Summary by Futu AI
Ault Alliance, Inc. has filed a notification of late filing with the SEC for its Form 10-Q, which was due for the period ended March 31, 2024. The company cited the impracticability of timely filing the report without undue hardship and expense as the reason for the delay. Ault Alliance reported a significant improvement in its financial performance for the quarter, with revenue increasing by 24% to $36 million from $29 million in the same period the previous year. The loss from continuing operations decreased substantially to $8 million from $30 million year-over-year. The company also noted an increase in its digital assets mining operations by approximately $4 million. Operating expenses were reduced to $20 million, down from $32 million, with decreases across selling and marketing, research and development, and general and administrative expenses. The net loss available to common stockholders was reported at $15 million, a marked improvement from the $49 million loss in the prior year's comparable period. The late filing is expected to be submitted within the five-day extension period provided by Rule 12b-25(b).