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ORBCOMM Inc. (Nasdaq: ORBC) has been awarded the 2020 IoT Innovator Award in the “IoT for Good” category by Compass Intelligence. This recognition highlights ORBCOMM’s Smart Grid solution, which enables utilities to improve electricity distribution and prevent outages through reliable satellite connectivity. The solution was notably utilized by CERFOX in Brazil during a severe cyclone, ensuring uninterrupted energy provision despite extensive damage. This acknowledgment underscores ORBCOMM's commitment to sustainability and enhancing operational efficiency in the utilities sector.
ORBCOMM Inc. (Nasdaq: ORBC) and Inmarsat have announced an extended partnership to enhance their satellite IoT services. The agreement extends their collaboration to provide L-band satellite services through at least 2035 and introduces a new global IoT service, OGx, set for launch in 2022. This partnership allows Inmarsat to distribute ORBCOMM's OGx telematics devices globally, enhancing their combined offering across multiple markets. This strategic move aims to deliver superior satellite communications with extensive coverage and regulatory compliance.
ORBCOMM Inc. (NASDAQ: ORBC) announced participation in the 11th Annual Craig-Hallum Alpha Select Conference on November 17, 2020. The Chief Executive Officer, Marc Eisenberg, and Chief Financial Officer, Dean Milcos, will engage in virtual one-on-one meetings with registered investors. ORBCOMM is a leader in the Internet of Things (IoT) space, providing solutions for asset monitoring and operational efficiency. The company's diverse clientele includes industries such as transportation, supply chain, and government.
ROCHELLE PARK, N.J., Oct. 29, 2020 (GLOBE NEWSWIRE) -- ORBCOMM announced that CEO Marc Eisenberg and CFO Dean Milcos will participate in the Raymond James 2020 SMID Cap Company Showcase virtually on November 12, 2020. Management will be available for one-on-one virtual meetings with registered investors throughout the day. ORBCOMM is a leader in IoT solutions, providing connectivity and support for various industries including transportation and maritime. For more details, visit www.orbcomm.com.
ORBCOMM (NASDAQ: ORBC) reported strong Q3 2020 results, with total revenues reaching $61.7 million, up from $56.7 million in Q2. Cash flow from operations hit a record $18.7 million, an increase of $8.8 million year-over-year. Despite a net loss of $5.5 million, adjusted EBITDA was $14.3 million, reflecting a margin of 23.2%. The company also extended its partnership with Inmarsat until 2035, focusing on next-gen IoT satellite services. Q4 revenue guidance is between $60 million and $64 million, with an adjusted EBITDA margin of 22.5% to 23.5% expected.
ORBCOMM and Inmarsat have extended their strategic partnership until at least 2035 to enhance IoT satellite services. This collaboration will focus on joint product innovation and improved distribution channels. Key developments include the upcoming OGx service, featuring a data rate nearly 40 times faster than current offerings and a power-efficient option for long-term remote monitoring. These advancements aim to provide better connectivity and solutions for various industries, leveraging Inmarsat's global satellite network and ORBCOMM's industry expertise.
ORBCOMM Inc. (Nasdaq: ORBC) announced significant operational enhancements for Queen Transportation, an asset-based truckload carrier, through its IoT solutions. Implemented in September 2019, ORBCOMM's telematics system led to estimated savings of $25,000 in compliance and admin time in the first year, reducing driver calls by 90%. Enhanced fleet management and driver performance tracking have improved efficiency and productivity. Queen anticipates a full ROI in two years, showcasing the effectiveness of ORBCOMM's technology in modernizing fleet operations.
ORBCOMM Inc. has launched the ST 2100, a satellite communications device designed to enhance IoT applications in remote areas. This device offers dual-mode connectivity, allowing users to maintain communication even when cellular networks are unreliable. Key features include a built-in navigation module and over-the-air updates. ORBCOMM aims to leverage this innovation to support industries like fleet management and maritime, improving asset visibility and operational efficiency.
ORBCOMM has renewed its partnership with MarineTraffic through the end of 2023 to provide satellite Automatic Identification System (AIS) data for maritime tracking and safety. This collaboration, which began in 2013, enhances visibility in global shipping activities and integrates data from both satellite and land-based stations. ORBCOMM's new AIS CubeSats are set to broaden coverage, while a next-generation VHF Data Exchange System satellite is scheduled to launch in 2022, improving maritime communications.
