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. reports developments as an electronics manufacturer and software solution provider serving military, industrial and commercial applications. Company updates commonly cover consolidated bookings, order timing, deliveries, and operating results across the Orbit Electronics Group and Orbit Power Group.
Recurring subjects include VPX, COTS and commercial power supplies; custom electronic device and subsystem solutions; simulator-related work through Simulator Product Solutions LLC; and prototype or component orders through Q-Vio Corp. for defense handheld electronics programs. Coverage also reflects the contract-driven nature of Orbit's business, including follow-on opportunities, customer awards, and program delays.
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.
Orbit International Corp. (OTC PINK:ORBT) reported mixed results for Q3 2024. Net income decreased to $558,000 ($0.17 per share) from $762,000 ($0.23 per share) in Q3 2023. Net sales increased to $8,414,000 from $8,192,000. For the nine months ended September 30, 2024, the company reported a net loss of $394,000 compared to a loss of $808,000 in the prior year period. Backlog decreased to $16.8 million from $17.4 million at year-end 2023. The company's Simulator Product Solutions (SPS) showed improved performance, while the Orbit Instrument division experienced lower sales and margins.
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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