• The Cisco for satellite communication ground systems.
• The Ericsson/Nokia for 9-1-1 emergency communication systems.
• A specialized defense contractor like L3Harris, but focused on advanced satellite and public safety communication technologies.

• Satellite Communications Systems: Provides advanced satellite ground station equipment, including modems, amplifiers, and integrated systems for various commercial and defense applications.
• Terrestrial Wireless Solutions: Offers high-capacity microwave, troposcatter, and line-of-sight communication systems for critical infrastructure and remote deployments.
• Next Generation 9-1-1 (NG9-1-1) Solutions: Delivers comprehensive emergency call routing, mapping, and data management platforms for public safety agencies.
• Location-Based Services (LBS) Technologies: Develops precise location intelligence platforms and secure messaging solutions for mobile operators and government clients.
• Tactical Communications & Cybersecurity: Provides ruggedized tactical communication systems and integrated cybersecurity solutions for defense and government customers.

Comtech Telecommunications (CMTL) primarily sells its advanced communications solutions to other companies (Business-to-Business, B2B) and government entities (Business-to-Government, B2G) rather than directly to individuals.

Based on their public filings, particularly their annual 10-K report, Comtech's major customers and customer categories include:

• U.S. Government: This is Comtech's largest single customer category, accounting for approximately 49.3% of consolidated net sales in fiscal year 2023. This primarily relates to various agencies of the U.S. Department of Defense. While not a single company, it represents a significant and consistent portion of their revenue.
• Unnamed Prime Contractors for the U.S. Government: During fiscal year 2023, sales to two prime contractors of the U.S. government collectively accounted for 15.1% and 13.9% of Comtech's consolidated net sales, respectively. These are major defense or technology companies that contract with the U.S. government and, in turn, procure systems and services from Comtech. Comtech does not publicly disclose the names of these specific companies in their filings.
• Intelsat S.A. (NYSE: I): Intelsat is a global satellite services provider and a recurring commercial customer for Comtech. Comtech provides Intelsat with various satellite ground infrastructure, modems, and communication solutions. While their individual revenue contribution might fluctuate, Intelsat is a significant and named commercial partner within the satellite communications industry Comtech serves.

Kenneth (Ken) H. Traub, Chairman, President and CEO

Kenneth H. Traub has over 30 years of experience as a CEO, chairman, director, investor, and consultant in numerous public companies, with a successful track record of driving strategic, financial, operational, and governance improvements. He has served as the Managing Partner of Delta Value Advisors, a strategic consulting and investment advisory firm specializing in corporate governance and turnarounds, since 2019. Previously, he was the Managing Partner of Raging Capital, a registered investment firm, and served as President and CEO of Ethos Management LLC, a private investment and consulting firm. Mr. Traub was President and Chief Executive Officer of American Bank Note Holographics, Inc. from 1999 through 2008. In 1994, he co-founded Voxware, Inc., a pioneer in voice over Internet protocol communication technologies, where he served as Executive Vice President and Chief Financial Officer through 1998. He currently serves as an independent director on the board of Tidewater, Inc. Mr. Traub has also served as an independent director on the boards of several public companies that were subsequently acquired, including DSP Group, Inc. (Chairman, acquired by Synaptics Incorporated), MRV Communications, Inc. (Chairman, acquired by ADVA Optical Networking SE), and Vitesse Semiconductor, Inc. (acquired by Microsemi Corporation).

Michael Bondi, Chief Financial Officer

Michael Bondi has served as the Chief Financial Officer of Comtech since October 2018. Prior to this role, he was the Vice President, Controller at Comtech, a position he held since January 2004. Earlier in his career, he served as Assistant Controller at EDO Corp. Mr. Bondi also spent five years in public accounting as a Senior Manager at KPMG from September 1993 to September 2002.

Jennie Kerr, Chief People Officer

Jennie Kerr serves as the Chief People Officer at Comtech. She has extensive experience leading Human Resources teams across various sectors, including health, education, manufacturing, warehousing, and hospitality industries, where she ensured compliance in all aspects of Human Resources.

Don Walther, Chief Legal Officer and Corporate Secretary

Don Walther is the Chief Legal Officer and Corporate Secretary at Comtech, a role he assumed in January 2023. His responsibilities include driving the Enterprise-wide legal strategy, managing Contract Administration, and overseeing Global Trade for the company.

Daniel Gizinski, President of Satellite & Space Communications Segment

Daniel Gizinski was appointed President of Comtech's Satellite & Space Communications Segment in November 2024. Before this, he held the positions of Chief Strategy Officer and President of the Comtech Satellite Network Technologies ("CSNTI") division. He also served as the Company's Chief Strategy Officer from 2022-2024 and President of CSNTI in 2022. Mr. Gizinski has held various other senior management roles at Comtech, including Vice President of Product and Strategy for Comtech Systems, Inc. Earlier in his career, he held program management and leadership positions at General Electric, Sierra Nevada Corporation, and L3Harris Technologies.

1. Financial Stability and Debt Management: Comtech has encountered significant financial turbulence, including substantial operating and net losses over recent fiscal years, which previously raised doubts about its ability to continue as a going concern. Although the company reported removing this "going concern" doubt in its FY 2025 10-K filing due to improved liquidity, its financial health remains fragile. The company has faced breaches of financial covenants, necessitating debt restructuring and lender waivers. High debt obligations and associated interest expenses continue to place considerable stress on its balance sheet, increasing its financial leverage significantly.
2. Operational Execution and Transformation Strategy: Comtech is undergoing a strategic transformation to become a pure-play satellite and space communications company, which involves optimizing for cash flow, improving operational discipline, reducing its cost structure, and divesting non-core assets. The successful realization of anticipated benefits from these operational initiatives and strategic alternatives is crucial. Risks include the challenges of transitioning away from legacy businesses, securing new high-margin contracts rapidly enough, and the potential impact on short-term revenue growth due to a deliberate shrinking of operations. Additionally, supply chain disruptions and issues with contract visibility pose ongoing operational challenges.
3. Market Competition and Technological Disruption: Operating within the competitive telecommunications infrastructure sector, Comtech faces continuous challenges from rivals introducing innovative technologies and eroding market share. The industry demands constant adaptation and significant investment in research and development to remain relevant, especially with the emergence of new technologies like 6G. Furthermore, economic downturns can adversely affect customer spending, including government budgets, which could impact Comtech's revenue streams.

Emerging Threat: Direct-to-Device Satellite Connectivity for Standard Mobile Phones

Comtech Telecommunications (CMTL) derives significant revenue from providing specialized satellite modems, ground infrastructure, and Very Small Aperture Terminal (VSAT) solutions for various communication needs, including emergency services, remote operations, and enterprise connectivity via satellite. A clear emerging threat is the rapid development and deployment of direct-to-device satellite connectivity, which enables standard mobile phones to connect directly to satellites, bypassing the need for specialized satellite phones or bulky terminals. Initiatives such as Apple's Emergency SOS via Satellite (utilizing Globalstar's network), T-Mobile's planned partnership with Starlink, and the ongoing development by companies like AST SpaceMobile and Lynk Global demonstrate this trend. As this technology matures and expands beyond emergency messaging to include voice and broader data services, it threatens to commoditize or significantly reduce demand for Comtech's specialized satellite communication hardware and services, particularly in the mobile and remote user segments, similar to how smartphones impacted dedicated GPS devices or traditional landlines by offering integrated, ubiquitous alternatives.

Comtech Telecommunications (CMTL) operates in several key addressable markets for its communication solutions:

• Satellite Ground Systems and Satellite Communications: The global satellite ground station market was valued at approximately USD 70.73 billion in 2024 and is projected to reach around USD 185.40 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 12.8% from 2025 to 2032. Another estimate places the global satellite ground station market at USD 77.77 billion in 2024, with a projection to reach USD 207.96 billion by 2032. For North America, the satellite ground station market is expected to exceed USD 86 billion by 2034. The broader global satellite communication market is anticipated to reach USD 159.60 billion by 2030, with a CAGR of 10.2% from 2025 to 2030, with North America holding the largest share in 2024.

• Next Generation 911 (NG911) and Public Safety: The global public safety and security market was valued at approximately USD 569.67 billion in 2024 and is projected to reach USD 1408.48 billion by 2032, with a CAGR of 11.98%. Another report estimates the global public safety and security market size at USD 516.68 billion in 2024, forecasted to reach USD 1,124.77 billion by 2030, growing at a CAGR of 14.3% from 2025 to 2030. North America is a dominant region in this market, holding a 39.2% share or 38.7% share in 2024.

• Secure Wireless Communications: The global wireless network security market size is estimated at USD 29.6 billion in 2024 and is projected to grow to approximately USD 97 billion by 2034, at a CAGR of 12.60% during the forecast period from 2025 to 2034. In North America, the wireless network security market generated around USD 10.6 billion in revenue in 2024, with the U.S. market specifically valued at USD 10.04 billion in 2024 and projected to grow at a CAGR of 10.4%.

• Machine-to-Machine (M2M) / Internet of Things (IoT) Communications and Location-Based Solutions: The global Machine-to-Machine (M2M) services market is estimated at USD 104.75 billion in 2025 and is expected to reach USD 312.21 billion by 2030, at a CAGR of 24.41% during the forecast period. The Cellular M2M Connections and Services Market is projected to grow from USD 20.905 billion in 2024 to USD 91.093 billion by 2032, with a CAGR of 20.2%. North America is a leading region in this market.

Comtech Telecommunications (CMTL) anticipates several key drivers to fuel its revenue growth over the next two to three years:

• Transformation Plan and Operational Efficiency: Comtech has initiated a comprehensive transformation plan aimed at enhancing operational discipline, reducing costs, and streamlining product lines. This strategic focus is expected to improve gross margins, strengthen customer relationships, and lead to new business achievements, contributing to future revenue growth.
• Expansion in Terrestrial and Wireless Networks (T&W) Segment:
  • Next-Generation 911 (NG-911) Services: The company expects higher net sales from its NG-911 services as customers transition to recurring service models and new contracts are secured, such as those with the Commonwealth of Massachusetts and the State of Washington. Further, a new FCC ruling supporting NG-911 initiatives is likely to drive demand.
  • Cloud-based Emergency Response Products: The launch and growth of new cloud-based emergency response products are projected to be significant drivers.
  • 5G Location Technologies for International Carriers: Increased interest from international carriers in Comtech's 5G location technologies is identified as a growth opportunity.
• Growth in Satellite and Space Communications (S&S) Segment:
  • SATCOM Solutions and Satellite Ground Infrastructure: Comtech anticipates continued demand and higher sales of SATCOM solutions, including VSAT equipment for the U.S. Army, and satellite ground infrastructure solutions.
  • High-Margin Product Focus: A strategic shift towards higher-margin products within the S&S segment, alongside recent wins in digital SATCOM infrastructure and resilient communication programs, is expected to contribute to revenue growth.
• New Devices and Delivery Methods for Emergency Response: Comtech is well-positioned to deliver emergency response assistance solutions through innovative new devices and diversified delivery methods, further expanding its market reach.

Share Issuance

• The number of shares outstanding for Comtech Telecommunications increased by 2.36% in one year as of November 3, 2025.
• In October 2021, Comtech received a $100.0 million strategic growth investment from White Hat Capital Partners LP and Magnetar Capital through the purchase of convertible preferred stock.
• In January 2024, White Hat Capital Partners LP and Magnetar Capital made another $45.0 million strategic investment in Comtech through the purchase of a new series of convertible preferred stock, and also exchanged existing preferred stock for the new series.

Inbound Investments

• In October 2021, Comtech received a $100.0 million strategic growth investment from White Hat Capital Partners LP and Magnetar Capital, which involved the purchase of convertible preferred stock.
• In January 2024, White Hat Capital Partners LP and Magnetar Capital made a $45.0 million strategic investment in Comtech, purchasing a new series of convertible preferred stock and exchanging existing preferred stock for the new series.
• As of March 31, 2025, Chuck Royce's firm acquired 1,582,138 shares of Comtech Telecommunications Corp. at $1.60 per share, expanding its holdings to represent 5.39% of the firm's portfolio.

Outbound Investments

• In 2024, Comtech divested its Russian Location Technologies business, a strategic move aimed at streamlining operations and reducing exposure to geopolitical risks.

Capital Expenditures

• For the last 12 months (as of October-November 2025), capital expenditures amounted to -$10.71 million.
• For the three months ended April 2025, capital expenditure was -$2.46 million.
• The Capex-to-Operating-Cash-Flow ratio for the three months ended April 2025 was 1.07, indicating a focus on investing in physical assets for growth and expansion.