COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL) Company Report

Comtech Telecommunications Corp. reported net sales of $111 million and a GAAP operating loss of $2.8 million for the first quarter of fiscal 2026. Adjusted operating income for the quarter was $6.6 million, or 5.9% of net sales, and Adjusted EBITDA was $9.6 million.
The company achieved its third consecutive quarter of positive operating cash flows, generating $8.1 million in Q1 2026, a significant improvement from a negative $21.8 million in the prior year period. This has built liquidity to $51 million as of October 31, 2025.
The Satellite and Space Communications segment contributed over $3 million of GAAP operating profit in Q1 2026, a substantial turnaround from a $119 million GAAP operating loss in the comparable prior year period.
Net bookings for the quarter were $101.9 million, resulting in a book-to-bill ratio of 0.92 times. This included initial funding for a multi-year contract extension for the Illyrium segment valued in excess of $130 million.
The company highlighted a successful transformation, focusing on optimizing cash flow and shifting towards higher-margin products and long-term opportunities, positioning for future growth. Mary Jane Raymond also joined the board of directors.

Dec 11, 2025, 9:30 PM

Transcript

Comtech Telecommunications Corp. reports Q1 2026 results with improved cash flow and segment profitability

CMTL

Earnings

Board Change

New Projects/Investments

Comtech Telecommunications Corp. reported net sales of $111 million and adjusted EBITDA of $9.6 million for Q1 fiscal 2026.
The company achieved its third consecutive quarter of positive operating cash flows, reaching $8.1 million in Q1 fiscal 2026, a substantial improvement from a negative $21.8 million in the prior year period.
The Satellite and Space Communications segment contributed over $3 million in GAAP operating profit in Q1 fiscal 2026, a significant turnaround from a $119 million GAAP operating loss in the comparable period last year.
Allerium, the company's other segment, secured a multi-year contract extension valued in excess of $130 million with its largest customer and reported $11.3 million in adjusted EBITDA for the quarter.
Comtech's liquidity stood at $51 million as of October 31, 2025, and Mary Jane Raymond was appointed to the Board of Directors.

Dec 11, 2025, 9:30 PM

Transcript

Comtech Telecommunications Corp. Reports Q1 2026 Financial Results with Improved Cash Flow and Liquidity

CMTL

Earnings

Board Change

Revenue Acceleration/Inflection

Comtech Telecommunications Corp. reported net sales of $111 million and an operating loss of $2.8 million for the first quarter of fiscal 2026, a significant improvement compared to an operating loss of $129.2 million in the first quarter of fiscal 2025.
The company achieved its third consecutive quarter of positive operating cash flows, generating $8.1 million in Q1 fiscal 2026, a substantial improvement from a negative $21.8 million in the prior year period.
Liquidity increased to $51 million as of October 31, 2025, which includes qualified cash and cash equivalents of $41.4 million and $9.6 million remaining available on the revolver loan, reflecting improved financial health.
Net bookings were $101.9 million, resulting in a book-to-bill ratio of 0.92 times for the quarter, and included $27 million initial funding from a multi-year contract extension valued in excess of $130 million for the Illyrium segment.
Mary Jane Raymond joined the board of directors, enhancing the board's governance, finance, and operational capabilities.

Dec 11, 2025, 9:30 PM

Transcript

Comtech Telecommunications Corp. Announces Q1 2026 Financial Results

CMTL

Earnings

New Projects/Investments

Comtech Telecommunications Corp. reported net sales of $111.0 million and a gross margin of 33.1% for the first quarter ended October 31, 2025.
The company achieved $9.6 million in Adjusted EBITDA and an operating loss of $2.8 million for the quarter.
Net bookings for the quarter were $101.9 million, representing a book-to-bill ratio of 0.92x, with a funded backlog of $663.0 million as of October 31, 2025.
Comtech generated $8.1 million in GAAP cash inflows from operations, marking its third consecutive quarter of positive operating cash flow, and reported $51.0 million in total liquidity at quarter-end.
The company secured a long-term contract extension worth over $130 million in early November 2025, which is not yet included in the reported net bookings or backlog.

Dec 11, 2025, 9:11 PM

8-K

Comtech Announces First Quarter Fiscal 2026 Financial Results

CMTL

Earnings

Demand Weakening

Comtech reported net sales of $111.0 million for the first quarter of fiscal 2026, representing a decrease of 4.1% compared to the prior year period and 14.8% sequentially.
The company achieved a gross margin of 33.1%, a substantial improvement from 12.5% in the first quarter of fiscal 2025, and reported Adjusted EBITDA of $9.6 million, compared to an Adjusted EBITDA loss of $30.8 million in the prior year period.
Comtech recorded an operating loss of $2.8 million and a net loss attributable to common shareholders of $19.8 million, both significantly improved from the respective losses of $129.2 million and $155.9 million in the first quarter of fiscal 2025.
The company generated $8.1 million in GAAP cash inflows from operations, marking its third consecutive quarter of positive operating cash flow, and ended the quarter with $51.0 million in total liquidity.
Net bookings were $101.9 million, resulting in a book-to-bill ratio of 0.92x, and the funded backlog was $663.0 million as of October 31, 2025. A contract extension worth over $130 million secured in early November is not yet included in these figures.

Dec 11, 2025, 9:05 PM

Press Release

Comtech Telecommunications Corp. Reports Strong Q4 2025 Financial and Operational Improvements

CMTL

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Comtech Telecommunications Corp. reported significant financial improvements in Q4 2025, including $11.4 million of positive operating cash flow and $47 million of liquidity at fiscal year-end, leading to the removal of uncertainties regarding its ability to continue as a going concern.
The company's gross margins improved from 12.5% in Q1 2025 to 31.2% in Q4 2025, and adjusted EBITDA increased sequentially each quarter, reaching $13.3 million in Q4 2025.
Both operating segments showed strong performance, with the Satellite and Space Communications segment generating over $20 million of operating cash flow in Q4 2025 , and the Allerium segment's adjusted EBITDA growing 37% to $13.7 million in Q4 2025, further securing a multi-year contract extension valued in excess of $130 million.
Comtech also successfully negotiated improved credit facility terms, enhancing its financial flexibility and providing for the incurrence of a $35 million incremental subordinated priority term loan.

Nov 10, 2025, 9:30 PM

Transcript

Comtech Telecommunications Corp. reports Q4 and FY 2025 financial results and improved financial health

CMTL

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Comtech Telecommunications Corp. reported significant financial improvements for the fourth quarter and fiscal year ended July 31, 2025, including positive operating cash flow of $11.4 million in Q4 2025, marking the first positive operating cash flow quarters since fiscal 2023.
The company's liquidity reached $47.0 million at July 31, 2025, the highest level in recent history, and further increased to $51.0 million by October 31, 2025.
Gross margins significantly improved from 12.5% in Q1 2025 to 31.2% in Q4 2025, and Adjusted EBITDA improved from negative $31 million in Q1 2025 to $13.3 million in Q4 2025.
As a result of the improved financial health, the disclosure regarding the company's ability to continue as a going concern has been removed from its SEC filings.

Nov 10, 2025, 9:29 PM

8-K

Comtech's Allerium Business Segment Secures Major Multi-Year Contract

CMTL

New Projects/Investments

Revenue Acceleration/Inflection

Comtech Telecommunications Corp.'s Allerium business segment has secured a multi-year contract valued in excess of $130 million.
The agreement is with a Tier 1 wireless service provider serving customers across the United States.
Under the contract, Allerium will provide a comprehensive suite of critical 911 applications and services, including 4G/5G routing, Voice over Wi-Fi (VoWiFi) 911, and Text to 911.
This partnership strengthens Allerium’s leadership in 911 technologies and emergency communications services.

Nov 10, 2025, 9:10 PM

Press Release

Comtech Reports FY2025 Turnaround and Secures Key 911 Contract

CMTL

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Comtech Telecommunications Corp. (CMTL) demonstrated a financial turnaround in fiscal year 2025, with Q4 revenue increasing 13% to $130.4 million, achieving positive adjusted EBITDA of $13 million, and gross margins rising to 31.2%, leading to the removal of previous going concern disclosures.
The company's Allerium business secured a multi-year contract with a Tier 1 U.S. wireless provider for next-generation 911 technologies, including 4G/5G routing and Voice over Wi-Fi services, enhancing its leadership in public safety communications.
Despite these gains, Comtech faces liquidity constraints, evidenced by a current ratio of 0.74, a debt-to-equity ratio of 0.88, and an Altman Z-Score of -0.36, which indicates financial distress.
The outlook for Q1 revenue is cautious, projected between $107 million and $113 million, which is slightly below prior analyst expectations.