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.
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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.”
