{"success":true,"data":{"pressRelease":{"id":"35053","rtpr_id":"nGNX76GRzl","ticker":"ORBT","exchange":"OTC","all_tickers":["ORBT"],"title":"Orbit International Corp. Reports 2026 First Quarter Results","author":"Globe Newswire","published_at":"2026-05-14T12:45:00.299Z","article_body":"First Quarter 2026 Net Loss of $1,546,000 ($0.46 loss per share) v. Net Loss\nof $2,152,000 ($0.65 loss per share) in Prior Year Comparable Period\n\nFirst Quarter 2026 EBITDA, as adjusted, was a loss of $1,313,000 ($0.39 loss\nper share) v. loss of $1,949,000 ($0.59 loss per share) in Prior Year\nComparable Period\n\nBacklog at March 31, 2026 was $13.2 million compared to $12.3 million at\nDecember 31, 2025\n\nHAUPPAUGE, N.Y., May 14, 2026 (GLOBE NEWSWIRE) -- Orbit International Corp.\n(OTCID Basic Market:ORBT) today announced results for the first quarter ended\nMarch 31, 2026.\n\nFirst Quarter 2026 vs. First Quarter 2025\n* Net sales were $5,245,000, as compared to $4,726,000.\n* Gross margin was 23.3%, as compared to 12.4%.\n* Net loss was $1,546,000 ($0.46 loss per share), as compared to a net loss of\n$2,152,000 ($0.65 loss per share).\n* Earnings before interest, taxes, depreciation and amortization, contingent\nliability adjustment, and stock-based compensation (EBITDA, as adjusted) was a\nloss of $1,313,000 ($0.39 loss per share), as compared to a loss of $1,949,000\n($0.59 loss per share).\n* Backlog at March 31, 2026 was $13.2 million compared to $12.3 million at\nDecember 31, 2025.\nMitchell Binder, President and CEO of Orbit International commented, “Lower\nthan anticipated bookings in 2024 and the first half of 2025 affected our 2025\ndelivery schedules and operating performance and carried over to the first\nquarter of 2026, particularly for our Orbit Instrument division. In addition,\na single supply chain issue delayed a $1,400,000 Orbit Power Group (“OPG”)\nshipment that had been scheduled for the third and fourth quarters of 2025.\nInstead, the order was shipped during the first quarter of 2026. This shipment\nboosted sales for our OPG for the current quarter, which resulted in\nprofitability for the segment and helped mitigate the operating loss. Our net\nloss for the three months ended March 31, 2026, was $1,546,000 ($0.46 loss per\nshare) compared to a net loss of $2,152,000 ($0.65 loss per share) for the\nprior comparable period. EBITDA, as adjusted, for the three months ended March\n31, 2026, was a loss of $1,313,000 ($0.39 loss per share) compared to a loss\nof $1,949,000 ($0.59 loss per share) in the prior comparable period.\n\nBinder added, “Our current first quarter operating results were negatively\naffected by weak shipments from our Orbit Instrument division, which resulted\nfrom significant delays for the awards of follow-on business throughout 2025.\nSome of the delays for additional business awards are continuing and are\nattributable to the engineering and qualification of newly designed units on\nthree separate programs. Our Orbit Instrument division has historically been\nour most profitable operating unit.”\n\nBinder noted, “Operating results for our Simulator Product Solutions LLC\n(“SPS”) subsidiary for the three months ended March 31, 2026, were\nadversely impacted by lower sales, a consequence of lower-than-expected\nbookings in the second half of 2025. However, operating results were\nsignificantly improved from the prior comparable period and assuming recent\nimproved booking trends continue, we expect that improved operating results\nshould continue throughout 2026. The improved operating results were as a\nresult of increased sales and gross profit in the current period as compared\nto the prior comparable period. Bookings for SPS in 2025 improved from\nbookings in 2024 and this positive trend continued in the first quarter of\n2026 as proposals for new and follow-on opportunities have significantly\nincreased.”\n\nBinder added, “We incurred significant costs at SPS in 2023 and 2024 in\norder to support SPS’ sales increase since the Company’s acquisition of\nthe SPS business in 2022. At the time of the SPS acquisition, we anticipated\nthe need to invest in infrastructure and internal controls in order to bring\nSPS up to the standards of a public company. However, after several quarters\nof personnel and cost increases, we have taken precautionary measures to trim\ncertain costs as we continue to align our organization to support our growth\nwhile striving to improve our operating results. Despite the cost trimming,\noperating results for SPS for the current quarter were also adversely by\nhigher selling and general administrative costs as a result of higher legal\nfees in connection with a previously disclosed litigation.”\n\nMr. Binder added, “Our sales for the three months ended March 31, 2026,\nincreased to $5,245,000 compared to $4,726,000 from the prior year comparable\nperiod. This increase in sales was primarily attributable to significantly\nhigher sales at our OPG and SPS and was offset by significantly lower sales\nfrom our Orbit Instrument division. As previously mentioned, the lower sales\nat our OEG were attributable to lower bookings in the second half of 2024 and\nthroughout 2025 due primarily to contract delays, which are an inherent risk\nin contracting with the U.S. government and its prime contractors.”\n\nMr. Binder further added, “Our gross margin for the three months ended March\n31, 2026, increased to 23.3% compared to 12.4% in the prior year comparable\nperiod. The increase in gross margin during the three months ended March 31,\n2026, primarily reflected significantly higher SPS and OPG gross margins due\nto an increase in sales. The higher margins were offset by a significant\nreduction in gross margin from our Orbit Instrument division due to\nsignificantly lower sales, which resulted in a higher percentage of overhead\nand other fixed costs relative to sales. The total amount of consolidated\nsales and resulting gross margin for the three months ended March 31, 2026 was\nimproved from the comparable period of the prior year but was still below the\ncritical amount of sales and gross margin needed to achieve operating\nprofitability.”\n\nMr. Binder added, “For the twelve months ended March 31, 2026, selling,\ngeneral and administrative expenses were $2,683,000 compared to $2,717,000\nduring the prior year comparable period, a decrease of $34,000. The decrease\nwas primarily due to lower expenses at our OPG and at SPS (despite higher\nlegal fees) and lower corporate costs, and despite an increase in costs at our\nOrbit Instrument division.”\n\nMr. Binder continued, “Backlog at March 31, 2026, was approximately\n$13,200,000 compared to approximately $12,300,000 at December 31, 2025, an\nincrease of approximately 7.3%. This increase in backlog is due to a general\nincrease in backlog from our OEG inclusive of SPS, and despite a decrease in\nbacklog from our OPG. The decrease in backlog from our OPG was due to\nshipments of units in the current quarter as a result of the aforementioned\nsupply chain issue and despite a strong booking quarter for the segment. Our\nOrbit Instrument division faced numerous delays on follow-on contracts from\nits customers throughout the year and certain of these delays continued into\nthe first quarter of 2026. We are now expecting these bookings in the first\nhalf of 2026. SPS recorded firm bookings at the end of 2025 and the first\nquarter of 2026. Since January 1, 2026, proposals to its customers have\nreached in excess of $12,000,000, although there is no guarantee that awards\nfor these proposals will be received or for the values that have been\nproposed. Contract delays are an inherent part of doing business with the U.S.\nGovernment.”\n\nDavid Goldman, Chief Financial Officer, noted, “At March 31, 2026, our cash\nand cash equivalents aggregated approximately $389,000 and borrowings under\nour $4,500,000 Line of Credit (“LOC”) were $3,725,000. Our book value per\nshare at March 31, 2026 was $3.37, which compares to $3.83 at December 31,\n2025. (Note: book value per share does not include any additional value for\nour fully reserved deferred tax asset.) To offset future federal and state\ntaxes resulting from profits, we have approximately $11.7 million and $1.1\nmillion in available federal and New York State net operating loss\ncarryforwards, respectively.\n\nMr. Binder added, “Because our revenues are tied to delivery schedules\nspecified in our contracts, it is often difficult to judge our performance on\na quarterly basis. Our operating results for the three months ended March 31,\n2026, resulted from weak bookings throughout 2025 that primarily emanated from\ncontract delays. These contract delays have particularly affected our Orbit\nInstrument division, which has historically been our most profitable business.\nAlthough we received some of the contracts at the end of the year, the number\nof proposals for follow-on business has grown with outstanding proposals from\nthis division totaling in excess of $5,000,000 waiting to be awarded. A\nportion of these awards are expected in the first half of 2026 although timing\nof the receipt of these awards is an uncertainty.”\n\nMr. Binder concluded, “Improved bookings from both our OPG and SPS\nsubsidiary have carried over into the 2026 year. In particular, as previously\nmentioned, since January 1, 2026, SPS has proposed approximately $12,000,000\nin new and follow-on business, an increase of approximately 70% over the prior\nyear. This does not include proposals made prior to year-end, which could\nresult in new purchase orders. Bookings at our OPG through April 30, 2026 are\nup over 100% from the prior comparable period and bookings for our VPX power\nsupplies have increased by 118% over the prior comparable period. In addition,\nQ-Vio recently announced that it has quoted certain prototype orders in\nsupport of the next generation handheld unit to replace the Defense Advanced\nReceiver (DAGR) used by U.S. and foreign military services. However,\nproduction awards would not be expected before sometime during the 2027\ncalendar year.”\n\nOrbit International Corp., through its Electronics Group, is involved in the\ndevelopment and manufacture of custom electronic device and subsystem\nsolutions for military, industrial and commercial applications through its\nproduction facilities in Hauppauge, New York and Carson, CA. Orbit’s Power\nGroup, also located in Hauppauge, NY, designs and manufactures a wide array of\npower products including AC power supplies, frequency converters, inverters,\nVME/VPX power supplies as well as various COTS power sources.\n\nCertain matters discussed in this news release and oral statements made from\ntime to time by representatives of the Company including, statements regarding\nour expectations of Orbit’s operating plans, deliveries under contracts and\nstrategies generally; statements regarding our expectations of the performance\nof our business; expectations regarding costs and revenues, future operating\nresults, additional orders, future business opportunities and continued\ngrowth, may constitute forward-looking statements within the meaning of the\nPrivate Securities Litigation Reform Act of 1995 and the Federal securities\nlaws. Although Orbit believes that the expectations reflected in such\nforward-looking statements are based upon reasonable assumptions, it can give\nno assurance that its expectations will be achieved.\n\nForward-looking information is subject to certain risks, trends and\nuncertainties that could cause actual results to differ materially from those\nprojected. Many of these factors are beyond Orbit International's ability to\ncontrol or predict. Important factors that may cause actual results to differ\nmaterially and that could impact Orbit International and the statements\ncontained in this news release can be found in Orbit's reports posted with the\nOTC Disclosure and News service. For forward-looking statements in this news\nrelease, Orbit claims the protection of the safe harbor for forward-looking\nstatements contained in the Private Securities Litigation Reform Act of 1995.\nOrbit assumes no obligation to update or supplement any forward-looking\nstatements whether as a result of new information, future events or otherwise.\n\nCONTACT \nDavid Goldman\nChief Financial Officer\n631-435-8300\n\n Orbit International Corp. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) \n Three Months Ended March 31, (unaudited) \n 2026 2025 \n \n Net sales $ 5,245 $ 4,726 \n \n Cost of sales 4,025 4,138 \n \n Gross profit 1,220 588 \n \n Selling general and administrative expenses 2,683 2,717 \n \n Interest expense 54 19 \n \n Other expense (income), net 21 (7 ) \n \n Loss before income taxes (1,538 ) (2,141 ) \n \n Income tax provision 8 11 \n \n Net loss $ (1,546 ) $ (2,152 ) \n \n \n Basic loss per share $ (0.46 ) $ (0.65 ) \n \n Diluted loss per share $ (0.46 ) $ (0.65 ) \n \n Weighted average number of shares outstanding : \n Basic 3,339 3,327 \n Diluted 3,339 3,327 \n \n\n\n\n Orbit International Corp. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) \n Three Months Ended March 31, \n 2026 2025 \n \n EBITDA (as adjusted) Reconciliation \n Net loss $ (1,546 ) $ (2,152 ) \n Income tax expense 8 11 \n Depreciation and amortization 143 170 \n Interest expense 54 19 \n Contingent liability adjustment 25 - \n Stock-based compensation 3 3 \n EBITDA (as adjusted) ((1) ) $ (1,313 ) $ (1,949 ) \n \n EBITDA (as adjusted) Per Diluted Share Reconciliation \n Net loss $ (0.46 ) $ (0.65 ) \n Income tax expense 0.00 0.00 \n Depreciation and amortization 0.04 0.05 \n Interest expense 0.02 0.01 \n Contingent liability adjustment 0.01 0.00 \n Stock-based compensation 0.00 0.00 \n EBITDA (as adjusted) per diluted share ((1)) $ (0.39 ) $ (0.59 ) \n\n(1) The EBITDA (as adjusted) tables presented are not determined in\naccordance with accounting principles generally accepted in the United States\nof America. Management uses EBITDA (as adjusted) to evaluate the operating\nperformance of its business. It is also used, at times, by some investors,\nsecurities analysts and others to evaluate companies and make informed\nbusiness decisions. EBITDA (as adjusted) is also a useful indicator of the\nincome generated to service debt. EBITDA (as adjusted) is not a complete\nmeasure of an entity's profitability because it does not include costs and\nexpenses for interest, depreciation and amortization, income taxes, contingent\nliability adjustment and stock-based compensation. EBITDA (as adjusted) as\npresented herein may not be comparable to similarly named measures reported by\nother companies.\n\n Three Months Ended March 31, \n Reconciliation of EBITDA, as adjusted, to cash flows provided by (used in) operating activities ((1)) 2026 2025 \n \n EBITDA (as adjusted) $ (1,313 ) $ (1,949 ) \n Income tax expense (8 ) (11 ) \n Interest expense (54 ) (19 ) \n Contingent liability adjustment (25 ) - \n Stock-based compensation 7 7 \n Net change in operating assets and liabilities (87 ) 1,353 \n Cash flows used in by operating activities $ (1,480 ) $ (619 ) \n \n\n\n\n Orbit International Corp. Consolidated Balance Sheets \n March 31, 2026 (unaudited) December 31, 2025 \n ASSETS \n Current assets: \n Cash and cash equivalents $ 389,000 $ 684,000 \n Accounts receivable, less allowance for credit losses 2,991,000 2,985,000 \n Inventories 8,487,000 8,472,000 \n Contract assets 1,226,000 1,420,000 \n Other current assets 422,000 307,000 \n \n Total current assets 13,515,000 13,868,000 \n \n Property and equipment, net 854,000 892,000 \n Right of use assets, operating leases 1,580,000 1,770,000 \n Right of use assets, financing leases 29,000 38,000 \n Goodwill 3,515,000 3,515,000 \n Intangible assets 2,020,000 2,080,000 \n Other assets 51,000 51,000 \n \n Total assets $ 21,564,000 $ 22,214,000 \n \n LIABILITIES AND STOCKHOLDERS’ EQUITY \n Current liabilities: \n Accounts payable $ 1,550,000 $ 1,079,000 \n Accrued expenses 1,137,000 1,020,000 \n Notes payable 45,000 67,000 \n Lease liabilities, operating leases 821,000 807,000 \n Lease liabilities, financing leases 31,000 41,000 \n Contingent liability 1,475,000 1,450,000 \n Line of credit 3,725,000 2,475,000 \n Customer advances 651,000 1,404,000 \n \n Total current liabilities 9,435,000 8,343,000 \n \n Notes payable, net of current portion 45,000 43,000 \n Lease liabilities, operating leases 833,000 1,041,000 \n \n Total liabilities 10,313,000 9,427,000 \n \n Stockholders’ Equity \n Common stock 353,000 353,000 \n Additional paid-in capital 17,222,000 17,212,000 \n Treasury stock (1,224,000 ) (1,224,000 ) \n Retained earnings (accumulated deficit) (5,100,000 ) (3,554,000 ) \n \n Stockholders’ equity 11,251,000 12,787,000 \n \n Total liabilities and stockholders’ equity $ 21,564,000 $ 22,214,000 \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/ea498c68-7dc2-4719-b2b2-f506dee887c9)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX76GRzl","title":"Orbit International Corp. Reports 2026 First Quarter Results","author":"Globe Newswire","ticker":"ORBT","created":"2026-05-14T12:45:00.299Z","tickers":["ORBT"],"exchange":"OTC","article_body":"First Quarter 2026 Net Loss of $1,546,000 ($0.46 loss per share) v. Net Loss\nof $2,152,000 ($0.65 loss per share) in Prior Year Comparable Period\n\nFirst Quarter 2026 EBITDA, as adjusted, was a loss of $1,313,000 ($0.39 loss\nper share) v. loss of $1,949,000 ($0.59 loss per share) in Prior Year\nComparable Period\n\nBacklog at March 31, 2026 was $13.2 million compared to $12.3 million at\nDecember 31, 2025\n\nHAUPPAUGE, N.Y., May 14, 2026 (GLOBE NEWSWIRE) -- Orbit International Corp.\n(OTCID Basic Market:ORBT) today announced results for the first quarter ended\nMarch 31, 2026.\n\nFirst Quarter 2026 vs. First Quarter 2025\n* Net sales were $5,245,000, as compared to $4,726,000.\n* Gross margin was 23.3%, as compared to 12.4%.\n* Net loss was $1,546,000 ($0.46 loss per share), as compared to a net loss of\n$2,152,000 ($0.65 loss per share).\n* Earnings before interest, taxes, depreciation and amortization, contingent\nliability adjustment, and stock-based compensation (EBITDA, as adjusted) was a\nloss of $1,313,000 ($0.39 loss per share), as compared to a loss of $1,949,000\n($0.59 loss per share).\n* Backlog at March 31, 2026 was $13.2 million compared to $12.3 million at\nDecember 31, 2025.\nMitchell Binder, President and CEO of Orbit International commented, “Lower\nthan anticipated bookings in 2024 and the first half of 2025 affected our 2025\ndelivery schedules and operating performance and carried over to the first\nquarter of 2026, particularly for our Orbit Instrument division. In addition,\na single supply chain issue delayed a $1,400,000 Orbit Power Group (“OPG”)\nshipment that had been scheduled for the third and fourth quarters of 2025.\nInstead, the order was shipped during the first quarter of 2026. This shipment\nboosted sales for our OPG for the current quarter, which resulted in\nprofitability for the segment and helped mitigate the operating loss. Our net\nloss for the three months ended March 31, 2026, was $1,546,000 ($0.46 loss per\nshare) compared to a net loss of $2,152,000 ($0.65 loss per share) for the\nprior comparable period. EBITDA, as adjusted, for the three months ended March\n31, 2026, was a loss of $1,313,000 ($0.39 loss per share) compared to a loss\nof $1,949,000 ($0.59 loss per share) in the prior comparable period.\n\nBinder added, “Our current first quarter operating results were negatively\naffected by weak shipments from our Orbit Instrument division, which resulted\nfrom significant delays for the awards of follow-on business throughout 2025.\nSome of the delays for additional business awards are continuing and are\nattributable to the engineering and qualification of newly designed units on\nthree separate programs. Our Orbit Instrument division has historically been\nour most profitable operating unit.”\n\nBinder noted, “Operating results for our Simulator Product Solutions LLC\n(“SPS”) subsidiary for the three months ended March 31, 2026, were\nadversely impacted by lower sales, a consequence of lower-than-expected\nbookings in the second half of 2025. However, operating results were\nsignificantly improved from the prior comparable period and assuming recent\nimproved booking trends continue, we expect that improved operating results\nshould continue throughout 2026. The improved operating results were as a\nresult of increased sales and gross profit in the current period as compared\nto the prior comparable period. Bookings for SPS in 2025 improved from\nbookings in 2024 and this positive trend continued in the first quarter of\n2026 as proposals for new and follow-on opportunities have significantly\nincreased.”\n\nBinder added, “We incurred significant costs at SPS in 2023 and 2024 in\norder to support SPS’ sales increase since the Company’s acquisition of\nthe SPS business in 2022. At the time of the SPS acquisition, we anticipated\nthe need to invest in infrastructure and internal controls in order to bring\nSPS up to the standards of a public company. However, after several quarters\nof personnel and cost increases, we have taken precautionary measures to trim\ncertain costs as we continue to align our organization to support our growth\nwhile striving to improve our operating results. Despite the cost trimming,\noperating results for SPS for the current quarter were also adversely by\nhigher selling and general administrative costs as a result of higher legal\nfees in connection with a previously disclosed litigation.”\n\nMr. Binder added, “Our sales for the three months ended March 31, 2026,\nincreased to $5,245,000 compared to $4,726,000 from the prior year comparable\nperiod. This increase in sales was primarily attributable to significantly\nhigher sales at our OPG and SPS and was offset by significantly lower sales\nfrom our Orbit Instrument division. As previously mentioned, the lower sales\nat our OEG were attributable to lower bookings in the second half of 2024 and\nthroughout 2025 due primarily to contract delays, which are an inherent risk\nin contracting with the U.S. government and its prime contractors.”\n\nMr. Binder further added, “Our gross margin for the three months ended March\n31, 2026, increased to 23.3% compared to 12.4% in the prior year comparable\nperiod. The increase in gross margin during the three months ended March 31,\n2026, primarily reflected significantly higher SPS and OPG gross margins due\nto an increase in sales. The higher margins were offset by a significant\nreduction in gross margin from our Orbit Instrument division due to\nsignificantly lower sales, which resulted in a higher percentage of overhead\nand other fixed costs relative to sales. The total amount of consolidated\nsales and resulting gross margin for the three months ended March 31, 2026 was\nimproved from the comparable period of the prior year but was still below the\ncritical amount of sales and gross margin needed to achieve operating\nprofitability.”\n\nMr. Binder added, “For the twelve months ended March 31, 2026, selling,\ngeneral and administrative expenses were $2,683,000 compared to $2,717,000\nduring the prior year comparable period, a decrease of $34,000. The decrease\nwas primarily due to lower expenses at our OPG and at SPS (despite higher\nlegal fees) and lower corporate costs, and despite an increase in costs at our\nOrbit Instrument division.”\n\nMr. Binder continued, “Backlog at March 31, 2026, was approximately\n$13,200,000 compared to approximately $12,300,000 at December 31, 2025, an\nincrease of approximately 7.3%. This increase in backlog is due to a general\nincrease in backlog from our OEG inclusive of SPS, and despite a decrease in\nbacklog from our OPG. The decrease in backlog from our OPG was due to\nshipments of units in the current quarter as a result of the aforementioned\nsupply chain issue and despite a strong booking quarter for the segment. Our\nOrbit Instrument division faced numerous delays on follow-on contracts from\nits customers throughout the year and certain of these delays continued into\nthe first quarter of 2026. We are now expecting these bookings in the first\nhalf of 2026. SPS recorded firm bookings at the end of 2025 and the first\nquarter of 2026. Since January 1, 2026, proposals to its customers have\nreached in excess of $12,000,000, although there is no guarantee that awards\nfor these proposals will be received or for the values that have been\nproposed. Contract delays are an inherent part of doing business with the U.S.\nGovernment.”\n\nDavid Goldman, Chief Financial Officer, noted, “At March 31, 2026, our cash\nand cash equivalents aggregated approximately $389,000 and borrowings under\nour $4,500,000 Line of Credit (“LOC”) were $3,725,000. Our book value per\nshare at March 31, 2026 was $3.37, which compares to $3.83 at December 31,\n2025. (Note: book value per share does not include any additional value for\nour fully reserved deferred tax asset.) To offset future federal and state\ntaxes resulting from profits, we have approximately $11.7 million and $1.1\nmillion in available federal and New York State net operating loss\ncarryforwards, respectively.\n\nMr. Binder added, “Because our revenues are tied to delivery schedules\nspecified in our contracts, it is often difficult to judge our performance on\na quarterly basis. Our operating results for the three months ended March 31,\n2026, resulted from weak bookings throughout 2025 that primarily emanated from\ncontract delays. These contract delays have particularly affected our Orbit\nInstrument division, which has historically been our most profitable business.\nAlthough we received some of the contracts at the end of the year, the number\nof proposals for follow-on business has grown with outstanding proposals from\nthis division totaling in excess of $5,000,000 waiting to be awarded. A\nportion of these awards are expected in the first half of 2026 although timing\nof the receipt of these awards is an uncertainty.”\n\nMr. Binder concluded, “Improved bookings from both our OPG and SPS\nsubsidiary have carried over into the 2026 year. In particular, as previously\nmentioned, since January 1, 2026, SPS has proposed approximately $12,000,000\nin new and follow-on business, an increase of approximately 70% over the prior\nyear. This does not include proposals made prior to year-end, which could\nresult in new purchase orders. Bookings at our OPG through April 30, 2026 are\nup over 100% from the prior comparable period and bookings for our VPX power\nsupplies have increased by 118% over the prior comparable period. In addition,\nQ-Vio recently announced that it has quoted certain prototype orders in\nsupport of the next generation handheld unit to replace the Defense Advanced\nReceiver (DAGR) used by U.S. and foreign military services. However,\nproduction awards would not be expected before sometime during the 2027\ncalendar year.”\n\nOrbit International Corp., through its Electronics Group, is involved in the\ndevelopment and manufacture of custom electronic device and subsystem\nsolutions for military, industrial and commercial applications through its\nproduction facilities in Hauppauge, New York and Carson, CA. Orbit’s Power\nGroup, also located in Hauppauge, NY, designs and manufactures a wide array of\npower products including AC power supplies, frequency converters, inverters,\nVME/VPX power supplies as well as various COTS power sources.\n\nCertain matters discussed in this news release and oral statements made from\ntime to time by representatives of the Company including, statements regarding\nour expectations of Orbit’s operating plans, deliveries under contracts and\nstrategies generally; statements regarding our expectations of the performance\nof our business; expectations regarding costs and revenues, future operating\nresults, additional orders, future business opportunities and continued\ngrowth, may constitute forward-looking statements within the meaning of the\nPrivate Securities Litigation Reform Act of 1995 and the Federal securities\nlaws. Although Orbit believes that the expectations reflected in such\nforward-looking statements are based upon reasonable assumptions, it can give\nno assurance that its expectations will be achieved.\n\nForward-looking information is subject to certain risks, trends and\nuncertainties that could cause actual results to differ materially from those\nprojected. Many of these factors are beyond Orbit International's ability to\ncontrol or predict. Important factors that may cause actual results to differ\nmaterially and that could impact Orbit International and the statements\ncontained in this news release can be found in Orbit's reports posted with the\nOTC Disclosure and News service. For forward-looking statements in this news\nrelease, Orbit claims the protection of the safe harbor for forward-looking\nstatements contained in the Private Securities Litigation Reform Act of 1995.\nOrbit assumes no obligation to update or supplement any forward-looking\nstatements whether as a result of new information, future events or otherwise.\n\nCONTACT \nDavid Goldman\nChief Financial Officer\n631-435-8300\n\n Orbit International Corp. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) \n Three Months Ended March 31, (unaudited) \n 2026 2025 \n \n Net sales $ 5,245 $ 4,726 \n \n Cost of sales 4,025 4,138 \n \n Gross profit 1,220 588 \n \n Selling general and administrative expenses 2,683 2,717 \n \n Interest expense 54 19 \n \n Other expense (income), net 21 (7 ) \n \n Loss before income taxes (1,538 ) (2,141 ) \n \n Income tax provision 8 11 \n \n Net loss $ (1,546 ) $ (2,152 ) \n \n \n Basic loss per share $ (0.46 ) $ (0.65 ) \n \n Diluted loss per share $ (0.46 ) $ (0.65 ) \n \n Weighted average number of shares outstanding : \n Basic 3,339 3,327 \n Diluted 3,339 3,327 \n \n\n\n\n Orbit International Corp. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) \n Three Months Ended March 31, \n 2026 2025 \n \n EBITDA (as adjusted) Reconciliation \n Net loss $ (1,546 ) $ (2,152 ) \n Income tax expense 8 11 \n Depreciation and amortization 143 170 \n Interest expense 54 19 \n Contingent liability adjustment 25 - \n Stock-based compensation 3 3 \n EBITDA (as adjusted) ((1) ) $ (1,313 ) $ (1,949 ) \n \n EBITDA (as adjusted) Per Diluted Share Reconciliation \n Net loss $ (0.46 ) $ (0.65 ) \n Income tax expense 0.00 0.00 \n Depreciation and amortization 0.04 0.05 \n Interest expense 0.02 0.01 \n Contingent liability adjustment 0.01 0.00 \n Stock-based compensation 0.00 0.00 \n EBITDA (as adjusted) per diluted share ((1)) $ (0.39 ) $ (0.59 ) \n\n(1) The EBITDA (as adjusted) tables presented are not determined in\naccordance with accounting principles generally accepted in the United States\nof America. Management uses EBITDA (as adjusted) to evaluate the operating\nperformance of its business. It is also used, at times, by some investors,\nsecurities analysts and others to evaluate companies and make informed\nbusiness decisions. EBITDA (as adjusted) is also a useful indicator of the\nincome generated to service debt. EBITDA (as adjusted) is not a complete\nmeasure of an entity's profitability because it does not include costs and\nexpenses for interest, depreciation and amortization, income taxes, contingent\nliability adjustment and stock-based compensation. EBITDA (as adjusted) as\npresented herein may not be comparable to similarly named measures reported by\nother companies.\n\n Three Months Ended March 31, \n Reconciliation of EBITDA, as adjusted, to cash flows provided by (used in) operating activities ((1)) 2026 2025 \n \n EBITDA (as adjusted) $ (1,313 ) $ (1,949 ) \n Income tax expense (8 ) (11 ) \n Interest expense (54 ) (19 ) \n Contingent liability adjustment (25 ) - \n Stock-based compensation 7 7 \n Net change in operating assets and liabilities (87 ) 1,353 \n Cash flows used in by operating activities $ (1,480 ) $ (619 ) \n \n\n\n\n Orbit International Corp. Consolidated Balance Sheets \n March 31, 2026 (unaudited) December 31, 2025 \n ASSETS \n Current assets: \n Cash and cash equivalents $ 389,000 $ 684,000 \n Accounts receivable, less allowance for credit losses 2,991,000 2,985,000 \n Inventories 8,487,000 8,472,000 \n Contract assets 1,226,000 1,420,000 \n Other current assets 422,000 307,000 \n \n Total current assets 13,515,000 13,868,000 \n \n Property and equipment, net 854,000 892,000 \n Right of use assets, operating leases 1,580,000 1,770,000 \n Right of use assets, financing leases 29,000 38,000 \n Goodwill 3,515,000 3,515,000 \n Intangible assets 2,020,000 2,080,000 \n Other assets 51,000 51,000 \n \n Total assets $ 21,564,000 $ 22,214,000 \n \n LIABILITIES AND STOCKHOLDERS’ EQUITY \n Current liabilities: \n Accounts payable $ 1,550,000 $ 1,079,000 \n Accrued expenses 1,137,000 1,020,000 \n Notes payable 45,000 67,000 \n Lease liabilities, operating leases 821,000 807,000 \n Lease liabilities, financing leases 31,000 41,000 \n Contingent liability 1,475,000 1,450,000 \n Line of credit 3,725,000 2,475,000 \n Customer advances 651,000 1,404,000 \n \n Total current liabilities 9,435,000 8,343,000 \n \n Notes payable, net of current portion 45,000 43,000 \n Lease liabilities, operating leases 833,000 1,041,000 \n \n Total liabilities 10,313,000 9,427,000 \n \n Stockholders’ Equity \n Common stock 353,000 353,000 \n Additional paid-in capital 17,222,000 17,212,000 \n Treasury stock (1,224,000 ) (1,224,000 ) \n Retained earnings (accumulated deficit) (5,100,000 ) (3,554,000 ) \n \n Stockholders’ equity 11,251,000 12,787,000 \n \n Total liabilities and stockholders’ equity $ 21,564,000 $ 22,214,000 \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/ea498c68-7dc2-4719-b2b2-f506dee887c9)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-14T12:45:00.358471293Z","server_sent_at_ms":1778762700358},"received_at":"2026-05-14T12:45:00.513Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}