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Dragonfly Energy Holdings Corp. (NASDAQ: DFLI) is a pioneering manufacturer of deep-cycle lithium-ion batteries that cater to a diverse range of applications including RVs, marine vessels, and off-grid solar systems. Headquartered in Nevada, the company has established itself as a leader in the market with its innovative, non-toxic Lithium Iron Phosphate (LFP) batteries, designed to replace traditional lead-acid batteries.
The company's LFP batteries offer numerous advantages, such as being environmentally friendly, non-toxic, and not reliant on scarce or controversial metals. These batteries are highly cost-effective, provide significant weight savings, and deliver up to three times the power and five times faster charging compared to conventional batteries. They also boast a longer lifespan, lasting over ten times longer than traditional batteries, and are maintenance-free.
Dragonfly Energy has filed and holds over 85 patents, showcasing its strong commitment to research and development. The company's innovative battery technology is fundamental to its new ventures into the off-grid solar sector. Partnering with companies like Ameresco and Connexa, Dragonfly Energy is now expanding into industrial remote applications, offering self-sustaining, reliable, and scalable solar energy storage solutions.
The company is also known for its stringent safety and quality standards. Its batteries undergo rigorous testing and have received multiple certifications, including ETL Listing by Intertek Lab, and conformance to UL, CSA, and UN standards. This dedication to safety and quality allows Dragonfly Energy to seamlessly transition into new markets, setting it apart from competitors.
With the stationary battery storage market expected to reach $870 billion by 2032, Dragonfly Energy is strategically positioned to capitalize on this growth. Its diverse product line addresses various energy needs, making it a key player in the renewable energy sector. The company's Battle Born Batteries are already gaining traction in the RV industry, being adopted as standard equipment by luxury coach divisions.
Dragonfly Energy's commitment to innovation and sustainability makes it a pivotal company in the renewable energy landscape. Its focus on developing solid-state lithium-ion cells and vertically integrated energy solutions ensures it remains at the forefront of the industry.
Dragonfly Energy (Nasdaq: DFLI) reported its Q1 2024 financial results. Net sales decreased to $12.5 million from $18.8 million in Q1 2023, mainly due to lower battery and accessory sales. Gross profit also fell to $3.1 million from $4.7 million. Operating expenses were reduced to $8.9 million from $14.6 million, but the company still posted a net loss of $10.4 million, compared to a net income of $4.8 million in Q1 2023. EBITDA was negative at $5.3 million, a sharp decline from $8.9 million in Q1 2023. Operational highlights include new orders in the trucking industry, certification for energy storage products in the oil & gas sector, and partnerships with Velociti Inc. and National Forest Foundation.
Dragonfly Energy expects net sales of $14.0 - $15.0 million for Q2 2024, with gross margins between 24% and 26%, and operating expenses ranging from $8.5 - $9.5 million. The company anticipates a net loss of $8.0 - $10.0 million for the quarter.
Dragonfly Energy, a green energy storage company, has made a significant breakthrough in lithium battery production by creating PFAS-free electrodes, addressing environmental and health concerns related to 'forever chemicals.' The company's dry electrode manufacturing process is sustainable, cost-effective, and environmentally friendly, positioning them for international partnerships and licensing opportunities.
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) was awarded Business of the Year at the Nevada Business Awards. The company, known for Battle Born Batteries®, received the Spirit of Nevada award for its contributions to the state and support of the community. CEO Dr. Denis Phares expressed gratitude for the recognition and highlighted the company's focus on green energy storage and domestic lithium battery production.
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) will report its first quarter 2024 financial results on May 14, 2024, followed by a conference call at 5:00 PM Eastern Time. Investors can access the live webcast or call in to listen. An archive will be available on the company's website after the event.
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