Dalrada Reports 54.3% Revenue Increase and Positive Net Equity in Annual 10-K

Tremendous growth and a return to positive net equity are highlighted in the company’s completed annual filing for fiscal 2023.

SAN DIEGO, October 19, 2023--(BUSINESS WIRE)--Dalrada Financial Corporation (OTCQB: DFCO, "Dalrada"), a visionary that addresses global challenges in climate technology and clean energy innovation, today announced it had completed the delayed filing of the company's 10-K, reporting a 54.3% revenue increase over the previous year and showing a return to positive net equity.

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Dalrada recently filed its 2023 10-K showing tremendous growth. (Graphic: Business Wire)

The results of Dalrada’s 2023 10-K confirm a total revenue of $29.7 million for the fiscal year, approximately $10 million more than fiscal 2022, when Dalrada reported $19.3 million in total revenue. The growth represents a year-over-year revenue increase of 54.3%.

The company also achieved positive net equity for the first time in recent years, allowing for the acceleration of several global projects.

"We’re excited about what our company achieved as the 10-K shows. Over the past year, we’ve consolidated our efforts and streamlined our operations so that we can focus on making a more positive impact while providing a real, tangible value to our shareholders and the public," said Dalrada’s CEO and Founder, Brian Bonar.

Much of the "impact" Bonar refers to is in the area of Dalrada’s advanced climate technology. Along with the news of the company’s newly-released 10-K, Dalrada also announced that it had received signed purchase contracts in Morocco and France.

The significant contracts from Crown Glory Holding in Morocco and JBS Consulting in France call for the building and installation of Dalrada Climate Technology’s proprietary heat pumps that are poised to revolutionize the HVAC industry by using supercritical CO2 for efficient heating and cooling in commercial and industrial applications.

The multi-year contracts (seven years for Crown Glory Holding and five years for JBS Consulting) represent a total of 6,800 heat pumps. The combined value of this nearly-7,000 heat pump order is expected to generate revenue in excess of $500 million.

"It’s been incredibly rewarding to see different countries and their officials embrace our heat pumps. Now, we just need to ramp up production to scale this business and meet the world’s growing demands," according to Bonar.

Bonar has made it his personal mission to drive the success of the company’s climate technology by traveling to Morocco, France, and Spain in the last month alone to secure partnerships and forge new relationships with prominent government officials and business leaders.

Dalrada continues to offer leading-edge products and services that optimize the energy resources of its clients while minimizing environmental impact and reducing energy costs, further bolstering the company’s revenue and operating income.

About Dalrada Corporation

Dalrada Financial Corporation (OTCQB: DFCO, "Dalrada") is a progressive organization that drives innovation to impact people, businesses, and the planet positively. The company owns and operates a global group of climate technology and clean energy companies, each with a clearly-defined mandate to identify, address, and deliver solutions to unique economic, environmental, and efficiency problems facing public, government, and private sector organizations.

Dalrada’s subsidiaries and strategic partners operate in the United States, the United Kingdom, Malaysia, Spain, India, France, and Morocco, and are centrally managed from the company’s San Diego, California headquarters.

For more information, please visit www.dalrada.com, and follow us on LinkedIn, Facebook, and Twitter.

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.

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Contacts

Michael Eslinger
meslinger@dalrada.com

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