- Commercial, military satellite market expected to grow at CAGR of 76.6% during forecast period 2020-2028
- Orbsat well positioned to answer call for cost-effective satellite systems providing voice solutions and high-speed Internet
- Company’s gross profit margins for year ended December 31, 2019 showed year-over-year increase from 18.1% to 20.8%
Whether filing taxes, completing schoolwork, or ordering groceries, there’s not much that can’t be accomplished today by a point and a click. As much of the world continues to hunker down, sheltering at home to stem the tide of infection, reliable Internet access is more critical than ever before – yet billions of people worldwide are still unable to connect. Companies like Orbsat Corp. (OTCQB: OSAT), a publicly traded company providing government, commercial, military and individual consumers with mobile satellite services, is playing a leading role to meet this global demand.
A seasoned leader in the satcom industry with a global footprint, Orbsat is well positioned to answer the call for cost-effective satellite systems providing voice solutions and high-speed Internet. Leveraging 50+ years of combined experience through its two subsidiaries, Orbital Satcom and Global Telesat Communications, Orbsat has served more than 35,000 clients in over 160 countries across the world—and its global presence continues to expand.
In response to the increased demand for its satellite technology connectivity solutions, Orbsat has increased its global expansion through e-commerce storefronts and fulfilment centers. Its two latest marketplaces, located in Singapore and the United Arab Emirates, are supported logistically by Amazon and allow the company to offer a more diverse product menu to potential customers throughout South East Asia and the Middle East (http://nnw.fm/2hEBx). With a greater online presence, these locations extend Orbsat’s reach to 14 additional countries.
Orbsat’s expansion is supported with strong financials. The company’s full year 2019 revenues showed a 2.5% year-over-year increase at approximately $5,869,558 when compared with 2018 figures. Gross profit margins for the year ended December 31, 2019 increased to 20.8% from 18.1% reported for the year ended December 2018 due to new product options, including airtime plans (http://nnw.fm/eT3fV).
“2019 was a pivotal year for Orbsat as we successfully completed a major restructuring of the business highlighted by the conversion and elimination of old debt and preferred stock, and securing growth capital from new, long-term investors,” Orbsat Chief Executive Officer David Phipps stated in a news release. “Supported by these developments, we have successfully transformed Orbsat, driving continued top-line growth through new global customers and partnerships with innovative technology providers who will enable us to provide a full array of advanced connectivity solutions for enterprise, commercial and consumers around the world.”
“In dealing with the COVID-19 pandemic, the world is now facing an array of new challenges, one of which is an increased need for reliable connectivity,” Phipps noted, commenting on the company’s 2020 goals and priorities. “We are committed to working with all our customers – enterprises, government agencies and consumers – to maintain critical connections to their staff and families. Giving us further confidence in the critical importance of connectivity is the fact that we have continued to see robust sales and growth across our global storefronts through the first quarter of 2020.”
Though the need for reliable connectivity has never been greater, billions of people worldwide are still without Internet access. Due to this increase in demand (http://nnw.fm/7Dinj), “the commercial and military satellite market is expected to grow at a CAGR of 76.6% during this period [2020-2028], with a cumulative $195.11 billion over the period 2020-2028.” Orbsat is well positioned to help meet this growing global demand as it continues to provide satellite communications solutions to governments, corporations, military and individual users, empowering them to stay connected anywhere in the world—even in the most remote and hostile of environments. Building upon its decades of experience, Orbsat is positioned to capitalize on the significant opportunities being created by global investments in new and upgraded satellite networks.
For more information, visit the company’s website at www.Orbsat.com
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