Summary by Moomoo AI
Ault Alliance, a diversified holding company, reported financial results for the quarter ended March 31, 2024. Total revenue increased by 55% to $44.9 million, up from $28.9 million in the same period last year. This growth was driven by a 56% increase in revenue from digital assets mining, reaching $11.4 million, and a 2% rise in crane operations revenue, totaling $12.9 million. The company also saw a significant turnaround in its lending and trading activities, which contributed $9.1 million in revenue compared to a loss in the previous year. Gross margins improved to 43%, up from 9% in the prior year, largely due to positive impacts from lending and trading activities. Operating expenses decreased by 38% to $13.4 million, down from $21.6 million, primarily due to lower stock compensation expense and the deconsolidation of SMC...Show More