Welcome to our dedicated page for Orbit Internatio news (Ticker: ORBT), a resource for investors and traders seeking the latest updates and insights on Orbit Internatio stock.
Orbit International Corp. (ORBT) delivers specialized electronic components and power solutions for defense, government, and industrial sectors. This news hub provides investors and industry professionals with essential updates on corporate developments, product innovations, and strategic partnerships driving the company's growth.
Access authoritative coverage of ORBT's latest press releases, financial announcements, and operational milestones. Our curated collection includes updates on defense contract awards, power systems advancements, and electronics manufacturing innovations - all critical for understanding the company's market position.
Key news categories feature earnings reports, product line expansions, government procurement updates, and R&D breakthroughs. The resource is particularly valuable for tracking ORBT's dual-segment performance in custom electronics manufacturing and commercial power solutions development.
Bookmark this page for streamlined access to verified ORBT updates. Check regularly for new announcements affecting the company operations in aerospace, defense contracting, and industrial technology sectors.
Orbit International Corp. (OTC PINK:ORBT) has announced the reinstatement of its stock trading on the OTC Pink Market, effective October 7, 2024. This follows a period of trading on the OTC Expert Market since May 16, 2023. Orbit International Corp. is an electronics manufacturer and software solution provider with two main divisions:
1. The Electronics Group: Develops and manufactures custom electronic devices and subsystem solutions for military, industrial, and commercial applications through facilities in Hauppauge, NY, and Carson, CA.
2. The Power Group: Based in Hauppauge, NY, designs and manufactures various power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies, and COTS power sources.
Orbit International Corp. (OTC Expert Market:ORBT) announced that its Orbit Power Group (OPG) received bookings exceeding $1,800,000 in September 2024, resulting in total third-quarter bookings surpassing $2,800,000. The orders include a follow-on order for a COTS power supply worth approximately $1,450,000 for nuclear power plants. Deliveries are expected to continue through Q4 2025.
Mitchell Binder, President and CEO, highlighted strong Q3 bookings and noted that VPX power supply orders for the first nine months of 2024 are 27.1% higher than the entire 2023. The company's Electronics Group and Simulator Product Solutions subsidiary are pursuing new opportunities, with some expected Q3 orders delayed to Q4.
Orbit International Corp. (OTC:ORBT) reported its Q2 2024 results, showing a reduced net loss of $201,000 ($0.06 per share) compared to $453,000 ($0.14 per share) in Q2 2023. For the first six months of 2024, the company reported a net loss of $952,000 ($0.28 per share), an improvement from $1,570,000 ($0.47 per share) in the same period last year. Despite the losses, the company saw increased sales of $12,776,000 for the six-month period, up from $12,191,000 in 2023. The company's backlog increased by 18.4% to $20.6 million as of June 30, 2024. Orbit also announced the termination of the SPS President's employment contract, which may lead to legal discussions.
Orbit International Corp. (ORBT) released its first quarter 2024 results, highlighting a net loss of $751,000 ($0.22 per share), an improvement from the $1,117,000 ($0.33 per share) loss in Q1 2023. The company reported net sales of $6,175,000, up from $5,198,000 the previous year. Gross margin improved to 30.8% from 20.7% in Q1 2023. However, adjusted EBITDA was a loss of $551,000 compared to a loss of $1,134,000 last year. The backlog increased to $23.8 million, up 37.3% from December 2023. Despite improvements, higher operating costs affected results. The company remains optimistic about future quarters as bookings and backlog have shown strong growth.
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