Ault Global Holdings’ Subsidiary Gresham Worldwide Books Orders Totaling Approximately $15.2 Million During the Last Two Quarters

Rhea-AI Summary

Ault Global Holdings (AMEX: DPW) reported that its defense subsidiary, Gresham Worldwide, booked over $15.3 million in orders during the two quarters ended September 30, 2021. The increase in bookings is attributed to pent-up demand following the COVID-19 pandemic, with key contributors including Enertec Systems, Microphase Corporation, RELEC Electronics, and Gresham Power. Gresham CEO, Jonathan Read, noted that strong bookings provide visibility through 2024, supported by cash from Ault Global, which helps mitigate supply chain issues.

Positive

• Gresham booked over $15.3 million in orders in the two quarters ended September 30, 2021.
• Increased demand linked to the resolution of previous COVID-19 related deferrals.
• Key financial contributions came from Enertec ($5.7 million), Microphase ($3.6 million), RELEC ($4.5 million), and Gresham Power ($1.4 million).
• Management expects continued upward trends in bookings through Q4 2021 and into 2022.

Negative

• None.

LAS VEGAS--(BUSINESS WIRE)-- Ault Global Holdings, Inc. (NYSE American: DPW), a diversified holding company (the “Company”), today announced that its global defense business, Gresham Worldwide, Inc. (“Gresham”), booked orders for over $15.3 million in the two quarters ended September 30, 2021.

Bookings at Gresham’s operating companies picked up in mid-2021 as customers made decisions to purchase its products that were deferred in 2020 as a result of the COVID pandemic. The global defense business remained relatively strong throughout the pandemic in 2020, but pent-up demand has driven increased bookings activity at Gresham in 2021.

• Enertec Systems 2001 Ltd. Improving financial condition and resources during the last six months enabled Enertec, based in Israel, to secure approximately $5.7 million in new orders from major prime defense contractors for Israeli Defense Forces, the Israeli Ministry of Defense and others, primarily for missile launch, control, test and monitoring systems.
• Microphase Corporation. Building customer confidence in Microphase’s capacity to deliver on time has led to an upward trend in bookings to a total of approximately $3.6 million in orders for Microphase’s bespoke Radio Frequency (RF) Filter and Detector Log Video Amplifier (DLVA) product lines.
• RELEC Electronics Ltd. Bookings for power conversion equipment and displays at RELEC in the UK reached approximately $4.5 million over the last two quarters to build record backlog levels as customers are ordering earlier and in higher volumes, and as a hedge against current supply chain turmoil.
• Gresham Power Electronics Ltd. Gresham Power in the UK added approximately $1.4 million in orders that were received with respect to projects that were initially delayed by uncertainty over BREXIT and then further delayed as COVID-19 related shutdowns hit shipyards, which are building new vessels for the Royal Navy.

Jonathan Read, Chief Executive Officer of Gresham, said, “Across the board, bookings have increased as unmet demand from 2020 drives more orders for the quality components and systems that our operating entities deliver for vital, long-life cycle defense platforms. These recent bookings provide visibility into next year through 2024, laying a solid foundation of backlog orders on which to build. We expect this upward trend in bookings to continue through Q4 2021 and into 2022 as the world shakes off the constraints of the COVID pandemic. Cash support from a strong parent, Ault Global, allowed us to increase parts inventory and greatly minimize the current supply chain problems.”

Timothy V. Long, Chief Operating Officer of Gresham, stated, “Investments in our operations have paid off as customer confidence increases and translates into more orders for the quality bespoke technology offerings that our operating teams deliver every day. These orders validate Gresham’s focus on ‘high-touch, high-tech’ delivery of technology solutions tailored to meet customer’s specific mission critical requirements.”

For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.

About Ault Global Holdings, Inc.

Ault Global Holdings, 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, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

About Gresham Worldwide Inc.

Gresham Worldwide, Inc. is a private holding company that owns Enertec Systems 2001 Ltd, RELEC Electronics Ltd, Microphase Corporation and Gresham Power Electronics Ltd. The company has a focus on Electronic Warfare, Power Conversion & Electronics, RF Microwave & Filter Applications, IED, VBIED & UAIED Counter Measures, Drone and Robotics technologies. Gresham and its subsidiaries primarily support the defense & aerospace industry as well mission-critical applications in transportation, industrial and medical technology market sectors

Gresham Press Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
Gresham@KCSA.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.AultGlobal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005331/en/

IR@AultGlobal.com or 1-888-753-2235

Source: Ault Global Holdings, Inc.

FAQ

What were the total bookings for Ault Global Holdings' defense business DPW for Q3 2021?

Ault Global Holdings' defense business booked over $15.3 million in orders for the two quarters ending September 30, 2021.

How has COVID-19 affected Ault Global Holdings' bookings?

Bookings were initially deferred due to COVID-19, but pent-up demand has driven increased activity in 2021.

What are the key financial contributions from Gresham's subsidiaries?

Enertec Systems contributed $5.7 million, Microphase Corporation $3.6 million, RELEC Electronics $4.5 million, and Gresham Power $1.4 million in bookings.

What is the outlook for Ault Global Holdings' bookings in 2022?

Management expects an upward trend in bookings to continue through Q4 2021 and into 2022.