Dalrada Continues Upward Trajectory With 252% Growth in Third Quarter 2022 Financial Results

Rhea-AI Summary

Dalrada Corporation (OTCQB: DFCO) reported record financial growth for Q3 2022, achieving revenue of $5,592,150, a 252% increase from Q3 2021's $1,588,329. For nine months, revenue reached $15,641,766, up 458% year-over-year. The surge is primarily due to the COVID-19 testing segment and the sale of Likido® products. The company signed five contracts under its new Dalrada Energy Services division, promising further revenue growth. Major accomplishments include validation of Likido®ONE heat pumps by U.S. authorities and expansion in sales, positioning Dalrada for ongoing success.

Positive

• Revenue of $5,592,150 in Q3 2022, up 252% year-over-year.
• Nine-month revenue total of $15,641,766, representing a 458% increase.
• Signing of five contracts in Dalrada Energy Services, set to enhance revenue.
• Validation of Likido®ONE heat pumps by U.S. agencies supports market credibility.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Dalrada Corporation (OTCQB: DFCO, "Dalrada") reported record growth in its financial results for Q3 2022. The quarter ended March 31, 2022, and Dalrada generated revenue of $5,592,150, representing 252% growth compared with the same period in fiscal 2021 ($1,588,329). For the nine-month period ended March 31, 2022, Dalrada generated $15,641,766, which represented 458% growth compared to the same period in fiscal 2021 ($2,803,239). The increase in revenues is primarily attributable to the Company's COVID-19 testing segment and the sale of its Likido^®ONE and Likido^®CRYO products.

During the quarter ending March 31, 2022, the Company completed two significant opportunities, resulting in upside to revenues and shareholder value. Dalrada Precision has been providing managed services to support international transactions on multiple contracts. Furthermore, the newly-established Dalrada Energy Services division has developed a business model that resulted in the signing of five contracts with mid and large-sized facilities/buildings by providing energy-saving services that utilize various technologies, including Dalrada's Likido^® products. These two opportunities may result in an influx of revenue and profit during the remainder of this fiscal year.

Dalrada has completed multiple contracts related to Dalrada Energy Services and anticipates revenue to arrive within a short period of time. Additionally, Dalrada is actively managing significant opportunities outside its core businesses and expects further increased revenues and shareholder value during the remainder of the fiscal year.

Dalrada's agility allows it to respond immediately to demands for safer alternative products and services that provide significant value and benefit.

In the third quarter alone, Dalrada's major accomplishments included:

• Field validation of Likido®ONE heat pumps by the U.S. General Services Administration and Department of Energy's Green Proving Ground program for use in federal buildings to accelerate U.S. net-zero sustainability initiatives that reduce reliance on carbon-emitting fossil fuels. The U.S. GSA's real estate portfolio spans more than 8,800 assets, including more than 500 historic properties, and manages almost 370 million square feet of rentable workspace for more than a million federal employees.
• Dalrada Health completed the second clinical trial of its cerVIA™ visual inspection with acetic acid (VIA) standardized test kits in India, providing an accessible alternative to traditional cytology diagnostic tests for cervical cancer screening and prevention that are unavailable in low to middle-income countries.
• Domestic and international sales expansion.
• Increased availability of portfolio products and services.
• Expansion of Dalrada's Board of Directors and Advisory Boards with renowned industry leaders whose influence impacts clean energy, healthcare, and technology market expansion – both domestically and internationally.

Brian Bonar, Dalrada's Chairman and CEO, states, "Dalrada's innovations are making a positive impact in the top growth markets of clean energy, healthcare, and technology. We look forward to sharing more about Dalrada's progress."

For additional information on Dalrada and its subsidiaries, visit www.dalrada.com.

About Dalrada (DFCO)

Dalrada Corporation drives innovation that positively impacts people, businesses, and the planet. With subsidiaries that are firmly positioned in the world's top three-growing industries of healthcare, clean energy, and technology, Dalrada creates solutions that are sustainable, affordable, and accessible.

The company works continually to produce disruptive products and services that accelerate positive change for current and future generations. Dalrada's global solutions directly address climate change, post-pandemic gaps in the healthcare industry, and technology solutions for a new era of human behavior and interaction, ensuring a bright future for the world around us.

Established in 1982, Dalrada has since grown its footprint to include the unique business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Please visit www.dalrada.com and follow us on Twitter, Facebook, and LinkedIn for more information.

Disclaimer

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 US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005406/en/

Denise Mahaffey

858.283.1253

inquiries@dalrada.com

Source: Dalrada Corporation

FAQ

What was Dalrada Corporation's revenue for Q3 2022?

Dalrada Corporation reported revenue of $5,592,150 for Q3 2022.

How much has Dalrada's revenue grown compared to Q3 2021?

Dalrada's revenue grew by 252% compared to Q3 2021.

What factors contributed to Dalrada's revenue increase?

The revenue increase was mainly attributed to the COVID-19 testing segment and sales of Likido® products.

What contracts did Dalrada Energy Services sign?

Dalrada Energy Services signed five contracts to provide energy-saving services.

What validation did Dalrada's Likido®ONE heat pumps receive?

The U.S. General Services Administration and Department of Energy validated Likido®ONE heat pumps for federal building use.