ADDED
BUSINESS 1 Business Segments 3 Satellite and Space Communications Segment 3 Allerium Segment 7 Transformation Plan 11 Sales, Marketing and Customer Support 12 Backlog 13 Research and Development 14 Intellectual Property 14 Competition 15 Corporate Responsibility and Sustainability 16 Human Capital 16 U.S.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 59 Overview 59 Critical Accounting Policies 60 Results of Operations 63 Fiscal 2025 Result s and Business Outlook 64 Comparison of Fiscal 2025 and 2024 68 Comparison of Fiscal 2024 and 2023 76 Liquidity and Capital Resources 77 Recent Accounting Pronouncements 81 ITEM 7A.
Cautionary Note Regarding Forward-Looking Statements Certain information in this Form 10-K contains, and oral statements made by our representatives from time to time may contain, forward-looking statements.
Forward-looking statements can be identified by words such as: "anticipate," "believe," "continue," "could," "estimate," "expect," "future," "goal," "outlook," "intend," "likely," "may," "plan," "potential," "predict," "project," "seek," "should," "strategy," "target," "will," "would," and similar references to future periods, or the negative of those words and expressions, as well as statements in future tense.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved.
Forward-looking information is based on information available at the time and/or our good faith belief with respect to future events, and is subject to risks and uncertainties that are difficult to predict and many of which are outside of our control.
We serve two core end-markets: secure satellite and wireless communications via our Satellite and Space Communications segment and public safety via our Allerium (formerly, our Terrestrial and Wireless Networks) segment.
We believe the demand for the communications solutions we provide is growing since public safety professionals require the most effective and comprehensive systems to respond to emergencies; and governments and enterprises are seeking advanced, reliable secure wireless connectivity.
We are pleased to report that the transformation plan that we announced in January 2025 has contributed to our improved operational and financial performance, as evidenced by a number of meaningful developments which have occurred in our business.
Most notably, we removed the substantial doubt regarding our ability to continue as a going concern, which had been disclosed in our SEC filings for the previous seven fiscal quarters.
REMOVED
BUSINESS 1 Business Segments 3 Satellite and Space Communications Segment 4 Terrestrial and Wireless Networks Segment 7 Strategic Transformation 11 Sales, Marketing and Customer Support 11 Backlog 12 Research and Development 13 Intellectual Property 14 Competition 14 Corporate Responsibility and Sustainability 15 Human Capital 15 U.S.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 59 Overview 59 Critical Accounting Policies 60 Results of Operations 62 Fiscal 2024 Highlights and Business Outlook for Fiscal 2025 63 Comparison of Fiscal 2024 and 2023 66 Comparison of Fiscal 2023 and 2022 73 Liquidity and Capital Resources 74 Recent Accounting Pronouncements 79 ITEM 7A.
Forward-looking statements can be identified by words such as: "anticipate," "believe," "continue," "could," "estimate," "expect," "future," "goal," "outlook," "intend," "likely," "may," "plan," "potential," "predict," "project," "seek," "should," "strategy," "target," "will," "would," and similar references to future periods.
However, the risks described in this Form 10-K are not the only risks that we face.
We serve two core end-markets: secure satellite and wireless communications via our Satellite and Space Communications segment, and next-generation 911 and public safety via our Terrestrial and Wireless Networks segment.
We believe the demand for more, and better, connectivity is only growing as more devices become connected via the cloud, as growing constellations of communications satellites enable ubiquitous connectivity, and more data is created, shared and acted upon by increasingly powerful tools (including AI).
This demand will come from government and commercials customers alike, as both private enterprises and government actors increasingly see the need for, and value of, next-generation communications capabilities.
Our fiscal 2024 results were impacted by refinancing and liquidity headwinds, which in turn weighed on our supply chain, and lengthened product development and delivery cycles.
Despite this commercial overhang, both of our business segments performed in terms of winning business.
The Satellite and Space Communications segment secured competitive contracts on next-generation modem platforms with government customers, such as the Enterprise Digital Intermediate Frequency Multi-Carrier ( EDIM ) modem contract with the U.S.