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) announced the approval of its $1,606,000 PPP loan forgiveness application by the Small Business Administration. CEO Mitchell Binder emphasized the ongoing challenges posed by the pandemic, impacting employee productivity and revenue. Despite these hurdles, the PPP loan helped maintain full employee employment. Orbit, classified as an essential business, continues to operate and support national security requirements. The company develops custom electronic solutions for various sectors and remains committed to navigating the pandemic's uncertainties while following CDC guidelines.
Orbit International Corp. (OTC PINK:ORBT) reported third-quarter bookings of approximately $3.4 million for its Power Group, boosted by a $1.79 million order for power supplies used in an armament test system. Deliveries for these orders have begun and are expected to continue into Q1 2022. CEO Mitchell Binder noted the pandemic's impact on testing for new opportunities, potentially delaying awards into 2021, but remains optimistic about future VPX business prospects. Additionally, the company is cautiously navigating production challenges due to COVID-19 and anticipates resuming normal schedules.