TMCnet News
Orbital Tracking Corp. Reports Financial Results for the Three and Nine Months Ended September 30, 2018AVENTURA, Fla., Nov. 14, 2018 (GLOBE NEWSWIRE) -- Orbital Tracking Corp. (OTCQB: TRKK) (“Orbital Tracking” or the "Company") today reported financial results for the three and nine months ended September 30, 2018. Sales for the nine months ended September 30, 2018 were $4,654,507 compared to approximately $4,547,491 for the nine months ended September 30, 2017, a $107,016, or 2.4% increase in total revenues. During the three months ended September 30, 2018, the Company reported revenue of $1,386,927 compared to approximately $1,588,466 for the three months ended September 30, 2017, a decrease in total revenues of $201,539 or 12.7%. The Company recorded a net loss of $593,465 as compared to a net loss of $3,609,339 for the three months ended September 30, 2017. For the nine months ended September 30, 2018 and 2017, the Company recorded a net loss of $593,465 and $3,609,339, respectively, a decrease of $3,015,874 or 83.7% from the prior year. The Company attributes the decrease in comparable revenue for the three months ended September 30, 2018 to unprecedented sales recorded during the 2017 hurricane season and the Company’s award of a substantial lone worker tracker contract during the same period in 2017. The Company’s gross operating margin of 21.1%, remained the same for the nine months ended September 30, 2018 as compared to the previous year, despite the negative impact of exchange rate variances. The fluctuation in the loss for the three and nine months ended September 30, 2018 was due to an increase in ecommerce fees as a percentage of sales, exchange rate variances, which were offset by a decrease in professional fees and certain non-cash expenses related to stock-based compensation of $600,000 and no-recurring investor price protection of $2.3 million. Reporting on the results, the Company’s Chief Executive Officer, David Phipps stated, “although total sales for latest quarter declined slightly as a result of exceptional one time sales in Q3, 2017, the Company continued to attract new customers from around the world in record numbers, and underlying sales including recurring revenue continued to progress during the nine-month reporting period, resulting in us reporting our highest level of total consolidated revenue for the period. During Q4 2018, we intend to maintain our progress by launching new international storefronts, increasing product lines and pursuing opportunities to increase recurring revenue.” About Orbital Tracking Corp. Forward-Looking Statements Contact:
|