Dalrada Financial Corporation Reports Revenue of $9.5 Million, an Increase of over $4 Million or 80% During Q3 2003

SAN DIEGO, CA – MAY 16, 2023 – Dalrada Corporation (OTCQB: DFCO, “Dalrada”), a U.S.-based company with global operations focused on developing and delivering transformative innovations in clean energy services, high precision manufacturing, advanced technology, and reimagined healthcare; today announced it has recorded $9.5 million in revenue, an increase of over 80% for the quarter ended March 31, 2023.

During Q3, revenue totaled $9.5 million, an increase of over $4 million or 80%, compared to Q2, ended December 31, 2022. Additionally, the Gross Margin increased by $0.6 million (25%), while sales, general, and administrative expenses decreased by $0.6 million (8%), and Operating Loss decreased by $1.1 million (24%). As of March 31, 2023, DFCO has created a backlog of $86 million in potential orders through its four core segments across its portfolio of subsidiaries, primarily based on the increasing worldwide commercialization and sales of the Dalrada Likido™ONE heat pump.

“We are on a mission to deliver effective and efficient solutions for energy. Now, after significant investment, we have developed heat pumps with seven times the efficiency of typical industrial boilers. This has been a major technological accomplishment, and we are streamlining the appropriate departments to activate and support the sales and services of this groundbreaking equipment,” according to Brian Bonar, Chairman and CEO of Dalrada.

Q3 2023 Financial Highlights:

• Total consolidated revenue: $9.5 million
  • Genefic revenue: $4.8 million
  • Dalrada Energy Services revenue: $2.5 million
  • Dalrada Precision Manufacturing revenue: $1.7 million
  • Dalrada Technologies revenue: $0.5 million
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• Total consolidated cost of revenue: $6.6 million
• Total consolidated sales, general and administrative: $6.5 million
• Total consolidated loss of operations: $3.6 million

Nine-Month 2023 Financial Highlights:

• Total consolidated revenue: $19.0 million
  • Genefic revenue: $9.2 million
  • Dalrada Energy Services revenue: $4.2 million
  • Dalrada Precision Manufacturing revenue: $3.9 million
  • Dalrada Technologies revenue: of $1.7 million

• Total consolidated cost of revenue: $11.9 million
• Total consolidated sales, general, and administrative: $18.4 million
• Total consolidated loss of operations: $11.3 million

About Dalrada Financial Corporation

Dalrada Financial Corporation (Dalrada) is a progressive organization that drives innovation to impact people, businesses, and the planet positively. The company owns and operates a global group of clean energy, precision manufacturing, technology, and professional service companies. Each of these companies has a clearly defined mandate to identify, address, and deliver solutions to unique economic, environmental, and efficiency problems facing public, government, and private sector organizations. Dalrada responds by developing advanced technologies, products, and services with a clear and quantifiable value, generating a significant return on investment for its clients.

Dalrada companies are on the leading edge of developing and applying innovative eco-sensitive next-generation science, engineering, and technology, serving a broad range of industries and governments. The company’s products and services significantly reduce energy costs and remove barriers for its clients, creating a more sustainable and prosperous future for us all.

Dalrada’s subsidiaries and strategic partners operate in the United States, United Kingdom, Malaysia, and India and are centrally managed from the company’s San Diego, CA headquarters. For more information, please visit www.dalrada.com, and follow us on LinkedIn, Facebook, and Twitter.

Disclaimer

Statements in this press release that are not historical facts are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management’s current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company’s expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company’s success are more fully disclosed in the Company’s most recent public filings with the US Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K.