Digital Power Corporation (NYSEAMERICAN:DPW) reported that gross revenues for Q3 2017 surpassed $3.2 million, recording 77% growth in sequential quarters for this year. Total assets surpassed $18 million, up 310% from the quarter closing September 30, 2016, as mentioned in its Form 10-Q report submitted on November 20, 2017, after the market close, with the “SEC”. The firm noted that it expected the preceding sequential quarter of 2017 would be its bottom of its revenue drop and considers that the financial report of the third quarter validate that prediction.
The details
The jump in gross revenues was attributable to numerous elements, right from the inclusion of the initial revenues from the manufacturing of machines that utilize the MSLE® technology to fulfill the $50 million purchase order issued in March from MTIX, Ltd. to the entire inclusion of revenues from the deals of Microphase Corporation as well as Power-Plus Technical Distributors to fractional fulfillment of back orders which presently amount to around $63 million, down from the initial balance of $65 million.
The firm noted that its orders backlog is expected to increase following pending deals during the fourth quarter. Digital Power reported during its investor conference call that it is pursuing the deal of the 44% minority stake in Microphase Corporation that it does not own.
The firm will be able to close successfully deals with the minority shareholders. Milton “Todd” Ault, III, the Executive Chairman, expressed that during the preceding 12 months, the firm has kept its word to its partners and shareholders. With that stated, they intend to be active in the M&A segment at the subsidiary level and will persist to invest in MTIX, Ltd. via Avalanche International Corp, its parent firm. They are proud of the team and also have a lot more to deliver in the imminent period.
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