Strong sales in the United States and Asia helped push C-COM Satellite Systems’ revenues up nearly 30 per cent in 2022 compared with the previous year, the company said Tuesday.
C-COM generated revenues of $11.6 million in the fiscal year ending Nov. 30, 2022, a 27 per cent increase from fiscal 2021.
The Ottawa-based provider of commercial-grade mobile auto-deploying satellite antenna systems posted net income of $1.1 million, or three cents per share, a 20 per cent drop from a year earlier. The company attributed the lower profits to reduced gross margins and increased material costs.
OBJ360 (Sponsored)
How the uOttawa faculty of engineering instills an ‘entrepreneurial mindset’ in students
A decade ago, Terrafixing chief operating officer Vida Gabriel was a chemistry-loving student in high school with little to no interest in business or entrepreneurship. “I didn’t like the sales
The Ottawa Hospital’s Campaign to Create Tomorrow enters important next phase
For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
C-COM’s working capital rose three per cent to $25.3 million. Noting the company “has not been immune to worldwide inflation pressures and the threat of recession,” C-COM CEO Leslie Klein said he’s confident the firm will be able to weather any economic storms ahead.
“Though cost pressures hampered our profitability, we were pleased to see a significant increase of revenues in 2022, particularly in the U.S. and Asia markets,” Klein said in a statement, adding the ongoing war in Ukraine has had a “negative impact” on C-COM’s sales in Europe. “Nevertheless, our balance sheet is strong, and we are cautiously optimistic as we move forward.”
Klein said the firm continues to make “significant investments” in its next-generation satellite antennas it’s developing with researchers at the University of Waterloo.
C-COM said it expects to start testing the new electronically steered phased-array antenna systems “within the next few months.”
