RENO, Nev., May 29, 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 announced that the Company is scheduled to participate in the following events during June 2024: At both the Rho Motion and Giga USA conferences, Dragonfly Energy's Senior Vice President of Technology, Dr. Vick Singh, will present on the Company's patented dry electrode battery manufacturing technolo ...

RENO, Nev., May 29, 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 announced that the Company is scheduled to participate in the following events during June 2024: Rho Motion Live: Europe, June 5-6, 2024 – Paris, France (presentation) Benchmark Giga USA 2024, June 11-13, 2024 – Washington, D.C. (presentation and exhibition) ROTH London Conference, June 25-27, 2024 – ...

Financial Data and Key Metrics Changes - Dragonfly's gross profit in Q1 2024 was approximately $3.1 million, down from $4.7 million in Q1 2023 [12] - Net loss in Q1 2024 was $10.4 million or negative $0.17 per diluted share, compared to net income of $4.8 million or $0.10 per diluted share in Q1 2023 [13] - Net sales in Q1 2024 were $12.5 million, down from $18.8 million in Q1 2023, aligning with guidance of $12 million to $13 million [30] - Operating expenses in Q1 2024 were $8.9 million, down from $14.6 million in Q1 2023 [32] - EBITDA in Q1 2024 was negative $5.3 million, compared to positive $8.9 million in Q1 2023 [34] - Cash position at the end of Q1 2024 was approximately $8.5 million, down from $12.7 million at the end of 2023 [35] Business Line Data and Key Metrics Changes - OEM revenue in Q1 2024 was $7.3 million, down from $8.8 million in Q1 2023; however, excluding Keystone, OEM revenue grew year-over-year by 70% [24][31] - Direct-to-consumer segment generated net sales of $5.2 million in Q1 2024, down from $10.0 million in Q1 2023 [79] Market Data and Key Metrics Changes - The RV Industry Association forecasts a medium annual growth rate of 13.8%, with RV shipments up 9% for Q1 compared to the previous quarter [8] - The company is entering the heavy-duty trucking market, which is expected to contribute more meaningfully to revenue in the second half of 2024 [14] Company Strategy and Development Direction - The company aims to leverage its technology in lithium batteries to expand into adjacent markets, including heavy-duty trucking and oil and gas [4][9] - Dragonfly is focusing on domestic cell production and has garnered interest from large customers in various sectors [10] - The company is pursuing opportunities in the industrial solar and stationary storage markets, driven by new EPA mandates [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the RV market and the potential for growth in the heavy-duty trucking market [14][39] - The company expects revenue in Q2 2024 to be in the range of $14.0 million to $15.0 million, representing approximately 16% sequential growth [36] - Management highlighted the importance of eliminating PFAS chemicals in production, which provides a competitive advantage [66] Other Important Information - The company has achieved necessary certifications for deployment in the oil and gas industry and identified a large new customer in this space [9] - The dry electrode process has shown significant potential for scalability and quality, attracting interest from various sectors [10][28] Q&A Session Summary Question: Impact of Section 301 tariffs on business - Management indicated that the increase in tariffs on non-EV batteries would not affect immediate business but is positive for long-term domestic cell manufacturing [42] Question: Optimism in the RV market - Management noted a recovery in the RV market, with increased orders from Keystone and a growing preference for lithium options [46][47] Question: Revenue opportunity in oil and gas market - Management discussed potential regulations and the environmental benefits of their technology, which could lead to thousands of deployments over the next 18 months [48][52] Question: Adoption patterns in trucking - Management expects adoption rates to align with fleet turnover cycles, estimating that 20%-25% of fleets are turned over annually [54] Question: Competitive landscape and PFAS elimination - Management emphasized the environmental advantages of their PFAS-free batteries and their competitive positioning in both the U.S. and Europe [66]

. ● . Dragonfly Energy's CEO, Dr. Denis Phares, is Featured in an Interview with SmallCapsDaily President & CEO, Dr. Denis Phares, Dives into the Company's Revolutionary Battery Technology and Sustainable Growth Strategy May 16, 2024 7:30 AM EDT | Source: SCD Media, LLC New York, New York--(Newsfile Corp. - May 16, 2024) - Dragonfly Energy Holdings Corp. (NASDAQ: DFLI) ("the Company"), is excited to announce its CEO, Dr. Denis Phares recently sat down for an interview with SmallCaps Daily. During the interv ...

Anode Max. Tensile Force (N) 20 18 16 14 12 10 8 0 ax. Tensile Force Source: Dragonfly Energy ■ Dragonfly Energy High Capacity - PFAS-Free Industry Standard Capacity It is easily achievable to manufacture electrodes that are more or less dense during the manufacturing process >90% FCE >99.9% CE >25 Cycles above 99% capacity retention All cells tested are single layer coin cells Cells tested have approximate areal loadings of 4.8 mAh/cm2 All tests performed at 25˚C Industry uses nano-sized LFP - Dragonfly En ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Q1 2024 unaudited financials report a $10.4 million net loss, 33.5% sales decline, increased liabilities, and going concern doubt [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows increased total liabilities, primarily from operating leases, and a decline in stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $8,501 | $12,713 | | Inventory | $33,578 | $38,778 | | Total Current Assets | $47,691 | $55,920 | | Total Assets | $88,449 | $75,204 | | **Liabilities & Equity** | | | | Total Current Liabilities | $43,523 | $40,377 | | Total Liabilities | $70,638 | $47,292 | | Total Stockholders' Equity | $17,811 | $27,912 | - **Total liabilities increased significantly from $47.3 million to $70.6 million**, primarily driven by a substantial increase in **operating lease liabilities from $3.5 million to $24.4 million**[11](index=11&type=chunk) - The **accumulated deficit widened from $(41.5) million at year-end 2023 to $(51.9) million** as of March 31, 2024, contributing to the decline in stockholders' equity[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 operations show a net loss of $10.4 million, reversing prior year's income, driven by a 33.5% sales decrease Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Net Sales | $12,505 | $18,791 | | Gross Profit | $3,051 | $4,667 | | Loss From Operations | $(5,839) | $(9,892) | | Net (Loss) Income | $(10,367) | $4,775 | | Net (loss) income Per Share- Basic | $(0.17) | $0.11 | - **Net sales decreased by 33.5%** year-over-year[12](index=12&type=chunk) - The company reported a **net loss of $10.4 million** in Q1 2024, compared to a **net income of $4.8 million** in Q1 2023. The 2023 income was significantly impacted by a non-cash gain of **$18.5 million** from the change in fair market value of warrant liability[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements indicate cash used in operations and a reduction in overall cash reserves during the quarter Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(3,395) | $(3,838) | | Net Cash Used in Investing Activities | $(817) | $(589) | | Net Cash Provided by Financing Activities | $0 | $2,437 | | **Net Decrease in Cash** | **$(4,212)** | **$(1,990)** | - The company's **cash and cash equivalents decreased by $4.2 million** during the quarter, **ending at $8.5 million**[17](index=17&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail going concern uncertainty, debt covenant violations, revenue disaggregation, and a prior period financial revision - **Going Concern:** The company's recurring losses from operations, negative cash flow, and failure to comply with financial covenants of its Term Loan raise substantial doubt about its ability to continue as a going concern[23](index=23&type=chunk)[24](index=24&type=chunk) - **Debt Covenant Violation:** As of March 31, 2024, the company was not in compliance with its fixed charge coverage ratio, liquidity, and maximum senior leverage ratio covenants. It received a waiver for the liquidity requirement, but the entire debt has been classified as current[87](index=87&type=chunk) - **Revenue Disaggregation:** For Q1 2024, sales were split between **Direct to Customer ($5.2 million)** and **Original Equipment Manufacturer (OEM) ($7.3 million)**[40](index=40&type=chunk) - **Financial Statement Revision:** The company revised its Q1 2023 financial statements to correct for an underpayment of tariffs. This **increased Cost of Goods Sold by $76 thousand** and **reduced Net Income by $117 thousand** for that period[115](index=115&type=chunk)[118](index=118&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2024's 33.5% revenue decline to market weakness and OEM changes, noting going concern doubts and covenant waivers Q1 2024 vs Q1 2023 Results of Operations (in thousands) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Net Sales | $12,505 | $18,791 | | Gross Profit | $3,051 | $4,667 | | Loss From Operations | $(5,839) | $(9,892) | | Net (Loss) Income | $(10,367) | $4,775 | - **Net sales decreased by $6.3 million (33.5%) YoY**, primarily due to lower DTC and OEM sales volumes amid decreased customer demand related to rising interest rates and inflation[173](index=173&type=chunk) - A major Recreation Vehicle (RV) customer changed the company's product from a standard offering to an option, negatively impacting OEM revenue. However, excluding this customer, **RV OEM sales increased 69% year-over-year**[173](index=173&type=chunk) - The company has **obtained waivers for failing to meet financial covenants** under its Term Loan agreement, but acknowledges these conditions raise **substantial doubt about its ability to continue as a going concern**[212](index=212&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from providing this item's disclosures - This section is **not applicable as the company qualifies as a smaller reporting company**[220](index=220&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective as of March 31, 2024, due to an unremediated material weakness in tariff handling - Management concluded that **disclosure controls and procedures were not effective** as of March 31, 2024[223](index=223&type=chunk) - The ineffectiveness is due to an **unremediated material weakness** related to the failure to correctly capture, record, and pay tariffs on imported products[223](index=223&type=chunk) - A **remediation plan is in progress**, with management working with a third-party service provider to design and implement additional internal controls[224](index=224&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company is **not currently a party to any material litigation or legal proceedings**[225](index=225&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, risk factor disclosures are not required for this Form 10-Q - This section is **not required as the company is a smaller reporting company**[226](index=226&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - The company reported **'None'** for this item[227](index=227&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) The company received a Term Loan covenant waiver on May 13, 2024, issuing 2.55 million penny warrants to lenders - On May 13, 2024, the company **received a waiver for its Term Loan covenant tests** for the quarter ended March 31, 2024[231](index=231&type=chunk) - In connection with the waiver, the company issued **2.55 million penny warrants** to the lenders, exercisable at $0.01 per share and expiring in ten years[231](index=231&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed, including the Term Loan waiver and May 2024 Penny Warrant form - **Key exhibits filed with this report include** the **Limited Waiver to the Term Loan agreement** and the **Form of May 2024 Penny Warrant**[233](index=233&type=chunk)

First Quarter 2024 Financial Highlights Exhibit 99.1 Dragonfly Energy Reports First Quarter 2024 Financial and Operational Results RENO, NEVADA (May 14, 2024) — 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 first quarter ended March 31, 2024. Operational and Business Highlights "I am incredibly excited about where Dragonfly Energy stand ...

The latest trading session saw Dragonfly Energy Holdings Corp. (DFLI) ending at $0.97, denoting a -0.63% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 1.03% for the day. Elsewhere, the Dow gained 0.46%, while the tech-heavy Nasdaq added 1.19%.Prior to today's trading, shares of the company had gained 97.98% over the past month. This has outpaced the Computer and Technology sector's loss of 0.68% and the S&P 500's loss of 1.57% in that time.Market parti ...

RENO, Nev., April 30, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) ("Dragonfly Energy" or the "Company"), an industry leader in green energy storage and maker of Battle Born Batteries®, announced today its pledge to plant over 10,000 trees in collaboration with the National Forest Foundation (NFF), the official non-profit partner of the USDA Forest Service, in recognition of Earth Day and the Company's commitment to sustainability. In celebration of Earth Day, Dragonfly Energy laun ...

Dragonfly Energy Holdings Corp. (DFLI) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following ye ...