Dragonfly Energy Reports Fourth Quarter and Full Year 2024 Results
Dragonfly Energy (DFLI) reported Q4 2024 financial results with net sales of $12.2 million, up 17% year-over-year, driven by 61% growth in OEM sales to $6.2 million. Full-year 2024 revenue was $50.6 million with a gross margin of 23.0%.
The company posted a Q4 net loss of $(9.8) million and Adjusted EBITDA of $(2.0) million. For the full year, net loss widened to $(40.6) million with Adjusted EBITDA of $(18.5) million.
Key developments include a successful debt restructuring and additional capital raise through a strategic investor. The company has launched a corporate optimization program and promoted Dr. Vick Singh to COO. Despite RV market challenges, increased OEM adoption and new partnerships in trucking and industrial markets show promise.
Looking ahead, Dragonfly guides Q1 2025 net sales of approximately $13.3 million and targets positive Adjusted EBITDA by Q4 2025.
Dragonfly Energy (DFLI) ha riportato i risultati finanziari del quarto trimestre 2024 con vendite nette di 12,2 milioni di dollari, in aumento del 17% rispetto all'anno precedente, grazie a una crescita del 61% nelle vendite OEM, che hanno raggiunto 6,2 milioni di dollari. Il fatturato totale per l'anno 2024 è stato di 50,6 milioni di dollari, con un margine lordo del 23,0%.
L'azienda ha registrato una perdita netta di 9,8 milioni di dollari nel quarto trimestre e un EBITDA rettificato di (2,0) milioni di dollari. Per l'intero anno, la perdita netta è aumentata a 40,6 milioni di dollari, con un EBITDA rettificato di (18,5) milioni di dollari.
Tra i principali sviluppi vi sono una riuscita ristrutturazione del debito e un ulteriore aumento di capitale attraverso un investitore strategico. L'azienda ha lanciato un programma di ottimizzazione aziendale e ha promosso il Dr. Vick Singh a COO. Nonostante le sfide del mercato RV, l'aumento dell'adozione OEM e le nuove partnership nei settori del trasporto e industriale mostrano segnali promettenti.
Guardando al futuro, Dragonfly prevede vendite nette di circa 13,3 milioni di dollari per il primo trimestre 2025 e punta a un EBITDA rettificato positivo entro il quarto trimestre 2025.
Dragonfly Energy (DFLI) informó los resultados financieros del cuarto trimestre de 2024 con ventas netas de 12,2 millones de dólares, un aumento del 17% interanual, impulsado por un crecimiento del 61% en las ventas OEM, que alcanzaron los 6,2 millones de dólares. Los ingresos totales del año 2024 fueron de 50,6 millones de dólares, con un margen bruto del 23,0%.
La compañía reportó una pérdida neta de 9,8 millones de dólares en el cuarto trimestre y un EBITDA ajustado de (2,0) millones de dólares. Para todo el año, la pérdida neta se amplió a 40,6 millones de dólares con un EBITDA ajustado de (18,5) millones de dólares.
Los desarrollos clave incluyen una exitosa reestructuración de deuda y un aumento de capital adicional a través de un inversor estratégico. La compañía ha lanzado un programa de optimización corporativa y ha promovido al Dr. Vick Singh como COO. A pesar de los desafíos en el mercado de vehículos recreativos, el aumento en la adopción de OEM y nuevas asociaciones en los mercados de camiones e industriales muestran promesas.
De cara al futuro, Dragonfly prevé ventas netas de aproximadamente 13,3 millones de dólares para el primer trimestre de 2025 y tiene como objetivo un EBITDA ajustado positivo para el cuarto trimestre de 2025.
Dragonfly Energy (DFLI)는 2024년 4분기 재무 결과를 보고하며 순매출이 1,220만 달러로 전년 대비 17% 증가했으며, OEM 판매가 61% 성장하여 620만 달러에 달했습니다. 2024년 전체 매출은 5,060만 달러로 총 이익률은 23.0%입니다.
회사는 4분기 순손실이 980만 달러이며 조정 EBITDA가 (200만) 달러로 나타났습니다. 전체 연도에 대한 순손실은 4060만 달러로 확대되었으며 조정 EBITDA는 (1850만) 달러입니다.
주요 개발 사항으로는 성공적인 부채 재구성과 전략적 투자자를 통한 추가 자본 조달이 포함됩니다. 회사는 기업 최적화 프로그램을 시작하고 Dr. Vick Singh을 COO로 승진시켰습니다. RV 시장의 도전에도 불구하고 OEM 채택 증가와 트럭 및 산업 시장에서의 새로운 파트너십이 희망을 보이고 있습니다.
앞으로 Dragonfly는 2025년 1분기 순매출이 약 1,330만 달러에 이를 것으로 예상하며 2025년 4분기까지 긍정적인 조정 EBITDA를 목표로 하고 있습니다.
Dragonfly Energy (DFLI) a annoncé ses résultats financiers pour le quatrième trimestre 2024, avec des ventes nettes de 12,2 millions de dollars, en hausse de 17 % par rapport à l'année précédente, grâce à une croissance de 61 % des ventes OEM, atteignant 6,2 millions de dollars. Le chiffre d'affaires total pour l'année 2024 s'élevait à 50,6 millions de dollars, avec une marge brute de 23,0 %.
L'entreprise a enregistré une perte nette de 9,8 millions de dollars au quatrième trimestre et un EBITDA ajusté de (2,0) millions de dollars. Pour l'année entière, la perte nette s'est creusée à 40,6 millions de dollars, avec un EBITDA ajusté de (18,5) millions de dollars.
Les développements clés incluent une restructuration de la dette réussie et une levée de fonds supplémentaire par le biais d'un investisseur stratégique. L'entreprise a lancé un programme d'optimisation et a promu le Dr Vick Singh au poste de COO. Malgré les défis du marché des véhicules récréatifs, l'adoption accrue des OEM et les nouveaux partenariats dans les secteurs du transport et industriel montrent des perspectives prometteuses.
En regardant vers l'avenir, Dragonfly prévoit des ventes nettes d'environ 13,3 millions de dollars pour le premier trimestre 2025 et vise un EBITDA ajusté positif d'ici le quatrième trimestre 2025.
Dragonfly Energy (DFLI) hat die finanziellen Ergebnisse für das vierte Quartal 2024 bekannt gegeben, mit Nettoumsätzen von 12,2 Millionen Dollar, was einem Anstieg von 17 % im Vergleich zum Vorjahr entspricht, angetrieben durch ein Wachstum von 61 % bei OEM-Verkäufen auf 6,2 Millionen Dollar. Der Gesamtumsatz für das Jahr 2024 betrug 50,6 Millionen Dollar bei einer Bruttomarge von 23,0 %.
Das Unternehmen verzeichnete im vierten Quartal einen Nettoverlust von 9,8 Millionen Dollar und ein bereinigtes EBITDA von (2,0) Millionen Dollar. Für das gesamte Jahr weitete sich der Nettoverlust auf 40,6 Millionen Dollar aus, mit einem bereinigten EBITDA von (18,5) Millionen Dollar.
Zu den wichtigsten Entwicklungen gehören eine erfolgreiche Schuldenrestrukturierung und eine zusätzliche Kapitalbeschaffung durch einen strategischen Investor. Das Unternehmen hat ein Programm zur Unternehmensoptimierung gestartet und Dr. Vick Singh zum COO befördert. Trotz der Herausforderungen auf dem RV-Markt zeigen die gestiegene OEM-Akzeptanz und neue Partnerschaften in den Bereichen Transport und Industrie vielversprechende Perspektiven.
Für die Zukunft gibt Dragonfly einen Nettoumsatz von etwa 13,3 Millionen Dollar für das erste Quartal 2025 an und strebt ein positives bereinigtes EBITDA bis zum vierten Quartal 2025 an.
- 17% revenue growth in Q4 2024 to $12.2 million
- 61% growth in OEM sales to $6.2 million in Q4
- Successful debt restructuring and additional capital raise completed
- 23% gross margin maintained for full year 2024
- New strategic partnerships in trucking and industrial markets
- Widening net loss to $40.6 million in 2024 from $13.8 million in 2023
- Negative Adjusted EBITDA of $(18.5) million for full year 2024
- DTC sales declined to $22.6 million from $36.9 million year-over-year
- Operating expenses increased in Q4 due to patent litigation and facility relocation
- Gross margin declined to 20.8% in Q4 from 21.6% year-over-year
Insights
Dragonfly Energy's Q4 results reveal encouraging momentum amid ongoing challenges. The
The recently completed debt restructuring addresses the most pressing near-term financial concern by reclassifying debt as long-term and securing additional strategic capital. This financial engineering buys critical runway for their optimization initiatives to take hold. The appointment of Dr. Vick Singh as COO signals serious commitment to operational efficiency improvements.
Despite these positive developments, Dragonfly's financial position remains precarious with a
Management's guidance of
Fourth Quarter Revenue Growth of
Debt Restructuring and Concurrent Capital Raise Enhance Financial Position and Liquidity
Initiates Corporate Optimization Program
Guides to First Quarter 2025 Net Sales of Approximately
Targets Positive Adjusted EBITDA in Fourth Quarter 2025
RENO, Nev., March 24, 2025 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Financial Highlights
- Net sales of
$12.2 million and$50.6 million - OEM net sales of
$6.2 million and$27.6 million - Gross Margin of
20.8% and23.0% - Net Loss of
$(9.8) million and$(40.6) million - Adjusted EBITDA of
$(2.0) million and$(18.5) million
“After quarter end, we were very pleased to have successfully negotiated a significant debt restructuring with our lenders, allowing for covenant relief while pushing off the maturity date. With this action, our debt will be classified as long-term debt on our balance sheet. Concurrent with the debt restructuring, we also secured additional capital through a strategic investor,” commented Dr. Denis Phares, Chief Executive Officer. “We believe these actions greatly strengthen our near-term financial position, allowing us to focus on executing on our key strategic initiatives for 2025, including achieving positive anticipated Adjusted EBITDA in the fourth quarter.”
"In addition, we have launched a corporate optimization program to establish a more efficient cost structure, aligning our operations with near-term revenue growth opportunities, which we believe will provide us with a path to profitability. As part of this initiative, we have promoted Dr. Vick Singh to Chief Operating Officer, where he will oversee the program while also driving operational efficiencies across the company.
"Despite ongoing challenges in the RV market, our fourth-quarter net sales grew approximately
Fourth Quarter 2024 Financial and Operating Results
(All financial result comparisons made are against the prior-year period unless otherwise noted)
| Net Sales by Customer Type | |||||
| (in millions) | |||||
| Fiscal Quarter Ended | |||||
| December 31, 2024 | December 31, 2023 | Change (YoY) | |||
| DTC | - | ||||
| OEM | |||||
| Licensing | N/A | ||||
| Net Sales | |||||
Net Sales increased
Gross Profit increased
The Company reported a Net Loss of
Full Year 2024 Financial and Operating Results
(All financial result comparisons made are against the prior-year period unless otherwise noted)
| Net Sales by Customer Type | |||||
| (in millions) | |||||
| Fiscal Year Ended | |||||
| December 31, 2024 | December 31, 2023 | Change (YoY) | |||
| DTC | - | ||||
| OEM | |||||
| Licensing | N/A | ||||
| Net Sales | - | ||||
Net Sales were
Gross Profit was
The Company reported a Net Loss of
Form 10-K Filing
The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K. Accordingly, the financial results reported in this earnings release are pending completion of the audit.
Summary and Outlook
"Dragonfly Energy is advancing energy storage with innovative lithium battery technology, delivering safe, reliable, and efficient power solutions for industries that demand superior performance," commented Dr. Denis Phares. "As we look ahead to 2025, our focus remains on driving shareholder value through growth, diversification across end markets, and continued product innovation. We anticipate continued year-over-year growth in the first quarter with revenue of approximately
1Q25 Guidance
- Net Sales of approximately
$13.3 million - Adjusted EBITDA of approximately
$(3.8) million
Webcast Information
The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2024 financial and operational results this afternoon, March 24, 2025. The call can be accessed live via 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 (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 85219. 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 https://investors.dragonflyenergy.com/.
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 2025, 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.
Financial Tables
| Dragonfly Energy Holdings Corp. | ||||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||||
| (U.S. Dollars in thousands, except share and per share data) | ||||||||||
| As of | ||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ | 4,849 | $ | 12,713 | ||||||
| Accounts receivable, net of allowance for credit losses | 2,416 | 1,639 | ||||||||
| Inventory | 21,716 | 38,778 | ||||||||
| Prepaid expenses | 806 | 772 | ||||||||
| Prepaid inventory | 1,362 | 1,381 | ||||||||
| Prepaid income tax | 307 | 519 | ||||||||
| Assets held of sale | 644 | - | ||||||||
| Other current assets | 825 | 118 | ||||||||
| Total Current Assets | 32,925 | 55,920 | ||||||||
| Property and Equipment | ||||||||||
| Property and Equipment, Net | 22,107 | 15,969 | ||||||||
| Operating lease right of use asset | 19,737 | 3,315 | ||||||||
| Other assets | 445 | - | ||||||||
| Total Assets | $ | 75,214 | $ | 75,204 | ||||||
| Current Liabilities | ||||||||||
| Accounts payable | $ | 10,716 | $ | 10,258 | ||||||
| Accrued payroll and other liabilities | 4,129 | 7,107 | ||||||||
| Accrued tariffs | 1,915 | 1,713 | ||||||||
| Accrued settlement, current portion | 750 | - | ||||||||
| Customer deposits | 317 | 201 | ||||||||
| Deferred revenue, current portion | 1,000 | - | ||||||||
| Uncertain tax position liability | 55 | 91 | ||||||||
| Notes payable, current portion, net of debt issuance costs | - | 19,683 | ||||||||
| Operating lease liability, current portion | 2,926 | 1,288 | ||||||||
| Financing lease liability, current portion | 47 | 36 | ||||||||
| Total Current Liabilities | 21,855 | 40,377 | ||||||||
| Long-Term Liabilities | ||||||||||
| Deferred revenue, net of current portion | 3,583 | - | ||||||||
| Warrant liabilities | 5,133 | 4,463 | ||||||||
| Accrued expenses, long-term | - | 152 | ||||||||
| Accrued settlement, net of current portion | 1,750 | - | ||||||||
| Notes payable, non current portion, net of debt issuance costs | 29,646 | - | ||||||||
| Operating lease liability, net of current portion | 22,588 | 2,234 | ||||||||
| Financing lease liability, net of current portion | 63 | 66 | ||||||||
| Total Long-Term Liabilities | 62,763 | 6,915 | ||||||||
| Total Liabilities | 84,618 | 47,292 | ||||||||
| Equity | ||||||||||
| Preferred stock, 5,000,000 shares at | - | - | ||||||||
| Common stock, 250,000,000 shares at | 1 | 6 | ||||||||
| Additional paid in capital | 72,749 | 69,445 | ||||||||
| Accumulated deficit | (82,154 | ) | (41,539 | ) | ||||||
| Total Stockholders' (Deficit) Equity | (9,404 | ) | 27,912 | |||||||
| Total Liabilities and Stockholders' (Deficit) Equity | $ | 75,214 | $ | 75,204 | ||||||
| Dragonfly Energy Holdings Corp. | ||||||||||||||||||
| Unaudited Condensed Interim Consolidated Statement of Operations | ||||||||||||||||||
| (U.S. Dollar in Thousands, except share and per share data) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net Sales | $ | 12,212 | $ | 10,438 | $ | 50,645 | $ | 64,392 | ||||||||||
| Cost of Goods Sold | 9,674 | 8,181 | 39,019 | 48,946 | ||||||||||||||
| Gross Profit | 2,538 | 2,257 | 11,626 | 15,446 | ||||||||||||||
| Operating Expenses | ||||||||||||||||||
| Research and development | 956 | 531 | 5,451 | 3,863 | ||||||||||||||
| General and administrative | 3,658 | 3,275 | 18,536 | 26,389 | ||||||||||||||
| Selling and marketing | 1,696 | 1,548 | 10,025 | 12,623 | ||||||||||||||
| Total Operating Expenses | 6,310 | 5,354 | 34,012 | 42,875 | ||||||||||||||
| Loss From Operations | (3,772 | ) | (3,097 | ) | (22,386 | ) | (27,429 | ) | ||||||||||
| Other Income (Expense) | ||||||||||||||||||
| Interest expense | (6,251 | ) | (4,034 | ) | (21,504 | ) | (16,015 | ) | ||||||||||
| Other (Expense) Income | - | 19 | (36 | ) | 19 | |||||||||||||
| Loss on settlement | (2,500 | ) | - | (2,500 | ) | - | ||||||||||||
| Loss on impairment of assets | (873 | ) | - | (873 | ) | - | ||||||||||||
| Change in fair market value of warrant liability | 3,554 | 10,400 | 6,684 | 29,582 | ||||||||||||||
| Total Other (Expense) Income | (6,070 | ) | 6,385 | (18,229 | ) | 13,586 | ||||||||||||
| Net (Loss) Income Before Taxes | (9,842 | ) | 3,288 | (40,615 | ) | (13,843 | ) | |||||||||||
| Income Tax (Benefit) Expense | - | (26 | ) | - | - | |||||||||||||
| Net (Loss) Income | $ | (9,842 | ) | $ | 3,314 | $ | (40,615 | ) | $ | (13,843 | ) | |||||||
| Net (Loss) Gain Per Share- Basic & Diluted | $ | (1.39 | ) | $ | 0.50 | $ | (5.91 | ) | $ | (2.36 | ) | |||||||
| Weighted Average Number of Shares- Basic & Diluted | 7,085,956 | 6,621,115 | 6,866,826 | 5,865,165 | ||||||||||||||
| Dragonfly Energy Holdings Corp. | |||||||||
| Unaudited Condensed Consolidated Statement of Cash Flows | |||||||||
| Years Ended December 31, 2024 and 2023 | |||||||||
| (U.S. in thousands) | |||||||||
| 2024 | 2023 | ||||||||
| Cash flows from Operating Activities | |||||||||
| Net Loss | $ | (40,615 | ) | $ | (13,817 | ) | |||
| Adjustments to Reconcile Net Loss to Net Cash | |||||||||
| Used in Operating Activities | |||||||||
| Stock based compensation | 1,020 | 6,710 | |||||||
| Amortization of debt discount | 7,241 | 1,470 | |||||||
| Change in fair market value of warrant liability | (6,684 | ) | (29,582 | ) | |||||
| Non-cash interest expense (paid-in-kind) | 10,058 | 4,938 | |||||||
| Provision for credit losses | 3 | 114 | |||||||
| Depreciation and amortization | 1,372 | 1,237 | |||||||
| Amortization of right of use assets | 2,231 | 1,179 | |||||||
| Loss on disposal of property and equipment | - | 116 | |||||||
| Loss on impairment of assets | 873 | - | |||||||
| Write-off of prepaid inventory | 69 | 596 | |||||||
| Changes in Assets and Liabilities | |||||||||
| Accounts receivable | (780 | ) | (309 | ) | |||||
| Inventories | 17,062 | 11,411 | |||||||
| Prepaid expenses | (42 | ) | 852 | ||||||
| Prepaid inventory | (50 | ) | 25 | ||||||
| Other current assets | (707 | ) | 149 | ||||||
| Other assets | (445 | ) | 1,198 | ||||||
| Income taxes payable | 212 | 6 | |||||||
| Accounts payable and accrued expenses | (5,365 | ) | (3,527 | ) | |||||
| Accrued tariffs | 202 | 781 | |||||||
| Accrued settlement | 2,500 | - | |||||||
| Deferred revenue | 4,583 | - | |||||||
| Uncertain tax position liability | (36 | ) | (37 | ) | |||||
| Customer deposits | 116 | (37 | ) | ||||||
| Total Adjustments | 33,433 | (2,710 | ) | ||||||
| Net Cash Used in Operating Activities | (7,182 | ) | (16,527 | ) | |||||
| Cash Flows From Investing Activities | |||||||||
| Proceeds from disposal of property and equipment | 8 | - | |||||||
| Purchase of property and equipment | (2,737 | ) | (6,885 | ) | |||||
| Net Cash Used in Investing Activities | (2,729 | ) | (6,885 | ) | |||||
| (Continued) | |||||||||
| Cash Flows From Financing Activities | |||||||||
| Proceeds from public offering | - | 24,177 | |||||||
| Payment of public offering costs | - | (1,258 | ) | ||||||
| Proceeds from public offering (ATM), net | 2,043 | 0 | |||||||
| Proceeds from note payable, related party | 2,700 | 1,000 | |||||||
| Repayment of note payable, related party | (2,700 | ) | (1,000 | ) | |||||
| Repayment of note payable | - | (5,275 | ) | ||||||
| Proceeds from exercise of public warrants | - | 747 | |||||||
| Proceeds from exercise of options | 4 | 586 | |||||||
| Proceeds from exercise of Investor Warrants | - | 546 | |||||||
| Net Cash Provided by Financing Activities | 2,047 | 19,523 | |||||||
| Net Decrease in Cash and cash equivalents | (7,864 | ) | (3,889 | ) | |||||
| Cash and cash equivalents - beginning of period | 12,713 | 17,781 | |||||||
| Cash and cash equivalents - end of period | $ | 4,849 | $ | 13,892 | |||||
| Supplemental Disclosures of Cash Flow Information: | |||||||||
| Cash paid for income taxes | - | 238 | |||||||
| Cash paid for interest | $ | 6,288 | $ | 9,102 | |||||
| Supplemental Non-Cash Items | |||||||||
| Purchases of property and equipment, not yet paid | $ | 1,703 | $ | 96 | |||||
| Recognition of right of use asset obtained in exchange for operating lease liability | $ | 18,653 | $ | - | |||||
| Recognition of leasehold improvements obtained in exchange for operating lease liability | $ | 4,683 | $ | - | |||||
| Recognition of warrant liability - Penny Warrants | $ | 7,354 | $ | 698 | |||||
| Recognition of warrant liability - Investor Warrants | $ | - | $ | 13,762 | |||||
| Settlement of accrued liability for employee liability for employee stock purchase plan | $ | 250 | $ | - | |||||
| Reclassification of assets held for sale | $ | 644 | $ | - | |||||
| Non-cash impact of cash exercise of liability classified warrants | $ | - | $ | 617 | |||||
| Cashless exercise of liability classified warrants | $ | - | $ | 12,629 | |||||
| Dragonfly Energy Holdings Corp. | |||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Measures (Unaudited) | |||||||||||||||||
| (U.S. Dollars in Thousands) | |||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| EBITDA Calculation | |||||||||||||||||
| Net (Loss) Income Before Taxes | $ | (9,842 | ) | $ | 3,314 | $ | (40,615 | ) | $ | (13,817 | ) | ||||||
| Interest Expense | 6,251 | 4,034 | 21,504 | 16,015 | |||||||||||||
| Taxes | - | (26 | ) | - | (26 | ) | |||||||||||
| Depreciation and Amortization | 381 | 328 | 1,372 | 1,237 | |||||||||||||
| EBITDA | $ | (3,210 | ) | $ | 7,650 | $ | (17,739 | ) | $ | 3,409 | |||||||
| Adjustments to EBITDA | |||||||||||||||||
| Stock Based Compensation | 261 | 323 | 1,020 | 6,710 | |||||||||||||
| Secondary offering costs | - | - | - | 720 | |||||||||||||
| Separation Agreement | - | - | - | 904 | |||||||||||||
| Tariff Investigation | - | - | 463 | - | |||||||||||||
| Patent Litigation | 624 | - | 624 | - | |||||||||||||
| Reverse Stock Split | 90 | - | 90 | - | |||||||||||||
| Stryten Agreement | - | - | 284 | - | |||||||||||||
| Loss on Settlement | 2,500 | - | 2,500 | - | |||||||||||||
| Loss on Impairment of Assets | 873 | - | 873 | - | |||||||||||||
| Write off of Prepaid Inventory | 69 | 596 | 69 | 712 | |||||||||||||
| Change in fair market value of warrant liability | (3,554 | ) | (10,400 | ) | (6,684 | ) | (29,582 | ) | |||||||||
| Adjusted EBITDA | $ | (2,347 | ) | $ | (1,831 | ) | $ | (18,500 | ) | $ | (17,127 | ) | |||||
| Dragonfly Energy Holdings Corp. | |||||||||||||||||
| Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) | |||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||
| (U.S. Dollars in Thousands) | |||||||||||||||||
| Non-GAAP Financial Guidance | |||||||||||||||||
| Operating Loss(1) | $ | (4,843 | ) | ||||||||||||||
| Taxes | - | ||||||||||||||||
| Depreciation and Amortization | 297 | ||||||||||||||||
| EBITDA | $ | (4,546 | ) | ||||||||||||||
| Adjustments to EBITDA | |||||||||||||||||
| Stock Based Compensation | 219 | ||||||||||||||||
| ATW Deal expenses | 150 | ||||||||||||||||
| Patent Litigation expenses | 368 | ||||||||||||||||
| Adjusted EBITDA | $ | (3,809 | ) | ||||||||||||||
| (1) Although net loss is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating loss because we are not able to calculate forward-looking net loss without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our change in fair market value of the Company's warrant liability. | |||||||||||||||||
Investor Relations:
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com
FAQ
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