ORBIT INTL CORP - ORBT STOCK NEWS

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.

Orbit International Corp. reported a 2023 net loss of $1,147,000 compared to a prior year net income of $481,000. The EBITDA, as adjusted, showed a loss of $374,000 in 2023 versus an income of $412,000 in the prior year. The fourth quarter of 2023 saw a net loss of $339,000 compared to a net income of $730,000 in the same period of 2022. The gross margin decreased to 30.1% in the fourth quarter of 2023 from 37.0% in the prior year. Full-year 2023 net sales were $27,556,000, with a gross margin of 31.7%. Backlog at December 31, 2023, was $17.4 million. Orbit International Corp. President and CEO, Mitchell Binder, highlighted the decrease in net income primarily due to lower operating income from legacy businesses and higher costs at Simulator Product Solutions (SPS). Sales increased in 2023, driven by SPS, but gross margins decreased due to higher costs. Selling, general, and administrative expenses rose, and backlog decreased for legacy businesses but increased for SPS. Cash and cash equivalents were approximately $1.3 million at the end of 2023, with a strong financial position. The company's book value per share was $5.54 at the end of 2023. The company aims to continue its momentum in 2024.

Orbit International Corp. (ORBT) reports consolidated bookings of $12.7 million for Q1 2024, with strong performances from both Electronics Group and Power Group. The company received significant orders from major defense contractors and other clients, signaling a promising start to the year.

Orbit International Corp. (ORBT) declares a quarterly cash dividend of $0.01 per share. The dividend is payable to shareholders of record on March 29, 2024, with a payment date of April 5, 2024. The company operates in the electronics and power products manufacturing sector.

Orbit International Corp. announces new contract awards totaling approximately $2,600,000 for its Electronics Group and Power Group. The company's Chief Operating Officer will transition to an advisory role. The bookings for February 2024 exceeded $2,000,000, with additional orders for military programs.