Dalrada Financial Corp (OTCQB:DFCO) has posted fiscal second-quarter results that saw its revenue jump 1,096% year-over-year on the back of its healthcare and technology divisions.
For the period ended December 31, 2021, the San Diego, California-based group reported revenue of $5.45 million, compared to $455,517 in the same quarter in 2020. The company also logged quarter-over-quarter growth of 18%, compared to the fiscal first quarter ended September 30, 2021, when Dalrada pulled in revenue of $4.6 million.
The company chalked up the stellar revenue performance primarily to its healthcare and technology segments, noting that the group remains “agile” in responding to market demands for safer, alternative products and services.
Investors responded well to the news, sending shares in Dalrada 82.3% higher to $0.62 in the OTC Markets.
WATCH: Dalrada posts more than 1,000% jump in revenue in blowout fiscal 2Q
The company said revenue from coronavirus (COVID-19) diagnostic testing was “robust”, touching $4,385,798 in the second quarter of fiscal 2022.
The meteoric growth of Dalrada’s healthcare division has called for investments to further expand CLIA-certified lab and national service capabilities, said the group. Additional growth is attributed to Dalrada Health’s subsidiaries that focus on education, consumer goods, and additional diagnostic services.
Meanwhile, the group’s technology division grew its revenues by 143%, compared to the same period a year earlier, and onboarded multiple large customers, while advancing its software development capabilities. Dalrada Technologies’ subsidiary, Prakat Solutions Inc, enables its customers to bridge the technology gap through digital transformation and software modernization.
The group noted that there were numerous “success stories” which included “large clients” requiring remote healthcare services and HIPAA-compliant data access between thousands of insurance carriers, healthcare providers, and patients. Prakat assists its clients with business continuity software products and services across multiple sectors, emphasizing digital accessibility and security compliance.
Dalrada said it has also seen tremendous progress at Likido Energy, a wholly owned subsidiary of Dalrada Precision, which provides clean energy solutions. The company’s flagship product, the LikidoONE heat pump, offers an innovative solution by having a low carbon all-in-one heating and cooling pump design. Dalrada Precision also provides affordable bespoke parts supply and safer liquid cleaning degreaser solutions that help businesses with environmentally responsible aqueous industrial parts-cleaning.
In a statement, Dalrada founder CEO Brian Bonar said: "Beginning the year with growth-filled quarters, Dalrada proves its capability as a successful innovator – despite the ever-changing business climate. The company celebrates its success yet does not rest on its laurels. We look forward to sharing more of Dalrada’s industry advances soon.”
The group specializes in high-growth businesses in three verticals – healthcare, clean energy, and information technology.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
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