ACCESS Newswire
14 Aug 2020, 23:01 GMT+10
Company Reports Profitable Quarterly Results and a 62.9% Decrease in Net Loss
AVENTURA, FL / ACCESSWIRE / August 14, 2020 / Orbsat Corp (OTCQB:OSAT) ('Orbsat' or the 'Company'), a global provider of communication solutions for connectivity to the world through next-generation satellite technology, today reported financial results for the second quarter ended June 30, 2020.
'Second quarter and year-to-date performance reflects the success of our online business model where we benefited from global diversification as improvements in North American sales offset weakness in Europe and Asia. This performance was also enhanced due to our increasing focus on predictable, recurring revenue services, providing stability as we continue to maximize the efficiencies of our operations in response to the pandemic. As a result of these efforts, we are pleased to report continued increases in gross margins and profitability during what has been and remains a challenging environment,' commented David Phipps, Chief Executive Officer of Orbsat. 'As we look ahead to the third and fourth quarters, we are encouraged by the gradual return to the pre-pandemic normalcy we are beginning to see in our business in Europe and parts of Asia.'
About Orbsat Corp
Orbsat provides services and solutions to fulfill the rapidly growing global demand for satellite-based voice, high-speed data, tracking and IoT connectivity services. Building upon its long-term experience providing government, commercial, military and individual consumers with Mobile Satellite Services, Orbsat is positioned to capitalize on the significant opportunities being created by global investments in new and upgraded satellite networks. Orbsat's US and European based subsidiaries, Orbital Satcom and Global Telesat Communications, have provided global satellite connectivity solutions to more than 35,000 customers located in over 160 countries across the world.
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, including the Company's ability to launch additional storefronts in various geographic locations, its ability to grow and expand as intended, ability to raise additional capital to finance the Company's operations, 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, the Company's ability to capitalize on its partnerships as well as other similar arrangements, 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 Securities and Exchange Commission (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.
Media and Investor Contact for Orbsat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
[email protected]
SOURCE: Orbsat Corp
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