An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Gresham Worldwide, a BitNile Holdings Subsidiary, Booked New Orders Exceeding $10.2 Million in the Fourth Quarter of 2021
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
BitNile Holdings, Inc. (NYSE American: NILE) reported a robust performance for its global defense subsidiary, Gresham Worldwide, with bookings exceeding $10.2 million in Q4 2021, marking a 36% growth from $7.5 million in Q3 2021. Factors contributing to this growth included increased demand amidst supply chain challenges. Key contributions came from Microphase Corporation with $4.9 million in new orders, Enertec securing over $3.7 million, and the U.K. operations achieving $1.6 million in bookings. Gresham Worldwide anticipates continued upward momentum into 2022.
Positive
Q4 2021 bookings increased by 36% to over $10.2 million from $7.5 million in Q3 2021.
Microphase Corporation contributed $4.9 million in new orders from defense contractors.
Enertec secured more than $3.7 million in new orders, reflecting improved financial positioning.
U.K. operations recorded bookings of over $1.6 million, indicating growing demand.
Negative
None.
Strong operating performance continues to drive bookings momentum
LAS VEGAS--(BUSINESS WIRE)--
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today announced that its global defense subsidiary, Gresham Worldwide, Inc. (“Gresham Worldwide”), booked orders for new business exceeding $10.2 million in the fourth quarter ended December 31, 2021, a 36% increase over the $7.5 million in new business booked in Q3 2021.
Gresham Worldwide’s operating companies increased new orders in the fourth quarter as customers made purchasing decisions to meet pent up demand and as a hedge against ongoing supply chain turmoil. Despite continuation of the COVID-19 pandemic, the global defense business remains strong and continues building bookings momentum across the board in all sectors of Gresham Worldwide operations in the U.S., Israel and the U.K.
United States. Increasing capacity and improved on-time delivery at Microphase Corporation continued to drive Q4 2021 bookings activity to $4.9 million in new orders from prime defense contractors for Microphase’s Radio Frequency (RF) Filter and Detector Log Video Amplifier product lines.
Israel. The improved financial position at Enertec during Q4 2021 enabled Enertec, based in Israel, to secure more than $3.7 million in orders for new work on electronics solutions for major prime defense contractors and providers of medical solutions.
United Kingdom. Bookings for power conversion equipment and displays at Gresham Worldwide operating companies in the U.K. exceeded $1.6 million for the quarter. Commercial customers continue to order earlier and in higher volume to drive backlog for RELEC Electronics Ltd into record territory. Defense bookings at Gresham Power Electronics Ltd continued to regain momentum.
Jonathan Read, Gresham Worldwide’s Chief Executive Officer, said, “The fourth quarter of 2021 saw Gresham Worldwide continue to bring in orders which lay a solid foundation for a strong 2022 with significant amounts of work through 2024. Those orders include a mix of legacy business on long life cycle defense platforms as well as new offerings for customers in defense, medical, industrial and transportation sectors. We expect this upward trend in bookings to continue as the global economy begins to move beyond the pandemic and supply chains return to more normal patterns.”
Timothy V. Long, Chief Operating Officer of Gresham Worldwide, added, “Our operating entities have maintained forward momentum despite the headwinds of the pandemic and supply chain turmoil. We made investments in people, infrastructure and retiring debt to strengthen our operations and drive growth in the capacity of Gresham Worldwide to deliver high quality bespoke technology solutions to meet the most demanding requirements. Our customers have responded with more orders while improved performance has attracted new customers as well.”
For more information on BitNile and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile 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, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
About Gresham Worldwide Incorporated
Gresham Worldwide, Inc. is a private holding company that owns Enertec Systems 2001 Ltd, RELEC Electronics Ltd, Microphase Corporation and Gresham Power Electronics Ltd. Gresham Worldwide offers innovative, market leading solutions for electronic warfare, power conversion and electronics, RF solutions, electronic countermeasures, drone and robotics technologies. Gresham Worldwide and its subsidiaries primarily support the defense and aerospace industry as well mission critical applications in transportation, industrial and medical technology market sectors.
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.BitNile.com.
