Orbit International Corp. Reports 2026 Third Quarter Results

Third Quarter 2026 Net Loss of $761,000 ($0.20 loss per share) v. Net Loss of $875,000 ($0.26 loss per share) in Prior Year Period

Third Quarter 2026 EBITDA, As Adjusted, was a loss of $627,000 ($0.16 loss per share) v. loss of $508,000 ($0.15 loss per share) in Prior Year Period

Nine Months 2026 Net Loss of $4,027,000 ($1.14 loss per share) v. Net Loss of $4,317,000 ($1.30 loss per share) in Prior Year Period.

Nine Months 2026 EBITDA, As Adjusted, was a loss of $3,158,000 ($0.90 loss per share) v. a loss of $3,506,000 ($1.05 loss per share) in Prior Year Period.

Backlog at September 30, 2026 was $14.9 million compared to $12.3 million at December 31, 2025

Backlog at highest level since September 2024

HAUPPAUGE, N.Y., Nov. 12, 2026 (GLOBE NEWSWIRE) — Orbit International Corp. (OTCID Basic Market:ORBT) today announced results for the third quarter and nine months ended September 30, 2026.

Third Quarter 2026 vs. Third Quarter 2025

• Net sales were $6,159,000, as compared to $5,785,000.
• Gross margin was 28.7%, as compared to 31.9%.
• Net loss was $761,000 ($0.20 loss per share), as compared to a net loss of $875,000 ($0.26 loss per share).
• Earnings before interest, taxes, depreciation and amortization, contingent liability adjustment and stock-based compensation (EBITDA, as adjusted) was a loss of $627,000 ($0.16 loss per share), as compared to a loss of $508,000 ($0.15 loss per share).

Nine Months 2026 vs. Nine Months 2025

• Net sales were $16,291,000, as compared to $15,724,000.
• Gross margin was 26.3%, as compared to 24.4%.
• Net loss was $4,027,000 ($1.14 loss per share), as compared to a net loss of $4,317,000 ($1.30 loss per share),
• Earnings before interest, taxes, depreciation and amortization, contingent liability adjustment and stock-based compensation (EBITDA, as adjusted) was a loss of $3,158,000 ($0.90 loss per share), as compared to a loss of $3,506,000 ($1.05 loss per share).
• Backlog at September 30, 2026 was $14.9 million compared to $13.1 million at June 30, 2026 and $12.3 million at December 31, 2025.

Mitchell Binder, President and CEO of Orbit International commented, “Lower than anticipated bookings in the second half of 2025 once again attributed to lower delivery schedules, which adversely affected our revenue and operating performance for the first nine months of 2026, particularly at our Orbit Instrument division. Separately, a single supply chain issue delayed a $1,400,000 Orbit Power Group (“OPG”) shipment that had originally been scheduled for the second half of 2025 until the first quarter of 2026. This shipment, combined with year-to-date firm bookings, increased OPG revenues and significantly improved operating margins, resulting in higher profitability for the segment and helping to mitigate our operating loss for the nine months ended September 30, 2026. Our net loss for the nine months ended September 30, 2026, was $4,027,000 ($1.14 loss per share) compared to a net loss of $4,317,000 ($1.30 loss per share) for the prior comparable period. EBITDA, as adjusted, for the nine months ended September 30, 2026, was a loss of $3,158,000 ($0.90 loss per share) compared to a loss of $3,506,000 ($1.05 loss per share) in the prior comparable period.

Binder added, “Our operating results for the nine months ended September 30, 2026 were negatively affected by significantly lower sales by our Orbit Electronics Group (“OEG”) exclusive of our Simulator Product Solutions LLC (“SPS”) subsidiary. In particular, our Orbit Instrument division experienced a significant operating loss as a result of gaps in its delivery schedules caused by customer delays in awarding follow-on sole source contracts. Our Orbit Instrument division has historically been our best performing operating unit with strong operating leverage. However, it has been adversely affected by contract delays and a temporary pause in certain production contracts as our engineering team worked with our customers for next generation enhancements. Delivery schedules are expected to improve in the current fourth quarter of 2026. Our OPG, which makes up the remainder of our legacy business, recorded strong profitability for the first nine months of 2026. Our consolidated operating loss for the third quarter was approximately $761,000 and our EBITDA loss, as adjusted, and exclusive of certain legal fees, was $541,000.”

Binder added, “Operating results for SPS for the nine months ended September 30, 2026 were adversely impacted by lower than expected sales, particularly in the first quarter, a consequence of reduced bookings in the second half of 2025 caused by contract delays that were eventually awarded in 2026. Revenue during the three months ended September 30, 2026, came in lower than expected due to supply chain issues which have delayed certain shipments until the fourth quarter. However, operating results were significantly improved from the prior comparable nine-month period as gross margins have increased and costs were tightly controlled. Assuming bookings begin to improve as a result of an increase in outstanding proposals, we expect improved operating results in the fourth quarter from SPS and a higher year-end backlog than the prior year.”

Binder noted, “We anticipated an increase in costs at SPS at the time of acquisition to invest in infrastructure and internal controls in order to bring SPS up to the standards of a public company. The actual costs incurred post-acquisition exceeded those anticipated costs. Beginning in 2024, we have taken precautionary measures to trim certain costs as we continue to align our organization to support our growth while striving to improve our operating results while maintaining strong internal controls. Despite the cost trimming, operating results for SPS for the current quarter were also adversely affected by higher selling and general administrative costs as a result of higher legal fees in connection with a previously disclosed litigation. An increase in sales from current levels is still needed to bring the subsidiary to profitability.”

Mr. Binder added, “Our sales for the nine months ended September 30, 2026, slightly increased to $16,291,000 compared to $15,724,000 from the prior year comparable period. This increase in sales was primarily attributable to significantly higher sales at our OPG, slightly higher sales at SPS and was offset by significantly lower sales from our Orbit Instrument division. As previously mentioned, the lower sales at our OEG were attributable to lower bookings in the second half of 2025 and throughout 2026 due primarily to contract delays, which are an inherent risk in contracting with the U.S. government and its prime contractors. Despite the lower bookings in second half of 2025 and throughout 2026, our delivery schedules for the Orbit Instrument division points to improved sales in the fourth quarter of 2026.”

Mr. Binder further added, “Our gross margin for the nine months ended September 30, 2026, increased to 26.3% compared to 24.4% in the prior year comparable period. This improvement primarily reflected significantly higher gross margins from our OPG, driven by increased sales, as well as improved gross margins from SPS due to slightly higher sales and a favorable product mix. These gains were partially offset by lower gross margins at our Orbit Instrument division, where decreased sales resulted in a higher percentage of overhead and other fixed costs relative to sales.”

Mr. Binder added, “For the nine months ended September 30, 2026, selling, general and administrative expenses were $8,003,000, compared to $7,873,000 during the prior year comparable period, an increase of $130,000. The increase from the prior comparable period was primarily due to higher corporate costs due increased legal fees and non-cash stock compensations costs as well as higher expenses at SPS principally due to higher legal costs.”

Mr. Binder continued, “Backlog at September 30, 2026, was approximately $14,850,000 compared to approximately $12,300,000 at December 31, 2025, an increase of approximately 20.7% and is currently at its highest level since September 30, 2024. This increase in backlog was due to a general increase in backlog from all our operating units. Our Orbit Instrument division faced numerous delays on certain follow-on contracts from its customers throughout the 2025 year and certain of these delays have continued throughout 2026. These delays have affected shipping in the nine months ended September 30, 2026. Nevertheless, because of customer delivery schedules and despite lower bookings, backlog at our Orbit Instrument division, as of September 30, 2026, increased 27.5% from its backlog at December 31, 2025. SPS backlog at September 30, 2026 increased by 40.7% from its backlog at December 31, 2025 and backlog at our OPG also slightly increased due to an increase in bookings.”

David Goldman, Chief Financial Officer, noted, “At September 30, 2026, our cash and cash equivalents aggregated approximately $912,000 and borrowings under our Line of Credit (“LOC”) were $2,576,000. As previously announced, we closed on a new LOC with an asset based lender and also completed a $4,075,000 equity private placement. The new LOC provides for up to $6,000,000 in financing subject to borrowing base availability and the private placement included the issuance of 1,630,000 shares of common stock at $2.50 per share. The proceeds from the private placement have strengthened our balance sheet and combined with the additional borrowing availability under our new LOC have substantially enhanced our liquidity. Our book value per share at September 30, 2026 was $2.58, which compares to $2.85 at June 30, 2026 and $3.83 at December 31, 2025. (Note: book value per share does not include any additional value for our fully reserved deferred tax asset). To offset future federal and state taxes resulting from profits, we have approximately $9.0 million and $0.7 million in available federal and New York State net operating loss carryforwards, respectively.”

Mr. Binder added, “Because our revenues are tied to delivery schedules specified in our contracts, our operating results can vary significantly quarter-to-quarter. The results for the three and nine months ended September, 30, 2026, were adversely affected by weak bookings throughout 2025, primarily due to contract delays that particularly affected our Orbit Instrument division. Our Orbit Instrument division has historically been our most profitable business. We received some of the delayed contracts late in 2025 and during the first half of 2026. At the same time, the number of proposals for follow-on business has increased during 2026. Outstanding proposals from the Orbit Instrument division from just two of its largest customers currently total approximately $6,000,000. Although we had expected these contracts to be placed during various times during 2026, these customers have informed us that these awards are now expected to be placed during the first half of 2027. While the timing of the awards from the U.S. Government has always been subject to uncertainty, we believe that several macroeconomic factors beyond our control have contributed to delays that are unprecedented in both their number and duration.”

Mr. Binder concluded, “Despite the delays at the Orbit Instrument division, bookings at our OPG continue to improve as bookings through October 31, 2026 have increased by 42.9% over the comparable year period and bookings for power supplies utilizing VPX technology have exceeded $5,000,000 for the first time. We expect that our VPX power supplies will continue to drive future revenue growth at our OPG. In addition, SPS’ bookings through October 31, 2026 are 6.4% higher year-over-year and it continues to bid on new opportunities and assuming no significant delays, we expect bookings at SPS to continue to improve from the prior year. In addition, Q-Vio recently announced that it has quoted certain prototype orders in support of the next generation handheld unit to replace the Defense Advanced Receiver (DAGR) used by U.S. and foreign military services. However, the timing of production awards has become uncertain due to U.S. Government funding issues and is not expected before sometime during the second half of the 2027 calendar year.”

Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including VPX, COTS (Commercial-off-the-shelf) and commercial power supplies.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including statements regarding our expectations of Orbit International Corp.’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit International Corp. believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International Corp.’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International Corp. and the statements contained in this news release can be found in Orbit International Corp.’s reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit International Corp. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit International Corp. assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT
David Goldman
Chief Financial Officer
631-435-8300

(See Accompanying Tables)

(1) The EBITDA (as adjusted) tables presented are not determined in accordance with accounting principles generally accepted in the United States of America. Management uses EBITDA (as adjusted) to evaluate the operating performance of its business. It is also used, at times, by some investors, securities analysts and others to evaluate companies and make informed business decisions. EBITDA (as adjusted) is also a useful indicator of the income generated to service debt. EBITDA (as adjusted) is not a complete measure of an entity’s profitability because it does not include costs and expenses for interest, depreciation and amortization, income taxes, contingent liability and stock-based compensation. EBITDA (as adjusted) as presented herein may not be comparable to similarly named measures reported by other companies.

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