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Ault Alliance | 8-K: Current report

SEC announcement ·  May 21 16:38
Summary by Moomoo AI
On May 21, 2024, Ault Alliance, Inc., a diversified holding company, announced its financial results for the first quarter ended March 31, 2024. The company reported a significant increase in revenue, which rose by 55% to $44.9 million compared to the same period in the previous year. Notably, revenue from digital assets mining surged by 56% to $11.4 million, and lending and trading activities also saw an increase to $9.1 million. Ault Alliance achieved a net income of $2.5 million for common stockholders, a substantial improvement from the net loss of $48.9 million reported in the prior year's first fiscal quarter. Gross margins improved to 43%, and operating expenses decreased by 41% to $19.1 million. The company's total assets were valued at $299.8 million as of March 31, 2024. Milton 'Todd' Ault III, the Founder...Show More
On May 21, 2024, Ault Alliance, Inc., a diversified holding company, announced its financial results for the first quarter ended March 31, 2024. The company reported a significant increase in revenue, which rose by 55% to $44.9 million compared to the same period in the previous year. Notably, revenue from digital assets mining surged by 56% to $11.4 million, and lending and trading activities also saw an increase to $9.1 million. Ault Alliance achieved a net income of $2.5 million for common stockholders, a substantial improvement from the net loss of $48.9 million reported in the prior year's first fiscal quarter. Gross margins improved to 43%, and operating expenses decreased by 41% to $19.1 million. The company's total assets were valued at $299.8 million as of March 31, 2024. Milton 'Todd' Ault III, the Founder and Executive Chairman, expressed optimism about the company's focus on key assets and the positive income reported by three main segments. The company also highlighted its strategic investments in a Michigan data center to capitalize on the artificial intelligence industry, with plans to finance the expansion primarily through debt. Ault Alliance's long-term vision includes expectations of revenue exceeding $500 million by the end of 2027, with a significant contribution from its data center operations.

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