GIGA-TRONICS INC - GIGA STOCK NEWS

Giga-tronics, Inc. d/b/a Gresham Worldwide (OTCQB: GIGA) announced a strong finish for fiscal year 2022, with a backlog of $30 million, up from $25 million in 2021. The company achieved new business bookings exceeding $8 million for Q4 2022, bolstered by increasing demand in the defense sector and for medical applications. Gresham is targeting $40 million in revenue for 2023, as geopolitical tensions and supply chain issues drive customer interest. The recent share exchange enhances Gresham's operational capabilities and is expected to strengthen relationships with defense contractors and global ministries.

Giga-tronics Incorporated (OTCQB: GIGA) has closed a Share Exchange Agreement with BitNile Holdings and Gresham Worldwide.
This acquisition combines Giga's expertise in RADAR systems and electronic threat emulation with Gresham's electronic solutions for militaries, expanding capabilities in the growing global defense market.

The combined entities reported annual revenue of approximately $35.4 million and a backlog of $31 million as of March 31, 2022, with a significant increase in orders due to rising military tensions.

Giga-tronics reported a 5% revenue decline in Q1 FY2023, totaling $1.9 million compared to $2.1 million in Q1 FY2022. Notably, revenue from the Giga-tronics Division surged to $1.2 million, while Microsource filter revenue plummeted 62%. Gross profit decreased to $414,000, down from $800,000, affecting margins. The net loss reached $1.2 million or ($0.45) per share, widening from ($0.32) in the previous year. Adjusted EBITDA also worsened to a $1.0 million loss. Despite these challenges, management highlighted ongoing advancements and potential growth through defense contracts.

Giga-tronics Incorporated (OTCQB: GIGA) has announced a second order worth $783,000 for its RADAR/EW Threat Emulation System from the U.S. Department of Defense. This order is part of a multi-year task order under a $28 billion contract, supporting the F-35 program. The Executive Vice President highlighted growing interest in their systems, indicating potential for increased contract activity. Shipment timing will depend on the U.S. Air Force program, anticipated later this year.

Giga-tronics Incorporated will host a conference call on August 11, 2022, at 4:30 p.m. EDT to discuss its first-quarter results for fiscal year 2023, ending June 24, 2022. Participants can join by dialing (800) 285-6670 toll-free. A replay will be available on the company’s website under “Investor Relations.” Giga-tronics specializes in electronic warfare test solutions and RADAR filters for the defense sector, and it trades on the OTCQB Market under the symbol GIGA.

Giga-tronics Incorporated (GIGA) reported a 48% decline in fourth-quarter revenue, totaling $1.4 million, compared to $2.7 million in Q4 2021. The net loss was $1.2 million or ($0.42) per share, up from $0.8 million or ($0.32) per share last year. Full fiscal year revenue was $9.0 million, a 31% decrease from $13.1 million in 2021. The company announced a share exchange agreement with BitNile to acquire Gresham Worldwide, expected to close in August 2022, aiming to enhance capabilities in electronic solutions for defense.

Giga-tronics Incorporated (OTCQB:GIGA) announced a conference call scheduled for June 29, 2022, at 4:30 p.m. EDT to discuss the fourth quarter and fiscal year results ending March 26, 2022. The call aims to provide insights into the company's operational status. Interested participants can join by dialing (866) 374-5140 or (404) 400-0571 with the PIN Code 66970124#. A replay will be accessible on the company's website under 'Investor Relations'. Giga-tronics specializes in electronic warfare test solutions for the defense sector and RADAR filters for military aircraft.

Dublin-based Giga-tronics (OTCQB: GIGA) has secured a significant $660,000 production order from a Fortune 500 Aerospace client for RADAR filters intended for fighter jets. This initial order covers components for 12 jets and is anticipated to be followed by additional orders within the next 90 days. Giga-tronics' Microsource division specializes in custom microwave components that enhance performance in electronic warfare applications. Revenue from this contract is expected to contribute to the current quarter's financials, highlighting the company's role as a trusted supplier in the defense sector.