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Dalrada Corporation (OTCQB: DFCO, "Dalrada") reported its financial results for the third quarter of the fiscal year 2021 (ended March 31, 2021). With revenues of $1,588,329, this represents a 352% increase compared to the same period in 2020 ($351,324). This is the Company’s top-performing quarter since Dalrada shifted its mission to innovating global solutions in science, engineering, and technology in 2018.
Quarter-over-quarter revenue increased by 50% compared to the prior quarter three months ended December 30th, 2020 ($1,055,517). Dalrada continues to provide value with its products and services. As a result, Dalrada is achieving the objectives set for each business segment, despite the resurging disruptions caused by the pandemic to economies and particularly, supply chains.
Dalrada’s gross profit for the quarter was 46%. A decrease from the prior quarter (57%) was due to increases in raw materials, promotions to build customer loyalty, the added costs associated with the final stages of machine testing and quality assurance as well as the addition of two new subsidiaries, Pacific Stem Cells, LLC and International Health Group, Inc.
The net income gain is attributed to Dalrada’s expansion efforts with existing business segment maturity, growing sales, and its new acquisitions offering complementary products and services within the healthcare sector.
Dalrada’s operating subsidiaries Dalrada Precision, Dalrada Health Products, and Dalrada Technologies offer high-value innovative alternative solutions to businesses and consumers worldwide. With a global footprint in Malaysia, U.K., India, and United States, the Company is well-positioned to supply products and services with the ability to make a meaningful impact in environmental sustainability, healthcare, and business growth leveraging technology. Driven by passionate and dedicated people, Dalrada’s mission is to introduce disruptive solutions by offering a different approach to solving global problems.
Brian Bonar, Chairman & CEO of Dalrada, states, "Accelerating growth consistently amid the current business climate is a testament to Dalrada’s perseverance. The Company’s steadfast commitment to Corporate Social Responsibility and Inclusion is improving lives now and for future generations. Dalrada would like to thank its shareholders and the public for supporting the Company’s mission as it continues to create alternative innovations that advance industries including clean energy, engineering, science & health, and technology."
During quarter three, and into the fourth quarter, Dalrada has made steady progress as an international innovation company. Advances and appointments include:
Dalrada’s Executive Management – Dalrada’s CFO, Kyle McCollum, CPA, and David Pickett, EVP Sales & Business Development
Dalrada Health’s cervical cancer screening study findings will be presented by Chief Medical Officer, Dr. Payal Keswarpu, at the 17th World Congress for Cervical Pathology and Colposcopy
Dalrada Health’s Empower Genomics launches with four new genomics tests
Dalrada Health finalized acquisitions: Pacific Stem Cells, LLC, and International Healthcare Group (IHG)
GlanHealth™ launched a personal and professional sanitizing product custom label program
Dalrada Precision’s Likido® Limited launches development of the Likido®HOME water heater for 300% clean energy efficiency & significant carbon reduction, and Likido®VOLT clean energy independent power generators securing the first sale with global dairy distributor Hidden Villa Ranch
Dalrada Technology’s Prakat and Dragonchain partner on creating clean energy, fintech, and healthcare blockchain solutions, while continuing to win business with new and existing customers
Dalrada continues to attract global industry leaders to its Board of Directors. Recent appointments include:
Tom Giles, Board of Directors – Technology & Heath
Anthony Zolezzi, Board of Directors – Sustainability & Health
The Company’s financials reflect the assignment of 500,000 shares of restricted stock to each Dalrada Director of the Board for their services, for a total of $730,000 as non-cash compensation.
Bonar concludes, "Dalrada looks forward to sharing many more exciting announcements of industry advancements in the near future."
For additional information on Dalrada and its subsidiaries, visit www.dalrada.com
About Dalrada (DFCO)
Dalrada Corporation (OTCQB: DFCO, "Dalrada") solves complex global problems by producing innovation-focused and technologically centered solutions. Delivering next-generation manufacturing, engineering, healthcare, and technology products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of capital management. The Company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure. For more information, visit www.dalrada.com or call 1-858-283-1253.
About Dalrada Health
A subsidiary of Dalrada Corporation, Dalrada Health is focused on solving health problems around the world. The company develops products and services that address the unmet needs of consumers due to accessibility, affordability, or availability. With operations in the U.S., Malaysia, and India, Dalrada Health reaches underserved markets through strong partnerships and the development of efficient supply chains. Dalrada Health is committed to solving universal health problems through improved methodologies resulting in products and services that benefit the global marketplace. For details, visit www.dalradahealth.com For information on GlanHealth™ visit www.glanhealth.com
About Dalrada Precision
A subsidiary of Dalrada Corporation, Dalrada Precision is focused on solution-based engineering and the customer experience. By continually delivering on its promises, the Company has created trust while building mutually successful long-term relationships. Dalrada Precision is a team of highly trained and committed individuals. The Company takes pride in solving the unique challenges of its customers and constantly improves and enhances its machining and manufacturing capabilities, ultimately becoming a key strategic partner of many businesses. For more information, please visit www.dalradaprecision.com.
About Likido® Limited
Likido® is an international technology company, developing advanced solutions for the harvesting and recycling of energy. Using its novel heat pump systems (patent pending), Likido® is revolutionizing the renewable energy sector with the provision of innovative modular process technologies to maximize the capture and reuse of thermal energy for integrated heating and cooling applications. With uses across industrial, commercial, and residential sectors Likido® seeks to provide cost savings and to minimize carbon emissions across supply chains. Likido’s novel technologies enable the effective recovery and recycling of process energy, mitigating climate change, and enhancing the quality of life through the provision of low-carbon heating and cooling systems. For more information, please visit www.likido.net.
About Prakat Solutions
Prakat Solutions Inc. is a technology solutions company specializing in test engineering, accessibility engineering, product engineering, and application modernization. The company partners with its clients to create transparent, value-based relationships by leveraging the extensive experience of its team and by providing innovative solutions in a wide range of technology domains that ultimately enable customers to successfully attain their business goals. The Prakat work culture is based on the belief that, "We believe in what we do; we do what we love." Prakat is an ISO 9001-certified company with several Fortune 1000 customers. With its main engineering center in Bangalore, India, the Company also has offices in Dallas, Texas, Denver, Colorado, and San Diego, California. The Prakat team provides end-to-end product engineering services across various domains including banking and financial services, telecom, retail, healthcare, manufacturing, legal, and IT infrastructure. For more information, please visit www.prakat.com.
Statements in this press release that are not historical facts are forward-looking statements, 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 may involve substantial 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 U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
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