Ault Alliance Increases Revenue by 55% to Achieve Profitability

May 21, 2024

DENVER, Colo., May 21, 2024 (247marketnews.com)- Ault Alliance, Inc. (NYSE:AULT) reported its first quarter 2024 financial results with the following highlights; 55% increase in total revenue to $44.9 million, 56% increase in digital assets mining revenue, 43% gross margins compared, operating expenses declined 41%, and net income available to common stockholders of $2.5 million, compared to a net loss available to common stockholders of $48.9 million in the prior year first fiscal quarter.

Milton “Todd” Ault III, the Founder and Executive Chairman of Ault Alliance, commented, “We are beginning to see the results of our commitment to focusing on and strengthening our key assets, as three of our main reporting segments, Sentinum, Inc. (“Sentinum”), Technology and Finance (“Fintech”) and Energy and Infrastructure (“Energy”), all reported positive income from operations for the fiscal quarter ended March 31, 2024. Only the Energy segment reported positive income from operations during the comparable period for the prior quarter. However, we recognize that the next few quarters may present fluctuations in our results, due to variables such as Bitcoin volatility and difficulty as well as the dynamic, evolving artificial intelligence (“AI”) industry, which we anticipate will significantly impact our future operations.

“It has been a bumpy road, but we remain steadfast in our mission to build on our core businesses and capitalize on emerging opportunities. By the end of 2027, assuming that we leased the Michigan data center and the power generated there were upgraded to 300 MW, we would expect revenues to exceed $500 million with gross margins in excess of 50%. The Company expects the large majority of this growth to be driven by Sentinum and its data center operations.”

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