In This Story
Dalrada Financial Corp. (DFCO0.00%) has submitted its 10-K filing for the fiscal year ended June 30, 2024.
The filing outlines the company's operations across its five business divisions: Genefic, Dalrada Climate Technology, Dalrada Precision Manufacturing, Dalrada Technologies, and Dalrada Corporate. Each division focuses on creating transformative innovations that address climate change, healthcare gaps, and technology needs.
Genefic reported an increase in total revenues to $17,684,765, up 12.3% from the previous year. The increase was driven by Genefic Specialty Pharmacy's revenue growth, attributed to new accreditations and contracts. However, revenues from Pala Diagnostics and Empower Genomics decreased due to the closure of CLIA diagnostic laboratories.
Dalrada Precision Manufacturing saw a decrease in total revenues to $2,447,148, down 49.8% from the prior year. The decline was primarily due to the loss of a major customer in precision parts manufacturing.
Dalrada Climate Technology's total revenues decreased to $3,674,697, a 48.1% decline from the previous year. The decrease was largely due to the nearing completion of the Averett University project.
Dalrada Technologies reported a decrease in total revenues to $1,373,136, down 33.0% from the prior year, due to the conclusion of several contracts.
The filing highlights a net loss of $23,250,181 for the year ended June 30, 2024, compared to a net loss of $20,627,721 in the previous year. The company attributes the loss to increased expenses and decreased revenues across several divisions.
Dalrada Financial Corp. continues to focus on growing its most profitable subsidiaries while reducing investments in areas with limited long-term benefits. The company also plans to pursue synergistic opportunities to enhance its business portfolio.
The filing includes details of various legal proceedings involving the company, including lawsuits related to contract disputes and allegations of misappropriation of funds.
The company reported cash flows used in operating activities of $7,925,238 for the year, an increase from $4,612,798 in the previous year, primarily due to increased funding from related parties.
The filing also notes the company's efforts to address material weaknesses in its internal controls over financial reporting, including hiring accounting experts and implementing enhanced policies and procedures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dalrada Financial Corp. annual 10-K report dated January 13, 2025. To report an error, please email earnings@qz.com.