Benzinga | Nov 5, 2021 09:37AM EDT

Ault Global Reports Its Gresham Books Orders ~$15.2M During Last 2 Quarters

Ault Global Holdings, Inc. (NYSE: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.

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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.