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CMTL Comtech Telecommunications Corp.

Quarterly report

Three months ended October 31,
			2024			2023
Net sales			$			115,800,000	151,911,000	Cost of sales	101,284,000			104,029,000	Gross profit	14,516,000			47,882,000	Expenses:
Selling, general and administrative			51,644,000			32,695,000	Research and development	3,713,000			7,812,000	Amortization of intangibles	6,593,000			5,289,000	Impairment of long-lived assets, including goodwill	79,555,000			—	Proxy solicitation costs	1,583,000			—	CEO transition costs	598,000			—		143,686,000			45,796,000	Operating (loss) income	(129,170,000)			2,086,000	Other expenses (income):
Interest expense			9,532,000			4,932,000	Interest (income) and other	635,000			(65,000)	Write-off of deferred financing costs	1,412,000			—	Change in fair value of warrants and derivatives	5,524,000			—	Loss before provision for (benefit from) income taxes	(146,273,000)			(2,781,000)	Provision for (benefit from) income taxes	2,134,000			(1,344,000)	Net loss	$			(148,407,000)	(1,437,000)	Gain on extinguishment of convertible preferred stock	51,179,000			—	Adjustments to reflect redemption value of convertible preferred stock:	Dividend on convertible preferred stock			(58,634,000)			(1,823,000)	Net loss attributable to common stockholders	$			(155,862,000)	(3,260,000)	Net loss per common share (See Note 6):
Basic			$			(5.29)	(0.11)	Diluted	$			(5.29)	(0.11)	Weighted average number of common shares outstanding – basic	29,446,000			28,745,000	Weighted average number of common and common equivalent shares outstanding – diluted	29,446,000			28,745,000

13 Jan 25

7:40am

CMTL Comtech Telecommunications Corp.

Quarterly report

Stock-based compensation for awards issued is reflected in the following line items in our Condensed Consolidated Statements of Operations :

	Three months ended October 31,
			2024			2023
Cost of sales			$			104,000	282,000	Selling, general and administrative expenses	(14,000)			2,176,000	Research and development expenses	65,000			187,000	Stock-based compensation expense before income tax benefit	155,000			2,645,000	Estimated income tax benefit	(20,000)			(584,000)	Net stock-based compensation expense	$			135,000	2,061,000

13 Jan 25

7:40am

CMTL Comtech Telecommunications Corp.

The following table sets forth, for the periods indicated, certain income and expense items expressed as a percentage of our consolidated net sales:

	Fiscal Years Ended July 31,
			2024			2023			2022
Gross margin			29.1			%	33.5			%	37.0			%
Selling, general and administrative expenses			22.8			%	21.8			%	23.6			%
Research and development expenses			4.5			%	8.8			%	10.8			%
Amortization of intangibles			3.9			%	3.9			%	4.4			%
Impairment of long-lived assets, including goodwill			11.9			%	—			%	—			%
CEO transition costs			0.5			%	1.7			%	2.8			%
Loss on business divestiture			0.2			%	—			%	—			%
Proxy solicitation costs			—			%	—			%	2.3			%
Operating loss			(14.8)			%	(2.7)			%	(6.9)			%
Interest expense and other items			3.8			%	2.9			%	0.7			%
Loss before benefit from income taxes			(18.6)			%	(5.6)			%	(7.6)			%
Net loss			(18.5)			%	(4.9)			%	(6.8)			%
Net loss attributable to common stockholders			(25.1)			%	(6.2)			%	(8.9)			%
Adjusted EBITDA (a Non-GAAP measure)			8.5			%	9.7			%	8.1			%

30 Oct 24

5:30pm

CMTL Comtech Telecommunications Corp.

Stock-based compensation for awards issued is reflected in the following line items in our Consolidated Statements of Operations:

	Fiscal Years Ended July 31,
			2024			2023			2022
Cost of sales			$			778,000	1,110,000	692,000	Selling, general and administrative expenses	4,777,000			7,960,000	6,312,000	Research and development expenses	541,000			1,037,000	763,000	Stock-based compensation expense before CEO transition costs	6,096,000			10,107,000	7,767,000	CEO transition costs related to equity-classified stock-based awards	—			3,764,000	7,388,000	Total stock-based compensation expense before income tax benefit	6,096,000			13,871,000	15,155,000	Estimated income tax benefit	(1,298,000)			(2,552,000)	(2,260,000)	Net stock-based compensation expense	$			4,798,000	11,319,000	12,895,000

30 Oct 24

5:30pm

CMTL Comtech Telecommunications Corp.

	2024			2023			2022
Net sales			$			540,403,000	549,994,000	486,239,000	Cost of sales	383,224,000			365,534,000	306,403,000	Gross profit	157,179,000			184,460,000	179,836,000	Expenses:
Selling, general and administrative			123,198,000			120,003,000	114,858,000	Research and development	24,077,000			48,631,000	52,532,000	Amortization of intangibles	21,154,000			21,396,000	21,396,000	Impairment of long-lived assets, including goodwill	64,525,000			—	—	CEO transition costs	2,916,000			9,090,000	13,554,000	Loss on business divestiture	1,199,000			—	—	Proxy solicitation costs	—			—	11,248,000		237,069,000			199,120,000	213,588,000	Operating loss	(79,890,000)			(14,660,000)	(33,752,000)	Other expenses (income):
Interest expense			22,153,000			14,961,000	5,031,000	Interest (income) and other	678,000			1,226,000	(703,000)	Write-off of deferred financing costs	1,832,000			—	—	Change in fair value of warrants and derivatives	(4,273,000)			—	—	Change in fair value of convertible preferred stock purchase option liability	—			—	(1,005,000)	Loss before benefit from income taxes	(100,280,000)			(30,847,000)	(37,075,000)	Benefit from income taxes	(295,000)			(3,948,000)	(4,023,000)	Net loss	$			(99,985,000)	(26,899,000)	(33,052,000)	Loss on extinguishment of convertible preferred stock	(19,555,000)			—	—	Adjustments to reflect redemption value of convertible preferred stock:	Dividend on convertible preferred stock			(11,551,000)			(7,007,000)	(5,204,000)	Convertible preferred stock issuance costs	(4,349,000)			—	(4,007,000)	Establishment of initial convertible preferred stock purchase option liability	—			—	(1,005,000)	Net loss attributable to common stockholders	$			(135,440,000)	$	(33,906,000)	$	(43,268,000)	Net loss per share:
Basic			$			(4.70)	(1.21)	(1.63)	Diluted	$			(4.70)	(1.21)	(1.63)	Weighted average number of common shares outstanding – basic	28,799,000			28,002,000	26,506,000	Weighted average number of common and common equivalent shares outstanding – diluted	28,799,000			28,002,000	26,506,000

30 Oct 24

5:30pm

Quarterly report

18 Jun 24

8:13am

Quarterly report

18 Jun 24

8:13am

Quarterly report (amended)

22 Mar 24

4:40pm

kolmiwizkzdgpvc2oltl

Quarterly report (amended)

22 Mar 24

4:40pm

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