Comtech Telecommunications Corp
2.9300-0.20 (-6.39%)
Oct 29, 4:00:02 PM EDT · NasdaqGS · CMTL · USD
Key Stats
Market Cap
86.13MP/E (TTM)
-Basic EPS (TTM)
-10.05Dividend Yield
0%Recent Filings
8-K
Comtech appoints finance veteran to board
Comtech Telecommunications appointed Lloyd A. Sprung, a seasoned finance expert with over three decades in corporate finance, capital markets, and restructuring from firms like UBS and Evercore, as an independent director on August 18, 2025. This move fulfills a credit agreement obligation with TCW Asset Management and bolsters the board's Audit and Strategic Review Committees amid recent operational improvements and financing. Sprung's expertise sharpens focus on value-enhancing initiatives. Yet risks from financing and integration persist.
8-K
Comtech announces improved senior credit terms and $35M subordinated debt infusion, boosting financial flexibility and liquidity.
Comtech Telecommunications Corp. announces amendments to its senior secured credit agreement, improving terms and increasing financial flexibility. The amendments include a long-term financial covenant holiday, with the next test of key financial ratios after January 31, 2027, and waivers on prepayment fees and certain amortization and fee payments. Concurrently, the company receives a $35 million capital infusion through subordinated debt from an existing holder, with favorable terms including no make-whole provision and interest accruing at the same rate as the senior secured term loan debt. These actions enhance liquidity to support business plans, reflecting confidence in the company's transformation plan.
10-Q
Q3 FY2025 results
Comtech Telecommunications posted Q3 FY2025 net sales of $126.8 million, down 1.0% y/y but up 0.2% q/q, with gross margin steady at 30.7% versus 30.4% y/y amid a shift toward higher-margin NG-911 services in Terrestrial and Wireless Networks, which offset softer troposcatter demand in Satellite and Space Communications. Operating loss narrowed to $1.5 million from $3.5 million y/y, driven by restructuring gains and lower R&D spend, though diluted EPS held at $(0.49) due to $48.4 million in preferred dividends; non-GAAP EPS improved to $(0.18) from $0.20. Cash dipped to $28.4 million, with operating cash flow at $2.3 million excluding $7.0 million in restructuring outflows, while total debt stood at $214.4 million under amended facilities maturing July 2028 at blended rates near 14.2%, bolstered by $65.0 million subordinated funding. Bookings hit $71.0 million for a 0.56x book-to-bill, hampered by a $36.4 million GFSR debooking, yet revenue visibility remains at $1.2 billion. Restructuring trimmed headcount 12%, targeting $33.0 million in annual savings. Yet competition in satellite tech lingers as a key risk.
8-K
Comtech Q3 sales dip, costs ease
Comtech Telecommunications reported Q3 fiscal 2025 net sales of $126.8 million, down 1% year-over-year, with a 30.7% gross margin and $1.5 million operating loss, improved from prior periods via cost cuts and efficiency gains. A $40 million capital infusion renegotiated lender terms, waiving breaches for added flexibility, while bookings fell to $71 million after a $36.4 million debooking, yielding a 0.56x book-to-bill—yet gross bookings hit $107.4 million. Backlog stands at $708.1 million. Transformation shows promise, but challenges linger.
10-Q
Q2 FY2025 results
Comtech Telecommunications posted Q2 FY2025 net sales of $126.6M, down 5.7% y/y but up 9.3% q/q (derived), with gross margin rebounding to 26.7% from 12.5% last quarter yet trailing 32.2% y/y amid product mix shifts and restructuring charges. Operating loss narrowed to $10.3M from $139.4M YTD, reflecting a $79.6M goodwill impairment in Q1; diluted EPS loss of $0.76 improved from $6.06 YTD, reconciling to 29.3M weighted shares with no anti-dilution effects. Key drivers included softer troposcatter and SATCOM sales in the Satellite segment, offset by steady NG-911 growth in Terrestrial, while U.S. government exposure held at 35.4% of revenue. Liquidity stood at $26.7M cash with $215.2M total debt (credit facility at 18.7% effective rate, subordinated facility at $25M); free cash flow not disclosed in the 10-Q. Subsequent March 2025 amendments waived covenants, cut Term Loan rates to 10.5% SOFR and added $40M subordinated debt for flexibility. Yet, covenant compliance risks loom if transformation falters.
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