Photo: Orbital Tracking Corp.

[Via Satellite 04-05-2016] Orbital Tracking Corp. reported revenues of approximately $3,950,600 for the year ended Dec. 31, 2015, increasing by 63.2 percent over 2014’s $2,420,600. The company attributed overall revenue growth in 2015 to a significant increase in recurring revenue from monthly contract customers, together with strong sales from the company’s websites and e-commerce storefronts across all geographies. Amazon France and U.S. sales increased by 185 percent and 70 percent respectively, while in Germany, Italy and Spain, comparable sales increased by approximately 70 percent.

Orbital Tracking Corp. reported a net loss in 2015 of approximately $2,064,200 as compared to a net profit of approximately $6,490 for fiscal 2014. Several factors influenced the loss, chiefly non-cash expenses for stock-based compensation of $1.1 million, amortization of $277,000, and an increase in professional fees including expenses related to a reverse merger and public listing of the company.

In February 2015, the company completed a reverse merger and a subsequent $1.1 million equity capital raise, creating Orbital Tracking Corp., a publicly listed organization encompassing the operations of Global Telesat Communications Limited, a U.K. corporation (GTCL). As a newly combined entity, Orbital Tracking Corp. launched as a fully operational Mobile Satellite Solutions (MSS) business currently servicing more than 5,000 existing customers in the international marketplace.

These costs came along with planned increases in operating expenses for the expansion of global operations and entry into new markets. Orbital Tracking Corp. launched new retail operations in the United States, Japan and Mexico, and has further expansions planned in Latin America and Asia.