C-COM reports Fiscal Year 2024 results

Ottawa, Canada, March 26, 2025 – C-COM Satellite Systems Inc., (TSXV: CMI and OTCQB: CYSNF), a 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 CDN$ 7,886,850, down 5% compared to 2023’s revenues of CDN$ 8,294,957.

All amounts are in Canadina dollars (CDN$)

The company posted a net loss of $211,475 in the fiscal year 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, the 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.

The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).