Dalrada’s Strong Revenue Generation Includes 23% growth to $5.3 Million During the Second Quarter of 2023
SAN DIEGO, CA – FEBRUARY 15, 2023 – Dalrada Corporation (OTCQB: DFCO, “Dalrada,” the “Company”), a problem-solving innovator that takes on complex, multi-disciplinary global challenges in clean energy, precision manufacturing, and technology, announced today its financial results for the second quarter of Fiscal 2023, ended December 31, 2022. During Q2 2023, total revenue grew $1 million—a 23% increase from the prior quarter—to $5.3 million.
“I am pleased to report continued financial growth during Q2 of the fiscal year 2023,” said Dalrada CEO and Founder Brian Bonar. “We have worked hard to develop our unique offerings in multiple marketplaces, especially during the last quarter. As an example of this, we focused on investing in our intellectual property and technology platform, which resulted in a $400,000 increase in our assets,” he added.
“Additionally, the operational and sales platform we have worked so hard to build over the last few years has now generated a near and long-term backlog of $52 million, as stated in our MD&A. Going forward, we’re confident that Dalrada is primed to remain on a stabilized and accelerated revenue growth pattern to enhance shareholder value further,” said Bonar.
The Company continues its upward trajectory from the previous quarter, recording steady growth in the various business segments it does business in.
2023 Q2 Financial Highlights:
- Dalrada Precision Manufacturing revenue: $1.1 million
- Dalrada Technology revenue: $0.5 million
- Dalrada Energy Services revenue: $1.7 million
- Dalrada Health revenue: $2.0 million
Fiscal 2023 Six Months’ Financial Highlights:
- Total revenue: $9.5 million
- Dalrada Precision Manufacturing revenue: $2.2 million
- Dalrada Technology revenue: $1.1 million
- Dalrada Energy Services revenue: $1.8 million
- Dalrada Health revenue: $4.4 million
Fiscal 2023 Six Months’ Operational Highlights:
- Dalrada’s acquisition of Bothof Brothers Construction, a licensed general contractor providing a wide range of development, construction, and design capabilities and expertise throughout the United States. Through Bothof’s extensive experience in construction and contracting, Dalrada Energy Services will be able to provide a myriad of additional services to its private and public works customers.
- Dalrada Energy Services (“DES”) announced its breakthrough partnership with Averett University in Virginia in an effort to drive a significant reduction in carbon emissions while delivering major energy cost savings for the university. DES will execute these sustainability initiatives by developing a holistic approach to help achieve carbon neutrality through the use of innovative, modern technology on the Averett University campus. At the center of this project is the installation of multiple Dalrada Likido™ONE commercial heat pumps.
- Through Q2 of 2023, DES has signed a total of six contracts (including Averett University), and with completed installations, revenue will continue to grow as energy savings are realized.
- Through its partnership with imagineeer, a Virginia-based Web 3.0 company, Dalrada Financial Corporation will design, develop, and implement a unique digital ecosystem while creating an immersive rural payments solution. This includes magnetic mapping, digital asset bearer solutions for carbon credits, and a digital education experience that creates a new educational model for Averett University students. Imagineeer will facilitate the metaverse experience through proprietary technology and specific tools that will ultimately lead to further learning and understanding of the foundational technologies to establish a modern metaverse-based economic system.
- Dalrada Financial Corporation (“DFCO”) expanded its executive leadership team, naming Jose Arrieta as Chief Strategy Officer.
Arrieta also serves as President of Dalrada Technologies, a DFCO subsidiary. This is in addition to his current role as a member of the Dalrada Board of Directors. Through his company, imagineeer, Arrieta has pioneered the development of distributed data ownership and secure IoT solutions, metaverse-enabled environments, and digital twinning capability within government (federal, state, and local) for capturing carbon credits and making them saleable assets.
Dalrada continues to create innovative and impactful solutions that address the complex challenges of today and tomorrow, creating value in each market vertical that it does business in. For more information about Dalrada Corporation and its subsidiaries, please visit www.Dalrada.com.
About Dalrada Financial Corporation (DFCO)
Dalrada Financial Corporation (OTCQB: DFCO) is a forward-facing organization that continually produces disruptive products and services that accelerate positive change for current and future generations. Since 1982, Dalrada has redefined possibilities while boldly addressing global challenges with transformative innovations that drive targeted advances in emerging markets for a new era of human behavior and interaction, ensuring a bright future for the world around us. Dalrada Financial Corporation is committed to positively impacting people, businesses, and the planet through sustainable solutions. For more information, please visit www.dalrada.com, and follow us on Twitter, Facebook, and LinkedIn.
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 several 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.
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