Ottawa, Ontario--(Newsfile Corp. - March 26, 2025) - C-COM Satellite Systems Inc., (TSXV: CMI) (OTCQB: CYSNF) a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for its fiscal year ended November 30, 2024.
The Company generated revenues of $7,886,850, down 5% compared to 2023's revenues of $8,294,957.
The Company posted a net loss of $211,475 in fiscal 2024. This compares to 2023's net income of $1,672,907. This was driven by lower gross margins and increased investment in the Company's key research and development projects during 2024.
However, $2.6 million in net operating cash-flow was a bright spot for C-COM in 2024.
Were it not for inventory value adjustments, 2024 gross margin would have come in at a normal 61% level. Selling, general and administrative expenses were on-par with 2023 levels.
The Company's strong cash-flow fueled a 3% increase in its cash and investments, which totaled $16 million at year-end (+$0.5 million from 2023).
"Though we had steady demand throughout 2024, quoting volumes and booked orders were down due to geopolitical tensions and an overall weak global economy," said Dr. Leslie Klein, President and CEO of C-COM Satellite Systems Inc. "Our 600 strong global reseller market brought in orders mainly from the military, the oil and gas industry, and from cellular backhaul and security markets."
Klein added, "The entire satellite industry is being affected by the low-orbit industry transformation, but adapting to change over its 28+ year history is not new to C-COM. Our response has been to increase investment in completing development of our electronically steered Ka-band antenna (ESA) and the complementary analog beamformer integrated circuit (BFIC). I am pleased to report that testing of our ESA's multi-function design is proceeding successfully."
Our 1K (1024)-element version has been successfully tested on Telesat's GEO and LEO satellites and planned to be tested over other GEO and MEO provider services during the next quarters. Our 4K (4096)-element ESA version will also be satellite tested shortly and is intended to deliver in-motion connectivity over GEO, MEO and LEO constellations requiring more throughput. A test using a military style drone is also scheduled in the next few months.
Both versions are in the initial stages of manufacturing and full production of this advanced ESA system will be announced after certification and trials have been completed," concluded Dr. Klein.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a pioneer and a leading global designer, developer, and manufacturer of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.
C-COM has sold more than 11,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil and Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVu® brand is synonymous with high quality, reliability, and cost-effectiveness.
C-COM is in final stages of satellite testing and manufacturing of a potentially revolutionary Ka-band, electronically steerable, modular, conformal, flat panel phased array antenna. C-COM has developed this unique multi-orbit antenna with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime verticals over LEO, MEO and GEO satellite constellations. Another significant project underway at C-COM is the development of an Analog Beamforming Integrated Circuit, which is progressing well and is expected to enter testing phase by the middle of this year. These BFICs will be used in the manufacturing of all our ESA antennas with the intent to significantly reduce their cost and improve their performance.
For additional information please visit www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).
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INVESTOR RELATIONS
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
lklein@c-comsat.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Statements about C-COM's expectations for future results, its intention to continue testing and launch a compact 1K element ESA system followed by the launch of a more robust 4K ESA, its primary focus over the next couple years and the expectation that investment in R&D will generate returns to the company all contain forward-looking information. Several factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Product testing may be delayed, may not have positive results or may result in necessary changes to the product design. Product development and launch may be postponed, delayed or, in the worst case, cancelled for many reasons outside C-COM's control, anticipated benefits of the new technology may not be realized, new products and services may not be released or, if released may not gain market acceptance and factors outside of C-COM's control may cause it to focus of its efforts and investments differently than described above. Any of those events and others could influence future performance and C-COM Satellite Systems Inc.'s ability to achieve the results mentioned above. These forward-looking statements are made as of the date hereof and C-COM Satellite Systems Inc. does not assume any obligation to update or revise them to reflect new events or circumstances. Readers are directed to the risk factors associated with the business of C-COM Satellite Systems in the company's most recent MD&A available at www.sedarplus.ca.
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SOURCE: C-COM Satellite Systems Inc.
