Orbit International’s Electronics Group Reports Contract Award in Excess of $1,925,000

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) has secured a follow-on contract worth over $1,925,000 from a major defense contractor for its Electronics Group (OEG). The contract involves manufacturing products for a U.S. Navy military program, with deliveries scheduled from Q1 2026 through Q3 2026.

The contract, initially expected in Q3 2024, was delayed at the U.S. Government level. The customer has expressed confidence in the program's long-term continuity. Additionally, the company's Orbit Power Group (OPG) reported strong bookings in 2024, particularly in VPX technology power supplies, and expects continued growth in this segment through 2025 with both follow-on business and new designs.

Positive

• Secured new defense contract worth over $1,925,000
• Customer indicates long-term program continuity
• Record bookings in VPX technology power supplies for 2024
• Expected expansion of VPX technology market reach in 2025

Negative

• Contract award delayed from Q3 2024
• Deliveries won't start until Q1 2026

News Market Reaction

+0.32%

1 alert

+0.32% News Effect

On the day this news was published, ORBT gained 0.32%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAUPPAUGE, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) received a follow-on contract award in excess of $1,925,000 from a large defense contractor. The order is for a product used on a military program for the U.S. Navy. Deliveries for this award will commence in the first quarter of 2026 and continue through the third quarter of 2026.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report this large follow-on contract award for our Orbit Instrument Division, which is in excess of $1,925,000. We are also pleased to note that our customer has expressed confidence that the program under which the contract was awarded will continue for many years to come. This award was expected during the third quarter of 2024, but was delayed at the U.S. Government level. The timing of receipt of military awards is always an uncertainty.”

Binder added, “In addition to the large order for our OEG legacy business, our Orbit Power Group (“OPG”) is coming off a firm booking year in 2024, principally due to record bookings for power supplies utilizing our VPX technology. We are confident in 2025 that we will continue to both receive follow-on business for our VPX power supplies and deliver new designs that will expand our reach in the marketplace for this technology.”

Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT
David Goldman
Chief Financial Officer
631-435-8300

FAQ

What is the value of Orbit International's (ORBT) new defense contract?

Orbit International (ORBT) secured a follow-on contract worth over $1,925,000 from a large defense contractor.

When will deliveries begin for ORBT's new Navy contract?

Deliveries for the contract will commence in the first quarter of 2026 and continue through the third quarter of 2026.

Why was ORBT's defense contract delayed?

The contract, originally expected in Q3 2024, was delayed at the U.S. Government level.

How did Orbit Power Group perform in VPX technology bookings for 2024?

Orbit Power Group reported record bookings for power supplies utilizing VPX technology in 2024.

What are ORBT's expectations for VPX technology business in 2025?

ORBT expects to receive follow-on business for VPX power supplies and deliver new designs to expand their market reach in 2025.