Dalrada Reports Continued Growth with $4.3 Million Revenue During First Quarter 2023

Rhea-AI Summary

Dalrada Financial Corporation (OTCQB: DFCO) reported positive financial growth in its Q1 Fiscal 2023 results, generating $4.3 million in total revenue. Key revenue streams include Dalrada Health at $2.4 million and Precision Manufacturing at $1.1 million. The company is advancing its initiatives in green energy, particularly through contracts signed by Dalrada Energy Services, while also enhancing its digital capabilities via partnerships aimed at sustainable technology solutions. CEO Brian Bonar expressed a strong outlook for continued revenue growth in 2023.

Positive

• Q1 2023 total revenue of $4.3 million, up from prior periods.
• Dalrada Health generated $2.4 million in revenue.
• Partnership with Averett University to implement energy-saving initiatives.
• Expansion of executive leadership with the appointment of Jose Arrieta as Chief Strategy Officer.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- 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 first quarter of Fiscal 2023 ended September 30, 2022.

"I am pleased to report positive financial growth during Q1 of 2023, reflecting successful entries into carefully-selected market sectors,” said Brian Bonar, Dalrada’s Founder and Chief Executive Officer. “As we look ahead to the rest of 2023, we will maintain our focus on both stabilized and accelerated revenue growth to further enhance shareholder value.”

Mr. Bonar continued, “Advanced technologies like Web 3.0-based digital twin and metaverse enablement are providing multiple partnership opportunities, particularly within the federal government. As a result, Dalrada is poised to capture additional momentum in specific business markets, including green energy, as Fiscal 2023 continues.”

2023 Q1 Financial Highlights:

• Total revenue of $4.3 million
  • Dalrada Health revenue of $2.4 million
  • Dalrada Precision Manufacturing revenue of $1.1 million
  • Dalrada Technology revenue of $0.7 million
  • Dalrada Energy Services revenue of $0.1 million

2023 Q1 Operational Highlights:

• 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 Q1 of 2023, DES has signed a total of five 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 the 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 will lead all public sector green energy initiatives for DFCO and its subsidiaries. This includes Dalrada's work with the U.S. Department of Energy, the U.S. General Services Administration, and the U.S. Department of Defense.
  
  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 foundational tools to enable 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 continuously creates innovative, 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 (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.

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/20221129005380/en/

Michael Eslinger (meslinger@dalrada.com)

Source: Dalrada Financial Corporation

FAQ

What were Dalrada Financial Corporation's Q1 2023 financial results?

Dalrada Financial Corporation reported total revenue of $4.3 million for Q1 2023, with significant contributions from Dalrada Health and Precision Manufacturing.

Who is the CEO of Dalrada Financial Corporation?

Brian Bonar is the CEO of Dalrada Financial Corporation.

What is Dalrada Financial Corporation doing in green energy?

Dalrada Financial Corporation is pursuing green energy initiatives, including a partnership with Averett University to drive carbon reduction and energy cost savings.

What is the stock symbol for Dalrada Financial Corporation?

The stock symbol for Dalrada Financial Corporation is DFCO, traded on OTCQB.

What are the main revenue segments for Dalrada Financial Corporation in Q1 2023?

In Q1 2023, Dalrada's main revenue segments included Dalrada Health ($2.4 million), Precision Manufacturing ($1.1 million), and Technology ($0.7 million).