Comtech Telecommunications Corp. (CMTL): Business Model Canvas [Dec-2025 Updated]

You're looking at Comtech Telecommunications Corp. (CMTL) right now, and honestly, the story isn't just about legacy defense contracts; it's about a sharp, necessary pivot. After years of complexity, the business model is clearly shifting, leaning hard into the profitable Allerium segment while aggressively restructuring the Satellite business to finally unlock better cash flow. With a funded backlog sitting at $708.1 million as of April 30, 2025, and net sales for fiscal year 2025 hitting $499.5 million, the foundation is set for this change. Dive into the nine blocks below to see exactly how Comtech Telecommunications Corp. (CMTL) is re-engineering its value capture, from its key partnerships with the U.S. Army to its focus on higher-margin production orders.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Comtech Telecommunications Corp. relies on to execute its business, especially as the company navigates its transformation strategy announced in early 2025. Honestly, the partnerships with government and major commercial entities are what anchor the Satellite & Space Communications (S&S) segment.

U.S. Army and Marine Corps for SATCOM and VSAT equipment

The relationship with the Department of Defense remains central to the S&S segment, though recent contract activity shows a transition phase. For instance, in the first fiscal quarter of 2025 (ended October 31, 2024), Comtech Telecommunications Corp. secured in excess of $16.0 million of funded orders from the U.S. Army specifically for the supply of VSAT equipment and related services. That same quarter also saw incremental funding of more than $8.5 million related to the U.S. Army EDIM contract.

However, the progression of next-generation troposcatter contracts with the U.S. Marine Corps and Army has shifted from a procurement/manufacturing phase to invoicing and collection, which contributed to lower net sales in the S&S segment during the third quarter of fiscal 2025. Furthermore, consolidated net bookings for the third quarter of fiscal 2025 reflected a significant $36.4 million debooking related to the low margin U.S. Army GFSR contract, which was protested and ultimately awarded to the incumbent in May 2025.

SES for O3b mPOWER MEO satellite constellation modem certification

Comtech Telecommunications Corp. has a key technology partnership with SES Space & Defense concerning the O3b mPOWER Medium Earth Orbit (MEO) constellation. SES Space & Defense awarded Comtech an initial order for next-generation modems, including the software-defined SLM-5650B, expected to be delivered over the year following the October 2024 announcement. This partnership is critical because Comtech's WGS Modem achieved certification to operate on the O3b mPOWER constellation as of September 10, 2025. Beyond modems, Comtech Telecommunications Corp. is also supplying X/Y antenna products for SES's O3b mPOWER gateways, which support telemetry, tracking and control (TT&C) and customer data gateways.

Key vendors and partners for supply chain and technology development

As part of its transformation strategy announced in January 2025, Comtech Telecommunications Corp. is undergoing a major restructuring, which includes discontinuing over 70 product lines to focus on more profitable offerings. This portfolio-shaping effort is a direct management of its supply chain and technology vendor relationships to enhance profitability and focus.

Leading U.S. Wireless Service Providers for long-term contract extensions

The Allerium segment (formerly Terrestrial & Wireless Networks or T&W) relies heavily on long-term relationships with major carriers, which are underpinning its growth. For fiscal year 2025, Allerium net sales reached $230.3 million, marking a 6.5% increase from $216.3 million in fiscal 2024. Specific contract wins in the first quarter of fiscal 2025 highlight these partnerships:

• Awarded a contract renewal by one of the largest U.S. wireless carriers, valued in excess of $30.0 million, for critical enhanced 911 call routing services.
• Secured a large, multi-year location-based services maintenance and support contract valued at over $19.0 million for one of the largest U.S. wireless carriers.

Also, in the third quarter of fiscal 2025, the T&W segment benefited from approximately $3.0 million of incremental NG-911 services revenue from an agreement with a statewide customer for retroactive invoicing of recurring services.

Potential strategic partners/acquirers for a comprehensive review of alternatives

Comtech Telecommunications Corp.'s Board is conducting a comprehensive review of strategic alternatives, broadening the initial review of the T&W segment to include all aspects of the Company, with the aim of creating a pure-play satellite and space communications company. This process is intended to strengthen the Company's balance sheet and explore potential transactions.

The financial context surrounding this review includes:

Metric	Value as of July 31, 2025 (FY End)	Value as of Q1 FY2025 (Oct 31, 2024)
Funded Backlog	$672.1 million	$811.0 million
Revenue Visibility (Funded Backlog + Unfunded Value)	Approximately $1.1 billion	Approximately $1.6 billion
Total Liquidity	$47.0 million	Approximately $30 million

The company's strong backlog of over $800 million provides a foundation for these discussions, despite the fiscal 2025 net sales decline to $499.5 million from $540.4 million in fiscal 2024.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Key Activities

Comtech Telecommunications Corp. focuses its key activities around modernizing emergency response systems and revitalizing its space and satellite communications capabilities, all while managing a portfolio of large, complex contracts.

Developing Next-Generation 911 (NG-911) cloud-based emergency solutions.

This activity centers on the Allerium segment, which is focused on public safety solutions. You see growth here from customer upgrades to next-generation core services and new cloud-based emergency response products. The segment secured several key funding awards in the fourth quarter of fiscal 2025 alone.

• Net sales for the Allerium segment in fiscal 2025 totaled $230.3 million, a 6.5% increase from fiscal 2024.
• Allerium Adjusted EBITDA for the fourth quarter of fiscal 2025 was $13.7 million.
• New orders in Q4 2025 included over $20.0 million for continued NG-911 deployment in the State of Ohio.
• New orders in Q4 2025 included more than $4.5 million for NG-911 call handling solutions in South Australia.
• New orders in Q4 2025 included over $3.5 million to migrate additional counties onto NG-911 solutions in South Carolina.
• A contract renewal for critical enhanced 911 call routing services with a major U.S. wireless carrier was valued in excess of $30.0 million in Q1 2025.

Restructuring the Satellite and Space Communications (S&S) segment.

The transformation plan involved a successful turnaround of the S&S business, which included significant rationalization of its offerings. This was a major focus following leadership changes in January 2025.

• The company discontinued over 70 products within the S&S segment.
• Comtech ceased manufacturing operations in the U.K. as part of streamlining.
• Net sales in the S&S segment decreased by 5.3% in Q3 2025 due to winding down contracts with the U.S. Marine Corps and U.S. Army.
• The S&S segment recorded an Adjusted EBITDA loss of $21.1 million in the first fiscal quarter of 2025.
• Fiscal 2025 bookings were impacted by a large debooking in the S&S segment related to a protested contract.

Manufacturing and delivering satellite ground infrastructure and VSAT equipment.

Despite the restructuring, the S&S segment continues to deliver on key hardware and infrastructure contracts, seeing some sales increases offset against the winding down of others.

Metric/Activity Area	Fiscal Year 2025 Data Point	Context/Comparison
S&S Segment Sales Offset	Higher sales of SATCOM solutions	Partially offset a 5.3% decrease in segment sales in Q3 2025.
VSAT Equipment Sales	Increased sales to the U.S. Army	Contributed to higher S&S segment sales sequentially in Q3 2025.
New Product Launch	Launched new Digital Common Ground (DCG) portfolio of modems	Announced in Q1 2025 for U.S. government and commercial customers.

Managing large, multi-year government and commercial contracts.

Contract management is critical, evidenced by the funded backlog and the securing of significant new awards, though overall bookings declined year-over-year due to specific contract dynamics.

• Funded backlog stood at $672.1 million as of July 31, 2025.
• Revenue visibility was approximately $1.2 billion as of June 6, 2025.
• Fiscal 2025 net bookings were $372.7 million, resulting in a book-to-bill ratio of 0.75x.
• Fiscal 2024 net bookings were $700.6 million, resulting in a book-to-bill ratio of 1.30x.
• A multi-year U.S. mobile operator contract was secured in excess of $130.0 million.
• A sole source contract valued at over $50.0 million was awarded by the U.S. Navy Information Warfare Systems Command in Q1 2025.
• A large, multi-year location-based services maintenance and support contract valued at over $19.0 million was awarded in Q1 2025.

Improving operational efficiency and streamlining product lines.

This is where the transformation plan shows tangible financial results, moving the company from operating losses and negative cash flow to positive results by year-end fiscal 2025.

Financial Metric	Q4 Fiscal 2025 Result	Fiscal Year 2025 Result
Gross Profit Margin	31.2% of net sales	Advanced sequentially from 12.5% in Q1 2025.
Operating Income/(Loss)	$1.9 million income	Significant improvement from an operating loss of $81.5 million in Q4 2024.
Adjusted EBITDA	$13.3 million (or 10.2% of net sales)	Improved from a loss of $30.8 million in Q1 2025.
Operating Cash Flow	$11.4 million provided by operations	The first quarter of positive operating cash flow since fiscal 2023 (followed by $2.3 million in Q3 2025).
Senior Debt Reduction	Debt reduced to $133.9 million	Down from $202.9 million as of January 31, 2025, following Credit Facility amendments.

The company also incurred $23 million in aggregate payments for restructuring costs during fiscal 2025.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Key Resources

You're looking at the core assets Comtech Telecommunications Corp. (CMTL) relies on to deliver its value propositions. These aren't just things they own; they are the specialized capabilities that make their business work, especially after the transformation initiatives that started in January 2025.

The financial foundation, which is a key resource, shows a significant shift. While the funded backlog was reported at approximately $708.1 million as of April 30, 2025, the figure at the fiscal year-end of July 31, 2025, stood at $672.1 million. That backlog doesn't even include a recently awarded, plus $130 million, multi-year contract extension to the Allerium segment for clarity. Also, the available liquidity is a critical resource; at July 31, 2025, it was $47.0 million, and the estimate for October 31, 2025, was $51.0 million. That's the highest level Comtech has had in recent history, up from $27 million as recently as March 2025.

Here's a quick look at those key financial markers as of the latest reporting dates:

Financial Metric	Amount	Date
Funded Backlog	$672.1 million	July 31, 2025
Funded Backlog (Prior Point)	$708.1 million	April 30, 2025
Available Liquidity	$47.0 million	July 31, 2025
Estimated Liquidity	$51.0 million	October 31, 2025
Fiscal Year 2025 Net Sales	$499.5 million	Fiscal Year Ended July 31, 2025

Beyond the balance sheet, Comtech Telecommunications Corp. has deep technological assets that are hard to replicate. These are the proprietary systems and the specialized people who build and maintain them. Honestly, this intellectual capital is what drives the long-term value.

The core technological resources center around two main segments:

• Proprietary NG-911 call handling and location-based solutions technology, primarily housed within the Allerium segment, which provides emergency call routing, location validation, and SMS text to 911 services.
• Differentiated SATCOM modems and troposcatter communication systems, which are key offerings within the Satellite & Space Communications (S&S) segment.
• Intellectual property and engineering talent focused on the Digital Common Ground (DCG) platform, which includes a portfolio of modems launched for government and commercial users.

The engineering talent is crucial for maintaining and evolving these complex systems. For instance, the S&S segment organizes its technology areas around satellite modem and amplifier technologies, troposcatter technologies, and space components. The Allerium segment leverages its expertise in next generation 911 solutions and trusted location and messaging solutions.

The company has also taken steps to streamline its product set, discontinuing over 70 products within the S&S segment since the transformation began, which focuses engineering efforts on the most differentiated assets. The talent base has also seen adjustments, with the global workforce reduced by approximately 15% since July 31, 2024, representing about $33.0 million in annualized labor costs saved.

Finance: draft 13-week cash view by Friday.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Value Propositions

You're looking at the core things Comtech Telecommunications Corp. (CMTL) offers that make customers choose them over the competition as of late 2025. It's a mix of mission-critical government work and essential public safety infrastructure, though the company is actively trying to shift its focus.

Critical, high-reliability public safety communication infrastructure (NG-911).

This is the bread-and-butter of the segment now branded as Allerium, formerly Terrestrial & Wireless Networks (T&W). You see the value in the sheer size and longevity of these state contracts. For instance, the Commonwealth of Massachusetts contract for NG911 operation and maintenance runs from August 1, 2024, through July 31, 2029, with an option to extend to July 31, 2034, carrying a total potential value likely surpassing $250 million. Also, Washington State extended its NG911 services contract for five years, valued at $48 million. More recently, in November 2025, Comtech Telecommunications announced a landmark multi-year agreement through Allerium with a Tier 1 U.S. wireless provider, valued at over $130 million, to deploy 4G/5G routing and text-to-911 capabilities. In Q3 Fiscal Year 2025, the T&W segment saw a 4.6% year-over-year increase in net sales, partly due to approximately $3.0 million of incremental NG-911 services revenue recognized retroactively.

The value proposition here is reliability for life-or-death situations, backed by these large, multi-year commitments:

• $130 million new contract for 4G/5G and text-to-911 services.
• Over $30.0 million renewal for enhanced 911 call routing services (Q1 FY2025 highlight).
• Over $19.0 million multi-year maintenance contract for location-based services (Q1 FY2025 highlight).

Differentiated, sovereign-certified modems for MEO satellite constellations.

This is where Comtech Telecommunications Corp. is staking a significant claim in the space sector. The key differentiator is the certification status, which is crucial for government users needing assured access. In September 2025, the company announced its software-defined SLM-5650B modem became the first sovereign-certified modem to receive Government Terminal Certification (GTC) for operation on SES's Medium Earth Orbit (MEO) O3b mPOWER satellite constellation. This certification unlocks secure and reliable service for Department of War (DoW) and coalition customers. The MEO satellite market itself is projected to reach an estimated market size of $50,000 million by 2025.

Secure, high-performance SATCOM solutions for defense and government.

The Satellite & Space Communications (S&S) segment focuses on providing connectivity for defense applications, leveraging existing certifications like Wideband Global SATCOM (WGS). A specific example of demand in this area is the sole source contract valued at over $50.0 million awarded by the U.S. Navy Information Warfare Systems Command, noted in Q1 Fiscal Year 2025. The value here is providing resilient, multi-path communications capability that integrates with evolving defense architectures, such as the Protected Tactical Waveform (PTW) demonstrations. Still, the segment faced headwinds, with S&S net sales falling 42.5% year-over-year in Q1 FY2025, reaching $58.9 million, due in part to anticipated winding down of older contracts.

Here's a snapshot of the S&S segment's recent financial context:

Metric	Value/Context
Q1 FY2025 S&S Net Sales	$58.9 million
Q3 FY2025 S&S Sales Change (YoY)	Decrease of 5.3%
Key Defense Contract (Q1 FY2025)	Over $50.0 million from U.S. Navy
MEO Modem Certification Date	September 2025

Transitioning from low-margin engineering to higher-margin production orders.

Management explicitly stated in their Q4 2025 earnings call that they are 'getting towards the tail end of our non-recurring engineering phase and moving to production,' which is expected to create a more favorable revenue mix. This strategic shift is directly reflected in the gross margin recovery. The consolidated gross margin improved significantly from a low of 12.5% in Q1 Fiscal Year 2025 to 31.2% in Q4 Fiscal Year 2025. The overall consolidated net sales for the full Fiscal Year 2025 were $499.53 million.

Comprehensive, end-to-end communication solutions for remote and mobile users.

The value here is the depth of Comtech Telecommunications Corp.'s commitment across the entire communication chain, from the user terminal to the network core. This is captured in the backlog and revenue visibility figures, which show sustained demand even during the transformation. The funded backlog stood at $811.0 million as of October 31, 2024, and was reported as $708.1 million as of April 30, 2025. Furthermore, the company reported revenue visibility of approximately $1.2 billion at the end of Q3 FY2025, which includes funded backlog plus unfunded multi-year contract value. This visibility suggests a substantial pipeline of end-to-end work.

You can see the scale of the total committed work:

• Total FY2025 Net Sales: $499.53 million.
• Revenue Visibility (End of Q3 FY2025): Approximately $1.2 billion.
• Consolidated Funded Backlog (April 30, 2025): $708.1 million.

Finance: draft 13-week cash view by Friday.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Customer Relationships

Long-term, sticky, and regulated contracts, defintely in the Allerium segment.

The Allerium segment, formerly Terrestrial & Wireless Networks, secured a significant, multi-year contract extension in November 2025 with its largest customer, a Tier 1 wireless service provider, valued in excess of $130.0 million for a scalable service. This agreement covers critical 911 applications and services.

The nature of these public safety and carrier relationships suggests long-term commitment, reinforced by the segment's fiscal 2025 bookings of $204.9 million.

Customer relationship dynamics in the regulated space are evident in past invoicing actions, such as reaching an agreement with a statewide customer in the third quarter of fiscal 2025 to retroactively invoice for certain recurring services, resulting in approximately $3.0 million of incremental NG-911 services revenue.

Contract Type/Segment	Value/Metric	Date/Period Reference
Allerium Multi-Year Extension	Over $130.0 million	November 2025
Allerium Fiscal 2025 Bookings	$204.9 million	Fiscal Year 2025
Statewide Customer Retroactive Invoice	Approx. $3.0 million	Q3 Fiscal 2025

Dedicated account management for large government and statewide customers.

Comtech Telecommunications Corp. serves government customers, evidenced by a sole source contract awarded in the first quarter of fiscal 2025 valued at over $50.0 million by the U.S. Navy Information Warfare Systems Command. This contract had a four-year period of performance.

Government contract execution involves complex dynamics, illustrated by a $36.4 million debooking in the third quarter of fiscal 2025 related to the low margin U.S. Army GFSR contract. Gross bookings for that quarter, excluding this debooking, were $107.4 million.

The leadership structure reflects a focus on this segment, with Jeffrey Harig serving as the President of the Government Group of Comtech EF Data Corporation, responsible for strategic direction and fostering relationships with government clients.

High-touch support for complex, engineered satellite and space systems.

The Satellite & Space Communications (S&S) segment requires deep technical engagement for complex systems. The company appointed Daniel Gizinski as President of the S&S segment subsequent to the first quarter of fiscal 2025, bringing over 15 years of experience in satellite communications engineering, operations, and product strategy.

The funded backlog for the S&S segment was $278.4 million at the end of the first quarter of fiscal 2025.

• S&S Segment Leadership Change: Daniel Gizinski appointed President.
• S&S Segment Funded Backlog (Q1 FY2025): $278.4 million.
• U.S. Army funded orders (Q1 FY2025): In excess of $16.0 million for VSAT equipment.

Focus on rebuilding trust and transparency with all stakeholders.

The turnaround efforts initiated in January 2025 are directly aimed at stakeholder confidence. A key indicator of improved financial health is the removal of the disclosure regarding the Company's ability to continue as a going concern in the fourth quarter fiscal 2025 filings.

Financial metrics supporting this improved standing include total liquidity of $47.0 million as of July 31, 2025. Furthermore, senior debt tied to the Credit Facility declined from $202.9 million as of January 31, 2025, to $133.9 million as of July 31, 2025.

The company reported positive operating cash flow for two consecutive quarters: $2.3 million in the third quarter of fiscal 2025 and $11.4 million in the fourth quarter of fiscal 2025. These are the first quarters of positive operating cash flow for Comtech Telecommunications Corp. since fiscal 2023.

Financial Metric	Value as of July 31, 2025	Comparison Point
Total Liquidity	$47.0 million	Up from approx. $18.0 million (Dec 2023)
Senior Debt (Credit Facility)	$133.9 million	Down from $202.9 million (Jan 31, 2025)
Q4 FY2025 GAAP Cash Flow from Operations	$11.4 million	Improvement from Q3 FY2025 ($2.3 million)

The CEO stated that the improved financial health is expected to be reassuring to customers, vendors, employees, investors, and partners.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Channels

You're looking at how Comtech Telecommunications Corp. gets its technology and services into the hands of its customers as of late 2025. The strategy relies heavily on direct engagement, especially with government entities, supported by ongoing product development.

Direct sales force to U.S. Government and Department of Defense

The Satellite and Space Communications ("S&S") segment channels its offerings directly to defense customers. This channel saw some shifts in fiscal year 2025. For instance, net sales in the S&S segment were impacted by the anticipated wind down of troposcatter solutions for the U.S. Marine Corps and U.S. Army in the second quarter of fiscal 2025. In the third quarter of fiscal 2025, S&S net sales were down 8.3% sequentially to $67.6 million as those troposcatter programs concluded. Still, this channel secured specific funded orders during fiscal 2025, including approximately $7.4 million for cybersecurity operations training and support for U.S. government customers, and $2.8 million for VSAT equipment for the U.S. Army. However, net bookings for the third quarter of fiscal 2025 included a $36.4 million debooking related to a low margin U.S. Army GFSR contract.

The overall consolidated net sales for Comtech Telecommunications Corp. in fiscal year 2025 reached $499.5 million.

Direct sales to state and local government agencies for NG-911 services

Sales to public safety agencies, primarily through the Allerium segment (formerly Terrestrial and Wireless Networks or "T&W"), involve direct sales of Next Generation 911 ("NG-911") services. The timing of performance on statewide NG-911 contracts, like the one with the State of Ohio, influenced quarterly results. In the third quarter of fiscal 2025, this channel contributed approximately $3.0 million of incremental NG-911 services revenue due to a retroactive invoice agreement with a statewide customer. This segment also secured a contract renewal valued at over $30.0 million for critical enhanced 911 call routing services for one of the largest U.S. wireless carriers, as noted in the first quarter of fiscal 2025 highlights. It is worth noting that Comtech Telecommunications Corp. announced plans to sell this Public Safety / NG911 business unit in May 2025.

Direct sales to commercial satellite operators and international carriers

The S&S segment directs sales of SATCOM solutions, including VSAT equipment, to commercial operators. The company secured funded orders of over $2.0 million in fiscal 2025 for high power Ka band traveling wave tube amplifiers intended for a satellite constellation serving rural high-speed internet. The T&W segment is also repositioning to sell its 5G and related location-based solutions to international customers, though these often have long sales cycles.

The funded backlog across the company stood at $672.1 million as of July 31, 2025, with total revenue visibility of approximately $1.1 billion.

Strategic vendor relationships for product distribution and integration

While specific vendor financial contributions aren't itemized, Comtech Telecommunications Corp. focuses on product positioning to support its sales. The company launched a new Digital Common Ground ("DCG") portfolio of modems for both U.S. government and commercial customers in the first quarter of fiscal 2025. Furthermore, the S&S segment is capitalizing on its differentiated technologies to develop new growth vectors, including multi-orbit connectivity.

The channel performance can be summarized by segment bookings and sales:

Metric	Fiscal Year 2025 (Ended 7/31/2025)	Q3 Fiscal 2025 (Ended 4/30/2025)
Consolidated Net Sales	$499.5 million	$126.8 million
S&S Segment Net Sales	Not explicitly stated	$67.6 million (Q3)
Allerium (T&W) Segment Net Sales	Not explicitly stated	$59.2 million (Q3 Sequentially)
Consolidated Net Bookings	$372.7 million	$71.0 million (Net)
Consolidated Book-to-Bill Ratio	0.75x	0.56x (Net)

The company has been streamlining its product lines, discontinuing over 70 products within the S&S segment to focus on higher margin revenue opportunities.

• Cybersecurity operations funding for U.S. government customers: $7.4 million (FY2025 funded orders).
• VSAT equipment orders for U.S. Army: $2.8 million (FY2025 funded orders).
• Incremental NG-911 retroactive billing: Approximately $3.0 million (Q3 FY2025).
• Ka band TWT amplifier orders for rural internet constellation: Over $2.0 million (FY2025 funded orders).

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Comtech Telecommunications Corp. as of late 2025, which is heavily anchored in government and mission-critical communications, though commercial segments are showing renewed focus, especially with the rebranding of the T&W segment to Allerium.

The customer segments are diverse, spanning federal defense, public safety infrastructure, and commercial telecom/space ventures. Here's how Comtech Telecommunications Corp. segments its market focus based on recent contract activity and reported revenue drivers.

U.S. Government and Defense (Army, Marine Corps) for tactical communications

This group remains a cornerstone, primarily served through the Satellite and Space Communications (S&S) segment, though contract timing affects quarterly sales. You see direct support for the U.S. Army through engineering services and equipment sales.

• The U.S. Army Global Field Service Representative (GFSR) contract has a maximum ceiling value of $544 million.
• In October 2023, a $48.6 million contract was awarded to design, develop, and deliver Enterprise Digital Intermediate Frequency Multi-Carrier (EDIM) satellite communications modems to the Army.
• The company secured a $30 million contract in July 2024 to provide its Troposcatter Family of Systems to the Army for beyond-line-of-sight communications.
• Net sales in the S&S segment in Q3 Fiscal 2025 reflected decreased sales of troposcatter solutions as contracts with the U.S. Marine Corps and U.S. Army were winding down as anticipated.
• However, Q2 Fiscal 2025 saw sequential increases due to higher sales of SATCOM and VSAT equipment to the U.S. Army.
• For Q4 Fiscal 2025, the S&S segment included sales of VSAT and similar equipment to the U.S. Army.

State and Local Governments for Next-Generation 911 (NG-911) services

This is a key growth area within the Allerium segment (formerly Terrestrial and Wireless Networks or T&W), focusing on public safety infrastructure upgrades.

• Net sales in the T&W segment in Q1 Fiscal 2025 increased, driven by higher net sales of call handling and Next Generation 911 (NG-911) services.
• In Q3 Fiscal 2025, net sales for the T&W segment included approximately $3.0 million of incremental NG-911 services revenue from retroactive invoicing with a statewide customer.
• Fiscal 2024 included a large, multi-year contract awarded from an NG-911 customer in the Northeastern region of the U.S.

Commercial Wireless Service Providers and International Carriers

Comtech Telecommunications Corp. maintains relationships with major carriers, securing recurring service and support contracts.

• In Q1 Fiscal 2025, a contract renewal with one of the largest U.S. wireless carriers for critical enhanced 911 call routing services was valued in excess of $30 million.
• Also in Q1 Fiscal 2025, a large, multi-year contract for location-based maintenance and support services for one of the largest U.S. wireless carriers was valued at over $19 million.
• Allerium (the rebranded T&W segment) secured a Long-Term Agreement with a Leading U.S. Wireless Service Provider on November 10, 2025.
• Key growth drivers for the T&W segment are expected to include increasing interest from international carriers for 5G location technologies.

Satellite operators deploying LEO/MEO constellations

This customer group drives demand for Comtech Telecommunications Corp.'s advanced SATCOM modem technologies, which are designed for multi-orbit flexibility.

• The CDM-780 high-speed, software-defined modem is designed to transition across High Throughput Satellite (HTS), Very High Throughput Satellite (vHTS), and LEO, MEO, and GEO constellations.
• In 2024, Comtech Telecommunications Corp. partnered with Eutelsat OneWeb to successfully deliver trial LEO connectivity services to multiple regions of Antarctica.
• In September 2025, Comtech Telecommunications Corp.'s SLM-5650B modem became the first Sovereign-certified modem to operate on SES's O3b mPOWER MEO Satellite Constellation.
• In Q4 Fiscal 2025, bookings in support of NASA's Artemis project were approximately $10 million.

Here is a snapshot of the financial relevance of these customer-facing activities as of the end of Fiscal Year 2025 (July 31, 2025), with the total company TTM revenue at $500 million.

Customer Segment / Contract Type	Relevant Financial Metric / Value	Reporting Period / Date	Source Segment
U.S. Army GFSR Contract Ceiling	$544 million (Maximum Ceiling)	Announced Oct 2023 / Approved Feb 2024	Government/Defense
Largest U.S. Wireless Carrier E911 Renewal	In excess of $30 million	Q1 Fiscal 2025 (Ended Oct 31, 2024)	Commercial Wireless
Largest U.S. Wireless Carrier Location Support Contract	Over $19 million	Q1 Fiscal 2025 (Ended Oct 31, 2024)	Commercial Wireless
Statewide Customer Retroactive NG-911 Invoicing	Approximately $3.0 million	Q3 Fiscal 2025 (Ended Apr 30, 2025)	State/Local Government
NASA Artemis Project Bookings	Approximately $10 million	Q4 Fiscal 2025	Satellite Operators/Govt.
U.S. Government Cybersecurity Training Award	Over $7 million	Q4 Fiscal 2025	Government/Defense
Total Company Trailing Twelve Month Revenue	$500 million	As of July 31, 2025	Consolidated

The overall funded backlog for Comtech Telecommunications Corp. stood at $672.1 million as of July 31, 2025, with revenue visibility of approximately $1.1 billion. The company's total net sales for Fiscal 2025 were $499.5 million. If you're tracking the S&S segment specifically, it generated over $20 million of operating cash flow in Q4 Fiscal 2025 alone, a significant turnaround from the negative cash flow reported earlier in the fiscal year. That's a defintely key metric to watch for government contract realization.

Finance: draft 13-week cash view by Friday.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Cost Structure

You're looking at the cost side of Comtech Telecommunications Corp. (CMTL)'s business as of late 2025, which clearly shows the impact of strategic realignment and legacy issues on the bottom line. The overall cost of sales was high enough to result in a full-year Fiscal 2025 Gross Margin of only 25.6%, a step down from 29.1% in the prior year.

To give you a clearer picture of the scale of these costs relative to revenue, here are the key figures for the fiscal year ended July 31, 2025:

Metric	Amount (FY2025)
Net Sales	$499.5 million
Gross Profit	$127.9 million
Gross Margin	25.6%
Cash Payments for Interest and Taxes	$29.6 million
Restructuring and Severance Payments	$23.0 million

Beyond the cost of goods sold, you see significant non-operating and one-time costs hitting the cash flow. Cash payments made during FY2025 for interest and taxes totaled $29.6 million. Also embedded in the year's expenditures were substantial restructuring charges; Comtech Telecommunications Corp. made aggregate payments of $23.0 million related to restructuring, which included severance, proxy solicitation, and CEO transition costs for FY2025.

When looking at operating expenses, the company is actively managing its Research and Development (R&D) spend. The internal R&D expenses were lower for fiscal 2025, which the company attributes to higher levels of customer-funded activities, helping to offset some of the development costs. This suggests a shift toward project-based funding models for new work, which is a positive sign for future cash flow stability.

General and administrative expenses (SG&A) were also a focus, showing a mixed picture. While the company is executing cost savings initiatives, the overall SG&A line item was impacted by a significant non-cash charge. Specifically, higher selling, general and administrative expenses were driven by a $16.1 million non-cash charge related to an allowance for doubtful accounts. The transformation plan definitely includes streamlining this area, as evidenced by the focus on reducing the use of external consultants and professional service firms.

The cost structure reflects a business in transition, characterized by:

• Lower internal Research and Development expenses due to customer funding.
• Higher Selling, General and Administrative expenses driven by a $16.1 million non-cash allowance for doubtful accounts.
• Ongoing cost reduction actions aimed at lowering the overall cost structure.
• Significant cash outflows for non-recurring items like restructuring.

Finance: review the Q1 FY2026 budget to see if the $16.1M doubtful accounts charge is a one-time event or recurring.

Comtech Telecommunications Corp. (CMTL) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Comtech Telecommunications Corp. actually brings in its money as of late 2025. It's not just one thing; it's a mix of recurring public safety contracts and large, project-based satellite work, though the mix is clearly shifting toward the latter's successor, Allerium.

For the full fiscal year 2025, Comtech Telecommunications Corp. reported total net sales of $499.5 million. This figure represents a slight decrease from the prior year's $540.4 million, driven by lower sales in the Satellite and Space Communications (S&S) segment, which was partially offset by growth in the Allerium segment. That's the top-line view.

The revenue picture is best understood by segment, showing where the growth-and the challenges-are right now:

Revenue Source / Segment	Fiscal Year 2025 Net Sales	Year-over-Year Change
Total Consolidated Net Sales	$499.5 million	-7.6% (vs. FY2024)
Allerium Segment (formerly T&W)	$230.3 million	+6.5%
Satellite & Space Communications (S&S) Segment	$269.3 million	(Implied Decrease)

The recurring services revenue stream is heavily concentrated in the Allerium segment, which is now the company's focus for stable, high-margin work. This includes their Next-Generation 911 (NG-911) emergency communication solutions. You saw evidence of this recurring nature in the third quarter of fiscal 2025, which included approximately $3.0 million of incremental NG-911 services revenue from a retroactive agreement with a statewide customer. To be fair, the growth here is significant; Allerium net sales were $230.3 million in fiscal 2025, making up 46 percent of group turnover. This segment is definitely growing and profitable, posting an operating income of $24.1 million, an 11.1% increase year-over-year, with an Adjusted EBITDA of $47.6 million for the full year.

The S&S segment still drives substantial, though shifting, revenue through large equipment and infrastructure sales. This includes sales of SATCOM solutions, including VSAT equipment to the U.S. Army. You can see this activity reflected in the third quarter of fiscal 2025, where higher sales of SATCOM solutions, including VSAT and similar equipment sales to the U.S. Army, partially offset lower sales from winding-down troposcatter contracts. Similarly, revenue from sales of satellite ground infrastructure solutions is a component of the S&S segment's $269.3 million in fiscal 2025 net sales, with the company noting a shift back to higher volume production orders in this product line.

Here's a quick look at the key revenue drivers and recent contract wins that feed these streams:

• Allerium secured a $130 million contract for 911 emergency capabilities at a Tier 1 U.S. mobile service provider.
• Allerium net sales grew 6.5%, driven by NG-911 services and location-based products.
• The S&S segment's fiscal 2025 sales reflect a strategic focus away from legacy, low-margin contracts.
• Allerium segment operating income reached $24.1 million in fiscal 2025.

The business is clearly leaning into the stability of the Allerium side, which is showing both growth and profitability, while managing the wind-down and transition within the S&S side.