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ORBSAT CORP REPORTS RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020
Download as PDFNovember 16, 2020 2:45pm EST
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-Company Reports 21% Growth in Sequential Quarterly Revenue and Improved Gross Margins Despite Impact of COVID-19 as Global Diversification and Recurring Revenue Provide Stability-
AVENTURA, FL / ACCESSWIRE / November 16, 2020 / Orbsat Corp (OTCQB:OSAT) ("Orbsat" or the "Company"), a global provider of communication solutions for connectivity to the world through next-generation satellite technology, today reported financial results for the third quarter ended September 30, 2020.
Total consolidated revenue for the third quarter 2020 was $1,475,393 for the quarter ended September 30, 2020, a decrease of approximately 15% compared to the $1,746,525 reported for the same period in 2019. This decrease was largely due to COVID-19's negative impact on customer product rentals and purchases for recreational and travel use. Sequentially, quarterly sales in the third quarter of 2020 increased approximately 21% reflecting positive overall trends in the business, including continued increases in North American through the Company's Orbital Satcom US subsidiary. For the nine months ended September 30, 2020, consolidated revenue was $4,163,750, a decrease of $290,156 or 6.5%, from $4,453,906 recorded in the nine months ended September 30, 2019. In the third quarter, the Company processed orders from customers located in 98 countries, including every country in the EU and in all 50 US states.
The Company's UK subsidiary, Global Telesat Communications, which operates in a number of European countries which continue to be affected by COVID-19 travel restrictions and lockdown measures, experienced a decline of 9.1% in Q3 2020 revenue as compared to the same period in 2019 (in local currency terms), due primarily to a continued reduction in orders from recreational/leisure users and limited ability to fund inventory purchases. For the nine months ended September 30, 2020 Global Telesat Communications revenue decreased $451,172 or 10.1%, to $2,667,039 from $3,128,211. Based upon preliminary sale activity through the first part of the fourth quarter, sales throughout Europe and Asia appear to have stabilized and are trending positively.
Orbital Satcom experienced a 26.5% decrease in sales increase in Q3 2020, reporting revenues of $472,521 as compared to $642,906 reported in the same period in 2019. For the nine months ended September 30, 2020, Orbital Satcom revenue increased by $161,016 or 12.5% to $1,486,711 from $1,325,695 reported in the nine months ended September 30, 2019. The Company attributes the increases in revenue to new product lines and significant increases in US e-commerce sales, including an 18.3% year-on-year increase in sales on Amazon.com.
Gross Margin for the third quarter of 2020 increased to 27.0% as compared to 21.8% for the third quarter of 2019 driven by new product lines and improved price monitoring systems. For the nine months ended September 30, 2020, gross margin increased to 24.1% from 20.2%.
Gross profit in the third quarter of 2020 increased 4.7% to $398,464 during the quarter, as compared to $380,517 in the same period of 2019. For the nine months ended September 30, 2020, gross profit increased 11.5% $1,859,012 from $900,555, for the comparable period in the prior year. As a result of significant, onetime expenses related to funding activities and the retirement of debt, offsetting reduced S,G&A expenses, the Company reported a net loss for the quarter of $1,100,451 as compared with a loss of $300,959 reported for the quarter ended September 30, 2019. For the nine months ended September 30, 2020, net loss increased to $1,358,745 from a loss of $996,194.
"Beyond the top-line impact of COVID-19 which we believe is now beginning to abate, results in the third quarter are demonstrating that our business remains fundamentally solid, with sequential revenue growth and improved gross profit margins. Supported by new capital secured in late August and a strengthened balance sheet, we have already been able to execute on a number of strategic opportunities, including expansion into new markets, signing of new contracts and forging deeper relationships with leading satellite technology partners such as Kymeta," commented David Phipps, Chief Executive Officer of Orbsat. "While COVID-19 still poses challenges to our business as well as the global economy, the stability of our diversified global customer base and the contribution of a high-margin, recurring revenue business model, gives us reason for optimism. Looking at 2021 and beyond, we expect significant potential demand for cost effective satellite services being created by the billion-dollar satellite modernization efforts currently underway by governments, the military and commercial enterprises in support of innovative services such as 5G and the IoT. These are the opportunity our team is focused on and ones we intend pursue in the near-term."
About Orbsat Corp
Orbsat provides services and solutions to fulfill the rapidly growing global demand for satellite-based voice, high-speed data, tracking and IoT connectivity services. Building upon its long-term experience providing government, commercial, military and individual consumers with Mobile Satellite Services, Orbsat is positioned to capitalize on the significant opportunities being created by global investments in new and upgraded satellite networks. Orbsat's US and European based subsidiaries, Orbital Satcom and Global Telesat Communications, have provided global satellite connectivity solutions to more than 35,000 customers located in over 160 countries across the world.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to launch additional storefronts in various geographic locations, its ability to grow and expand as intended, the Company's expectations of worldwide growth and public infrastructure spending, ability to raise additional capital to finance the Company's operations, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, the Company's ability to capitalize on its partnerships as well as other similar arrangements, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Media and Investor Contact for Orbsat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
SOURCE: Orbsat Corp
View source version on accesswire.com:
https://www.accesswire.com/616982/Orbsat-Corp-Reports-Results-for-the-Three-and-Nine-Months-Ended-September-30-2020
Released November 16, 2020
JMMatthews
4 years ago
AVENTURA, FL / ACCESSWIRE / May 15, 2020 / Orbsat Corp (OTCQB:OSAT) ("Orbsat" or the "Company"), a global provider of communication solutions for connectivity to the world through next-generation satellite technology, today reported financial results for the first quarter ended March 31, 2020.
Total consolidated revenue for the first quarter of 2020 increased 13.1% to $1,468,103 for the quarter ended March 31, 2020 as compared to $1,298,371 reported for the same period in 2019. This growth was driven primarily by an increase in North American sales through the Company's Orbital Satcom US subsidiary which experienced a 59.7% sales increase in Q1 2020 revenue as compared with to the same period in 2019.
The Company's UK subsidiary, Global Telesat Communications, which operates in a number of European countries affected by strict COVID-19 lockdown measures introduced in March 2020, experienced a slight decline of 0.4% in Q1 2020 revenue as compared to the same period in 2019 (in local currency terms), due mainly to a temporary decline in rental bookings by recreational users.
Gross Margin for the first quarter of 2020 increased to 23.7% as compared to 18.9% for the first quarter of 2019.
The Company experienced an increase of 37% in sales through its network of Amazon global marketplaces compared to the same period in 2019 notwithstanding significant financial and inventory-related challenges as well as Amazon's temporary suspension of non-essential shipments from US and European warehouses.
During the first quarter of 2020, the Company continued its global expansion with the launch of e-commerce storefronts and fulfilment centers in Singapore, United Arab Emirates and The Netherlands.
Gross profit increased to $348,001 during the quarter, as compared to $245,929 in the same period of 2019. Net loss decreased by 7.4% or $22,763 to $284,860 as compared with a loss of $307,624, reported for the quarter ended March 31, 2019.
"Considering the unprecedented challenges brought on by the Coronavirus pandemic, I am pleased to report increased sales revenue, gross profit and profit margins during the first quarter of 2020. This financial performance highlights the important benefits of growth in recurring revenue and our ability to service and support the needs of a solid, globally diversified customer base operating across industrial, government and consumer segments around the world," commented David Phipps, Chief Executive Officer of Orbsat. "Despite our strong performance in Q1 2020, we have and will continue to face challenges ahead as the global disruption caused by Coronavirus has impacted our ability to raise the capital we need to invest in the business, in particular, to introduce new products and increase inventory levels, which could potentially restrict future revenue growth. Our team is working tirelessly to address this situation while we execute on our international expansion plans and continue to move Orbsat towards profitability."
About Orbsat Corp
Orbsat provides services and solutions to fulfill the rapidly growing global demand for satellite-based voice, high-speed data, tracking and IoT connectivity services. Building upon its long-term experience providing government, commercial, military and individual consumers with Mobile Satellite Services, Orbsat is positioned to capitalize on the significant opportunities being created by global investments in new and upgraded satellite networks. Orbsat's US and European based subsidiaries, Orbital Satcom and Global Telesat Communications, have provided global satellite connectivity solutions to more than 35,000 customers located in over 160 countries across the world.
OSAT $$$
sweet crude
4 years ago
News: to develop AI applications
https://finance.yahoo.com/news/orbsat-corp-ai-venturetech-explore-130000727.html
Orbsat Corp and AI VentureTech to Explore Development of Artificial Intelligence (AI) and Data Applications for Industrial IoT and GPS Market
AVENTURA, FL / ACCESSWIRE / March 4, 2020 / Orbsat Corp (OSAT) ("Orbsat" or the "Company"), a global provider of communication solutions for connectivity to the world through next-generation satellite technology, announced entering into a Memorandum of Understanding (MOU) with New York-based, AI VentureTech, Inc. ("AI VentureTech") to explore development of Artificial Intelligence (AI) and data related applications utilizing its satellite-based voice, high-speed data, tracking and Internet of Things (IoT) connectivity services.
Under terms of this 12-month MOU, Orbsat and AI VentureTech will explore the development of AI and Machine Learning (ML) applications for an array of global markets including industrial IoT, fleet management, shipping and logistics, and smart cities. Both companies will explore development of data analytic applications to increase efficiencies and cost savings for shipping and fleet management enterprises by employing advanced satellite technologies.
David Phipps, Chief Executive Officer of Orbsat Corp, said, "Orbsat was founded on the vision of connecting the world using cutting-edge satellite communications technology to deliver voice and high-speed data services. Together with AI VentureTech, we intend to explore how industrial customers can leverage the power of advanced satellite-based data and AI-based analytics to improve the efficiencies of their global operations and ultimately, the value of the services they deliver to their end users."
Thomas Bustamante, the Founder and CEO of AI VentureTech, Inc. commented, "We are very excited to announce our collaboration with Orbsat in developing data-related applications utilizing their suite of satellite-enabled voice, data, tracking and IoT connectivity services. Through the combination of Orbsat's expertise and global reach, we can harness a great source of tracking data on which we can build robust data sets and models for analytic and prediction-based applications for commercial and enterprise clients. We look forward to collaborating with Orbsat and to finding new ways to utilize their products in building-out AI and Cloud-based applications for future customers."
About AI VentureTech
AI VentureTech is an AI research lab and development company that leverages cutting-edge technologies to deliver data-related products and solutions that empower enterprise customers and partners through improving their business e?ciency, enhancing their value and realizing their digital transformation. Located in New York City, its team of data scientists and engineers can customize AI-powered software and technical solutions for both companies and institutions looking to leverage data and machine learning for greater business value. The Company seeks growth through collaborations in the areas of business analytics, machine learning, natural language processing (NLP), visualization tools, predictive modeling, and cloud advanced analysis. https://aiventuretech.com/
About Orbsat Corp
Orbsat provides services and solutions to fulfill the rapidly growing global demand for satellite-based voice, high-speed data, tracking and IoT connectivity services. Building upon its long-term experience providing government, commercial, military and individual consumers with Mobile Satellite Services, Orbsat is positioned to capitalize on the significant opportunities being created by global investments in new and upgraded satellite networks. Orbsat's U.S. and European based subsidiaries, Orbital Satcom and Global Telesat Communications, have provided global satellite connectivity solutions to more than 35,000 customers located in over 160 countries across the world. https://orbsat.com/
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to successfully explore and commercialize on the results of the MOU and the underlying engagement, the Company's ability to meet its performance (financing, operating and other) objectives, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Zowie
6 years ago
Earnings released:
AVENTURA, Fla., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Orbital Tracking Corp. (TRKK) (“Orbital Tracking” or the "Company") today reported financial results for the three and six months ended June 30, 2018.
Sales for the six months ended June 30, 2018 were $3,267,580 compared to approximately $2,938,881 for the six months period ended June 30, 2017, a $328,699 or 11.2% increase in total revenues. During the three months ended June 30, 2018, the Company reported revenue of $1,599,642 compared to approximately $1,567,191 of revenues for the three months ended June 30, 2017, an increase in total revenues of $32,451 or 2.1%. The Company recorded a decrease to its net loss of $3,006,896 or 96.1% to $123,620 as compared to a net loss of $3,130,516, for the three months ended June 30, 2017. For the six months ended June 30, 2018 and 2017, the Company recorded a net loss decrease of $3,091,195 or 92.0% to $269,078 from $3,360,273.
The revenue increases were largely a result of international demand for products through the Company’s e-commerce storefronts, and prepaid and recurring revenue airtime sales. The Company continued to attract an increasing number of diversified international customers, achieving sales in nearly 100 countries around the world, with no single sale representing more than 2.6% of the total revenue produced by the Company during the quarter. The Company also experienced record sales through its various international Amazon storefronts during the period. The decrease in the loss for the three and six months ended June 30, 2018 is attributable to a decrease in professional fees and certain non-cash expenses related to stock-based compensation of $600,000 and non-recurring investor price protection of $2.3 million.
Reporting on the results the Company’s Chief Executive Officer, David Phipps stated, “The Company continues to make excellent progress during the six-month reporting period, experiencing a record level of online sales in several countries important to our long-term international growth strategy, and reporting our highest level of total consolidated revenue for the period. Although we saw sales decline in some product lines, such as satellite phone handsets, these declines were more than offset by increases in other more profitable areas, such as prepaid and recurring airtime sales, which increased to a record level of 38% of all sales reported during the six-month period.”
In May 2018, the Company raised $500,000 from existing and new investors through the sale of Series J and Series L Convertible Preferred Stock. David Phipps further stated, “Due to the continued support from our investors, we look forward towards taking advantage of the numerous expansion and growth opportunities, which are available to us.”
About Orbital Tracking Corp.
Orbital Tracking Corp. provides satellite based tracking, services as well as mobile voice and data communications services globally via satellite to the commercial and government users. Orbital specializes in services related to the Globalstar satellite constellation, including ground station construction, simplex tracking services and satellite telecommunications voice airtime. Orbital operates various e-commerce retail and tracking portals where users around the world can purchase satellite hardware and track assets in real-time on mobile devices or PCs. For more information regarding Orbital, please visit www.orbitaltracking.com.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Contact:
info@orbitaltracking.com
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