Orbsat Corp. (OSAT) saw an increase of 7.94% in the aftermarket. However, the last trading session closed at $4.91 with a decrease of 4.29%.
Appointment as Chief Financial Officer
OSAT reported on 7th October 2021 that Paul R. Thomson, the company’s Executive Vice President, has been promoted to Chief Financial Officer. Moreover, Andrew Cohen was named Senior Vice President of Operations by OSAT. It is a new position that will assist the company’s ongoing e-commerce business development efforts.
In August, Mr. Thomson was appointed Executive Vice President of the Company, with duties that included supervising the installation of new enterprise IT infrastructure. Not only this but Mr. Cohen brings 35 years of expertise in the private equity and real estate industries to the Company as Senior Vice President of Operations. He worked as a Partner with Apollo Real Estate Advisors from 1996 until 2009. Last but not least, he is an expert at financing, asset management, and disposal of commercial, residential, retail, and hotel properties across the United States.
Second Quarter 2021 Financial Results by OSAT
OSAT announced second-quarter 2021 financial results on 17th August 2021. The Company completed its up listing into the Nasdaq Capital Market and raised approximately $14.6 million in net proceeds through an underwritten public offering of equity units. Moreover, the sales at the Company’s Global Telesat Communications Ltd. climbed by 94% in the second quarter. It was due to strong demand from clients in the United Kingdom and the European Union, while sales at Orbital Satcom Corp. increased by 12%.
During the second quarter, the Company completed sales in 104 countries. In addition, the gross profit margins for the quarter improved to 27.7% from 21.1 percent in the previous quarter. This owed to growing worldwide demand for high margin satellite IoT products and services, as well as recurring airtime income. Lastly, the net loss for the quarter ending June 30, 2021, was $1,458,394, compared to a net profit of $26,566 for the same period in 2020.
Global E-Commerce Presence Expansion
On 13th July 2021, OSAT’s reported the expansion of Alibaba.com to 190 countries. Alibaba.com presently boasts 26 million active worldwide business partners servicing clients in 190 countries in 19 languages. Moreover, it gets over 340,000 product inquiries and 20,000 RFQs every day. With the introduction of its second worldwide storefront, GTC dramatically increases its 24/7/365 e-commerce presence as a Gold Supplier, Alibaba.com’s highest level and most trusted seller category. OSAT is considerably speeding its worldwide development goals by launching on Alibaba.com, the world’s largest B2B platform. Not only this but it is working to increase and broaden the e-commerce reach into virtually every nation. This will enable the company to fulfill the demands of its global corporate customers.
