ORBCOMM Inc. (NASDAQ:ORBC), a global provider of Internet of Things (IoT) solutions, has announced financial results for the third quarter ended September 30, 2017, the company said.
For Q3 of 2017, Total Revenues of USD 69.4 million were up 49.9% year-over-year, with Service Revenues and Product Sales reaching record levels in the quarter. Service Revenues increased 21.5% to USD 35.0 million and Product Sales rose 96.8% to USD 34.3 million.
Net Loss attributable to ORBCOMM Inc. Common Stockholders was (USD 39.7) million for the third quarter of 2017, compared to the (USD 14.0) million loss for the same period in 2016. The increased Net Loss was mainly due to the Impairment Loss of (USD 31.2) million in 2017 versus an Impairment Loss of (USD 10.7) million in 2016, both related to in-orbit OG2 satellites that lost communications.
For Q3 of 2017, Adjusted EBITDA of USD 11.2 million was (USD 0.8) million or 6.7% lower than the prior year period. Adjusted EBITDA margin was 16.1% of Total Revenues, which was lower due to lower margins on Product Sales due to accelerated deployments with higher installation and delivery costs.
Net subscriber communicator additions for ORBCOMM were over 70,000 in Q3 of 2017, increasing the total billable subscriber communicators to over 1,898,000 at September 30, 2017, which compares to 1,687,000 at the end of the same period last year, a 12.5% increase year-over-year.
ORBCOMM is a global leader and innovator in the industrial Internet of Things, providing solutions that connect businesses to their assets to deliver increased visibility and operational efficiency. The company offers a broad set of asset monitoring and control solutions, including seamless satellite and cellular connectivity, unique hardware and powerful applications, all backed by end-to-end customer support, from installation to deployment to customer care. ORBCOMM has a diverse customer base including premier OEMs, solutions customers and channel partners spanning transportation, supply chain, warehousing and inventory, heavy equipment, maritime, natural resources, and government. For more information, visit www.orbcomm.com.