Dragonfly Energy Reports Fourth Quarter 2023 and Full Year Financial Results
- Successful revenue diversification with the launch of all-electric auxiliary power units for the trucking industry in Q4 2023
- Achieved successful deposition of cathode electrodes and double-sided dry deposition of anode and cathode electrodes at scale using patented battery manufacturing process
- Expanded market share in the recreational vehicle industry with Forest River Inc. and OGV Luxury Coach
- Reported net sales of $10.4 million in Q4 2023, gross profit of $2.0 million, net income of $3.0 million, and EBITDA of $7.4 million
- Full-year 2023 financial highlights include net sales of $64.4 million, gross profit of $15.4 million, and EBITDA of $3.4 million
- Operational highlights include partnerships with Ameresco, Coachmen RVs, and entrance into the heavy-duty trucking market
- Net sales decline from $20.2 million in Q4 2022 to $10.4 million in Q4 2023
- Gross profit decrease from $4.0 million in Q4 2022 to $2.0 million in Q4 2023
- Adjusted EBITDA negative at $(2.1) million in Q4 2023 compared to $(4.7) million in Q4 2022
- Full-year 2023 adjusted EBITDA worsened to $(17.1) million from $(7.9) million in 2022
Insights
The report from Dragonfly Energy indicates a significant reduction in net sales and gross profit for Q4 2023 compared to the same quarter of the previous year. This drop could reflect market saturation, increased competition, or operational inefficiencies. However, operating expenses have been considerably reduced, which has resulted in net income instead of a net loss. The positive net income and EBITDA could indicate that cost control measures and restructuring efforts are yielding results, despite the decline in sales and gross profit.
From a stock evaluation perspective, the slashed operating expenses and positive net income could be seen as a potential sign of a company stabilizing financially after a tumultuous period. For long-term stakeholders, the question remains whether the company can scale its operations and sustain profitability through further market diversification and innovation without compromising on revenue growth.
Dragonfly Energy's launch of all-electric auxiliary power units (APUs) marks a strategic move to diversify revenue streams, anticipate regulatory trends and address environmental concerns. This positioning towards anti-idling regulations and emission reductions aligns with the growing eco-conscious consumer base and regulatory landscape. The company's expansion into the heavy-duty trucking market with its all-electric APU could tap into an increasing demand for sustainable trucking solutions. However, the commercial success of these ventures hinges on market adoption rates and the company's ability to outpace competitors in innovation and cost-efficiency.
In the recreational vehicle market, the decision to include Battle Born Batteries as standard equipment in OGV Luxury Coach units underlines the strengthening of brand presence and product integration in the RV ecosystem. This could potentially increase brand loyalty and stabilize revenue inflows from the segment. However, it is important to monitor consumer response and market trends to assess the long-term viability of this strategy.
The environmental technology landscape is rapidly evolving to embrace sustainability. Dragonfly Energy's patented dry electrode battery manufacturing process and its role in powering the non-profit John Lennon Educational Tour Bus are indicative of an industry shift towards sustainable solutions. Dry electrode technology, in particular, is a breakthrough in battery manufacturing, eliminating the use of solvents and potentially reducing the environmental footprint. This methodology could place the company at the forefront of a cleaner, more eco-friendly approach to energy storage, appealing to stakeholders interested in green technology and sustainability.
However, the actual market impact of such technologies depends on scalability, cost factors and consumer acceptance. The novelty of dry electrode technology is promising, yet the business model's success will be measured by its commercialization and the ability to secure a solid position within the competitive landscape.
- Successful diversification of revenue underway, with launch in Q4 2023 of all-electric auxiliary power units (“APU”) to the trucking industry; Enables compliance with increasing anti-idling regulations, reduction in fuel costs, increased uptime and payloads, and the reduction of harmful emissions
- In Q4 2023, achieved successful deposition of cathode electrodes, and double-sided dry deposition of both anode and cathode electrodes, at scale, using the Company’s patented dry electrode battery manufacturing process
- Continued expansion of recreational vehicle market share, with OGV Luxury Coach, a division of Forest River Inc., to provide Battle Born lithium batteries as standard equipment on all OGV units
RENO, Nev., April 15, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries® and an industry leader in energy storage, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights
- Net Sales were
$10.4 million , compared to$20.2 million in Q4 2022 - Gross Profit was
$2.0 million , compared to$4.0 million in Q4 2022 - Operating expenses were
$(5.4) million , compared to$(32.9) million in Q4 2022 - Net Income of
$3.0 million , compared to a Net Loss of$(32.5) million in Q4 2022 - Diluted Net Income per share was
$0.05 , compared to a Net Loss of$(0.76) per share in Q4 2022 - EBITDA was
$7.4 million , compared to$(28.0) million in Q4 2022 - Adjusted EBITDA was
$(2.1) million , compared to$(4.7) million in Q4 2022
Full Year 2023 Financial Highlights
- Net Sales of
$64.4 million , compared to$86.3 million in 2022 - Gross Profit of
$15.4 million , compared to$23.6 million in 2022 - Operating expenses of
$(42.9) million , compared to$(58.0) million in 2022 - EBITDA for the full year 2023 was
$3.4 million , compared to$(32.8) million in 2022 - Adjusted EBITDA for the full year 2023 was
$(17.1) million , compared to$(7.9) million in 2022
Operational and Business Highlights
- Announced expanded market share with inclusion as standard equipment by recreational vehicle (“RV”) giant, Forest River (link)
- Announced the John Lennon Educational Tour Bus is now powered by Battle Born Batteries, moving the nonprofit mobile recording studio toward improved sustainability (link)
- Announced partnership with Ameresco to boost renewable energy and power system applications (link)
- Announced Coachmen RVs will include Battle Born Batteries as an optional upgrade on its Entourage Class C Motorhomes (link)
- Announced entrance into heavy-duty trucking market, with new Battle Born All-Electric APU, enabling reduced fuel costs, increased uptime and payload, and lower harmful emissions (link)
- Announced successful cathode electrode dry deposition, at scale, for American made lithium batteries (link)
“Despite the near-term growth and market headwinds, we have continued to execute and achieve our stated targets and milestones,” said Denis Phares, Chief Executive Officer of Dragonfly Energy. “In 2023, we completed the pilot line for our patented chemistry-agnostic dry deposition process, proving that we could produce anode and cathode materials at scale, and are now in the process of delivering sample battery cells to customers across several different industries and markets. We are extremely excited about 2024 as the convergence of the new cell manufacturing, the expansion of our customer base and market segments, and the stabilization and return to growth of the RV markets sets the stage for an expected return to growth.”
Fourth Quarter and Full Year 2022 Financial and Operating Results
Fourth quarter 2023 Net Sales were
Fourth quarter 2023 Gross Profit was
Operating Expenses in the fourth quarter of 2023 were
Total Other Income in the fourth quarter of 2023 was
The Company had Net Income of
EBITDA in the fourth quarter of 2023 was
In the fourth quarter of 2023, Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was a negative
For the full year 2023, Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of Dragonfly Energy’s warrants, and other one-time expenses, was a negative
Q1 2024 Outlook
The Company believes that the RV market appears to have stabilized and is showing early signs of recovery. In addition, the Company’s entry into the heavy-duty trucking market, while still in its early stages, is gaining traction and has the potential to be a more meaningful revenue contributor in the second half of 2024.
- Net Sales are expected to range between
$12.0 -$13.0 million - Gross Margin is expected in the range of
24.0% -26.0% - Operating Expenses are expected to be in a range of
$(8.0) -$(9.0) million - Other Income (Expense) is expected be an expense in the range of
$(3.5) –$(4.5) million - Net Loss is expected to be between
$(8.0) -$(10.5) million for the first quarter of 2024, or$(0.13) -$(0.17) per share based on approximately 61.0 million shares outstanding
Webcast Information
The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2023 financial results this afternoon, Monday, April 15, 2024, at 5:00 pm E.T. The call can also be accessed live via live webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (206) 962-3782, toll-free in North America (888) 259-6580, or for international callers +1 (416) 764-8624, and referencing conference ID: 94560450. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.
An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.
About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company's overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.
To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2024 results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.
These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its
If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Relations:
Sioban Hickie
DragonflyIR@icrinc.com
+1 (775) 221-8892
| Dragonfly Energy Holdings Corp. | ||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| (U.S. Dollars in Thousands, except share and per share data) | ||||||
| December 31, 2023 | December 31, 2022 | |||||
| Current Assets | ||||||
| Cash and cash equivalents | ||||||
| Accounts receivable, net of allowance for credit losses | 1,639 | 1,444 | ||||
| Inventory | 38,778 | 50,189 | ||||
| Prepaid expenses | 772 | 1,624 | ||||
| Prepaid inventory | 1,381 | 2,002 | ||||
| Prepaid income tax | 519 | 525 | ||||
| Other current assets | 118 | 267 | ||||
| Total Current Assets | 55,920 | 73,832 | ||||
| Property and Equipment | ||||||
| Machinery and equipment | 16,714 | 10,214 | ||||
| Office furniture and equipment | 319 | 275 | ||||
| Leasehold improvements | 1,727 | 1,709 | ||||
| Vehicle | 33 | 195 | ||||
| Total | 18,793 | 12,393 | ||||
| Less accumulated depreciation | (2,824 | ) | (1,633 | ) | ||
| Property and Equipment | 15,969 | 10,760 | ||||
| Operating lease right of use asset, net | 3,315 | 4,513 | ||||
| Total Assets | ||||||
| Current Liabilities | ||||||
| Accounts payable | ||||||
| Accrued payroll and other liabilities | 7,107 | 6,250 | ||||
| Accrued tariffs | 1,713 | 932 | ||||
| Customer deposits | 201 | 238 | ||||
| Uncertain tax position liability | 91 | 128 | ||||
| Notes payable, current portion, net of debt issuance costs | 19,683 | 19,242 | ||||
| Operating lease liability, current portion | 1,288 | 1,188 | ||||
| Financing lease liability, current portion | 36 | 10 | ||||
| Total Current Liabilities | 40,377 | 41,463 | ||||
| Long‑Term Liabilities | ||||||
| Warrant liabilities | 4,463 | 32,831 | ||||
| Accrued expenses-long term | 152 | 492 | ||||
| Operating lease liability, net of current portion | 2,234 | 3,541 | ||||
| Financing lease liability, net of current portion | 66 | 35 | ||||
| Total Long‑Term Liabilities | 6,915 | 36,899 | ||||
| Total Liabilities | 47,292 | 78,362 | ||||
| Stockholders' Equity | ||||||
| Preferred stock, 5,000,000 shares at | - | - | ||||
| Common stock, 250,000,000 shares at | 6 | 4 | ||||
| Additional paid in capital | 69,445 | 38,461 | ||||
| Accumulated Deficit | (41,539 | ) | (27,722 | ) | ||
| Total Stockholders' Equity | 27,912 | 10,743 | ||||
| Total Liabilities and Stockholders' Equity | ||||||
| Dragonfly Energy Holdings Corp. | |||||||||||||||
| Unaudited Condensed Interim Consolidated Statements of Operations | |||||||||||||||
| (U.S. Dollars in Thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Year Ended Ended | ||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
| Net Sales | $ | 10,438 | $ | 20,209 | $ | 64,392 | $ | 86,251 | |||||||
| Cost of Goods Sold | 8,405 | 16,152 | 48,946 | 62,633 | |||||||||||
| Gross Profit | 2,033 | 4,057 | 15,446 | 23,618 | |||||||||||
| Operating Expenses | |||||||||||||||
| Research and development | 531 | 813 | 3,863 | 2,764 | |||||||||||
| General and administrative | 3,275 | 27,788 | 26,389 | 41,566 | |||||||||||
| Selling and marketing | 1,548 | 4,340 | 12,623 | 13,671 | |||||||||||
| Total Operating Expenses | 5,354 | 32,941 | 42,875 | 58,001 | |||||||||||
| Loss From Operations | (3,321 | ) | (28,884 | ) | (27,429 | ) | (34,383 | ) | |||||||
| Other Income (Expense) | |||||||||||||||
| Other income (expense) | 19 | 40 | 19 | 40 | |||||||||||
| Interest expense, net | (4,110 | ) | (3,322 | ) | (16,015 | ) | (6,979 | ) | |||||||
| Change in fair market value of warrant liability | 10,400 | 5,446 | 29,582 | 5,446 | |||||||||||
| Debt extinguishment | - | (4,824 | ) | - | (4,824 | ) | |||||||||
| Total Other Income (Expense) | 6,309 | (2,660 | ) | 13,586 | (6,317 | ) | |||||||||
| Loss Before Taxes | 2,988 | (31,544 | ) | (13,843 | ) | (40,700 | ) | ||||||||
| Income Tax Benefit | (26 | ) | 991 | (26 | ) | (709 | ) | ||||||||
| Net Loss | $ | 3,014 | $ | (32,535 | ) | $ | (13,817 | ) | $ | (39,991 | ) | ||||
| Income (Loss) Per Share‑ Basic | $ | 0.05 | $ | (0.76 | ) | $ | (0.26 | ) | $ | (1.04 | ) | ||||
| Income (Loss) Per Share‑ Diluted | $ | 0.05 | $ | (0.76 | ) | $ | (0.26 | ) | $ | (1.04 | ) | ||||
| Weighted Average Number of Shares‑ Basic | 59,590,032 | 42,948,026 | 52,786,481 | 38,565,307 | |||||||||||
| Weighted Average Number of Shares‑ Diluted | 60,597,708 | 42,948,026 | 52,786,481 | 38,565,307 | |||||||||||
| Dragonfly Energy Holdings Corp. | |||||||
| Unaudited Condensed Consolidated Statement of Cash Flows | |||||||
| (U.S. Dollars in Thousands) | |||||||
| Year Ended | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Cash Flows From Operating Activities | |||||||
| Net Loss | $ | (13,817 | ) | $ | (39,991 | ) | |
| Adjustments to Reconcile Net Loss to Net Cash | |||||||
| Used in Operating Activities | |||||||
| Stock based compensation | 6,710 | 2,467 | |||||
| Debt extinguishment | - | 4,824 | |||||
| Assumption of warrant liability | - | 1,990 | |||||
| Amortization of debt discount | 1,470 | 1,822 | |||||
| Change in fair market value of warrant liability | (29,582 | ) | (5,446 | ) | |||
| Deferred tax liability | - | (453 | ) | ||||
| Non‑cash interest expense (paid‑in-kind) | 4,938 | 1,192 | |||||
| Provision for credit losses | 114 | 108 | |||||
| Depreciation | 1,237 | 891 | |||||
| Loss on disposal of property and equipment | 116 | 56 | |||||
| Write-off of prepaid inventory | 596 | - | |||||
| Changes in Assets and Liabilities | |||||||
| Accounts receivable | (309 | ) | (769 | ) | |||
| Inventories | 11,411 | (22,732 | ) | ||||
| Prepaid expenses | 852 | (1,467 | ) | ||||
| Prepaid inventory | 25 | 5,459 | |||||
| Other current assets | 149 | 1,520 | |||||
| Other assets | 1,198 | 1,196 | |||||
| Income taxes payable | 6 | (1,156 | ) | ||||
| Accounts payable and accrued expenses | (3,527 | ) | 4,428 | ||||
| Accrued tariffs | 781 | 433 | |||||
| Uncertain tax position liability | (37 | ) | 128 | ||||
| Customer deposits | (37 | ) | (196 | ) | |||
| Total Adjustments | (3,889 | ) | (5,705 | ) | |||
| Net Cash Used in Operating Activities | (17,706 | ) | (45,696 | ) | |||
| Cash Flows From Investing Activities | |||||||
| Proceeds from disposal of property and equipment | - | 35 | |||||
| Purchase of property and equipment | (6,885 | ) | (6,862 | ) | |||
| Net Cash Used in Investing Activities | (6,885 | ) | (6,827 | ) | |||
| Cash Flows From Financing Activities | |||||||
| Proceeds from public offering | 24,177 | - | |||||
| Payments from public offering costs | (1,258 | ) | - | ||||
| Proceeds from note payable, related party | 1,000 | - | |||||
| Repayment of note payable, related party | (1,000 | ) | - | ||||
| Proceeds from term loan | - | 75,000 | |||||
| Repayment of note payable | (5,275 | ) | (45,000 | ) | |||
| Proceeds from exercise of public warrants | 747 | - | |||||
| Payment of debt issuance costs | - | (4,032 | ) | ||||
| Proceeds from exercise of options | 586 | 706 | |||||
| Proceeds from stock purchase agreement | - | 15,000 | |||||
| Proceeds from exercise of investor warrants | 546 | - | |||||
| Net Cash Provided by Financing Activities | 19,523 | 41,674 | |||||
| Net Decrease in cash and cash equivalents | (5,068 | ) | (10,849 | ) | |||
| Cash and cash equivalents - beginning of year | 17,781 | 28,630 | |||||
| Cash and cash equivalents - end of year | $ | 12,713 | $ | 17,781 | |||
Use of Non-GAAP Financial Measures
The Company provides non-GAAP financial measures including EBITDA and Adjusted EBITDA as a supplement to GAAP financial information to enhance the overall understanding of the Company’s financial performance and to assist investors in evaluating the Company’s results of operations, period over period. Adjusted non-GAAP measures exclude significant unusual items. Investors should consider these non-GAAP measures as a supplement to, and not a substitute for financial information prepared on a GAAP basis.
Adjusted EBITDA
Adjusted EBITDA is considered a non-GAAP financial measure under the rules of the SEC because it excludes certain amounts included in net loss calculated in accordance with GAAP. Specifically, the Company calculates Adjusted EBITDA by GAAP net loss adjusted to exclude stock-based compensation expense, business combination related expenses and other one-time, non-recurring items.
The Company has included Adjusted EBITDA because it is a key measure used by Dragonfly’s management team to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses. As such, the Company believes Adjusted EBITDA is helpful in highlighting trends in the ongoing core operating results of the business.
Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of net loss or other results as reported under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect the Company’s cash expenditures, future requirements for capital expenditures, or contractual commitments;
- Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;
- Adjusted EBITDA does not reflect the Company’s tax expense or the cash requirements to pay taxes;
- although amortization and depreciation are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;
- Adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items for which the Company may adjust in historical periods; and
- other companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.
Reconciliations of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
The following table presents reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated.
| Dragonfly Energy Holdings Corp. | ||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Measures (Unaudited) | ||||||||||||||||
| (U.S. Dollars in Thousands) | ||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| Net (loss) | $ | 3,014 | $ | (32,535 | ) | $ | (13,817 | ) | $ | (39,991 | ) | |||||
| Interest Expense | 4,110 | 3,322 | 16,015 | 6,979 | ||||||||||||
| Taxes | (26 | ) | 991 | (26 | ) | (709 | ) | |||||||||
| Depreciation | 328 | 243 | 1,237 | 891 | ||||||||||||
| EBITDA | $ | 7,426 | $ | (27,979 | ) | $ | 3,409 | $ | (32,830 | ) | ||||||
| Adjusted for: | ||||||||||||||||
| Stock Based Compensation(1) | 323 | 1,312 | 6,710 | 2,467 | ||||||||||||
| June 2023 Offering Costs(2) | - | - | 904 | - | ||||||||||||
| Promissory Note Forgiveness(3) | - | - | - | 469 | ||||||||||||
| Loss on Disposal of Assets | 596 | 56 | 712 | 56 | ||||||||||||
| Separation Agreement(4) | - | 1,197 | 720 | 1,197 | ||||||||||||
| Business Combination Expenses(5) | - | 21,337 | - | 21,337 | ||||||||||||
| Debt Extinguishment(6) | - | 4,824 | - | 4,824 | ||||||||||||
| Change in fair market value of warrant liability(7) | (10,400 | ) | (5,446 | ) | (29,582 | ) | (5,446 | ) | ||||||||
| Adjusted EBITDA | $ | (2,055 | ) | $ | (4,699 | ) | $ | (17,127 | ) | $ | (7,926 | ) | ||||
| (1) | Stock-Based Compensation is comprised of costs associated with option and RSU grants made to the Company's employees, consultants and board members. | ||||||||
| (2) | June 2023 Offering Costs related to the warrant liability are comprised of fees and expenses, including legal, accounting and other expenses associated with this offering. | ||||||||
| (3) | Promissory Note Foregiveness is comprised of the loan that was forgiven, prior to the Business Combination, in connection with the promissory note, with a maturity date of March 1, 2026, between the Company and John Marchetti, its Senior Vice President of Operations and former Chief Financial Officer. | ||||||||
| (4) | Separation Agreement in 2022 is comprised of | ||||||||
| (5) | Business Combination Expenses is comprised of fees and expenses, including legal, accounting and other expenses asscociated with the Business Combination. | ||||||||
| (6) | Debt Extinguishment expenses are comprised of expenses incurred in connection with the early debt repayment of the Series 2021-6 Notes that occurred in conjunction with the Business Combination. | ||||||||
| (7) | Change in fair market value of warrant liability represents the change in fair value from the date the warrants were issued through December 31, 2023. | ||||||||
Source: Dragonfly Energy Holdings Corp.
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