Spacecom Secures $4.2 Million Satellite Communication Services Deal

Spacecom has announced a significant new agreement to provide satellite communication services worth $4.2 million, pending court approval of a recent debt arrangement with bondholders.

The company will use the Amos-17 satellite, operating in the C-Band frequency range, to deliver these services over a 33-month period starting in July 2024. This new deal is expected to generate approximately $4.2 million in cumulative revenues.

Since the beginning of the year, Spacecom has signed agreements to provide satellite communication services with the Amos-17 satellite worth approximately $3.5 million for one year and two additional agreements utilizing the Amos-4 satellite, each valued at $3.5 million.

Spacecom is currently experiencing a growth momentum. In the first quarter of 2024, the company reported a net profit of $700,000, marking a significant achievement after prolonged losses. The company also recorded record-level EBITDA and sustained growth trends, driven by focused business activities and targeted market segments in Africa, supporting increased sales and revenues from the advanced digital satellite, Amos-17. This growth is coupled with the implementation of strategic changes, transitioning to a satellite-based communication services company, and enhancing operational efficiency.