Dalrada Corporation achieved a net profit after generating a triple-digit increase in revenue during its fiscal year 2021, underscoring its growth and momentum.
For its FY ended June 30, the company said it banked revenues of $3,406,684 -- a 189% year-over-year increase ($1,178,154).
As a result, Dalrada said its net income for the year was $1,221, compared to a net loss of $2,477,557 in the year-ago period.
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"This is an indication of each business unit’s potential as we continue to execute and expand our business plans," CEO Brian Bonar in a statement.
“Amid unprecedented business conditions, Dalrada finished its most successful year. The Company appreciates the ongoing support from Dalrada’s shareholders, investors, clients, industry alliances, and operations teams. Dalrada is continually innovating timely, affordable alternative solutions that benefit current and future generations and looks forward to sharing new industry advances soon.”
Dalrada said it is achieving the objectives set for each business segment, as its subsidiaries continue to provide value with timely product and service launches in health and wellness, information technology, industrial engineering and clean energy markets.
The company said the increase in 2021 performance resulted from the growth of all its subsidiaries-- Dalrada Technology, Dalrada Health, and Dalrada Precision.
Operating expenses were $9,504,869 compared to $3,241,335 during FY20 ended June 30, 2020. The increase was due to an increase in the operating activity as most of FY20 was spent on the continuing development of business operations. Non-cash stock compensation and the continued development and commercialization of the Dalrada Precision Likido operation factored as well.
Meanwhile, Dalrada said it continuously builds on its core practices of engineering, life sciences, and technology while operating under the tenet of bringing innovative products and services to a complex new world.
As consumers, businesses, and governments look for some type of normalcy, Dalrada said its subsidiaries are responding with alternative solutions that are affordable, available, accessible, and impactful.
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