Company files annual report with positive growth
SAN DIEGO, CA – NOVEMBER 1, 2022 – Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”), an innovator in its four core segments: health care, energy services, precision manufacturing, and technology, today announced its financial results for the 2022 fiscal year ended June 30, 2022 (“Fiscal Year 2022”). The Company continues its strong growth, reporting total revenues of approximately $19.3 million, which represents year-over-year growth of 465% compared to previous fiscal year revenues of approximately $3.4 million.
”By all measures, Fiscal Year 2022 was a significant success for the Company, its management team, and its shareholders.Brian BonarDalrada’s Founder and CEO
“By all measures, Fiscal Year 2022 was a significant success for the Company, its management team, and its shareholders,” commented Brian Bonar, Dalrada’s Founder and CEO. “During the fiscal year, we established products and services through a strategic vertical integration approach. Dalrada leveraged its manufacturing capabilities, technology, people, and physical locations to increase market share and position itself for growth in market sectors that are being driven by federal funds as well as commercial demand. Dalrada’s dynamic structure and cross-market vertical businesses have provided the opportunity to disrupt health care with energy solutions for example. Additionally, we’ve been able to disrupt energy with technology tools like digital twins and digital bearer assets and transform rural cities and municipalities by empowering businesses, people, and non-government organizations with insights and data to test and make transformational decisions.”
“During the year, we made major strides in expanding our segments. For instance, Dalrada Health entered the diagnostic space with a concentration on SARS-Cov-2 testing and acquired Watson RX Solutions to advance its integration into the pharmaceutical sector. Dalrada Precision Manufacturing complemented its international footprint in the manufacturing space by acquiring Deposition Technology Ltd., a company that produces precision manufacturing equipment and services for semiconductors and other specialized devices. We also launched Dalrada Energy Services to corner a significant opportunity in the ESG space. We increased our market share in each of our operating segments while further building our management team and board of directors. It has been an impressive year of growth and successful entry into carefully-selected growth sectors,” concluded Mr. Bonar.
Financial highlights for the full year 2022:
- Full-year revenue of $19.3 million, representing a 465% increase.
- Dalrada Health revenue of $13.6 million, representing a 683% increase.
- Dalrada Precision Manufacturing revenue of $2.1 million, representing a 341% increase.
- Dalrada Technology revenue of $2.2 million, representing an 89% increase.
- First-year revenue of $1.3 million for the Dalrada Energy Services segment.
Operational highlights for the full year 2022:
- The Green Proving Ground (GPG), a program of the United States General Services Administration (GSA) and the Department of Energy (DOE), chose the Company’s Likido™ONE heat pump to help reduce greenhouse emissions from commercial buildings through high performance, low-carbon solutions. Likido™ONE will be evaluated under dynamic, real-world conditions in federally or privately-owned commercial buildings.
- Dalrada established a partnership with imagineeer, a Virginia-based Web3 solutions company to develop a Web3 foundation and protocol, enabling a metaverse solution for customers interested in massive disruption. This partnership has led to a transformational initiative in Danville, Virginia, starting with Averett University. The Averett University initiative will be a “Petri dish” focused on enabling data ownership, micropayments, and magnetic mapping, as well as creating the ability to measure, tokenize, and create a digital twin to ultimately enhance carbon reduction efforts and drive sustainable practices on the campus.
- Dalrada expanded its executive leadership team, naming Brian McGoff as President and Chief Operating Officer. A seasoned leader with more than 25 years of experience at companies including IBM, HSP Advisors, and Health Start Partners, Mr. McGoff guides operations, complex sales, M&A, tech transfer, early-stage commercialization, business strategy, and executive communications.
- Dalrada Health acquired the pharmacy, Watson Rx Solutions, Inc., to further grow its plans within the healthcare sector and use Web3 technology and human-centered design to offer patient-centric care, testing, and treatment, while eliminating data integration and data-sharing challenges. Dalrada will be able to deploy and test solutions in the market that allow portability in medical records and data ownership amongst patients.
- Dalrada Precision Manufacturing continued its growth within the global technology and clean energy sectors through the acquisition of Deposition Technology Ltd. (“DepTec”). This gives Dalrada the ability to fully participate in microelectronic manufacturing in the United States and abroad, while furthering the Company’s commitment to federal efforts like the recently-passed CHIPS Act, which provides billions in funding to create a modern domestic manufacturing base for microelectronics.
- Dalrada Energy Services was launched to provide end-to-end comprehensive energy service solutions in a robust commercial capacity. These solutions will address unmet energy savings for clients and aid in the growing needs of conducting business in an environmentally-friendly fashion while correcting potential issues to maximize energy-saving and cost-saving efforts.
- Dalrada Precision Manufacturing launched Ignite Industrial Technologies, a revolutionary biodegradable cleaner and degreaser product.
Mr. Bonar continued, “We are very pleased with the Company’s strong revenue growth. With the recent acquisitions assimilated into Dalrada and associated acquisition expenses behind us, our management team is laser focused on implementing cost efficiencies and accelerating our revenue growth to further enhance shareholder value.”
About Dalrada Financial Corporation
Dalrada Financial Corporation (OTCQB: DFCO) is a future-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 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 regarding 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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