Dalrada Files 8-K; Chairman and CEO Shares Exciting News and Provides Future Outlook

Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”), a problem-solving innovator that addresses complex, multi-disciplinary global challenges in climate technology and healthcare, announced that it had filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC), in which company Chairman and CEO, Brian Bonar, penned an open letter to the company’s shareholders. In it, he describes the past year’s exciting accomplishments and offers a look ahead at 2024. The content of the letter is found below.

To our Shareholders,

I would like to take this time to address our valued shareholders about the events of 2023 and our expectations for 2024. I will share how two of our leading businesses—within the healthcare and climate technology sectors—formed a solid foundation for Dalrada’s overall progress and success not just in 2023, but beyond.

As I reflect on the positive results and milestones we achieved in 2023, I realize that it was quite a transformative year for Dalrada. Not only did the company continue its successive quarterly revenue growth, but at the close of the fiscal year, Dalrada saw an impressive 54.3% revenue increase from the prior year. Increased revenues totaled approximately $30 million, which was $10 million more than the 2022 fiscal year.

By design, much of the current revenue growth has come from Dalrada’s Genefic segment. A consistent revenue stream from Genefic has facilitated the ability to further our climate technology expansion and heat pump manufacturing capabilities. This includes a testbed facility in Las Vegas, a manufacturing and production center in Scotland, and a production plant in Spain.

With the global specialty pharmaceuticals market projected to reach $568 billion by 2026 and the U.S. market alone projected to reach $520 billion over the next five years¹, we expect Genefic’s specialty pharmacy subsidiary to firmly position itself with a substantial percentage of the market share. For 2023, Genefic’s year-end revenues were $15,740,919—an increase of 15.6% from 2022. We are very excited about the future of Genefic as we continually expand its specialty pharmacy business. Genefic has 50-state licensed capabilities plus a physical presence in North Carolina, Georgia, Tennessee, and Alabama, with an aggressive state-by-state roll out plan for the remainder of states during the current fiscal year.