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

https://www.businesswire.com/news/home/20231019472281/en/

SAN DIEGO--(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.

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.