Logo

DFLIW

Dragonfly Energy Holdings Corp.

DFLIW

Dragonfly Energy Holdings Corp. • NASDAQ
$0.13 ▲ 17.55% (+0.02)
Market Cap $118.40 M
52w High $0.19
52w Low $0.11
Dividend Yield 0%
P/E 0
Volume 2.00K
Outstanding Shares 889.24M

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 shows a small, niche business that is still in a development phase rather than a mature, profitable one. Sales have stayed relatively modest over the past few years and do not yet show a steady upward trend, which suggests that commercial traction is still being built out. The company has consistently generated positive gross profit, meaning it can sell products for more than they cost to produce, but overhead and growth spending more than absorb that margin. As a result, operating profit and net income have been negative in most recent years, with losses widening again in the latest period. Overall, the income statement points to an early‑stage, innovation‑driven company that is prioritizing technology and market expansion over near‑term profitability.

Balance Sheet

Balance Sheet The balance sheet highlights a tight financial position. Total assets are relatively small and have not grown meaningfully, which reinforces that Dragonfly remains a small player in a capital‑intensive industry. Cash balances have come down over time, while debt has stepped up, indicating greater reliance on borrowing to fund the business. Equity has recently turned slightly negative, which means accumulated losses now exceed the book value of the company’s assets and reduces its financial cushion. This structure can work for a high‑growth technology story, but it leaves little room for prolonged cash burn without new financing or a clear path to stronger earnings.

Cash Flow

Cash Flow Cash flow trends underline the strain visible in the balance sheet. The company has generally used cash in its day‑to‑day operations rather than generating it, reflecting ongoing operating losses and working capital needs. Free cash flow has been negative in most years, meaning that even after modest investment spending, the business has been cash‑consumptive rather than self‑funding. Capital expenditures themselves are not especially heavy, so the main source of cash burn appears to be operating performance, not large factory build‑outs. Going forward, the key question is whether revenue growth and margin improvements can turn operating cash flow positive before liquidity becomes a constraint.

Competitive Edge

Competitive Edge Dragonfly operates in a highly competitive battery and energy storage space dominated by much larger global manufacturers, but it has carved out a differentiated niche. Its Battle Born Batteries brand is well known in certain recreational vehicle and marine markets, giving it recognition and loyalty in those segments. The company’s emphasis on domestic manufacturing in Nevada and close relationships with original equipment makers in RVs and commercial vehicles provide some embedded positions that can be hard for new entrants to displace. Its growing portfolio of patents around dry electrode manufacturing and related technologies offers legal protection and makes direct copying more difficult. At the same time, its small size, limited resources, and exposure to cyclical end markets mean it must execute very well to defend and expand its position against better‑capitalized competitors.

Innovation and R&D

Innovation and R&D Innovation is the core of Dragonfly’s story and arguably its biggest strength. The company’s dry electrode manufacturing process, focus on non‑flammable solid‑state batteries, and PFAS‑free, sustainability‑oriented designs position it at the frontier of cleaner, safer battery technologies. Its Dragonfly IntelLigence platform and use of machine learning to analyze battery performance add a software and data layer that many commodity battery makers lack, potentially increasing customer stickiness and system value. A sizable patent portfolio around these technologies helps create a technological moat, at least in targeted niches. However, many of the most promising innovations—particularly solid‑state cells—are still in development or early commercialization, so the timing, cost, and ultimate market acceptance remain uncertain.

Summary

Dragonfly Energy combines a compelling technology and sustainability narrative with a relatively fragile financial base. The company’s income statement and cash flows reflect an early‑stage enterprise: modest and uneven revenue, ongoing losses, and continued cash burn. Its balance sheet shows constrained financial flexibility, with low cash, rising debt, and negative equity, which heightens sensitivity to execution risk and financing conditions. On the strategic side, Dragonfly appears to have genuine differentiation through its dry electrode process, solid‑state ambitions, intelligent battery systems, and partnerships in RV and commercial vehicle markets. The long‑term opportunity lies in successfully scaling these innovations into broader, more profitable markets; the main risks center on continued losses, funding needs, and intense competition from much larger battery and energy storage players.