Orbcomm Sees Significant Increase in Revenues, but Net Loss Widens
Orbcomm reported a strong increase in its revenues in the first half of this year compared to the same stage last year. However, its net losses through the end of June climbed to more than $17 million, an increase of over $3 million compared to the same stage last year.
The company announced revenues for the six months to the end of June of $73.82 million, an increase of over $15.7 million compared to the same stage last year, a significant jump for the global provider of industrial Internet of Things (IoT) solutions.
We are pleased with the strong performance in the second quarter as both Service and Product margins continued to trend higher, leading to improvements in Adjusted EBITDA,” Orbcomm CEO Marc Eisenberg said in a statement. “We achieved our revenues in the quarter through our growing base business and many new small and mid-size customers, adding over 90,000 net subscribers. We expect to close in on multiple impactful opportunities in the back half of the year as we continue our momentum expanding our customer base and market reach.”