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DFLI

Dragonfly Energy Holdings Corp.

DFLI

Dragonfly Energy Holdings Corp. • NASDAQ
$0.86 ▲ 1.67% (+0.01)
Market Cap $53.58 M
52w High $3.95
52w Low $0.15
Dividend Yield 0%
P/E -0.37
Volume 6.71M
Outstanding Shares 62.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.967M ▼ $8.514M ▲ $-11.07M ▼ -69.33% ▼ $-0.2 ▲ $-4.201M ▼
Q2-2025 $16.248M ▲ $7.886M ▼ $-7.034M ▼ -43.291% ▲ $-0.58 ▲ $-435K ▲
Q1-2025 $13.356M ▲ $9.842M ▲ $-6.797M ▲ -50.891% ▲ $-0.93 ▲ $-579K ▲
Q4-2024 $12.212M ▼ $9.683M ▲ $-9.842M ▼ -80.593% ▼ $-1.39 ▼ $-2.564M ▼
Q3-2024 $12.72M $8.896M $-6.779M -53.294% $-0.98 $-270K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.838M ▲ $73.843M ▲ $95.42M ▲ $-21.577M ▼
Q2-2025 $2.733M ▼ $71.774M ▼ $88.378M ▼ $-16.604M ▼
Q1-2025 $2.803M ▼ $74.224M ▼ $89.869M ▲ $-15.645M ▼
Q4-2024 $4.849M ▼ $75.214M ▼ $84.618M ▲ $-9.404M ▼
Q3-2024 $8.019M $83.881M $84.178M $-297K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.07M ▼ $-3.38M ▼ $-187K ▲ $4.672M ▲ $1.105M ▲ $-3.567M ▲
Q2-2025 $-7.034M ▼ $-3.354M ▲ $-843K ▼ $4.127M ▲ $-70K ▲ $-4.197M ▲
Q1-2025 $-6.797M ▲ $-4.511M ▼ $-778K ▲ $3.243M ▲ $-2.046M ▲ $-5.289M ▼
Q4-2024 $-9.842M ▼ $-2.47M ▼ $-1.038M ▼ $338K ▼ $-3.17M ▼ $-3.516M ▼
Q3-2024 $-6.779M $2.718M $-367K $969K $3.32M $2.351M

Five-Year Company Overview

Income Statement

Income Statement Dragonfly’s income statement looks like that of an early‑stage technology manufacturer rather than a mature industrial company. Revenue is still very small and has not yet shown the kind of strong, consistent growth you’d hope for from a scaling story. Gross profit is positive, which suggests the products themselves can be sold above cost, but the company’s operating expenses are much higher than that gross profit. As a result, operating income and net income have been in the red for several years after a brief period around breakeven. Losses have recently widened rather than narrowed, and earnings per share are deeply negative, reflecting both the losses and share structure changes. Overall, the business is still firmly in the “build and invest” phase, not the “harvest profits” phase.

Balance Sheet

Balance Sheet The balance sheet is thin and somewhat stressed. The company operates with a relatively small asset base and a limited cash cushion, while debt has increased over time. Equity has recently turned negative, meaning liabilities now exceed reported assets, which is a sign of financial fragility. This setup indicates a higher reliance on lenders and capital markets to support ongoing operations and growth plans. There is not a lot of balance‑sheet buffer if results disappoint or if credit conditions tighten.

Cash Flow

Cash Flow Cash flow mirrors the income statement: the core business is consuming cash, not generating it. Operating cash flow has been consistently negative in recent years, and free cash flow is also negative, even though capital spending is not especially heavy. This suggests that day‑to‑day operations, rather than big one‑time investments, are the main drivers of cash burn. Unless the company can move closer to breakeven, it will likely need ongoing external funding to support operations, ramp manufacturing, and pursue its technology roadmap.

Competitive Edge

Competitive Edge Competitively, Dragonfly punches above its size in specific niches. The Battle Born brand is well known in RV, marine, and off‑grid communities, giving the company a loyal base in those segments. Partnerships with large truck and RV manufacturers indicate that its technology is credible and valued by industry players. Its focus on domestic manufacturing, sustainability, and safety aligns well with regulatory trends and customer preferences. That said, this is still a small player competing in a battery market dominated by huge global manufacturers with far more scale, resources, and distribution. The company’s position is strongest in its chosen niches and intellectual property, but it must execute well to defend and expand that beachhead.

Innovation and R&D

Innovation and R&D Innovation is clearly Dragonfly’s main calling card. Its dry electrode manufacturing process, work on non‑flammable solid‑state batteries, and proprietary battery intelligence platform give it a differentiated technology story. These innovations aim to reduce energy use and footprint in production, improve safety, and enable smarter, more integrated power systems. The use of AI and data analytics in R&D further reinforces the company’s technology‑driven culture. The big question is not whether the ideas are interesting—they are—but whether they can be scaled, industrialized, and commercialized at attractive economics before competitors close the gap or funding becomes constrained. In short, the R&D portfolio is a key asset, but it also carries execution and timing risk.

Summary

Dragonfly Energy combines a promising technology platform and recognizable niche brand with a financially stretched early‑stage profile. On the positive side, the company has distinctive IP, visible OEM relationships, and a clear strategy around domestic, sustainable, and intelligent battery systems. On the risk side, revenue is still modest, losses are ongoing, cash burn is persistent, and the balance sheet is thin with negative equity and growing debt. The future path depends heavily on converting its innovations into scalable, profitable production, expanding partnerships, and tightening the gap between revenue and costs while managing liquidity carefully. This makes the company’s story highly dependent on execution quality and access to capital over the next several years.

NEWS

November 28, 2025 · 7:30 AM UTC

Dragonfly Energy Introduces Battle Born® Industrial-Grade Power Stations

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November 25, 2025 · 7:30 AM UTC

Dragonfly Energy Broadens Product Lineup to Drive Growth Beyond Batteries

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November 24, 2025 · 7:30 AM UTC

Dragonfly Energy to Supply Werner Enterprises with Advanced Idle-Reduction Power Systems

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November 14, 2025 · 4:05 PM UTC

Dragonfly Energy Reports Third Quarter 2025 Results

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November 5, 2025 · 7:30 AM UTC

Dragonfly Energy Executes Comprehensive Definitive Term Loan Restructuring Agreements

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