SAN DIEGO--(BUSINESS WIRE)--Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”), a problem-solving innovator that takes on complex, multi-disciplinary global challenges in clean energy innovation, precision manufacturing, and advanced technology, announced today that it will be continuing its restructuring efforts to reduce overall expenses by approximately $3 million annually, through streamlined operations and well-defined leadership roles.
Dalrada expects revenue growth from the corporate restructuring to ramp up by the first quarter of 2024 and reach profitability by the fourth quarter of 2024.
Additionally, the restructuring is expected to accelerate long-term growth and profitability for the company by driving further innovation, improving interaction with its global subsidiaries, and allowing for expanded manufacturing and production capabilities within its core sectors.
The announcement comes on the heels of the recent news that Dalrada would consolidate individual sectors and concentrate on developing and launching new climate technology tools and services, ultimately forming a new climate technology division. Focus on the climate technology division represents one of the most immediate and significant growth opportunities for the company.
“By streamlining our business approach and restructuring our organization from top to bottom, we’re able to lower our operational expenses and invest more into our innovative technologies, our products, and our people,” said Brian Bonar, Dalrada Founder and CEO. He continued, “Reducing our SG&A has been a goal that we’ve targeted for a long time—I’m excited to move forward with increased efficiency that will provide more growth opportunities.”
Dalrada’s corporate restructuring also consolidated existing leadership with the establishment of three members assuming worldwide positions as Executive Vice Presidents: David Pickett, EVP of Sales and Marketing; Kyle McCollum, EVP of Finance and Administration; and William Bonar, EVP of R&D and Manufacturing.
With its restructuring efforts underway, Dalrada will continue to create impactful solutions that address the challenges and unmet needs of people around the world.
About Dalrada Corporation
Dalrada Financial Corporation (Dalrada) is a progressive organization that drives innovation to impact people, businesses, and the planet positively. The company owns and operates a global group of clean energy, precision manufacturing, technology, and professional service companies. Each of these companies has a clearly-defined mandate to identify, address, and deliver solutions to unique economic, environmental, and efficiency problems facing public, government, and private sector organizations. Dalrada responds by developing advanced technologies, products, and services with a clear and quantifiable value, generating a significant return on investment for its clients.
Dalrada companies are on the leading edge of developing and applying innovative eco-sensitive next-generation science, engineering, and technology, serving a broad range of industries and governments. The company’s products and services significantly reduce energy costs and remove barriers for its clients, creating a more sustainable and prosperous future for us all.
Dalrada’s subsidiaries and strategic partners operate in the United States, United Kingdom, Malaysia, India, and Spain and are centrally managed from the company’s San Diego, CA headquarters.
Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.