Orbit International’s Power Group Reports Bookings in Excess of $1,800,000 for the Month of September 2024

Rhea-AI Summary

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.

Positive

• Bookings for OPG exceeded $1,800,000 in September 2024
• Total Q3 bookings for OPG surpassed $2,800,000
• Secured a follow-on order for COTS power supply worth $1,450,000
• VPX power supply orders for first 9 months of 2024 are 27.1% higher than entire 2023
• Deliveries expected to continue through Q4 2025, indicating future revenue stream

Negative

• Some expected Q3 orders for Electronics Group and Simulator Product Solutions were delayed to Q4

Third Quarter Bookings for the Power Group In Excess of $2,800,000

HAUPPAUGE, N.Y., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Orbit Power Group (“OPG”) for the month of September 2024 were in excess of $1,800,000, giving it total bookings for the third quarter in excess of $2,800,000. Deliveries for these orders have already commenced and are expected to continue through the fourth quarter of 2025.

Bookings for the month of September were highlighted by a follow-on order for a COTS power supply, for approximately $1,450,000, that are used for nuclear power plants. In addition, OPG bookings continued for its VPX power supplies during the quarter. Other orders were for additional COTS and commercial power supplies.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report very strong bookings for our OPG during the third quarter. Bookings were highlighted by a large order for a COTS power supply, and we are encouraged by the flow of new orders for power supplies using our VPX technology. Through the nine months ended September 30, 2024, orders for our VPX power supplies are 27.1% higher than they were for all of 2023.”

Binder added, “Our Orbit Electronics Group (“OEG”) and Simulator Product Solutions LLC (“SPS”) subsidiary have been pursuing many new and follow-on opportunities, some of which were expected in the third quarter, but were delayed and are now expected to be awarded in the fourth quarter. Contract delays are common with respect to orders from the U.S Government.”

Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT
David Goldman
Chief Financial Officer
631-435-8300

FAQ

What were Orbit International's (ORBT) Power Group bookings for September 2024?

Orbit International's Power Group reported bookings in excess of $1,800,000 for the month of September 2024.

How much were Orbit International's (ORBT) Power Group bookings for Q3 2024?

Orbit International's Power Group reported total bookings for the third quarter of 2024 in excess of $2,800,000.

What was the value of the COTS power supply order received by Orbit International (ORBT) in September 2024?

Orbit International received a follow-on order for a COTS power supply worth approximately $1,450,000 in September 2024.

How do Orbit International's (ORBT) VPX power supply orders in 2024 compare to 2023?

Through the first nine months of 2024, orders for Orbit International's VPX power supplies are 27.1% higher than they were for all of 2023.