Welcome!

News Feed Item

Orbital Tracking Corp. Reports Quarterly and Year-to-Date Financial Results for the Period Ended September 30, 2017

Quarterly and YTD Revenue Increases 22% and 20.2% Due to Growth in Global Sales & Contract Awards

AVENTURA, FL--(Marketwired - November 14, 2017) - Orbital Tracking Corp. (OTCQB: TRKK) ("Orbital Tracking" or the "Company") today reported financial results for the three and nine months ended September 30, 2017.

Third Quarter 2017 Highlights

  • During the quarter ended September 30, 2017, the Company continued to report combined sales at record levels, resulting in three consecutive quarters of increasing revenue growth during 2017, together with a decrease in operating expenses as compared to the comparable quarter in 2016. Although currency depreciation continued to affect EU sales as reported in US$, this weakness was more than offset by growth in global demand for products sold by the Company.
  • The Company's increase in sales during the quarter was a result of continued growth in recurring revenue airtime contracts, e-commerce sales, and a significant increase in sales recorded by OSC to international customers. The Company was also awarded several long-term contracts for satellite communications airtime and services.
  • Notable contributions to revenue growth for the Company during the quarter ended September 30, 2017, included the supply of satellite communications airtime and services to a renowned round the World yacht race, the sale of 200 personal tracking devices with recurring airtime for use by a major UK utility company to monitor lone workers, and a significant level of sales to various customers requiring satellite communications in areas struck by natural disasters during the quarter.

"We are pleased to report our third consecutive quarter of revenue growth during the third quarter of 2017," said David Phipps, Chief Executive Officer of Orbital Tracking Corp. "Although the Company was awarded several significant long-term contracts which contributed to revenue growth during the quarter, we also saw a huge demand for our products from a diverse global customer base which resulted in no single customer representing more than 5% of our total revenue recorded during the quarter. Looking ahead, we believe continued sales growth will be driven by demand from our ongoing investment in e-commerce sites and continued product expansion. To support this future growth, we remain committed to the continued execution of our strategic plan and making the necessary investments to ensure that Orbital Tracking remains a leading global supplier of mobile satellite solutions."

Financial Results for the Three and Nine Months Ended September 30, 2017

For the three months ended September 30, 2017, revenues generated were approximately $1,588,466 compared to approximately $1,299,373 of revenues for the three months ended September 30, 2016, an increase in total revenues of $289,093 or 22.3%. Sales for the nine months ended September 30, 2017 were $4,547,491 compared to approximately $3,783,230 of revenues during the nine months ended September 30, 2016, a $764,261 increase in total revenues or 20.2%. Product volume sales were at record levels and recurring airtime revenue continued to increase during the quarter and year to date, both of which continue to be offset by exchange rate variances in the GBP and EUR against the US$.

The Company recorded a net loss before income tax of approximately $265,699 for the three months ended September 30, 2017 as compared to a net loss of $338,672, for the three months ended September 30, 2016. The decrease in the net loss for the quarter was attributable to a decrease in professional fees. For the nine months ended September 30, 2017, the Company recorded a net loss of $3,609,339 as compared to a net loss of $1,452,463 for the nine months ended September 30, 2016. The increase in the loss for the nine months ended September 30, 2017 is attributable to certain non-cash expense realized in the three months ended June 30, 2017, of $2,308,981, representing the issuance of convertible preferred Series K for price protection, to certain Subscribers of the Company's convertible preferred shares of Preferred Series F, Preferred Series G and Preferred Series H for the Series J Preferred stock issuance. The additional issuance of Preferred Series K for price protection, while expensed as other expense, also results as an increase to additional paid in capital.

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:

Orbital Tracking Corp.
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to clos...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...