Comtech Q2 net loss $48.7M, operating loss $10.3M; secures $40M sub debt, waives covenant defaults

COMTECH TELECOMMUNICATIONS CORP /DE/

2025-Q2 EPS reported -$6.06 vs consensus -$0.21 ▼ miss (-2821.9%)

Net sales $126.6M (-5.7% YoY); gross margin 26.7% vs 32.2% prior year; operating loss $10.3M vs profit $3.0M prior year.
Adjusted EBITDA $2.9M vs $15.1M prior year; net loss $48.7M vs $10.6M prior year.
Bookings $79.4M (book-to-bill 0.63x); funded backlog $763.8M.
Post-quarter: $40M sub debt from existing holders; Credit Facility amended to waive defaults, suspend covenant tests until Oct 2025, lower interest rates.
Workforce reduced ~13% since July 2024; reviewing strategic alternatives with TD Cowen and Imperial Capital.

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