SAN DIEGO, CA – November 19, 2021 – Dalrada Corporation (OTCQB: DFCO, “Dalrada”) has reported financial results for the quarter ending September 30th, 2021 (Fiscal Q1). The Company reported revenues of $4,602,353, representing an increase of 506% compared to $759,393 for the same quarter in 2020. Gross profit for the quarter was $3,398,018 compared to $525,965 for the quarter ending September 30th, 2020, representing a 546% increase.
Stockholder deficit reduced by 48% compared to the same period last year.
Brian Bonar, Chairman and CEO of Dalrada, states, “I am very pleased with our topline revenues for the quarter. We are making the right decisions to grow and position our organization for future success while strategically increasing stockholder value as we achieve our future goal of uplisting to NASDAQ.”
Dalrada reported its strongest quarter, with revenues exceeding the Company’s performance compared to the combined revenues of the last four quarters. During this period, Dalrada expanded its health division to include on-site COVID-19 testing (Pala Diagnostics), ramped up the certified nursing and medical assistant education programs (IHG), and continued to expand GlanHealth’s sanitizing product portfolio. Prakat, Dalrada’s Technology Division, grew topline revenues with new wins in supply chain management platforms, IT & software engineering, and business solutions through mobile application development.
Operating expenses increased for the quarter, compared to the same period last year, due to stock compensation payouts; a ramp-up of legal & consulting; the continued development and support of Likido® operations & manufacturing; build-out of Sòlas Rejuvenation Clinic; development of Empower Genomics testing lab including COVID-19 on-site testing; manufacturing of Ignite cleaning products; and expansion of Prakat and IHG.
As the organization’s healthcare and technology divisions experience growth, the Company is looking forward to increasing production of the Likido® units due to market demands. During the 26th United Nations Climate Change Conference (COP26), nearly 200 countries reached an agreement to prevent further temperature increases to the planet. As nations seek solutions, Likido solves the world’s greatest problems by decarbonizing heat, removing the need for fossil fuels.
Bonar concludes, “This is an exciting time for our organization. The Company is positioned with the right structure and personnel, and we have much work to do. We are confident in each of our business segments, the synergies, and the fit of our products to the industries we serve in clean energy, healthcare, and technology. The Company appreciates the ongoing support from Dalrada’s shareholders, investors, and clients.”
For more information on Dalrada and its subsidiaries, visit www.dalrada.com.
About Dalrada (DFCO)
With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.
Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.
Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada’s subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.
Statements in this press release that are not historical facts, the statements 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 U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K.
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