Ault Alliance Announces Gresham Worldwide Defense Business Projects over $50 Million in Annual Revenue for 2024 Amid Strong Demand from Israel and Europe
18 December 2023 - 10:30PM
Business Wire
Current Backlog Over $50 Million Amidst Rising Global
Conflicts
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”), today
announced that its majority-owned subsidiary, Giga-tronics, Inc.
(OTCQB: GIGA), referred to as Gresham Worldwide (“Gresham
Worldwide”), a provider of purpose-built electronic technology
solutions for defense and other mission critical applications,
projects over $50 million in annual revenue driven by its defense
business in 2024, supported by a robust backlog currently at
approximately $50 million. This revenue projection is attributed to
escalating global conflicts, with a notable surge in demand coming
from Israel and Europe.
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GIGA-tronics Gross Revenue Forecast for
2024 and Actual for Past 5 Years. All rights reserved @2023
Giga-tronics, Inc.
Gresham Worldwide has been pivotal in addressing the increased
global defense demand. Gresham Worldwide’s Israeli subsidiary,
Enertec Systems 2001 Ltd. (“Enertec”), with over 25 years of
industry expertise, has recently secured a $20 million order to be
completed over the next three years.
Jonathan Read, CEO of Gresham Worldwide, shed light on Gresham
Worldwide’s global operations, “Our three main divisions in
England, the United States, and Israel are all contributing
significantly to our rapid growth. We are extremely pleased with
our performance and are optimistic about our future. Given the
current order demand, we anticipate over 20% annual revenue growth
for the next few years. In addition, coupled with our projected
revenue growth, we are also focused on reducing operating expenses
to increase our bottom-line results.”
William B. Horne, Chief Executive Officer of Ault Alliance,
remarked, “We are immensely proud of Jonathan Read and the Gresham
Worldwide team for meeting the rising global defense needs with
expertise and innovation. Our defense team’s achievements, notably
in Israel and the European theater, reflect the commitment to
meeting the need for advancing defense technology.”
Gresham Worldwide and Enertec remain focused on adapting their
defense solutions to meet the dynamic needs of the global market.
The Company’s defense subsidiary is actively seeking new
partnerships and opportunities to enhance its global reach and
capabilities.
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 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 offers colocation and hosting services for the emerging
artificial intelligence ecosystems and other industries, 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
1-888-753-2235
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