COMSOVEREIGN ANNOUNCES PRELIMINARY FISCAL 2021 REVENUES TO EXCEED $15.8 MILLION REPRESENTING A YEAR-OVER-YEAR INCREASE OF OVER 68%
COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) announced preliminary revenue for fiscal year 2021, expecting to report approximately $6 million for Q4 2021, a 200% increase from $1.9 million in Q4 2020. Total revenues for 2021 are expected to exceed $15.8 million, marking a 68% increase from $9.4 million in 2020. The significant growth is attributed to a $3.5 million order of DragonWave radios and strategic investments in manufacturing capabilities. The company plans to release fully audited financial statements by March 31, 2022.
- Q4 2021 revenue expected to reach approximately $6 million, up 200% year-over-year.
- Total revenue for 2021 projected to exceed $15.8 million, a 68% increase from 2020.
- Significant order of $3.5 million for DragonWave radios contributed to growth.
- None.
DALLAS, Jan. 11, 2022 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems today provided preliminary revenue guidance for the full fiscal year 2021.
Based upon preliminary unaudited review, COMSovereign expects to report revenues for the quarter ended December 31, 2021 of approximately
"December was an active month for our team in order to fulfill immediate customer needs, including a significant purchase of DragonWave radio links. This contributed to our year-end financial performance, in-line with the guidance we announced on our third quarter earnings conference call. As a result of our significant investment into our manufacturing capabilities and inventory throughout 2021, we were positioned to capitalize on year-end demand from both new and existing customers," said Dan Hodges, Chairman and CEO of COMSovereign Holding Corp. "We are pleased with our significant sequential and year-over-year growth and enter 2022 focused on a steep upward production curve across our business to ensure we can fulfill customer demand. Furthermore, we have begun several initiatives which we discussed last quarter, designed to streamline the business and includes cash generation and significant across-the-board reductions in operating expenses which we believe will allow us to rapidly reach our positive EBITDA goals, exploit the strengths of our telecom hardware and software products, and begin commercialization of long-awaited R&D programs."
COMSovereign expects to release its fully audited 2021 financial statements on or before March 31, 2022.
About COMSovereign Holding Corp.
COMSovereign Holding Corp. (Nasdaq: COMS and COMSP) has assembled a portfolio of communications technology companies that enhance connectivity across the entire network. By combining strategic acquisitions with organic research and development efforts, COMSovereign has built a U.S.-based communications solution provider able to deliver end-to-end 4G LTE Advanced and 5G-NR telecom solutions to network operators, enterprises, and governments. For more information about COMSovereign, please visit www.COMSovereign.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, the impact of the current COVID-19 pandemic, which may limit access to the Company's facilities, customers, management, support staff, and professional advisors, and to develop and deliver advanced voice and data communications systems, demand for the Company's products and services, the availability of parts and components for the manufacture of products, economic conditions in the U.S. and worldwide, and the Company's ability to recruit and retain management, technical, and sales personnel. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Relations for COMSovereign Holding Corp.:
Steve Gersten, Director of Investor Relations
COMSovereign Holding Corp.
813-334-9745
investors@comsovereign.com
and
Dave Gentry
RedChip Companies, Inc.
407-491-4498
dave@redchip.com
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE COMSovereign Holding Corp.
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