Dalrada Reports Continued Growth with $4.3 Million Revenue During First Quarter 2023

Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”), an innovator in its four core segments: health care, energy services, precision manufacturing, and technology, today announced its financial results for the first quarter of Fiscal 2023 ended September 30, 2022.

"I am pleased to report positive financial growth during Q1 of 2023, reflecting successful entries into carefully-selected market sectors,” said Brian Bonar, Dalrada’s Founder and Chief Executive Officer. “As we look ahead to the rest of 2023, we will maintain our focus on both stabilized and accelerated revenue growth to further enhance shareholder value.”

Mr. Bonar continued, “Advanced technologies like Web 3.0-based digital twin and metaverse enablement are providing multiple partnership opportunities, particularly within the federal government. As a result, Dalrada is poised to capture additional momentum in specific business markets, including green energy, as Fiscal 2023 continues.”

2023 Q1 Financial Highlights:

• Total revenue of $4.3 million
  • Dalrada Health revenue of $2.4 million
  • Dalrada Precision Manufacturing revenue of $1.1 million
  • Dalrada Technology revenue of $0.7 million
  • Dalrada Energy Services revenue of $0.1 million

2023 Q1 Operational Highlights:

• Dalrada Energy Services (“DES”) announced its breakthrough partnership with Averett University in Virginia in an effort to drive a significant reduction in carbon emissions while delivering major energy cost savings for the university. DES will execute these sustainability initiatives by developing a holistic approach to help achieve carbon neutrality through the use of innovative, modern technology on the Averett University campus. At the center of this project is the installation of multiple Dalrada LikidoONE commercial heat pumps.
  
  Through Q1 of 2023, DES has signed a total of five contracts (including Averett University), and with completed installations, revenue will continue to grow as energy savings are realized.

• Through its partnership with imagineeer, a Virginia-based Web 3.0 company, Dalrada Financial Corporation will design, develop, and implement a unique digital ecosystem while creating an immersive rural payments solution. This includes magnetic mapping, digital asset bearer solutions for carbon credits, and a digital education experience that creates a new educational model for Averett University students. Imagineeer will facilitate the metaverse experience through proprietary technology and specific tools that will ultimately lead to further learning and the understanding of the foundational technologies to establish a modern metaverse-based economic system.

• Dalrada Financial Corporation (“DFCO”) expanded its executive leadership team, naming Jose Arrieta as Chief Strategy Officer. Arrieta will lead all public sector green energy initiatives for DFCO and its subsidiaries. This includes Dalrada's work with the U.S. Department of Energy, the U.S. General Services Administration, and the U.S. Department of Defense.