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Ault Alliance, Inc. (AMEX:AULT) shares are trading higher Tuesday after the company posted a year-over-year increase in its first-quarter financial results.
The Details:
Ault Alliance reported quarterly earnings of 14 cents per share, an increase over losses of $41.24 per share from the same period last year.
Quarterly revenue clocked in at $44.93 million this quarter, representing a 55.24% increase over revenue of $28.94 million from the prior year's quarter. Revenue from digital assets mining increased 56% to $11.4 million, and revenue from lending and trading activities increased to $9.1 million, compared to a loss of $4.9 million in the prior year’s first fiscal quarter.
“We are beginning to see the results of our commitment to focusing on and strengthening our key assets, as three of our main reporting segments, Sentinum, Inc.,Technology and Finance and Energy and Infrastructure, all reported positive income from operations for the fiscal quarter ended March 31, 2024. Only the Energy segment reported positive income from operations during the comparable period for the prior quarter," said Milton “Todd” Ault III, Executive Chairman of Ault Alliance.
"However, we recognize that the next few quarters may present fluctuations in our results, due to variables such as Bitcoin volatility and difficulty as well as the dynamic, evolving artificial intelligence (AI) industry, which we anticipate will significantly impact our future operations."
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AULT Price Action: According to Benzinga Pro, Ault Alliance shares are up 11.2% at 43 cents at the time of publication Tuesday.
Image: Tung Nguyen from Pixabay
Posted In: AULT
