Orbital Tracking Corp. Reports Third Quarter 2015 Financial Results
Quarterly Revenue Grows 62% Driven by Strong European & North America Sales
AVENTURA, FL -- (Marketwired) -- 11/16/15 -- Orbital Tracking Corp. (OTC PINK: TRKK) ("Orbital Tracking" or the "Company"), announced today financial results for the third quarter and nine months ended September 30, 2015.
For the quarter ended September 30, 2015, revenues increased by 62% to $982,775 from $603,551 reported for the quarter ended September 30 2014. For the nine months ended September 2015, revenues grew 56% to $2,955,453 from $1,883,544 reported in the comparable period in 2014. Net loss for the quarter ended September 30, 2015 was $300,585, compared to a net profit of $11,609 for the quarter ended September 30, 2014. The increased loss in the third quarter was primarily driven by increased services costs and expenses required to support continued growth and expansion of the business including staffing, facilities and certain non-recurring professional fees.
The growth in revenue during the most recent quarter was driven by strong e-commerce sales growth throughout Europe: specifically, up 179% in France, 95% in the UK, 70% in Italy, 66% in Spain and up 57% in Germany. E-commerce sales in North America also grew significantly with an overall increase of 73% during the quarter. Comparable sales relating to recurring revenue from monthly service contracts for satellite phone and tracker products increased by 75% during the quarter, in comparison to the same period in 2014.
"Third quarter results continue to reflect strong sequential and year-over-year growth in both product sales and recurring services revenue as consumer, commercial and governmental customers embrace the benefits of our satellite-based communications and asset tracking solutions," said David Phipps, Chief Executive Officer of Orbital Tracking Corp. "Looking ahead, we believe continued sales growth will be driven by demand from e-commerce sites such as Amazon complemented by additional sales in our website sales channel. To support this future growth, management remains committed to the continued execution of its strategic plan and making the necessary investments to ensure that Orbital Tracking remains a leading global supplier of mobile satellite solutions."
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.
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of Orbital's new business and any of its products, services or solutions identified therein, the appeal of Orbital's website to potential customers, Orbital's ability to capture any portion of the global satellite retail market, the Company's or Orbital's ability to secure and/or satisfy government, commercial or other customers for any of their respective products, Orbital's ability to leverage its government-related experience, the Company's or Orbital's ability to execute on its strategies or to accomplish any of its goals or objectives, the Company's or Orbital's ability to generate new revenue streams, the ability of Orbital to get Globalstar certifications for its tracking devices, the further advancement, development or commercialization of any of the Company's or Orbital's products, the capabilities and advantages of, and costs related to, the Company's and Orbital's technology and products and services, and the suitability of any of Orbital's products or services for any particular application. The words "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 Annual Report on Form 10-K for the fiscal year ended December 31, 2014, the Company's Quarterly Reports on Form 10-Q and other filings submitted by the Company to 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.
Source: Orbital Tracking Corp.
Released November 16, 2015