Electronics manufacturer and software solution provider, Orbit International Corp (OTCMKTS:ORBT), on October 6, 2022, announced that the Power Group had bookings for over $1,200,000 in September 2022. Additionally, consolidated bookings reached about $2,600,000 including Orbit’s Electronics Group. Deliveries for some of the orders have started with a significant number of them expected by quarter two of 2023.
Trading Data
On Thursday, ORBT stock ended flat at $6.54 with 11k shares, compared to its average volume of 2.5k shares. The stock moved within a range of $6.54 – 6.54 after opening trade at $6.54.
Orbit International’s Power Group Reports September Bookings in Excess of $1,200,000
Mitchell Binder, President, and CEO of Orbit International said that the company is happy to report a strong booking month exceeding $1,200,000. Binder added that the orders were highlighted by some orders for power supplies harnessing the VPX technology, totaling $500,000. The CEO also said that OEG had a firm booking month, especially due to Simulator Product Solutions LLC getting orders for more than $650,000 in the month.
Binder also said that though the month was good for both OPG and OEG, some orders are expected to get delayed in both segments. The President further opined that though receipt of several VPX power supply orders happened in the month, the company’s OPG continues to expect VPX awards and awards for other COTS power supplies.
Some factors are causing delays in awards, which will be received from the Department of Defense, including work restrictions pertaining to the pandemic and shifting prioritization of some contract awards.
Key Quote
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report a firm booking month for our OPG with total bookings for the month of September 2022 exceeding $1,200,000. These orders were highlighted by several orders for power supplies utilizing our VPX technology, which totaled approximately $500,000 and an engineering contract for a next generation power supply used for oil and gas exploration. In addition, our OEG also had a firm booking month, primarily due to our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), receiving orders in excess of $650,000 for the month. Other orders received by the OEG were for keyboards and displays.”
Technical Data ORBT stock is trading below the 20-Day and 50-Day Moving averages of $6.58 and $6.86 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.90.
