Q1 2021 Revenue of Approximately $13 Million, Up 132% From the Prior Year’s Quarter
Q1 2021 Net Income of Approximately $1.5 Million Compared to a $6.5 Million Loss in the Prior Year’s Quarter
Ault Global Holdings, Inc. (NYSE American: DPW) a diversified holding company (the "Company"), reports preliminary financial results for its first quarter ended March 31, 2021.
Revenue of approximately $13 million, an increase of approximately 132% from $5.6 million in the prior first fiscal quarter.
Revenue from lending and investing activities of approximately $5 million due to the allocation of capital to the Company’s wholly-owned subsidiary, Digital Power Lending, LLC;
Revenue from cryptocurrency mining of approximately $130,000 as the Company resumed cryptocurrency mining operations with approximately 1,000 miners during March 2021; and
Net income of approximately $1.5 million for the quarter, which represents the first quarterly profit under current management.
Ault Global’s Founder and Executive Chairman, Milton "Todd" Ault, III said, "Our positive financial results in the first quarter of 2021 result from years of strategic planning. During this time, we have strengthened our operating businesses, funded Digital Power Lending, our financial services subsidiary, and improved our balance sheet tremendously. We are pleased to report significant revenue growth and are optimistic of the long-term potential of Digital Power Lending. As I said in the previous quarter when commenting about our fiscal year ended December 31, 2020, with the strongest balance sheet in the Company’s history, a capable team, and a talented group of CEOs at the subsidiary level, the future prospects look bright for the Company in the short and long term."
Mr. Ault added "I believe the current quarter results demonstrate that our holding company platform works and provides the Company strength through the diversity of our holdings. Our recent capital raise of approximately $165 million has enabled us to fund our subsidiaries and eliminate our high-cost debt. We see strength across all our subsidiaries and expect to allocate additional capital to our lending and investment platform in the second quarter. Simply stated, we are in the strongest position of our company’s 52-year history. The preliminary first quarter results constitute a promising start to 2021. Considering our subsidiaries in defense, electric vehicle chargers, power electronic businesses, data center, crypto-mining, and our lending and investment platform the road ahead is bright."
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 with the SEC 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 Holdings’ headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.
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.
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