Gresham Worldwide, a BitNile Holdings Subsidiary, Books New Orders Exceeding $10.0 Million in the Second Quarter of 2022
August 31 2022 - 6:30AM
Business Wire
Global military tensions and strong operating performance
increase bookings by 23%
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”),
announces that its global defense business, Gresham Worldwide, Inc.
(“Gresham Worldwide” or “Gresham”), increased booked
orders for new business from $8.1 million in the first quarter
ended March 31, 2022 to over $10.0 million in the second quarter
ended June 30, 2022, an increase of over 23%.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220831005394/en/
Gresham Worldwide’s operating companies secured significant new
orders in the second quarter as demand for the Gresham’s solutions
increased as a result of active military budgets and recent supply
chain efficiencies for Gresham. Gresham believes the continued
impact of the pandemic, geopolitical military tensions, and
inflation concerns have prompted its customers to increase order
volume to hedge purchase prices against anticipated increases and
ensure the availability of critical supply chain components that
have recently hindered productivity. In Q2 2022, Gresham’s
operating companies continued to grow globally. Gresham expects
ongoing global conflicts and continued concerns regarding industry
supply chains to sustain its bookings momentum through the end of
2022 and into 2023.
New Order Overview
- Israel: Enertec increased bookings
68% from $3.1 million in Q1 2022 to $5.2 million in Q2 2022.
Enertec experienced a particularly strong performance in the
medical sector, adding $3.4 million in orders for precision testing
and calibration solutions, which was supplemented by substantial
bookings in the defense sector for the quarter.
- United States: Microphase
Corporation added $1.53 million in new orders from the U.S.
military and global defense contractors for Radio Frequency
(“RF”) Filter and Detector Log Video Amplifier product
lines. Those orders included a large order for the overhaul of a
major DoD aerospace platform and another substantial order for
sustainment of combat aircraft in Europe.
- United Kingdom: Bookings for power
conversion equipment and displays at Gresham’s operating companies
exceeded $3.35 million for the quarter. Commercial customers
continue to order power electronics and advanced display offerings
earlier and in higher volume to keep backlog for RELEC Electronics
Ltd. in record territory. Gresham Power Electronics Ltd. booked
significant orders for ruggedized power distribution, power
conversion, and UPS products for major shipbuilding programs and
land-based mobile power solutions.
Management Perspective
Jonathan Read, Chief Executive Officer, said, “The conflict in
Ukraine and tensions in and around the South China Sea over Taiwan
have many governments adding defense capabilities. Defense spending
on electronic defense solutions is a significant portion of defense
budgets, which provides Gresham with sustainable, predictable
business. In addition, non-defense customers are placing orders
earlier and in larger volumes to prioritize supply chain
availability over efficient inventory strategies. As we close out
the year and move into 2023, we expect that continued global
tensions and supply chain turmoil to continue booking momentum at
Gresham. We look forward to providing updates as we move
ahead.”
Timothy V. Long, Chief Operating Officer, added,
“Gresham’s operating companies continue to build momentum with
improved production flows, new product development, and a
broadening customer base. Our team has taken advantage of an
upgraded infrastructure and expanded training, which has increased
operating efficiencies to improve our delivery of ultra-reliable,
bespoke technology solutions. Our clients’ demand for Gresham’s
high-level solutions is included within large military budgets,
which we expect will continue to drive booking revenue and backlog
for the foreseeable future.”
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile’s public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, 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, BitNile owns
and operates a data center at which it mines Bitcoin and provides
mission-critical products that support a diverse range of
industries, including oil exploration, defense/aerospace,
industrial, automotive, medical/biopharma, karaoke audio equipment,
hotel operations and textiles. In addition, BitNile extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. BitNile’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
About Gresham Worldwide Incorporated
Gresham Worldwide is a private holding company that owns Enertec
Systems 2001 Ltd, RELEC Electronics Ltd, Microphase Corporation and
Gresham Power Electronics Ltd. The company has a focus on
Electronic Countermeasures, Power Conversion & Electronics, RF
Microwave & Millimeter Filter Applications, Drone and Robotics
technologies. The Company and its subsidiaries primarily support
the Defense & Aerospace industry as well mission critical
applications in Transportation, Industrial and Medical Technology
market sectors. www.greshamworldwide.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.BitNile.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220831005394/en/
BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
Gresham Worldwide Investor Contact: KCSA Strategic
Communications Valter Pinto, Managing Director (212) 896-1254
Gresham@KCSA.com
Bitnile (AMEX:NILE)
Historical Stock Chart
From Apr 2024 to May 2024
Bitnile (AMEX:NILE)
Historical Stock Chart
From May 2023 to May 2024