Dalrada Reports 1,096% Increase in Second Quarter 2022 Financial Results

Rhea-AI Summary

Dalrada Financial Corp. (DFCO) reported a remarkable Q2 2022 revenue of $5,447,264, representing a 1,096% increase compared to Q2 2021 ($455,517). The company's growth was driven by its healthcare and technology segments, with COVID-19 diagnostic testing revenues hitting $4,385,798. Additionally, the technology division saw a 143% revenue rise. Dalrada's subsidiaries, including Likido and Dalrada Precision, also reported significant growth, with Likido achieving a 681% revenue increase. CEO Brian Bonar emphasized the company's adaptability and commitment to innovation amidst ongoing challenges.

Positive

• Revenue of $5,447,264 represents a 1,096% increase year-over-year.
• COVID-19 diagnostic testing revenue reached $4,385,798.
• Technology division revenue rose by 143% compared to the previous year.
• Likido's revenue increased by 681% with its heat pump product.
• Dalrada Precision's revenue grew by 260%, aided by industrial products.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Dalrada Financial Corp. (OTCQB: DFCO, “Dalrada”) reported its financial results for three months ended December 31, 2021. With revenues of $5,447,264, the $4,991,747 growth represents a 1,096% increase, compared to the same period in fiscal 2021 ($455,517). During this fiscal 2022 quarter, Dalrada’s growth was attributed primarily to its healthcare and technology segments.

Although forced to operate in a challenging business climate due to the ongoing pandemic, Dalrada thrives. The Company remains agile, responding immediately to market demands for safer, alternative products and services that offer significant value to people, processes, and the planet. The Company saw QoQ (quarter on quarter) growth of 18%, compared to Q1 (ended September 30^th, 2021).

Through Dalrada’s innovative solutions, revenue from COVID-19 diagnostic testing was robust, reaching new heights of $4,385,798 in the second quarter of fiscal 2022. Dalrada’s Healthcare division is growing, and, as a result, the Company is investing resources that further expand its CLIA-certified laboratory and national service capabilities. Additional growth is attributed to Dalrada Health’s subsidiaries that focus on education, consumer goods, and additional diagnostic services.

The Company’s Technology division grew its revenues by 143%, compared to the same period in the prior year, and onboarded multiple large customers, while advancing its software development capabilities. Dalrada Technologies’ subsidiary, Prakat Solutions, Inc. (“Prakat”), enables its customers to bridge the technology gap through digital transformation and software modernization. Success stories are numerous and include large clients requiring remote healthcare services and HIPAA-compliant data access between thousands of insurance carriers, healthcare providers, and patients. Prakat assists its clients with business continuity software products and services across multiple sectors, emphasizing digital accessibility and security compliance.

Looking back in the first quarter of fiscal 2022, Dalrada’s clean energy subsidiary, Likido^® Limited, generated a 681% revenue increase, compared to the same period of fiscal 2021, with sales of the company’s high-temperature heat pump, LikidoONE^®. Likido looks to continue its success with clean energy solutions that are also attracting well-known industry giants from sustainability, technology, and energy sectors, comprising a diverse group collaborating as Dalrada’s Clean Energy Advisory Board. This specialized group tackles challenging aspects of environmental sustainability, including technology-driven innovations with carbon-reduction data tracking through artificial intelligence (AI), machine learning (ML), and Internet of Things (IoT) devices.

During the first quarter of fiscal 2022, Dalrada Precision experienced growth similar to Likido, as the subsidiary’s industrial manufacturing products helped increased revenue by 260%, compared to the same period in fiscal 2021. Dalrada Precision provides affordable bespoke parts supply and safer liquid cleaning degreaser solutions that aid businesses with environmentally-responsible aqueous industrial parts-cleaning processes.

Brian Bonar, CEO of Dalrada, states, “Beginning the year with growth-filled quarters, Dalrada proves its capability as a successful innovator – despite the ever-changing business climate. The Company celebrates its success, yet does not rest on its laurels. We look forward to sharing more of Dalrada’s industry advances soon.”

Dalrada continues its progression, growing its position within the world’s top-three growth markets: technology, clean energy, and healthcare.

For additional information on Dalrada and its subsidiaries, visit https://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.

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215005513/en/

Denise Mahaffey

858.283.1253

inquiries@dalrada.com

Source: Dalrada Financial Corp.

FAQ

What were Dalrada's Q2 2022 financial results?

Dalrada reported Q2 2022 revenues of $5,447,264, marking a 1,096% increase compared to Q2 2021.

How did the COVID-19 diagnostic testing perform in Q2 2022 for DFCO?

In Q2 2022, Dalrada's COVID-19 diagnostic testing revenue reached $4,385,798.

What growth did Dalrada's technology division experience?

Dalrada's technology division saw a revenue increase of 143% year-over-year.

What was the revenue growth for Dalrada's subsidiary Likido?

Likido reported a 681% increase in revenue in Q1 2022 compared to the same period in fiscal 2021.