Orbit International’s Power Group Reports Bookings in Excess of $1,000,000 for the Month of November 2024
Rhea-AI Summary
Orbit International Corp. (OTC PINK:ORBT) reported bookings exceeding $1,000,000 for its Power Group in November 2024. The orders were primarily driven by VPX power supplies orders totaling over $700,000, contributing to record annual VPX bookings of more than $4.5 million for the eleven months ended November 30, 2024 - a 77% increase compared to all of 2023.
Deliveries for these orders have begun and will continue through Q2 2026. The company also received orders for additional COTS and commercial power supplies. Separately, the company disclosed receiving a verified complaint filed by SPS's former President in Delaware Court of Chancery regarding alleged additional amounts owed under acquisition agreements, which the company intends to contest.
Positive
- Power Group bookings exceeded $1,000,000 in November 2024
- Record VPX bookings of $4.5 million through November 2024, up 77% from 2023
- Strong order backlog extending through Q2 2026
Negative
- Legal dispute with former SPS President over acquisition payment terms could result in additional financial obligations
News Market Reaction
On the day this news was published, ORBT gained 1.34%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Power Group Records Record VPX Bookings Through November 2024
Company Receives Notice of Verified Complaint From Former SPS President
HAUPPAUGE, N.Y., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (the “Company”) (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Orbit Power Group (“OPG”) for the month of November 2024 were in excess of
Bookings for the month of November were highlighted by orders for VPX power supplies totaling over
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report very strong bookings for our OPG during the month of November. Bookings were highlighted by two significant orders for VPX power supplies. Through the eleven months ended November 30, 2024, orders for our VPX power supplies are approximatively
The Company was notified on November 27, 2024, that a verified complaint was filed on a confidential basis in the Delaware Court of Chancery (C.A. No. 2024-1227) by a company formed by Simulator Product Solutions LLC’s (“SPS”) former President naming the Company and its subsidiary, SPS, as defendants. The complaint, which became publicly available yesterday, alleges additional amounts owed under the Contribution and Operating Agreements associated with the SPS acquisition. The Company believes it has abided by the terms of both agreements and intends to vigorously oppose the claims asserted in the complaint.
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 International Corp.’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 International Corp. 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 Corp.’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International Corp. and the statements contained in this news release can be found in Orbit International Corp.’s reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit International Corp. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit International Corp. 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 was the value of Orbit International's (ORBT) Power Group bookings in November 2024?
How much did Orbit International's (ORBT) VPX bookings grow in 2024?
What legal challenge is Orbit International (ORBT) facing in December 2024?
