Strong Bookings Attributable to Orders From Marquee Defense
and Medical Customers
Gresham Worldwide Backlog Totaled $28 Million as of June 30,
2023
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”), today
announced its majority owned subsidiary, Giga-tronics, Inc. d/b/a
Gresham Worldwide (OTCQB: GIGA) (“Gresham Worldwide”), a
provider of high-performance purpose-built electronic solutions for
mission critical applications in defense, health care,
telecommunications, and transportation industries, exceeded $10.2
million in bookings for the quarter ending June 30, 2023.
Gresham Worldwide booked orders for turnkey electronic
solutions, particularly for defense and health care customers, as
well as radio frequency (“RF”) component solutions, power
electronics and displays. The new orders included orders for
missile defense technology and RF solutions for global defense
contractors as well medical device test solutions for a Fortune 50
global healthcare provider. Continued geopolitical military
tensions and post-pandemic business rebounds drove increased demand
for Gresham Worldwide’s offerings in the second quarter of 2023.
Those factors are expected by Gresham Worldwide to generate
increasing demand for precision electronics throughout the rest of
2023 and into 2024.
Gresham Worldwide ended the second quarter of 2023 with an order
backlog of $28 million, which Gresham Worldwide believes will pave
the way for continued, stable growth. Gresham Worldwide intends to
continue to harvest post-merger improvements in operational
efficiencies, optimize infrastructure and position itself to scale
operations to fulfill the increased demand.
Bookings Overview
Precision Electronic
Solutions: Closed $4.9 million in orders for new
business in the second quarter of 2023. Focusing on precision
manufacturing of purpose-built electronic solutions translated into
more work with defense and medical customers. Gresham Worldwide
expects growth in precision electronics solutions to continue in
the second half of 2023 and into 2024.
RF Solutions: The RF
Solutions business unit generated $3.2 million in bookings for new
orders in the second quarter of 2023. These orders reflected
ongoing demand for Gresham Worldwide’s RF purpose-built defense
solutions. Following Gresham Worldwide’s September 2022 acquisition
of Gresham Holdings, Inc., it has a broader array of RF solutions
that expand the ability for Gresham Worldwide to meet the
requirements of customers for RF, microwave and millimeter wave
filters, detectors, and amplifiers.
Power Electronics and
Displays: New business bookings for power electronics
and display solutions at Gresham Worldwide’s operating companies in
the UK were $2.1 million for the second quarter of 2023. Commercial
customers continue to drive bookings for ruggedized power
electronics and display solutions. Gresham Worldwide expects to see
consistent demand and growth within these sectors in 2023.
Management Perspective
“Continued conflicts and tensions worldwide are driving
defense-related investments in force protection technologies like
ours across the United States, UK, Europe, Asia, and the Middle
East,” said Jonathan Read, Chief Executive Officer of Gresham
Worldwide. “Moreover, demand for key electronics solutions,
particularly for customers in medicine, telecommunications,
accelerated in the second quarter of 2023 as businesses rebound in
the post-pandemic economy. Close collaboration with our customers
has positioned Gresham Worldwide well to grow to meet escalating
demand as business comes back. Throughout the remainder of 2023 we
expect robust demand for precision electronic solutions will
continue to drive new orders that support mission critical
applications in defense, health care, telecommunications, and
transportation.”
For more information on Ault Alliance and its subsidiaries, Ault
Alliance recommends that stockholders, investors, and any other
interested parties read Ault Alliance’s public filings and press
releases available under the Investor Relations section at
www.Ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and provides mission-critical products that support a diverse range
of industries, including metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are
made, and the Company undertakes no obligation to update any of
them publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8- K. All filings are available at www.sec.gov and on the Company’s
website at www.Ault.com.
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Ault Alliance Investor Contact: IR@Ault.com or
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