Ault Worldwide Holdings Inc. (NASDAQ: DPW) stock declined by 8.37% at the last close whereas the DPW stock gains by 23.48% in the pre-market trading session. Ault Worldwide Holdings is a diversified holding company focused on purchasing undervalued firms and disruptive technologies having a global impact in order to expand.
What is happening?
Ault Global Holdings has released preliminary revenue for the second quarter of the fiscal year 2021, which concluded on June 30, 2021.
- Revenue of about $62 million, up from $5.4 million in the preceding second fiscal quarter by nearly 1048 percent.
- Due to the transfer of funds to Ault Global’s fully owned subsidiary, Digital Power Loan, revenue from lending and investment operations totaled $53 million.
- A $40 million gain from DPW’s investment in Alzamend Neuro, a preclinical stage biopharmaceutical firm focusing on discovering new medicines for the treatment of neurodegenerative illnesses and mental problems, was included in revenue from loan and investing operations.
- In March 2021, DPW began cryptocurrency mining activities with around 1,000 miners, generating approximately $300,000 in revenue.
- For the quarter, income before taxes was around $44 million, marking the company’s second consecutive quarter of profitability.
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DPW’s Founder and Executive Chairman, Milton Todd Ault, III commented,
The strength of their lending and trading activity at DP Lending, the financial services business, is reflected in DPW’s preliminary financial results for the second quarter of 2021. They feel that the present loan and investment pipeline is robust, and assuming market conditions for small-cap companies stay favorable, also DPW believes that theirs future prospects are bright. They intend to devote further money to their lending and investment platform in the third quarter, as they observe momentum across all of their companies. Simply said, they are in the best financial situation in their 52-year existence.
The future prospects for DPW appear good, with the finest balance sheet in DPW’s history, a skilled management team, and a fantastic team of CEOs at the subsidiary level.