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.
