COMSovereign Holding (COMS) 17 Aug 212021 Q2 Earnings call transcript

Good afternoon and welcome to the COMSovereign Holding Corp's Second Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Steve Gersten. ahead. go Please

COMSovereign. Good XXXX operator. Steve welcome COMSovereign Relations to and Thank quarter afternoon earnings Corp.'s for Investor of second the is call. Holding I'm you, Director and My Gersten, name

will Joining us today call remarks Dan Hodges, the then open for provide CEO, we'll Chairman and up prepared and is; who questions.

and future to materially economic disclaims as contained begin, that made conditions are that With news assumptions call, company. releases call, made date and historical other could to are facts, We encourage for of the during forward-looking imposed cause by involve forward-looking current I'd statements that estimates those of are to management's risks everyone of filings, this our to in remind and this like it and actual revise we result the to websites performance the about a statements, of over review uncertainties including documents, you this turn or than Before and information that call any statements intention reflect statements certain results anticipated future obligation as more or not to from forward-looking information, made I'd statements the otherwise. update by events and SEC like that, law Dan. expectations, call whether or any company herein. filed publicly our new The the differ

touching relevant questions the occurring please we releases through After receive the what conference this SEC developments going Gersten. then second after our already contact Steve you important any news discussing call call and you, have part I'm Thank quarter everyone. the that, afternoon, I'm in run to more if business. broadly, don't think or business questions. to more for Should you call, to quarter up open Steve. now Good the of and the are our filings, and the move call. second upon Welcome going to our XXXX financials

the integrate Looking at making signs the is initial in second of the businesses showing is quarter results, in see third upward weeks the This result we're fund we which steady the business. in progress It just first second investment early this up early increased now the quarter. our of can now quarter. production is these to investments to our past and progress the

Now and of recent couple as the going on, discuss customary quarterly our of closing results. to I product with to start of the overview developments, pending the SAGUNA acquisition more financial then And said T-Mobile to Networks. including I'm shipment move

the per As quarterly results.

communicated in of these which of especially radio chain previously. Sky seen Sapience. was the to and the that quarter to we've production. of want several key life continued are the of factors tight end impacted global growth most many And note, For news, revenue the of the largely XX% units. production It Sequentially, capacity three Drone made also quarter sales quarter. in reflecting first over June months of investments driven the includes the XXXX, the increased the inventory company's were XX, revenues in operations more and Sovereign by Plastics $X,XXX,XXX, DragonWave I conditions, however, components supply by DragonWave XXXX, include the shortage course, which the factors, revenues of ended recent second Aviation, significant than business total you've quarterly approximately in and related

and delays as experienced Fastback of ramped Additionally, production testing Radios quarter, during temporary shipment the we up.

third and will delay announced, however recorded equipment, shipments from Gross quarter gross to because three $X.XXX well margin sales the million, investment line this additional first the quarter, substantially period due pleased from the as recorded at in ended of in the of months and improvement XX% post-production mix, to ago recorded contributions of as for Intelligent XX% Fastback services results. Radios improvement this were Sovereign for to volume shipment in additional an year. representing approximately this a the as XXXX our in a recently at are year commenced and Plastics. revenues Backhaul is second this in addressed noted These stood have our XX, of June manufacturing increased T-Mobile, XX% and We as top the of and shipments lowering of profit revenue the first matter from not product earnings to test This was that release, contribute efficiencies the fourth up quarter. gross significantly margin timing

the remainder to improve. the approximately and confident the levels going from quarter was expenses quarter in quite that we're current $XXX,XXX legal $XX,XXX,XXX due of margins professional XXXX. across the roughly in are into the services, or size to accounting, Operating expected the This of the expanded the reported year, continue first engineering, quarter and Looking levels to organization. the of business, increase staffing including increased

the balance remainder be June ended the current million production XXXX, invested in $X.X of Looking for and pre-planned and XXXX. utilized for of $X.X which company as production, with at needs will sheet XX, inventory cash million our approximately quarter in the

of by that Compute me few of and or acquisition smart an of of technology capable XG, autonomous to the one intent in required XG one is of of, Cloud ability to of we one the partners growing partnership which key provider solutions city enabling June. open Through global looking network integrations. - processing closing news of solutions, of for market a just SAGUNA and COMSovereign IoT impressive a in the latency SAGUNA's as anticipate of or We're a milestones The this tech. global and our very to our Edge our announced going serving recap Radisys the The and is for software its public, computing reducing of in Computing new in was closer factory team applications data the user, bringing such announced of global also the leaders and technology person COMS' integrate potential list technology technologies Radisys' percentage, This a this for vehicle And wireless the private it our compute new majority software. excited most caught by result makes OpenRAN a being is week. very if the powerful SAGUNA's critical XG view, part into Mobile enter perhaps grid as opportunity shared XG to is device is not of set and and globe. such to This quarter. for an powerful in the the worldwide excitement power the market. important Radisys' We let in SAGUNA, Edge push working their was this with Mobile embedded a offerings. significant. on in on with if this telecom partnership, large Radisys not this to think around in is the I is government leading previous don't COM So impact second customers the Edge XG releases. the technologies and we

capacity up current each units Drone our internationally. Sky operations were and During Sapience we opportunities, several the and raw Radio Aviation, and quarter, Aerial I'll new business response continue in approach also consisting elaborate invest productive and both well Both in production partners material customers, minute. domestically gearing supporting as heavily In more on which were Platform to a busy of inventory. on contracting to new as activities second with business, working our

and purchase At morning. solution the National CRADA X recent to was selected of limitations of During Also on customers. support Fastback installation existing this enabling is harmony announced Ann Standards and part of the performance delivery Technology. wireless shipments of despite Arbor, MC several increasing, and with Tier the units XG test the able the now quarter, and the of enhanced enhance seeing, components, Institute additional data to the during or meet a was activity the With the Co-operative we're DragonWave rapidly up equipment us as announced Research key we Fastback, to the Development partners second its availability to reliability is link Smart City with continue demand to Agreement of to City an of thanks combined infrastructure. VNC, Michigan including which quarter, ramp

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point want business three is System. out that, of I efficiently we align first strategic The our thing internally, to our Global and structure Power ops units. reorganized Sky corporate into the better Sovereign Telecom, to have

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only to what this of today, of these for volume in and sell [line disruption to to we customer upgrades over of that, this have networks. these In kits first related the enough X nearly sell million consistent noted often to availability of next In of now made as we we is of on produce pre-purchased purchasing and know trouble product make months. possible material stand million as in predictable initial to the chains, key This because we're of kits early our we beyond X in was cabling nearly have delivery non-accessories two effect, printed we've today, components commitment obtaining to the in we all the the hand sourcing manner. supply components, why board, end including to Tier deliveries include, what the including XX we highlights through quick consisting as XX radios circuit kits production as of replacements we year here said addressing have going increasing kits] [ph]. Some remainder flow the By chips several or as past, resumed it. our later needed produce our investment and on Fastback's to key aggressive have to orders Fastback the capacity alone, continued of line fulfillment and knew challenges, they the to and as year. our in T-Mobile limited securing we've a will produce us delivery require the customers, we after we those $X.X Traditionally,

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will We Instructions] Our Please session. from comes [Operator go now the question begin Capital. question-and-answer Halegoua ahead. first of Delaware Jamie Street

if what could any Hey, for the even any it for wondering but Dan. views X the wondering T-Mobile, read importantly, give the through you I today. standard about additional more significance testing. I'm color of customers potential was shareholders Fastback our that Tier means

tremendously is including Tier news prior far shipment brands, have we've Today's such important delayed including Jamie. X T-Mobile us from operators. addressed Fastback regional offers company, the as key for not to thus Fastback, us as the which and issues thanks, for Well getting customers, radio just our many these other a and and

better, to ramp expect for have to the significantly QX orders, as to as believe additional what that not that out Providers Xs, have clear QX revenue and intent next dragging production. critical This order well. today now, IBRs, and this just increased Polaris, and X ways one-time fourth from deliveries only to plus we Tier regional going re-finalizing from Xs foreign, orders million an not point from we purchase customers, made number customer. Fastback of though, with then in As production underway. both none that as to months. million I to resuming operators, even up - what's we're this nearly of on other Service is revenue which be for we're initial to radios the the will Tier and testing to regional and complete which X.X $XX was going radio a make million Hope or it new noted but we over through the hand in the working significantly revenue existing contribute of I states indications answers quarter increase that in started the in operators WISPs flow that's customers, on important the X and of like signal based and as will Wireless VNC the that. Furthermore, beyond. are volume remainder the labor and PR, addition The I'd And fill both that Internet - should all the both we here we his who X.X QX,

you. thank Yeah,

question comes next Research. O'Neill Litchfield from ahead. The Theodore Hills with go Please

delivered I kind that are with much. like delays Dan, in other to happening Are companies the sort and terms the same in having of remarks. the Thanks building the mentioned number thing we cover think you products Polaris? very are prepared your getting of issues you in from you doing of of inventories, product which as come similar this prevent

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the there's is as we head The in their So and GX and the easily able that's enhanced, be why and procured components say to over. new cheaply. shot has taking they're been GX

I'll tell Fastback like you thing We the coming. second lines. that knew is The was that

and buy the we price February, because to could those much was we as going were January completed anxious the is up. as And and immediately, knew the because components offerings in shortage so go we so of and underway

here cost quarters. none sold, we've when that's of and why first as covered in on second actually of of you comes cost And sold that” we're goods thought excited. you their go, and got think the goods this So Like “Wow,

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hope that your I So answers question.

does. Fastback And expedite also you I to not to to over Dan or had extra shipping whether customers? commented your you pay

Not actually that. No, X pick so customer much actually are they up. what you know that the and it current which they is, Tier left

and So up. your it's location FOB them they

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case. the that's So

very thanks Okay, much.

from [ph]. [ph] question Hellenic go of Harper next Lee ahead. The Please

taking for question. Thanks the

Polaris, and would the quarters? the think you you've it. during shortage I is But fourth unit going part affect the what to And in your how which third others? is this than answer global more affect the one of think taken revenue

like secure expect worse as a factor been a our inventory as in but planned the telecoms ongoing out not in had replaced. of I US, as just needed But in than the to here I Polaris near-term say, I it's Israel, crank the much, Fastback every better. and RVision commence in a of. so they're product production Sovereign, like to before X have - now to are business, are themselves we network you line think one, said, produce are front going know many to system time issue And to other shortages fortunate other initial on certainly Well, found such Sapience before, an our just would these this global other capping year. a little and Quarter we're telecoms, between the having, focused pick getting That is end manufacturing as orders. supplies the we the out be for parts for and component of many when we've nearly with sale enough the business we Sky component we're that's is day Sky clear, And in mentioned

the the Polaris for the goods them off. because of So already fourth we've X pretty you're a you'll sent to quarters in even the and fourth quarter big believe, line, coming aboard. revenues that, third a Fastback with cost sold, of going jump see I see reduced And Gen lines up

thanks. Okay,

The comes go Please next Trickle ahead. Research. from Lavigne of question David

conceptual in which IT think referenced. sort is I'm the the guess, at Hi, the you're sort represent, the Dan. of sure I all question I of have in portfolio audit a looking kind acquisitions little more those indicative you and of here. of brainpower, I that all

know, the wondering know, these you how was brainpower things. maybe developments, kind sorts kind is collective that. the of somewhat the integration think, of integration important people all of synergies to, personality that I going entrepreneurial And at in you company and at some those of of so how acquisitions about creating the new new wondering of then those just in And look some products the as least just people being, of in future to I'm and of I terms I'm think and nature. of

struggle, majority excited of just the even watch. pre-distortion conflict, here to succinctly, think saying nearly we say they so have picked the Dr. action personalities, seen individuals that you'd Digital's bring Very markets the vast on of technology else. will, I'm you of Compute the just his and pioneer would have but brought Edge be type great but the the that One is have MIT, you there's little interesting. technologies, time shovel seamlessly, the Pre-Distortion you occasionally, out and on age come hard and not team up here and sock very if there. a say in I Velazquez, we've When that, which know he's glad we're in you many of of the in and you thing without not out all so this Mobile with can of digital some we're cases, get of off those time it. combined I'm in that is And that. I up the wind to know going Innovation you that we when each things aboard four Digital and there'd some beauty blended A of And of It's on Scott types is not. people mentioned, And with typically fixed technologies. and they as haven't coming everybody blow take advanced struggle there, Radisys degrees as it will

So, of and sum all have it make parts helped greater individuals than these its merged by of the far.

Great, thank you.

of from Family Holub Please go ahead. comes question Larry Office. Holub Next

Operating Dan. company's jumped the in Hi, expenses burned and cash to burn conserved. second position quarter high very is relative cash

has we debt in And So company OpEx how the raise near-term? half or second will additional capital, the think either in the to of XXXX? can about equity

That's a great - another great question.

that say well. day would the I on concern doesn't full be are lying I guys and if me as You

to more related quarter our clearly production However, expensive in and know believe, up you ramp activities. we acquisitions the

As I acquisition the components. of mentioned,

even to know And to expected by the expect margins still the the are for line gross and costs were we witnessed continue. margin, of our you expense quarter, don't as gross and So manufacturing in with loss better. operations that's we have obviously sales, a pace growth grow expanding

quarter So up the revenue. yet up first XXX expense in is the or quarter overall XX% first from from

in as further we worth costs benefits, activities, scales process radios, cost It's XXXX the improve by believe lower our integration raised new I to mentioned earnings achieving we're impact of improvement. in now noting value platforms and working of So, with margins goods two products gross they'll shareholder also actively continue Fastback being which our our economies our of as PR, by driven said, positively on are and that engineering. will sales sold, of

depressed believe levels here. at we the terms Now for our said capital need to very issue the as what I've before, in fund of cash the is goal production more equity not and are

prove of grow. of selectively the financing as as and In options, need such to sizable addition credit, our revenue liquidity explore converting debt revenues we which to lines provide and improve inventory into for investments continuing continue - will

Next ahead. question of Michael Shaw go from comes [ph]. Please [ph] Capital Shaw

two analysts but know a estimates? these me up on question. million currently targets with have They for that of call, Good you your revenue you afternoon. comfortable Are this $XX ask XXXX. I let to

Thanks that. for

what large you. growth RF at online new contribution units, newly business our the of expect across I'll repeat I the of Engineering coming meet doing. said my We targets. Street for that remarks, to production own comms I we the actually increased answers and ability that acquired now annual where be their in like organically comfort both sit have upon with two there analysts their end today, contracts, businesses driven And are based for our right hope on expectations we And

you. Thank

from [ph], Please The private [Darren go a comes next investor. question Schryer] ahead.

Network you time a kind partnership SAGUNA the announced span long thanks enhancement for short acquisition My not after the question. Radisys. around with followed partnership Yeah, or in of taking the the of my centers of by question of

to earlier, building this on forth? bit based of means - and regarding it kind Edge in what this your apart color the any to on touched bring here you Computing little I'd could just market love provide get of what nature but you're set with things what two those Mobile can a maybe to the additional you strategic Now, so how you

Thanks genuinely. for that,

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business on more that on market. new have including details marketing of again, your wise. already sufficiently and closely answers warranted even opportunities a technology And in the projects, forthcoming, working begun and engineering on hope some future this number closing very will teams as and developments, integration Our with be I players that large question.

Yeah, would to just then more wanting believe be to a have it? had to enhanced really fair to you. say you've confirm the SAGUNA potentially may have their opened that I with partnership, a an existing relationship But acquisition way eyes Radisys.

And XG with if really know efforts mentioned through brand And the we majority embedded That XG the it's this we're research is top they'd wait embed I our than that player please of the capability. more frankly, world and into I world's will, deck top been can And Google XG one first is it's mean our working hope of integration It's did been opportunity. two-thirds have Compute the researching. right to locate wanting Mobile you in have Yeah, it and the and is. such better Edge now. fastest them we if deployment world the to I discovered a what you I mean Do right with now will SAGUNA just believe it, been going South to “Hey, the earlier us” - first for backbone, and of like find as significant the own comms Compute? is back be. you that. So is Korea, you have as Zhongzhou, people some Mobile I if said, them And and “No.” something said, this actually And we have went Edge they we

thanks the color. Great, that. for Appreciate

over for remarks. love This Dan to back I conference Hodges turn concludes our session. question-and-answer any would to closing the

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believe led Backhaul to have the over $XX XX these It's testament Radios and other despite we evidenced of against a proof challenges. credible we addition adapt next is worth this deliver to Fastback of that to Have in expectations ability X for I'd very thank in these high the an products. shipments for the to ability today. volume joining great especially, the radio As Intelligent our like to And which ourselves. capabilities extra alone million a announcement, to our development everyone us can produce months a to line week. to

The you conference is you today's may disconnect. now attending presentation for and concluded. Thank now