Dr. Leslie Klein reports

C-COM REPORTS FISCAL YEAR 2023 RESULTS

C-COM Satellite Systems Inc. has released its financial results for its fiscal year ended Nov. 30, 2023.

The Company generated revenues of $8,294,957, down 29% compared to 2022's revenues of $11,646,934. However, profitability was a bright spot for C-COM in 2023.

Net income was $1,672,907 in fiscal 2023, up $533,252 from 2022's profit. This was driven by gross margins increasing from 50% in 2022 to 69% in 2023. C-COM's efforts over the past three years to launch upgraded systems, plus its available inventory, allowed the Company to garner superior price realization during the year. These healthy margins, when combined with an 18% drop in SG&A expenses year-over-year, led to a 47% jump in net income compared to 2022's level.

The working capital of the Company also increased by 1% to $25,577,501 as of November 30, 2023. C-COM's liquidity was unaffected by the $2,094,320 in dividends paid to shareholders during fiscal 2023 (up 2% over 2022).

"Though demand for our systems has been dampened by worldwide economic and political turmoil, we were pleased to see a significant increase in profitability in 2023," said Dr. Leslie Klein, President and CEO of C-COM Satellite Systems Inc.

"I'm cautiously optimistic that the new antenna systems we're launching in 2024 will stimulate increased interest and revenue growth," Klein added.

Dr. Klein provided this additional commentary: "In particular, our biggest R&D priority is commercialization of our revolutionary Electronically Steered Phased Array antenna. To this end, we are driving towards initial deliveries for field testing by satellite operators and selected resellers by the end of 2024."

About C-COM Satellite Systems Inc.

C-COM Satellite Systems Inc. is a pioneer and a leading global designer, developer, and manufacturer of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.

C-COM has sold more than 10,000 antenna systems, in over 100 countries, through a dedicated dealer network, which provides satellite-based solutions and support to a wide range of vertical markets, such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVu(TM) brand is synonymous with high quality, reliability, and cost-effectiveness.

C-COM is in the final stages of testing of a potentially revolutionary Ka-band, electronically steerable, modular, conformal, on the move flat panel phased array antenna. C-COM is engaged in the design of this unique antenna with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime verticals over LEO, MEO and GEO satellite constellations. For additional information please visit www.c- comsat.com.

iNetVu(TM) is a registered trademark of C-COM Satellite Systems Inc.

The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).# # #

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