Orbsat Corp. (OSAT) has seen a push of 7.26% in the aftermarket. However, the last trading session closed at $3.72 with a decrease of 4.86%.
Third Quarter 2021 Financial Results – What’s up?
OSAT announced third quarter 2021 results on 15th November 2021. The company reported that the net sales hit a new high of $2,250,278, more than $1,475,393 in the similar period of 2020. Moreover, the strong worldwide e-commerce demand for satellite-based communications fueled the sales gain. Not only this but the sales at the Company’s Global Telesat Communications Ltd. segment in the United Kingdom climbed by over 50%.
Furthermore, OSAT conducted sales transactions in 107 countries, including all 27 EU nations, all 50 US states. Gross profit margins were 26% for the nine months ending September 30, 2021, compared to 24.1 percent for the same period ending September 30, 2020. Lastly, the net loss for the quarter ended September 30, 2021, was $2,305,549, compared to a net loss of $1,100,451 in the previous quarter.
How was the quarter?
OSAT has enjoyed significant growth patterns in almost every geographic area since the beginning of 2021, as evidenced by the record third-quarter performance. Moreover, OSAT’s sales record is noteworthy since it occurs at a time when global supply chain interruptions have a significant impact on the capacity to procure inventory for sale. Furthermore, the team was able to execute the global e-commerce expansion plan throughout the quarter. Additional product listings on foreign marketplaces and the introduction of the latest B2B marketplace on Alibaba helped the company to sustain strong growth across virtually all of the geographic regions.
Appointment as Chief Financial Officer – What’s the update?
OSAT announced on 7th October 2021 that the company has promoted Paul R. Thomson, it’s Executive Vice President, to Chief Financial Officer, after Mr. Sawar Uddin stepped down. Moreover, Andrew Cohen was named Senior Vice President of Operations by Orbsat, a new position that will assist the company’s ongoing emerging business. In August, Mr. Thomson was appointed Executive Vice President of the Company, with duties that included supervising the installation of new enterprise IT infrastructure in support of expanding global e-commerce platform capabilities. In addition, Mr. Thomson has more than 43 years of accounting and enterprise risk management expertise, including 12 years in public accounting.