Comtech Bags Over $50M On Existing US Military Deal

Comtech Bags Over $50M On Existing US Military Deal
  • Comtech Telecommunications Corp CMTL, during its first quarter of fiscal 2023, won over $50.0 million of incremental funding on an existing contract to provide next-generation troposcatter systems in support of the U.S. military
  • For over 50 years, Comtech has designed and supplied modernized troposcatter technologies.
  • In October, Comtech won over a $30 million contract with a multinational data networking and telecommunications equipment company for their text messaging platform.
  • "We have been working with this customer of over 20 years to supply reliable text messaging services. In 2019, we started working on migration of our in-network messaging application to a cloud-native, architecture-based messaging platform," said Jay F. Whitehurst, President of Comtech Trusted Location. "We are pleased to announce that we have entered into a global licensing agreement with our partner and have inked a multi-year deal to provide a containerized messaging platform to a major tier-1 US-based mobile network operator."
  • Price Action: CMTL shares closed higher by 0.81% at $9.96 on Thursday.

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