Gresham Worldwide Bookings for the Second Quarter of 2023 Exceed $10.2 Million

Giga-tronics, Inc. d/b/a Gresham Worldwide (OTCQB: GIGA) (the “Company”), a provider of high-performance purpose-built electronic solutions for mission critical applications in defense, health care, telecommunications, and transportation industries, today announced that its global businesses exceeded $10.2 million in bookings for the quarter ending June 30, 2023.

The Company booked more orders for turnkey electronic solutions, particularly for defense and health care customers, as well as RF component solutions, power electronics and displays. The new work included missile defense technology and RF solutions for global defense contractors as well medical device test solutions for a Fortune 50 global healthcare provider. Continued geopolitical military tensions and post-pandemic business rebounds drove increased demand for the Company’s offerings in Q2 2023. Those factors are expected to generate increasing demand for precision electronics throughout the rest of 2023 and into 2024.

The Company ended the quarter on June 30, 2023, with a backlog of $28 million which paves the way for continued, stable growth. Gresham Worldwide continues to harvest post-merger improvements in operational efficiencies, optimize infrastructure and position itself to scale operations to fulfill the increased demand.

Bookings Overview

Precision Electronic Solutions: Closed over $4.884 million in orders for new business in Q2 2023. Focusing on precision manufacturing of purpose-built electronic solutions translated into more work with defense and medical customers. Gresham Worldwide expects growth in this division to continue in both sectors in second half of 2023 and into 2024.

RF Solutions: This business unit generated over $3.182 million in bookings for new orders in Q2 2023. These orders include ongoing demand for Gresham Radio Frequency purpose-built defense solutions. Following the Company’s September 2022 acquisition of Gresham Holdings, Inc., it has a broader array of RF solutions that expand the ability for Gresham Worldwide to meet the requirements of customers all around the world for RF, microwave and millimeter wave filters, detectors, and amplifiers.

Power Electronics & Displays: New business bookings for power electronics and display solutions at Gresham's operating companies in the UK exceeded $2.059 million for Q2 2023. Commercial customers continue to drive bookings for ruggedized power electronics and display solutions. Gresham expects to see consistent demand and growth within these sectors in 2023.