C-COM Reports Fiscal Year 2024 Results
C-COM Satellite Systems (OTCQB: CYSNF) reported its fiscal year 2024 results, showing a 5% revenue decline to $7.89 million compared to $8.29 million in 2023. The company posted a net loss of $211,475 in 2024, contrasting with a net income of $1.67 million in 2023, primarily due to lower gross margins and increased R&D investments.
Despite challenges, the company generated $2.6 million in net operating cash-flow and increased its cash and investments by 3% to $16 million. The company's 600 global resellers secured orders mainly from military, oil and gas, cellular backhaul, and security markets.
The company is advancing its electronically steered Ka-band antenna (ESA) development, with successful testing of the 1K-element version on Telesat's GEO and LEO satellites. A 4K-element version is scheduled for testing, aimed at providing in-motion connectivity across multiple satellite constellations.
C-COM Satellite Systems (OTCQB: CYSNF) ha riportato i risultati per l'anno fiscale 2024, evidenziando un calo del 5% dei ricavi a 7,89 milioni di dollari rispetto agli 8,29 milioni di dollari del 2023. L'azienda ha registrato una perdita netta di 211.475 dollari nel 2024, rispetto a un utile netto di 1,67 milioni di dollari nel 2023, principalmente a causa di margini lordi più bassi e di un aumento degli investimenti in R&S.
Nonostante le difficoltà, l'azienda ha generato 2,6 milioni di dollari di flusso di cassa operativo netto e ha aumentato la sua liquidità e investimenti del 3% a 16 milioni di dollari. I 600 rivenditori globali dell'azienda hanno ottenuto ordini principalmente dai mercati militare, petrolifero e del gas, backhaul cellulare e della sicurezza.
L'azienda sta avanzando nello sviluppo della sua antenna Ka-band a steering elettronico (ESA), con test riusciti della versione a 1.000 elementi sui satelliti GEO e LEO di Telesat. Una versione a 4.000 elementi è programmata per i test, con l'obiettivo di fornire connettività in movimento attraverso più costellazioni satellitari.
C-COM Satellite Systems (OTCQB: CYSNF) reportó sus resultados del año fiscal 2024, mostrando un declive del 5% en ingresos a 7,89 millones de dólares en comparación con 8,29 millones de dólares en 2023. La compañía presentó una pérdida neta de 211,475 dólares en 2024, contrastando con un ingreso neto de 1,67 millones de dólares en 2023, principalmente debido a márgenes brutos más bajos y mayores inversiones en I+D.
A pesar de los desafíos, la compañía generó 2,6 millones de dólares en flujo de caja operativo neto y aumentó su efectivo e inversiones en un 3% a 16 millones de dólares. Los 600 revendedores globales de la compañía aseguraron pedidos principalmente de los mercados militar, de petróleo y gas, backhaul celular y de seguridad.
La compañía está avanzando en el desarrollo de su antena de banda Ka dirigida electrónicamente (ESA), con pruebas exitosas de la versión de 1,000 elementos en los satélites GEO y LEO de Telesat. Una versión de 4,000 elementos está programada para pruebas, con el objetivo de proporcionar conectividad en movimiento a través de múltiples constelaciones de satélites.
C-COM 위성 시스템 (OTCQB: CYSNF)는 2024 회계연도 결과를 보고하며 매출이 5% 감소하여 789만 달러에 달한다고 밝혔습니다. 이는 2023년 829만 달러에 비해 감소한 수치입니다. 이 회사는 2024년에 211,475달러의 순손실을 기록했으며, 이는 2023년 167만 달러의 순이익과 대조적입니다. 이는 주로 낮은 총 마진과 증가한 연구 개발 투자 때문입니다.
어려움에도 불구하고, 이 회사는 260만 달러의 순 운영 현금 흐름을 창출했으며, 현금 및 투자를 3% 증가시켜 1,600만 달러에 이르게 했습니다. 이 회사의 600명의 글로벌 리셀러들은 주로 군사, 석유 및 가스, 셀룰러 백홀 및 보안 시장에서 주문을 확보했습니다.
회사는 전자적으로 조향되는 Ka 대역 안테나(ESA) 개발을 진행 중이며, Telesat의 GEO 및 LEO 위성에서 1K 요소 버전의 성공적인 테스트를 마쳤습니다. 4K 요소 버전의 테스트가 예정되어 있으며, 이는 여러 위성 별자리를 통한 이동 중 연결성을 제공하는 것을 목표로 하고 있습니다.
C-COM Satellite Systems (OTCQB: CYSNF) a annoncé ses résultats pour l'exercice fiscal 2024, montrant un déclin des revenus de 5% à 7,89 millions de dollars par rapport à 8,29 millions de dollars en 2023. L'entreprise a affiché une perte nette de 211 475 dollars en 2024, contrastant avec un bénéfice net de 1,67 million de dollars en 2023, principalement en raison de marges brutes plus faibles et d'une augmentation des investissements en R&D.
Malgré les défis, l'entreprise a généré 2,6 millions de dollars de flux de trésorerie opérationnel net et a augmenté sa liquidité et ses investissements de 3% à 16 millions de dollars. Les 600 revendeurs mondiaux de l'entreprise ont sécurisé des commandes principalement des marchés militaires, pétroliers et gaziers, de backhaul cellulaire et de sécurité.
L'entreprise avance dans le développement de son antenne à bande Ka à pilotage électronique (ESA), avec des tests réussis de la version à 1 000 éléments sur les satellites GEO et LEO de Telesat. Une version à 4 000 éléments est prévue pour des tests, visant à fournir une connectivité en mouvement à travers plusieurs constellations de satellites.
C-COM Satellite Systems (OTCQB: CYSNF) hat seine Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und einen Rückgang der Einnahmen um 5% auf 7,89 Millionen Dollar im Vergleich zu 8,29 Millionen Dollar im Jahr 2023 festgestellt. Das Unternehmen verzeichnete einen Nettoverlust von 211.475 Dollar im Jahr 2024, im Gegensatz zu einem Nettogewinn von 1,67 Millionen Dollar im Jahr 2023, was hauptsächlich auf niedrigere Bruttomargen und erhöhte F&E-Investitionen zurückzuführen ist.
Trotz der Herausforderungen generierte das Unternehmen 2,6 Millionen Dollar an netto operativem Cashflow und erhöhte seine liquiden Mittel und Investitionen um 3% auf 16 Millionen Dollar. Die 600 globalen Wiederverkäufer des Unternehmens sicherten Aufträge hauptsächlich aus den Märkten Militär, Öl und Gas, Mobilfunk-Backhaul und Sicherheit.
Das Unternehmen entwickelt seine elektronisch gesteuerte Ka-Band-Antenne (ESA) weiter und hat erfolgreiche Tests der 1K-Element-Version auf den GEO- und LEO-Satelliten von Telesat durchgeführt. Eine 4K-Element-Version ist für Tests geplant, die darauf abzielen, eine mobile Konnektivität über mehrere Satellitenkonstellationen bereitzustellen.
- Strong operating cash flow of $2.6 million in 2024
- Cash and investments increased 3% to $16 million
- Successful testing of 1K-element ESA technology on multiple satellites
- Normal gross margin level of 61% (excluding inventory adjustments)
- 5% year-over-year revenue decline to $7.89 million
- Net loss of $211,475 compared to $1.67 million profit in 2023
- Lower quoting volumes and booked orders
- Reduced gross margins due to inventory value adjustments
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.
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Were it not for inventory value adjustments, 2024 gross margin would have come in at a normal
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"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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245946
FAQ
What caused CYSNF's revenue decline in fiscal year 2024?
How much cash and investments does CYSNF hold as of 2024 year-end?
What progress has CYSNF made with its ESA technology development?
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