#1COMTECH TELECOMMUNICATIONS CORP. I® This presentation reflects information as of October 4, 2021 Investor Presentation Q4 Fiscal Year 2021#22 Content 1. Cautionary Statements and Disclaimers 2. Introduction, Q4 2021 and FY2021, and FY2022 Initial Targets 3. About Us and Independent Market Studies 4. Additional Financial Data 5. Reconciliation of GAAP to Non-GAAP Financial Measures 911 COMTECH#3Cautionary Statement Regarding Forward-Looking Statements 911 Certain information in this presentation contains forward-looking statements, including, but not limited to, information relating to Comtech's future performance and financial condition, plans and objectives of Comtech's management and Comtech's assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under Comtech's control which may cause its actual results, future performance and financial condition, and achievement of plans and objectives of Comtech's management to be materially different from the results, performance or other expectations implied by these forward-looking statements. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. Forward-looking statements could be affected by factors including, without limitation: the possibility that the expected synergies and benefits from recent acquisitions will not be fully realized, or will not be realized within the anticipated time periods; the risk that acquired businesses will not be integrated with Comtech successfully; the possibility of disruption from recent acquisitions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that Comtech will be unsuccessful in implementing a tactical shift in its Government Solutions segment away from bidding on large commodity service contracts and toward pursuing contracts for its niche products with higher margins; the nature and timing of receipt of, and Comtech's performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements; changing customer demands and or procurement strategies; changes in prevailing economic and political conditions; changes in the price of oil in global markets; changes in foreign currency exchange rates; risks associated with legal proceedings, customer claims for indemnification and other similar matters; risks associated with Comtech's obligations under its Credit Facility; risks associated with large contracts; risks associated with the COVID-19 pandemic and related supply chain disruptions; and other factors described in this and Comtech's other filings with the SEC. Comtech does not undertake any duty to update any forward-looking statements contained herein. 3 COMTECH#4Use of Non-GAAP Financial Measures 911 In order to provide investors with additional information regarding the Company's financial results, this presentation contains "Non-GAAP financial measures" under the rules of the SEC. The Company's Adjusted EBITDA is a Non-GAAP measure that represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangible assets, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs (for next- generation satellite technology), facility exit costs and strategic alternatives analysis expenses and other. The Company's definition of Adjusted EBITDA may differ from the definition of EBITDA or Adjusted EBITDA used by other companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a measure frequently requested by the Company's investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its SEC filings, in assessing the Company's performance and comparability of its results with other companies. The Company's Non-GAAP financial measures for consolidated operating income, net income and net income per diluted share reflect the GAAP measures as reported, adjusted for certain items as described in the Reconciliation of GAAP to Non-GAAP Financial Measures section of this presentation. These Non-GAAP financial measures have limitations as an analytical tool as they exclude the financial impact of transactions necessary to conduct the Company's business, such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. These measures are adjusted as described in the Reconciliation of GAAP to Non-GAAP section, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. Investors are advised to carefully review the GAAP financial results that are disclosed in the Company's SEC filings. The Company has not quantitatively reconciled its fiscal 2022 Adjusted EBITDA target to the most directly comparable GAAP measure because items such as stock-based compensation, adjustments to the provision for income taxes, amortization of intangibles, interest expense and estimated proxy solicitation costs, which are specific items that impact these measures, have not yet occurred, are out of the Company's control, or cannot be predicted. For example, quantification of stock-based compensation expense requires inputs such as the number of shares granted and market price that are not currently ascertainable. Accordingly, reconciliations to the Non-GAAP forward looking metrics are not available without unreasonable effort and such unavailable reconciling items could significantly impact the Company's financial results. 4 COMTECH#5Innovative Solutions for Comtech - Connections that MatterⓇ We are a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies ■ We are known for solving complex problems We have over 400+ engineering professionals ■ We have generated profits and cash flows and paid dividends 45 quarters in a row With approximately $1.1 billion of backlog and contracts in place, we have strong visibility into the future ■ We believe our long-term fundamentals remain strong and we are well-positioned for growth ■ President and COO Michael Porcelain to become Chief Executive Officer by December 31, 2021 Thought Leader in Secure Wireless Communications Legacy of Complex Problem Solving Commercial and Government Customers 911 Note 5 See Reconciliation of GAAP to Non-GAAP Financial Measures section of this presentation for the reconciliation from US GAAP to Adjusted EBITDA, which is a Non-GAAP financial measure. COMTECH#66 Overview of Q4 QTD and YTD FY21 Performance Q4 Quarter-to-Date Commercial Solutions Revenue $99.2M Adjusted EBITDA $20.2M Adjusted EBITDA 20.4% Government Solutions Revenue $46.6M Adjusted EBITDA $2.4M Adjusted EBITDA 5.2% 68.0% 32.0% % of Revenue Year-to-Date Commercial Solutions Revenue $360.1M Adjusted EBITDA $66.3M Adjusted EBITDA 18.4% Government Solutions Revenue $221.5M Adjusted EBITDA $16.3M Adjusted EBITDA 7.4% 61.9% 38.1% Sales by Customer Type Domestic Domestic Q4 Financial Performance Q4 FY 2021 Revenue was $145.8 million GAAP Operating Income of $9.7 million includes: - acquisition plan expenses of $0.5 million, - restructuring costs of $1.6 million, - COVID-19 related costs of $0.5 million, - amortization of $5.3 million, - depreciation of $2.1 million, and -stock-based compensation of $6.8 million Adjusted EBITDA(¹) (non-GAAP) of $26.4 million or 18.1% of net sales 44.9% 28.0% Intl 27.1% U.S. Govt U.S. Govt 41.5% GAAP diluted net income per share of $0.28 911 23.9% 34.6% Intl Non-GAAP diluted net income per share (2) of $0.23 (1) Adjusted EBITDA represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock- based compensation, amortization of intangibles, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs, facility exit costs and strategic alternatives analysis expenses and other. See Reconciliation of GAAP to Non-GAAP Financial Measures section of this presentation for the reconciliation of GAAP earnings per diluted share to Non-GAAP earnings per diluted share. (2) COMTECH#7Adjusted EBITDA (2) (3) Notes (1) (2) 7 Revenue and Adjusted EBITDA Trends Comtech Acquires TCS 2016 to 2019 CAGR: 17.8% Impacted by COVID-19 Guidance $580.0M Revenue (2) $ 671.8M to $600.0M $550.4M $570.6M $ 616.7M $ 581.7M $ 411.0M FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 2016 to 2019 CAGR: 24.8% Guidance $70.0M $ 93.5M to $ 78.4M $77.8M $ 76.5M $76.0M $ 70.7M $ 48.1M FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 ~12% ~13% ~14% ~14% ~13% ~13% ~12% (USD in Millions) 911 Reflects strong backlog and sales pipeline, offset by impacts of COVID-19 and timing considerations associated with tightening global supply chain constraints Reflects the recently completed withdrawal of U.S. troops from Afghanistan and other U.S. government program changes Cautiously anticipate that supply chain constraints will ease during the second half of fiscal 2022 Satellite networking products, Next Generation 911 systems, important contract awards and demand for new products (COMETTM) create strong prospects for future growth Continued investments in R&D and marketing to support long-term growth Room for improved margins as we focus on efficiencies and greater scale Comtech's fiscal year end is July 31. See Reconciliation of GAAP to Non-GAAP Financial Measures section of this presentation for the reconciliation from US GAAP to Adjusted EBITDA. COMTECH#8We Have Visibility to Over $1.1 Billion of Future Revenue Plus potentially “hundreds of millions” associated with a large multi-year agreement for next-generation satellite technology $470.0M $267.0M + $203.0M $658.9M $132.5M $526.4M Backlog As of July 31, 2021 Notes ~ $1.1B +++ $399.5M $729.4M Contracts in Place, Not in Backlog As of July 31, 2021 (1) Revenue Visibility As of July 31, 2021 Commercial Solutions Government Solutions 8 (1) Examples of contracts in place, but not in backlog, include the unfunded portions of the U.S. Marine Corps troposcatter subcontract, U.S. Army GTACS contracts, and Next Generation 911 services contracts, including the states of Arizona, Iowa, South Carolina and Washington, and the Commonwealth of Pennsylvania. 911 ད༧ COMTECH#9Comments and Financial Targets for Fiscal 2022 FY 2022 Targets $ millions Revenue $580.0M - $600.0M Adjusted EBITDA (1) $70.0M - $76.0M 911 • • Comments on FY 2022 Targets Reflects strong backlog and sales pipeline, offset by impacts of COVID-19, timing considerations associated with tightening global supply chain constraints and recently completed withdrawal of U.S. troops from Afghanistan and other U.S. government program changes We expect Commercial Solutions segment net sales to be higher than the amount we achieved in fiscal 2021 • We expect Government Solutions segment net sales to be lower than the amount we achieved in fiscal 2021 • • • • • • Financial performance is expected to be significantly lower in the first half of fiscal 2022 with quarterly results expected to build sequentially throughout the year, with Q4 being the peak Consolidated Q1 fiscal 2022 net sales and Adjusted EBITDA are expected to approximate $115.0 million and $3.0 million, respectively We expect restructuring costs, greater than normal proxy solicitation related costs, and ongoing higher production, logistic and safety-related costs resulting from COVID-19. FY 2022 is also likely to be impacted by expenses associated with the appointment of a new CEO We expect our gross margin percentage to approximate 36.0% to 37.0% Amortization of intangible assets is expected to approximate $22.0M Amortization of stock-based compensation expense is expected to range from approximately $12.0M to $14.0M • Interest expense (including amortization of deferred financing costs) is expected to approximate $6.5M • Our effective income tax rate is expected to approximate 22.0% • Adjusted EBITDA margin is expected to approximate 12.0% when using the midpoints of our 2022 targeted range for Net Sales and Adjusted EBITDA (1) Adjusted EBITDA represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangibles, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs, facility exit costs and strategic alternatives analysis expenses and other. 6 COMTECH#10About Us#11Comtech Has Been Transformed into a Secure Wireless Technology Leader Approximately $372M or 64% of our FY 2021 revenues did not exist in FY 2015 FY 2015: Awarded multi- million dollar award for solid- state power amplifiers for in-flight entertainment and communications applications. 2016: Awarded $45.0M contract to provide statewide Next Generation 911 IP Network and announces the availability of Heights Networking Platform 2018: Awarded $134.0M contract to provide 911 public safety and location technologies to a U.S. Wireless Carrier and $59.0M strategic IDIQ contract from U.S. Navy for next generation satellite Release 2.4. ground station equipment. 2018: Received 3- year $123.6M contract award to provide sustainment services for U.S. Army's SNAP terminals (VSAT). 2019: Wins a 5-year $100.0M contract to develop a NG 911 system for Mass. 2020: Wins $211.0M contract to supply equipment in support of U.S. Marine Corps Next Generation Troposcatter Systems. 2020: Wins statewide contract valued at up to $54.0M to design, deploy, and operate NG 911 services for the State of South Carolina. 2021: Secured over $200.0M of NG 911 contract wins with the Commonwealth of Pennsylvania and states of Arizona and Iowa. 2021: Wins multi-year agreement, enabling a large new customer to order hundreds of millions of dollars of our next-generation satellite earth station technology. Initial $13.0M order received. 2022: Awarded 5-year $125.0M IDIQ contract for Joint Cyber Analysis Course Training solutions for the Federal Government. FY 2015 2016 2018 2019 2020 2021 2022 FY 2014-2015: Explored strategic alternatives to enhance shareholder value but decided to remain independent. Shortly after, Fred Kornberg was named Executive Chairman, Stan Sloane named CEO and President with Mike Porcelain remaining as CFO. 2016: Announces the acquisition of TeleCommunication Systems, Inc. for $423.6M. In September 2016, Stan Sloane left the Company and Fred Kornberg renamed CEO. 11 2018: 2019: 2019: 2020: 2020: Michael Porcelain promoted to COO and Michael Bondi promoted to CFO. Announces the acquisition of Solacom Technologies, Inc. (911 Call Handling solutions). Announces the acquisition of Next Generation 911 Business from General Dynamics. Michael Porcelain promoted to President in addition to COO. Announces the acquisitions of CGC Technology Limited (Antennas) and Next-Gen 911 Solutions. 2020: 911 2021 Revenues of $581.7M Leading global provider of satellite ground station equipment Significant market share in routing of U.S. wireless 911 calls. Leader in statewide deployments of NG-911 systems 2021: 2022: Introduces the COMET™, the world's smallest over-the- horizon microwave troposcatter Announces the acquisition of UHP Networks Inc. (Satellite TDMA Network Solutions). Michael Porcelain appointed CEO, will continue as President and join the Board. terminal. COMTECH#12We Are Well Positioned to Exploit an Inflection Point in the Satcom Industry We Are a Leading Global Provider of Satellite Ground Station Equipment Including: Satellite Modems, Satellite Amplifiers and Satellite Antennas Accelerating Growth of Low-Cost Bandwidth Supply "One-Stop-Shop" Approach Allows Comtech To Maximize Long-Term Market Growth Opportunities Rapidly Growing Connectivity Demand 911 12 Incumbent GEO & MEO Satellite Operators COMTECH TELECOMMUNICATIONS CORP. Complete Solutions Portfolio Satellite Cellular for 3G/4G/5G New HTS & VHTS Satellites Deep, Global Market Access Emerging LEO & MEO Satellite Systems R&D and Distribution Scale Government & Defense Mobility/In-Flight (IFC) Market dynamics provide excellent backdrop for extending Comtech's satellite technology leadership A True Market Leader in Satellite Cellular Backhaul for 3G/4G and 5G Large Presence with U.S. Government COMTECH#13Comtech Delivers the Most Important Call You Will Ever Make Supporting Next Generation Upgrades and 911 End-to-End Solutions NG 911 Solutions 800+ PSAPS 60M+ Pop. 9 Statewide 6 Regional 911 from the Caller's Device across an Emergency Network Incident thru the Carrier's Network 22:11 911 Wireless 911 Solutions ABC to the Public Safety Answering Point VOIP 911 Solutions 5,600+ PSAPS 220M+ Subs Incident Call Carrier Network Emergency Network → PSAP "Comtech offers the most comprehensive end-to-end in-house technical capabilities in the market and a full portfolio of NG9-1-1 products, services and system integration capabilities." - Frost & Sullivan Notes 13 (1) Pop. = Population; Subs = Subscribers; PSAPs = Public Safety Answering Points 4,600+ PSAPS 50M+ Subs COMTECH#14Comtech's Technologies Advance Mission Critical Networks and Modernization The Ongoing Proliferation of Connected Devices Requires Network Enhancements for Speed, Accuracy, Safety and Connectability MEA k Cont VNO #1 NO Cape Coase Y Libreville LATAM senwork a Canollers #ТЕМ/ ТЕМА. Н TEMA na TOMA Inou Male A 14 SCPC DAMA alerts configuration Ta KIN Ch Comtech's Networking Platform provides distinct advantages for High Throughput Satellites, scaling from tens to thousands of sites. Comtech's unique TDMA and SCPC technology, used in VSAT platforms, has software defined network functionality that offers best-in-class support for very large networks. Proliferation Of Networks Comtech provides premier cybersecurity training for the U.S. Government and 911 public safety agencies. SOLACOM Comtech's NG911 and Trusted Location offerings support public safety networks. 911 CYBRScore. 63 COMTECH#15"Hundreds of Millions" Multi-Year Agreement for Next-Gen Satellite Technology ■We anticipate incurring strategic and "start-up" emerging technology costs for next-generation satellite technology. Spending will advance our solution offerings to be used on new broadband satellite constellations. Thousands of new LEO, MEO and even GEO satellites are expected to be launched over the next few years. Satellite constellations will provide internet access across the world and support increasing demand for data transmission. Constellations will be supported by equipment that we provide, including ground station equipment, X/Y antennas, modems and amplifiers. In Q4 of fiscal 2021, we were awarded a $13 million multi-year agreement, enabling a large new customer to order hundreds of millions of dollars of our next-generation satellite earth station technology. Great strategic win and optimistic on future orders. 15 911 COMTECH#16911 ཅ༔ Comtech's Two Segments Have Common Capabilities We leverage several key competencies, including R&D and engineering, across both segments to deliver superior capabilities to customers Commercial Solutions Fiscal 2021 Results: Revenue $360.1M 61.9% of Total Geography/Customer Type U.S. Government: 14.7% Domestic: International: 58.5% 26.8% Adjusted EBITDA $66.3M 18.4% Adjusted EBITDA Margin Customer Examples verizon L3HARRIS™ INTELSAT PARTMENT 1775 ED STATES STATES OF OF THE ARMY OF AMERIC EFENSE OF AMERICA Secure Wireless Technology Communications Market Leadership Positions Shared Relationships with Blue-Chip Customers Fiscal 2021 Customer Type as a % U.S. of Consolidated Revenue 41.5% Domestic 34.6% 23.9% Government International DEPARTMENT Government Solutions Fiscal 2021 Results: Revenue $221.5M 38.1% of Total Geography/Customer Type U.S. Government: 66.8% Domestic: International: 14.1% 19.1% Adjusted EBITDA $16.3M 7.4% Adjusted EBITDA Margin Of Customer Examples THE ARA AMERICA (W 1775 STATES OF AXA OF THE NAVY UNITED STATES HTED STATES OF AMERIC MARINE CORPS BOEING 16 COMTECH#1717 USD millions The Satellite Ground Station Equipment Market is Expected to Grow 2019-2029 Market Growth by Application $400 $300 $200 $100 ■Cellular Backhaul Aeronautical Satcom Maritime Satcom ■Baseband Equipment Earth Stations ■M2M IP Content Distribution Enterprise VSAT Land-Mobile ■Trunking GRATIOL High-Performance SCPC Modems U.S. Army SNAP 850+ Systems Deployed USD millions Market by Equipment Type $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 VSAT platforms Antennas RF Chains Comtech Strategic Position • #1 Provider of SCPC modems. Innovative & Scalable TDMA Modems Solid-State and Traveling Wave Tube Amplifiers • Leading provider of SATCOM amplifiers. Satellite Ground Station Products and Space Components Over-the-Horizon Microwave Systems XY Antenna • Entered into fixed X/Y satellite antenna market in 2020 via acquisition of CGC. Source: NSR Global Satellite Ground Segment 5th (Dec 2020) COMTECH 911#18Comtech is a Leader in the 911 NextGen Public Safety Market 911 NG911 Primary Contract Holders Market Share (YE 2020) Market share is based on population covered by primary NG911 contracts. NGCS Market Share (YE 2020) Frost & Sullivan NGCS provider market share estimates are based on the addressable population of closed NGCS contracts (direct or as a subcontractor) through YE 2020. NGA 911 3.7% INdigital 4.5% Motorola Solutions. 4.5% NG9-1-1 Primary Contract Holders US, 2020 Lumen. 10.2% Other 3.2% AT&T 29.1% Atos 18.6% Comtech 26.2% 911 Software for Cellular 911 Call Routing and Next Generation 911 18 tttt Software that Generates the Triangle & Dot for Advanced Location Mapping B NGA 911. 8.2% INdigital 8.2% NGCS Provider Market Share Synergem 13.9%. US, 2020 Atos 15.8% "NGCS market share indudes regional providers for the state of California Intrado 27.6% Comtech 26.4% Source: Frost & Sullivan • • • Comtech Strategic Position Frost & Sullivan names Comtech as the fastest growing NG911 provider in the U.S. Key NG-911 wins: Massachusetts, Pennsylvania, South Carolina, Arizona, Iowa, Washington, Maine, Ohio. Comtech also has a small but growing market share in the call handling market. COMTECH Source: Frost & Sullivan#19Comtech Has A Proven Track Record of Successful Acquisitions Acquisition Close Date Purch Price Feb 2016 $423.6M Feb 2019 $31.5M Apr 2019 $11.0M Jan 2020 $23.7M Feb 2020 $1.2M Mar 2021 $38.0M Extensive Acquisition Experience with Successful Integrations Recent Successful Transactions TCS is a leading provider of 911 public safety services, trusted location and satellite-based mission critical solutions Solacom is a leading provider of Next Generation 911 solutions for public safety agencies GD NG-911 offers a 911 emergency communications system to state and local government clients CGC is a leading provider of high precision full motion fixed and mobile X/Y satellite tracking antenna and radomes NG-911, Inc. is a pioneer of Next Generation 911 solutions for public safety in the Midwest UHP is a leading provider of innovative and disruptive satellite ground station technology solutions Rationale and Highlights 911 Entry into the 911 public safety and location markets and significantly strengthened our U.S. Government business, created scale and diversified earnings Further expanded presence in growing 911 public safety market and increased recurring revenues Helped secure a five-year $100.0M contract to develop and maintain a cloud-based NG-911 platform for a northeastern state in the U.S. Addresses customer requirements for expected growth in LEO and MEO satellite constellations Allows us to cost-effectively expand sales of our industry leading Solacom Guardian call management solutions Expands our product line in the satellite ground station market, with its growing need for reliable, high-capacity satellite equipment, particularly in the VSAT market 19 COMTECH#20We Believe the Future is Bright for Many Years to Come 20 20 Market Leadership Positions Commitment to Innovation and Engineering Strong Visibility with Growing Markets 911 History of Long-Term Capital Return to Stockholders Experienced Management Team COMTECH#21Additional Financial Data#22Historical Revenue Results boo0 $ in 000s $330,867 in 000s Consolidated Revenue $671,797 $616,715 $581,695 $550,368 $570,589 2017 2018 2019 2020 2021 Commercial Solutions in 000s Government Solutions $314,504 $360,146 $357,293 $353,730 $262,985 $345,076 $219,501 $225,513 $221,549 1 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 22 22 Note (1) Comtech's fiscal year end is July 31. COMTECH 911#23Historical Bookings & Backlog 23 $ in 000s 1.000 $512,593 Bookings $755,054 $724,056 $623,076 $584,448 $ in 000s Total Backlog (2) $446,230 $682,954 $658,896 $630,695 $620,912 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 ↑ Excludes several "hundreds of millions" of potential orders associated with large multi-year agreement for next-generation satellite technology Note (1) Comtech's fiscal year end is July 31. (2) See slide 8 for additional information related to funded backlog and unfunded portions of contracts in place. COMTECH 911#24Our Customer Base 0000 26% 25% 24% 24% 28% 35% 40% 39% 41% 39% 40% 36% 36% 35% 33% 2017 Notes (1) (2) 24 2018 2019 U.S. Government Domestic Comtech's fiscal year end is July 31. Totals may not foot due to rounding. 2020 2021 International COMTECH 911#25Historical Balance Sheet Trends Balance Sheet $ in 000s Jul. 31, 2017 Jul. 31, 2018 Jul. 31, Jul. 31, Oct. 31, Jan. 31, Apr. 30, Jul. 31, 2019 2020 2020 2021 2021 2021 Cash and Cash Equivalents $ 41,844 $ 43,484 $ 45,576 $ 47,878 $ 32,468 $ 30,934 $ 39,198 $ 30,861 Working Capital 96,833 114,477 134,967 Total Assets 832,063 845,157 887,711 117,385 929,647 104,995 918,511 102,209 946,595 93,584 998,592 83,935 993,111 (1) Current and Long-Term Debt $ 195,802 $ 167,899 Stockholders' Equity 480,150 505,684 $ 165,000 535,082 $ 149,500 549,299 $ 217,000 460,152 $ 208,000 463,284 $ 215,000 491,622 $ 201,000 500,719 Total Capitalization $ 675,952 $ 673,583 $ 700,082 $ 698,799 $ 677,152 $ 671,284 $ 706,622 $ 701,719 25 911 Notes (1) As defined in our Credit Facility, as amended. Fiscal 2017 and 2018 include capital lease obligations. Excludes insignificant amounts of finance lease obligations. (2) Comtech's fiscal year end is July 31. COMTECH#26Historical Research and Development Expense $ in 000s 0000 $81,310 Research and Development Expense $70,793 $71,086 $64,103 $62,783 2017 2018 2019 2020 YTD 2021 26 Notes (1) Research and development expense includes company-funded and customer-funded. (2) Comtech's fiscal year end is July 31. 911 COMTECH#27Recent Quarterly Operating Results 0000 $ in 000s Revenue Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 27 Commercial Solutions 84,983 $ 81,802 $ 87,825 91,364 $ 99,154 Government Solutions 64,690 53,416 73,467 48,012 46,655 Total Revenue $ 149,673 $ 135,218 $ 161,292 $ 139,376 $ 145,809 Net Income (Loss) $ 1,126 $ (85,840) $ 4,205 $ 792 $ 7,363 Adjusted EBITDA $ 23,532 $ 14,284 $ 18,059 $ 17,730 $ 26,446 % of Revenue GAAP Gross Profit 33.2% 37.1% 34.5% 38.0% 37.8% Adjusted EBITDA (2) 15.7% 10.6% 11.2% 12.7% 18.1% Notes (1) Comtech reported an operating loss of $85.7M and a net loss of $85.8M, respectively, for the 3 months ended October 31, 2020 (Q1 2021). (2) See Reconciliation of GAAP to Non-GAAP Financial Measures section of this presentation for the reconciliation of reported Net Income to Adjusted EBITDA. (3) Comtech's fiscal year end is July 31. 911 COMTECH#28Historical Annual Operating Results 28 im000s Impacted by COVID-19 2021 2017 2018 2019 2020 Revenue Commercial Solutions $ 330,867 Government Solutions 219,501 $ 345,076 225,513 $ 357,293 314,504 $ 353,730 262,985 $ 360,146 221,549 Total Revenue $ 550,368 $ 570,589 $ 671,797 $ 616,715 $ 581,695 Net Income (Loss) $ 15,827 $ 29,769 $ 25,041 $ 7,020 $ (73,480) Adjusted EBITDA $ 70,705 $ 78,374 $ 93,472 $ 77,803 $ 76,519 % of Revenue GAAP Gross Profit 39.6% 39.2% 36.8% 36.8% 36.8% GAAP R&D Expenses 9.9% 9.4% 8.4% 8.5% 8.4% Adjusted EBITDA (1) 12.8% 13.7% 13.9% 12.6% 13.2% Notes (1) See Reconciliation of GAAP to Non-GAAP Financial Measures section of this presentation for the reconciliation of reported Net Income (Loss) to Adjusted EBITDA. (2) Comtech's fiscal year end is July 31. COMTECH 911#29Market Data#30Market Data 30 General Market Information Nasdaq Symbol: CMTL 52-Week Range: $13.20 - $30.01 Notes (1) (2) Analysts Institutional Holders (²): 217 Analyst Coverage: 6 Institution Citibank N.A. Jefferies Group LLC Noble Capital Markets Northland Capital Markets Quilty Analytics Singular Research LLC Analyst Name Asiya Merchant George Notter Joe Gomes Michael Latimore Chris Quilty Chris Sakai 52-week range indicates the high and low closing prices during the period of August 1, 2020 through July 31, 2021. As of October 1, 2021. Source: Nasdaq COMTECH 911#31Reconciliation of GAAP to Non-GAAP Financial Measures#32Reconciliation of CMTL GAAP to Non-GAAP Financial Measures 911 Admisted EBITDA Q1 2020 Q2 2020 Q3 2020 Q4 2020 0000 Reported net income (loss) $ 6,388 $ 3,495 $ (3,989) $ Q1 2021 1,126 $ (85,840) $ Q2 2021 4,205 $ Q3 2021 792 Q4 2021 $ 7,363 Income tax expense (benefit) 1,145 1,117 (759) 787 (2,239) (155) 316 578 Net interest expense & other 1,727 1,622 1,612 903 2,363 1,352 1,242 1,725 Stock-based compensation expense 879 1,238 981 6,177 699 1,287 1,204 6,793 Depreciation and amortization 7,857 7,950 8,167 8,182 8,118 7,252 7,584 7,445 Estimated contract settlement costs 230 (262) 476 Acquisition plan expenses 2,389 6,025 5,983 6,357 91,183 3,357 5,267 485 Restructuring costs 601 594 1,587 COVID-19 related costs 160 416 470 Strategic emerging technology costs 315 Adjusted EBITDA $ 20,615 $ 21,185 $ 12,471 $ 23,532 $ 14,284 $ 18,059 $ 17,730 $ 26,446 Operating Income Q1 2020 Q2 2020 Operating income (loss) $ 9,260 $ Acquisition plan expenses 2,389 6,234 $ 6,025 Q3 2020 (3,136) $ 5,983 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2,816 $ (85,716) $ 5,402 $ 6,357 91,183 2,350 $ 9,666 3,357 5,267 485 Restructuring costs 601 594 1,587 COVID-19 related costs 160 416 470 Strategic emerging technology costs 315 Estimated contract settlement costs 230 (262) 476 Adjusted operating income $ 11,879 $ 11,997 $ 3,323 $ 9,173 $ 5,467 $ 9,520 $ 8,942 $ 12,208 Net Income (loss) Q1 2020 Q2 2020 Net income (loss) $ Acquisition plan expenses 6,388 $ 1,840 3,495 $ 4,639 Q3 2020 (3,989) $ 4,128 Q4 2020 Q1 2021 1,126 $ (85,840) $ 4,005 Q2 2021 Q3 2021 Q4 2021 4,205 $ 792 $ 7,363 88,270 2,786 4,661 (3,106) Restructuring costs 499 526 1,074 COVID-19 related costs 133 368 337 Strategic emerging technology costs 279 (24) Estimated contract settlement costs 177 (202) 328 Interest expense ("ticking fee") 1,016 (133) Net discrete tax (benefit) expense Adjusted net income $ (588) 7,817 $ 57 7,989 $ 713 1,180 $ 79 5,210 $ 246 (843) 189 697 3,692 $ 6,780 $ 6,815 6,208 Notes (1) 32 (2) See statement regarding the use of Non-GAAP financial measures in the front and on the last slide of this presentation. Dollar amounts in thousands. Comtech's fiscal year end is July 31. COMTECH#33Income tax expense (benefit) Reconciliation of CMTL GAAP to Non-GAAP Financial Measures Adi sted EBITDA 0000 Reported net income (loss) 911 Write-off of deferred financing costs Net interest expense & other Stock-based compensation expense Depreciation and amortization Estimated contract settlement costs Settlement of intellectual property litigation (12,020) Acquisition plan expenses Restructuring costs COVID-19 related costs Strategic emerging technology costs 2017 2018 2019 2020 2021 $ 15,827 $ 29,769 $ 25,041 $ 7,020 $ (73,480) 9,654 (5,143) 3,869 2,290 (1,500) 3,217 11,561 10,449 9,280 5,864 6,682 8,506 8,569 11,427 9,275 9,983 37,177 34,730 30,247 32,156 30,399 6,351 444 (3,204) 5,871 20,754 100,292 2,782 1,046 315 Facility exit costs 1,373 Adjusted EBITDA $ 70,705 $ 78,374 $ 93,472 $ 77,803 76,519 Earnings (Loss) per Diluted Share 2017 2018 2019 2020 2021 GAAP earnings (loss) per diluted share $ 0.67 $ 1.24 $ 1.03 $ 0.28 $ (2.86) Acquisition plan expenses 0.19 0.53 3.60 Estimated contract settlement costs 0.20 0.01 Net discrete tax benefit (including Tax Reform) Restructuring costs COVID-19 related costs (0.49) (0.12) (0.05) (0.06) 0.08 0.03 0.01 0.04 Strategic emerging technology costs Interest expense Settlement of intellectual property litigation (0.33) Write-off of deferred financing costs Facility exit costs Non-GAAP earnings per diluted share Notes (0.10) 0.10 0.04 $ 0.34 $ 0.75 $ 1.34 $ 0.77 $ 0.86 (1) See statement regarding the use of Non-GAAP financial measures in the front and on the last slide of this presentation. (2) Dollar amounts in thousands, except per share information. Comtech's fiscal year end is July 31. (3) Totals may not foot due to rounding. 33 COMTECH#34Reconciliation of CMTL GAAP to Non-GAAP Financial Measures 911 34 Earnings (Loss) per Diluted Share GAAP earnings (loss) per diluted share Acquisition plan expenses Restructuring costs COVID-19 related costs Strategic emerging technology costs Interest expense ("ticking fee") Estimated contract settlement costs Net discrete tax (benefit) expense Non-GAAP earnings per diluted share Q1 2020 Q2 2020 Q3 2020 2020 Q4 FY 2020 Q1 2021 Q2 Q3 Q4 FY 2021 2021 2021 2021 0.07 $ 0.26 $ 0.14 $(0.16) $ 0.04 $ 0.28 0.19 0.16 0.16 0.53 0.11 $ (3.39) $ 0.17 $0.03 $ 0.28 $(2.86) 3.49 0.18 (0.12) 3.60 0.02 0.02 0.04 0.08 0.01 0.01 0.01 0.03 0.01 0.01 (0.01) 0.04 0.04 0.01 (0.02) (0.01) 0.01 0.03 $ 0.32 $ 0.32 $ 0.05 $ 0.21 0.01 (0.05) $ 0.77 0.01 $ 0.15 (0.03) $ 0.27 0.01 0.03 $ 0.26 $ 0.23 (0.06) $ 0.86 Notes (1) See statement regarding the use of Non-GAAP financial measures in the front of this presentation. (2) Dollar amounts in thousands, except per share information. Comtech's fiscal year end is July 31. (3) Totals may not foot due to rounding. (4) Non-GAAP net income and EPS reflect non-GAAP provisions for income taxes based on full year results, as adjusted for the non-GAAP reconciling items included in the tables above. The Company evaluates its non-GAAP effective income tax rate on an ongoing basis, and it can change from time to time. The Company's non-GAAP effective income tax rate can differ materially from its GAAP effective income tax effective rate. COMTECH#35COMTECH TELECOMMUNICATIONS CORP.