BitNile Holdings Reports Q1 2022 Financial Results, Including Revenue of $33 Million, up 148% From the Prior First Fiscal Quarter

LAS VEGAS–(BUSINESS WIRE)–$AGH #AmosKohn—BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding firm (“BitNile” or the “Firm”) reported its monetary outcomes at present for the three months ended March 31, 2022 on its Type 10-Q filed with the Securities and Change Fee.

Three months ended March 31, 2022 highlights embrace:

• Income of $32.8 million, a rise of 148%, from $13.2 million within the prior first fiscal quarter;
• Income from cryptocurrency mining, web of $3.5 million, in comparison with $130,000 within the prior first fiscal quarter;
• Earnings from operations of roughly $1.0 million, in comparison with $1.2 million within the prior first fiscal quarter;
• Inventory-based compensation expense, a non-cash expenditure, associated to inventory choices and inventory awards issued to the Firm’s workers, consultants and administrators, included in earnings from operations, of roughly $2.7 million and $20,000 for the three months ended March 31, 2022 and 2021, respectively;
• Curiosity expense of $29.8 million ensuing from the issuance of $66 million of secured promissory notes in December 2021, which have been totally paid in March 2022. Curiosity expense from these notes included the amortization of debt low cost of $26.3 million from the issuance of warrants, a non-cash cost, and authentic concern low cost, in reference to these secured promissory notes. Roughly 88% of the warrants issued are normal equity-based devices with an train value of $1.00 per share;
• Web lack of roughly $28.8 million, in comparison with web earnings of $2.0 million within the prior first fiscal quarter;
• Money and money equivalents of $39.4 million as of March 31, 2022;
• Constructive working capital of $55.6 million as of March 31, 2022; and
• Whole property of $518.9 million as of March 31, 2022.

Revenues

Revenues by section for the three months ended March 31, 2022 and 2021 are as follows:

Revenues elevated by $19.6 million, or 148%, to $32.8 million for the three months ended March 31, 2022, from $13.2 million for the three months ended March 31, 2021.

GWW

GWW revenues elevated by $0.9 million, or 14%, to $7.2 million for the three months ended March 31, 2022, from $6.4 million for the three months ended March 31, 2021. The rise in income from the GWW section for personalized options for the navy markets displays greater income from Enertec, which largely consists of income acknowledged over time, grew to $3.3 million for the three months ended March 31, 2022, a rise of $0.8 million, or 33.4%, from $2.4 million within the prior-year interval.

TOGI

TOGI revenues for the three months ended March 31, 2022 of $1.1 million declined $0.3 million, or 18%, from $1.4 million for the three months ended March 31, 2021, because of provide chain challenges.

Cryptocurrency

Revenues from BitNile’s cryptocurrency mining operations have been $3.5 million for the three months ended March 31, 2022, in comparison with $0.1 million for 3 months ended March 31, 2021. BitNile has made a major funding in mining tools and elevated its cryptocurrency mining actions.

Actual Property

Actual property section revenues have been $2.7 million for the three months ended March 31, 2022 in comparison with nil for the three months ended March 31, 2021. On December 22, 2021, the true property section acquired 4 lodge properties for $71.3 million, consisting of a 136-room Courtyard by Marriott, a 133-room Hilton Backyard Inn and a 122-room Residence Inn by Marriott in Middleton, WI, in addition to a 135-room Hilton Backyard Inn in Rockford, IL. Apart from the cryptocurrency section Michigan information middle, the Firm didn’t have any income-producing actual property previous to the lodge acquisitions.

Ault Alliance

Revenues from lending and buying and selling actions elevated to $17.9 million for the three months ended March 31, 2022, from $5.2 million for the three months ended March 31, 2021, which is attributable to a major allocation of capital from fairness financing transactions to Ault Alliance’s mortgage and funding portfolio. Throughout the three months ended March 31, 2022, Ault Alliance’s wholly owned subsidiary, Digital Energy Lending, LLC (“DP Lending”), generated vital earnings from appreciation of investments in marketable securities in addition to shares of frequent inventory underlying convertible notes and warrants issued to DP Lending in sure financing transactions. Below its enterprise mannequin, DP Lending additionally generates income via origination charges charged to debtors and curiosity generated from every mortgage.

Revenues from buying and selling actions throughout the three months ended March 31, 2022 included vital web beneficial properties on fairness securities, together with unrealized beneficial properties and losses from market value modifications. These beneficial properties and losses have precipitated, and can proceed to trigger, vital volatility within the Firm’s periodic earnings.

Gross Margins

Gross margins elevated to 68.0% for the three months ended March 31, 2022, in comparison with 61.4% for the three months ended March 31, 2021. Gross margins have been impacted by the favorable margins from Ault Alliance’s lending and buying and selling actions.

Working Bills

Working bills elevated to $21.3 million for the three months ended March 31, 2022, representing a rise of $14.4 million, in comparison with $6.9 million for the three months ended March 31, 2021.

The rise in working bills from the three months ended March 31, 2021 is attributable to the next:

• Analysis and growth bills elevated by $0.1 million for the three months ended March 31, 2022, from $0.6 million for the three months ended March 31, 2021. The rise in analysis and growth bills is because of product growth efforts at GWW;
• Promoting and advertising bills have been $6.5 million for the three months ended March 31, 2022, in comparison with $1.2 million for the three months ended March 31, 2021, a rise of $5.2 million, or 422%. The rise was the results of $5.0 million greater advertising prices at Ault Alliance, together with $3.5 million associated to an promoting sponsorship settlement in addition to will increase in gross sales and advertising personnel and consultants. The rise can also be attributable to a $0.2 million improve in prices incurred at TOGI to develop its promoting and advertising infrastructure associated to its EV charger merchandise;
• Basic and administrative bills have been $13.7 million for the three months ended March 31, 2022, in comparison with $5.1 million for the three months ended March 31, 2021, a rise of $8.6 million, or 169%. Basic and administrative bills elevated from the comparative prior interval, primarily because of:
  • non-cash inventory compensation prices of $2.6 million;
  • basic and administrative prices of $1.8 million from the Firm’s lodge operations, which have been acquired in December 2021;
  • elevated prices of $0.9 million associated to the Michigan information middle, operated by Alliance Cloud Companies, a wholly-owned subsidiary; and
  • greater authorized expense of $1.3 million, salaries of $0.5 million and audit charges of $0.3 million.

The Firm’s Chief Monetary Officer, Kenneth S. Cragun, stated, “Throughout the first quarter, we achieved vital income development with income of $33 million, about 2.5 instances better than the $13 million reported within the prior yr quarter. Money offered by working actions was $25 million within the first quarter of 2022. We have been in a position to repay $66 million in senior secured notes and invested $35 million in property and tools, primarily Bitcoin mining tools. We anticipate our investments in our cryptocurrency mining operations will contribute to each income development and improved profitability in future intervals.”

Milton “Todd” Ault, III, the Firm’s Government Chairman, said, “We’re inspired by the Firm’s first quarter outcomes, which symbolize a powerful begin to the yr and a major step towards our objective to develop income to greater than $155 million in 2022, which might almost triple our top-line outcomes from 2021. We ended the quarter with a powerful steadiness sheet, reporting $56 million in working capital and $519 million in property. With key investments in Bitcoin mining, information middle operations, protection, electrical car chargers, energy digital companies, resorts, and a lending and funding platform, we proceed to imagine the long run for our holding firm is brilliant.”

Firm to Maintain Monetary Outcomes Convention Name and Webcast

On Monday, Could 23, 2022 at 3:30 p.m. Pacific time, the Firm’s Government Chairman, Milton “Todd” Ault, III and its Chief Government Officer, William Horne shall be internet hosting a convention name and webcast to debate the monetary efficiency and outlook of the Firm and its subsidiaries. Becoming a member of Mr. Ault and Mr. Horne shall be Kenneth Cragun, the Firm’s Chief Monetary Officer. The Firm encourages all stockholders to attend this convention name, if doable.

Stockholders, traders and events who need to take part within the webcast should use the next hyperlink to register prior to three:30 p.m. Pacific time on Could 23, 2022:

Registration hyperlink – https://us06web.zoom.us/webinar/register/WN_13CqJZ9AT5qqd2W0PaqQ_g

For extra info on BitNile and its subsidiaries, BitNile recommends that stockholders, traders, and every other events learn BitNile’s public filings and press releases out there below the Investor Relations part at www.BitNile.com or out there at www.sec.gov.

About BitNile Holdings, Inc.

BitNile Holdings, Inc. is a diversified holding firm pursuing development by buying undervalued companies and disruptive applied sciences with a world impression. By way of its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates an information middle at which it mines Bitcoin and offers mission-critical merchandise that help a various vary of industries, together with protection/aerospace, industrial, automotive, telecommunications, medical/biopharma and textiles. As well as, BitNile extends credit score to pick entrepreneurial companies via a licensed lending subsidiary. BitNile’s headquarters are positioned at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.

Ahead-Trying Statements

This press launch comprises “forward-looking statements” inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. These forward-looking statements typically embrace statements which are predictive in nature and rely upon or confer with future occasions or situations, and embrace phrases similar to “believes,” “plans,” “anticipates,” “tasks,” “estimates,” “expects,” “intends,” “technique,” “future,” “alternative,” “could,” “will,” “ought to,” “might,” “potential,” or related expressions. Statements that aren’t historic information are forward-looking statements. Ahead-looking statements are based mostly on present beliefs and assumptions which are topic to dangers and uncertainties. Ahead-looking statements converse solely as of the date they’re made, and the Firm undertakes no obligation to replace any of them publicly in gentle of latest info or future occasions. Precise outcomes might differ materially from these contained in any forward-looking assertion because of numerous elements. Extra info, together with potential danger elements, that would have an effect on the Firm’s enterprise and monetary outcomes are included within the Firm’s filings with the U.S. Securities and Change Fee, together with, however not restricted to, the Firm’s Varieties 10-Okay, 10-Q and 8-Okay. All filings can be found at www.sec.gov and on the Firm’s web site at www.BitNile.com.

Contacts

BitNile Holdings Investor Contact:
[email protected] or 1-888-753-2235