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.