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The company meets business expectations, reduces general and administrative expenses, and eliminates unnecessary costs for future success
SAN DIEGO, March 12, 2024 (GLOBE NEWSWIRE) — Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”, the “Company”) today announced a series of focused initiatives to reduce costs and improve efficiency. I announced something. Accelerate your path to profitability.
“As we have discussed in previous conversations with the public and shareholders, our initial goals during fiscal year 2024 were to reduce costs by approximately $3 million and return to profitability by the fourth quarter. .I am pleased to report that we have not only met our goals, but are also satisfied.” “We have achieved and exceeded cost reduction milestones and We saved a significant $4 million and can now focus on achieving overall profitability,” said Brian Bonner, CEO and Founder of Dalrada.
The company took additional cost savings actions totaling approximately $2.8 million in the first quarter of calendar year 2024 alone, ultimately reducing general and administrative expenses (G&A) by $4.5 million for the fiscal year ending June 2024.
Dalrada is committed to focusing its resources on the core businesses in which it has invested significant resources, while continuing to identify unnecessary expenses for the company’s success.
In line with our strategic shift in fiscal 2024, we implemented the following initiatives.
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Implemented NetSuite Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) across global operations to enhance operational efficiency, accounting, and sales capabilities.
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Get indirect costs right and drive efficiencies across our supply chain and procurement.
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Align G&A with short-term business expectations by reducing third-party expert fees and operational costs.
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We have streamlined our organization to drive process-related efficiency through ISO 9001 certification.
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Closing or spinning off legacy operating businesses that are not expanding toward profitability.
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Reorganized the board of directors to comply with NASDAQ requirements.
With significant actions taken, Bonner expects Dalrada to be cash flow positive by the end of the calendar year, and discussed his bold predictions and more in a recent video with SmallCapVoice.
We have a clear focus on companies with the greatest potential and are poised to achieve profitability. “Achieving profitability in our core businesses, Dalrada Climate Technology and Genefic, is critical to Dalrada’s success and will support our long-term sustainability.” Bonner added.
About Dalrada Corporation
Dalrada Financial Corporation (OTCQB: DFCO, “Darrada”) is a publicly traded, multinational company focused on solving complex, multidisciplinary global challenges in clean energy innovation and personalized healthcare solutions. It’s a conglomerate. Dalrada operates through his two main subsidiaries: Dalrada Climate Technology and Genefic.
Dalrada Climate Technology develops and markets innovative and environmentally friendly heating and cooling solutions for various types of buildings. Genefic delivers improved health outcomes through redesigned health systems and specialty pharmacy solutions. Dalrada aims to have a positive social and environmental impact through its products and services, while delivering value to its shareholders.
For more information, please visit www.dalrada.com and follow us on LinkedIn, Facebook, and Twitter.
Forward-looking statements
Statements contained in this press release, other than statements of historical fact, include, among other things, statements regarding cost reductions and anticipated pre-tax savings from cost reduction programs, cost restructuring, footprint rationalization and streamlining of our operations. and statements about streamlining, reducing complexity, and strengthening systems. The speed with which we make decisions utilizing our procurement capabilities and the timing of implementation and completion of cost reduction programs are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the following beliefs: and management’s assumptions based on information available to the Company at the time such statements are made. These statements generally include words such as “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “anticipate,” “plan,” and “project.” ”, and similar expressions are made as of the date hereof and involve certain risks and uncertainties, and we undertake no obligation to update them. Forward-looking statements are subject to the occurrence of many events and actual results beyond our control, and the timing of events is subject to a number of factors that involve substantial known and unknown risks. may differ materially from those suggested or implied by such forward-looking statements. Uncertainty. Factors that may affect our success are disclosed in more detail in our most recent public filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K. Masu.
Media Contact: Michael Eslinger (meslinger@dalrada.com)
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