,649	0	0
Cost for the audit of the financial statements	1,568	951	538
Supervisory Board remuneration	494	422	269
Total not allocated costs	€ 8,507	€ 6,088	€ 1,489

Other Non-Financial Liabilities

12 Months Ended

Dec. 31, 2023