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Orbital Tracking swings to profit in Q1

Orbsat Corp. said its first-quarter normalized net income was 27 cents per share, compared with a loss of $6.26 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $37,470, compared with a loss of $263,740 in the prior-year period.

The normalized profit margin climbed to 2.9% from negative 33.0% in the year-earlier period.

Total revenue rose 62.0% year over year to $1.3 million from $799,700, and total operating expenses increased 31.9% year over year to $1.6 million from $1.2 million.

Reported net income totaled $59,950, or 43 cents per share, compared to a loss of $421,980, or a loss of $10.01 per share, in the prior-year period.