Gresham Worldwide, a BitNile Holdings Subsidiary, Books New Orders Exceeding $10.0 Million in the Second Quarter of 2022
Global military tensions and strong operating performance increase bookings by 23%
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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: Enertecincreased bookings 68% from $3.1 millionin Q1 2022 to $5.2 millionin Q2 2022. Enertecexperienced a particularly strong performance in the medical sector, adding $3.4 millionin orders for precision testing and calibration solutions, which was supplemented by substantial bookings in the defense sector for the quarter.
United States: Microphase Corporationadded $1.53 millionin 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 DoDaerospace 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 millionfor 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 UPSproducts for major shipbuilding programs and land-based mobile power solutions.
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Gresham Worldwide is a private holding company that owns Enertec Systems 2001 Ltd,
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