Revenue Growth - Total revenue for the three months ended March 31, 2021, increased by $7,639,195, or 136%, to $13,244,629 compared to $5,605,434 for the same period in 2020[198] - Revenue from cryptocurrency mining operations increased by $130,000, or 100%, as operations resumed due to improved business conditions[201] - Gresham Worldwide segment revenues increased by $2.0 million, or 45%, to $6.4 million, benefiting from capital allocated to the defense business[199] - Ault Alliance's revenue from lending and trading activities surged by $5,174,070, or 14,312%, to $5,210,222, compared to $36,152 in the prior year[198] - Revenues from lending and trading activities increased to $5.2 million for the three months ended March 31, 2021, from $36,000 for the same period in 2020, attributed to significant capital allocation from recent equity financing transactions[202] Profitability - Gross profit for the three months ended March 31, 2021, was $8,136,721, up from $1,751,999 in the same period of 2020[196] - Net income attributable to Ault Global Holdings for the three months ended March 31, 2021, was $1,997,381, compared to a net loss of $6,531,548 in the prior year[196] - Net income for the three months ended March 31, 2021, was $3.1 million compared to a net loss of $6.5 million for the same period in 2020, with net income available to common shareholders at $2.0 million[217] - Income from continuing operations was $1.2 million for the three months ended March 31, 2021, compared to an operating loss of $2.9 million for the same period in 2020[207] Expenses - Gross margins increased to 61.2% for the three months ended March 31, 2021, compared to 31.3% for the same period in 2020, with adjusted gross margins at 36.1% excluding lending and trading activities[203] - Engineering and product development expenses rose by $161,000 to $602,000 for the three months ended March 31, 2021, primarily due to costs related to electric vehicle charger product development[204] - Selling and marketing expenses increased by $903,000 or 267.1% to $1.2 million for the three months ended March 31, 2021, driven by higher personnel costs for sales and marketing[205] - General and administrative expenses increased to $5.1 million for the three months ended March 31, 2021, from $2.9 million in the same period in 2020, mainly due to higher consulting, audit, legal, and insurance costs[206] Cash Flow and Investments - Cash and cash equivalents increased to $107.8 million as of March 31, 2021, compared to $18.7 million at December 31, 2020, primarily due to financing activities related to the 2021 ATM offering[220] - Net cash used in investing activities was $16.7 million for the three months ended March 31, 2021, reflecting the acquisition of a Michigan Cloud Data Center for $3.9 million and investments in Alzamend Neuro, Inc. totaling $10 million[221] - Net cash provided by financing activities was $119.9 million for the three months ended March 31, 2021, primarily from proceeds of the 2021 ATM offering[223] Other Financial Activities - The company recognized a loss on extinguishment of debt amounting to $234,000 due to the issuance of common stock for debt conversion[186] - The acquisition of a Michigan Cloud Data Center was completed for a purchase price of $3.9 million, enhancing the company's operational capacity[186] - The company entered into a securities purchase agreement to invest $10 million in Alzamend Neuro, Inc., contingent on achieving specific milestones[187] - The company received forgiveness of a loan under the PPP in the principal amount of $715,000, aiding its financial position[189]
Ault Alliance(AULT) - 2021 Q1 - Quarterly Report