After seeing its revenues plunge 36 per cent year-over-year in the first quarter, C-COM Satellite Systems has received a big boost in the form of a multimillion-dollar order.
The Ottawa firm said this week one of its resellers has ordered US$2.65 million worth of its iNetVu vehicle-mounted satellite systems. C-COM said the first batch of the devices has already been delivered, with the remainder scheduled to ship in the second and third quarters of its fiscal 2022 year.
“The ability for C-COM to rapidly deliver a large number of antennas, despite worldwide supply chain issues, is validated by large orders like these,” president and CEO Leslie Klein said in a statement.
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The company said it’s one of the largest orders it has ever received for the technology, a fully motorized auto-pointing antenna system that can be mounted on the roof of vehicles or transportable structures.
Designed to be delivered to locations where no internet connectivity is available, the system can locate a desired satellite at the press of a button to give users broadband internet service. It has been deployed in Northern Canada as well as other remote areas such as the deserts of Africa and Australia, where it’s used by customers in disaster management, oil and gas exploration, emergency services, military operations, mobile banking and other verticals.
The order comes in the wake of C-COM’s less-than-stellar financial performance in the first quarter of its fiscal 2022.
The firm reported revenues of $3 million for the three-month period ending Feb. 28, down from $4.72 million in the same period a year earlier.
C-COM (TSX-V: CMI) reported net income of $594,000, or one cent per share, in the first quarter of 2022, compared with net income of $1.49 million, or four cents per share, the previous year.
The company’s shares have fallen more than 50 per cent over the past year as tech stocks in general have spiralled. C-COM shares closed Wednesday’s trading at $1.51 on the TSX Venture Exchange, down six cents on the day.