Ault Alliance Forecasts $200 Million Revenue for 2023 in Mid-Year Update
June 05 2023 - 6:30AM
Business Wire
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance” or the “Company”), today
provided a mid-year update forecasting a promising outlook for the
remainder of 2023.
Ault Alliance anticipates a considerable surge in revenue for
2023, projecting revenue of approximately $200 million, a
significant uptick from the previous year’s $134 million.
Sector Updates:
Energy &
Infrastructure
Circle 8 Newco LLC (“Circle 8”) continues to see
substantial growth in crane operations, primarily supporting the
South Central U.S. oil industry. With the recent appointment of
industry veteran Arnold Mabee as CEO, Circle 8 anticipates further
bolstering of its crane business.
Finance & Technology
Ault Alliance expects that Ault Lending, a licensed lender in
California, will contribute significantly to revenue growth and
bottom-line improvements for the second half of 2023 and
beyond.
Additionally, BitNile Metaverse, Inc. (Nasdaq: BNMV) recently
confirmed that its metaverse platform, BitNile.com, has begun
generating revenue through successful social gaming and immersive
advertising initiatives. Ongoing efforts to enrich the
entertainment and e-commerce aspects of the metaverse platform are
expected to enhance the user experience and further stimulate
revenue growth.
The Michigan-based data center operations continue to expand,
with around 9,000 Bitcoin miners currently in operation using 28
megawatts of power. This expansive 34-acre property with 14.5 acres
under roof hosts a portion of the Company’s mining operations with
spare capacity profitably rented out to diverse tenants. The
Company recently announced the full deployment and energization of
10,000 Bitcoin miners that are being hosted through a strategic
collaboration with Core Scientific, Inc.
Real Estate
Ault Alliance’s real estate portfolio continues to prosper. Its
subsidiaries own four newly renovated hotels in the Midwest,
including two Marriotts and two Hiltons. The performance of these
assets shows encouraging improvement over the previous year’s
results.
“We are excited about the progress we have made so far in 2023,”
said Executive Chairman, Milton “Todd” Ault III of Ault Alliance.
“Our diversified portfolio across several business sectors
continues to drive growth and add value to our stockholders. We are
confident that our strategic initiatives will continue to yield
positive results in the second half of the year.”
In a significant corporate action, Ault Alliance recently
conducted a 300-1 reverse stock split. This strategic move has left
the Company with 1.39 million shares outstanding.
Ault Alliance notes that revenue estimates and other projections
are subject to volatility in Bitcoin market price, the fluctuation
in the mining difficulty level and other factors that may impact
the results of Bitcoin mining production or operations. Revenues
from Ault Alliance trading activities include unrealized gains and
losses from market price changes, which can cause significant
volatility in the Company’s periodic earnings.
For more information on Ault Alliance 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.ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, 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, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and provides mission-critical products that support a diverse range
of industries, including metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.ault.com.
Forward-Looking Statements
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.ault.com.
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