Comtech Telecommunications Corporation $(CMTL)$ announced its financial results for the third quarter of fiscal 2025. The company reported consolidated net sales of $126.8 million, which marks a decrease of 1.0% compared to the same period last year and a slight increase of 0.2% from the previous quarter. The company recorded a gross margin of 30.7% and an operating loss of $1.5 million. Additionally, Comtech reported a net loss attributable to common shareholders of $14.5 million. The company's adjusted EBITDA stood at $12.6 million, or 9.9%. Net bookings were $71.0 million, with a book-to-bill ratio of 0.56x, while gross bookings during the quarter amounted to $107.4 million, representing a book-to-bill ratio of 0.85x. Comtech's funded backlog was reported at $708.1 million, with revenue visibility of approximately $1.2 billion. In the Terrestrial and Wireless Networks segment, net sales increased compared to the prior year due to a mix of product and service changes, including $3.0 million in incremental NG-911 services revenue from a new agreement. Conversely, the Satellite and Space Communications segment saw a decline in net sales, attributed to winding down contracts with the U.S. Marine Corps and U.S. Army. However, increased sales of SATCOM solutions, including VSAT and similar equipment to the U.S. Army, partially offset this decline. Comtech highlighted progress in its transformation plan, including a $40 million capital infusion that helped renegotiate terms with senior secured lenders and provided increased financial flexibility. The company has taken steps to enhance operational efficiency, streamline product lines, and reduce administrative costs. While acknowledging ongoing challenges, Comtech affirmed its commitment to building a strong future, noting strengthened customer relationships and new business wins as signs of progress.