Dr. Leslie Klein reports

C-COM REPORTS FIRST QUARTER RESULTS

C-COM Satellite Systems Inc. has released its financial results for the first quarter ended Feb. 29, 2024.

The company has generated revenues of $2,628,037 and net income after taxes of $391,227. This is a significant improvement over revenues of $683,949 and a net loss after tax of $176,135 for Q1 2023. Gross margin on sales remained strong for Q1 2024.

The Q1 2024 working capital of $25,501,644 was down slightly from the company's 2023 year-end level of $25,577,501.

The company paid out $527,330 in dividends during this first quarter compared with $522,330 in the first quarter of 2023. The quarterly dividend payout has been maintained by the company, while it continues to innovate and invest into the next generation of advanced antenna products.

The company also announced the payment of its next quarterly dividend in the amount of 1.25 cents per common share payable on May 15, 2024, to all shareholders of record as of May 1, 2024. Based on the closing price of $1.28 per share on April 16, 2024, this dividend represents a yield of 3.9 per cent on an annualized basis.

"I remain cautiously optimistic that the sales gains we saw emerge in late 2023 will carry us through to improved performance in 2024," said Leslie Klein, president and chief executive officer of C-COM Satellite Systems.

Dr. Klein concluded: "Completion of the development and commercialization of our next-generation electronically steered antenna system (ESA) remains C-COM's primary R&D [research and development] focus. To this end, we are driving towards initial deliveries for field testing by satellite operators and selected resellers by the end of 2024. In addition to this, C-COM's analog beamforming integrated circuit project is progressing well. We expect to test the first version of these by the end of this year."

About C-COM Satellite Systems Inc.

C-Com Satellite Systems 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 that provides service to a wide range of vertical markets such as oil and gas exploration, military communications, disaster management, SNG (satellite news gathering), emergency communications, cellular backhaul, telemedicine, mobile education, government services, mobile banking, and others. The company's iNetVu brand is synonymous with high quality, reliability and cost-effectiveness.

C-COM is in late-stage development of a potentially revolutionary Ka-band, electronically steerable, modular, conformal, 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 (low Earth orbit), MEO (medium Earth orbit) and GEO (geosynchronous orbit) satellite constellations. Another significant project under way at C-COM is the analog beamforming integrated circuit development, which is progressing well and is expected to enter testing phase by the end of this year.

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