Satellite IoT, maritime AIS provider Orbcomm: Hardware deliveries delayed, but subs are up, churn is stable

by Peter B. de Selding

PARIS — Satellite and terrestrial IoT service and hardware provider Orbcomm Inc. reduced its forecast of likely IoT device shipments this year but said that despite foreign-currency issues with some customers it expects to ride out the Covid-19 slowdown with minimal effect.

The company nonetheless drew down $15 million of its revolving credit line to bolster its cash position and also received $7.5 million from the U.S. Paycheck Protection Program, a loan it may decide to return depending on government guidelines on its use.

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