COMSovereign Holding Corp. (NASDAQ: COMS) ("COMSovereign" or “the Company"), a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions, today announced that following increased production capacity at its U.S.-based contract manufacturing partner, it is resuming volume shipments of its Fastback Networks radio products under its multi-year Master Vendor Agreement (MVA) with a Tier 1 U.S. Mobile Network Operator.
Fastback has begun fulfillment of open orders valued at more than $8.7 million under the multi-year MVA after resolving initial delays caused by global component shortages, post-production testing capacity, as well as the lingering impact of COVID-19 on operations and supply chains. With its current component inventory and production capacity, COMSovereign believes that it will fulfill these initial orders throughout the third and fourth quarters of 2021. Based upon rapidly increasing production capacity, and the availability of necessary components, the Company expects the ability to meet Fastback radio order volumes of approximately $40 million from customers over the next 8 to 10 months.
“Enabled by production capacity increases and our decision to make significant capital investments into inventory of critical components made following our capital raise earlier this year, we are now able to resume volume production of our Fastback Intelligent Backhaul Radios. Demand for Fastback radios has been accelerating as operators urgently seek to improve the performance and reliability of their networks, and we are now able to fulfil our commitments to customers including crucial Tier 1 U.S. relationships,” said Chris Thelander, Managing Director of Global Telecom at COMSovereign. “With increasing production volumes, we are ready to begin to execute the next phase of our strategy, moving beyond hardware-only sales toward high-value managed network services for public and private network operators looking to capitalize on the tremendous resource that unlicensed spectrum bands represent.”
Since its founding in 2010, Fastback has been a leader in the development and commercialization of innovative radio technologies that deliver high-performance wireless connectivity to virtually any location, including those challenged by Non-Line of Sight (NLOS) limitations. Fastback advanced radio products allow operators to economically add capacity and density to their network, and to quickly respond to outages caused by anything from simple fiber cuts to wide-spread natural disasters. Fastback is a leader in connectivity for large events like the Super Bowl and festival concerts, allowing operators to deploy temporary infrastructure that delivers world-class services in a matter of hours. Fastback technology is built on a significant, growing U.S. patent portfolio consisting of more than 80 granted and pending patents with significant coverage in 5G. Collectively, the portfolio covers key technologies including antenna arrays, signal processing, adaptive antennas, beamforming/steering, self-optimizing networks, spectrum sharing and hybrid band operations.
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