Dalrada Corporation posted fiscal first-quarter results that saw its revenue soar 506% year-over-year on the back of strong contributions from its rapidly growing health and technology divisions.
For the period ended September 30, 2021, the San Diego, California-based group reported revenue of $4,602,353, compared to $759,393 in fiscal 1Q 2020.
The group saw a gross profit of $3,398,018 in the quarter, up 546% from $525,965 in the same quarter a year earlier.
In addition, the company reported that stockholder deficit reduced by 48%, compared to the same period in 2020.
Investors responded well, sending Dalrada shares over 22% to $0.73 on the OTC Markets.
READ: Dalrada announces opening of Dalrada Health’s two new West Coast facilities
In a statement, accompanying the numbers, Dalrada CEO Brian Bonar said: "I am very pleased with our topline revenues for the quarter. We are making the right decisions to grow and position our organization for future success while strategically increasing stockholder value as we achieve our future goal of uplisting to the Nasdaq."
Dalrada touted its fiscal 1Q 2021 as its “strongest quarter,” with revenue exceeding the “combined revenue of the last four quarters.” During the quarter, Dalrada’s expanded its health division to include onsite coronavirus (COVID-19) testing through Pala Diagnostics. The company’s new acquisition International Health Group (IHG) also ramped up its certified nursing and medical assistant education programs. IHG, a healthcare training and certification company has graduated and placed nearly 7,000 students since 2006.
The diversified group also grew GlanHealth’s alcohol-free sanitizing line, which include hand sanitizers, surface cleaners, electrostatic sprayers and bulk sanitizers. The company’s said its technology division – Prakat Solutions – grew topline revenue with “new wins in supply chain management, software engineering, and business solutions through mobile application development.” Prakat has engineers located in India and the US.
Meanwhile, Dalrada said operating expenses “increased” due to stock compensation payouts, legal and consulting fees, development of Likido manufacturing, and the Sòlas Rejuvenation Clinic buildout in California. Other expenses were linked to the development of Empower Genomics testing lab, which includes COVID-19 onsite testing, manufacturing of Ignite cleaning products, and expansion of Prakat and IHG.
“As the organization's healthcare and technology divisions experience growth, the company is looking forward to increasing production of the Likido units,” said the company. Likido Energy, a wholly owned subsidiary of Dalrada Precision, provides clean energy solutions. It produces heater/chiller units that provide simultaneous heating and cooling, without the need for combustion or burning fossil fuels. It offers energy savings for a range of industrial, commercial, and domestic applications.
"This is an exciting time for our organization. Dalrada is positioned with the right structure and personnel, and we have much work to do. We are confident in each of our business segments, the synergies, and the fit of our products to the industries we serve in clean energy, healthcare, and technology,” said Bonar.
Dalrada specializes in the development of advanced clean energy, healthcare, technology and engineering products and services. It was incorporated in 1982 with a mission to create impactful innovations.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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