Dragonfly Energy Holdings Corp. (DFLI) came out with a quarterly loss of $0.22 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to loss of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -37.50%. A quarter ago, it was expected that this company would post a loss of $0.16 per share when it actually produced a loss of $0.17, delivering a surprise of -6.25%. Over the last four quarters, the c ...

Financial Performance - For the quarter ended June 30, 2024, the company sold 11,526 batteries, generating net sales of $13.2 million, compared to 20,966 batteries and $19.3 million in net sales for the same quarter in 2023, reflecting a decrease of approximately 30% in both sales volume and revenue [133]. - The company reported a net loss of $13.6 million for the quarter ended June 30, 2024, compared to a net loss of $11.9 million for the same quarter in 2023, indicating an increase in losses year-over-year [140]. - Net sales decreased by $6.1 million, or 31.5%, to $13.2 million for the three months ended June 30, 2024, compared to $19.3 million for the same period in 2023 [179]. - The company generated a net loss of $24.0 million for the six months ended June 30, 2024, compared to a net loss of $7.1 million for the same period in 2023 [202]. - Net cash used in operating activities for the six months ended June 30, 2024, was $7.4 million, primarily due to a net loss of $24.0 million [240]. Sales and Revenue Trends - The company reported a decrease in sales due to weaker demand from OEM and DTC customers in core RV and marine markets, attributed to rising interest rates and inflation [134]. - DTC revenue decreased by $8.3 million to $11.7 million, while OEM revenue decreased by $4.1 million to $14.0 million due to lower customer demand and changes in product offerings [193]. - Net sales decreased by $12.4 million, or 32.4%, to $25.7 million for the six months ended June 30, 2024, compared to $38.1 million for the same period in 2023 [193]. Cost and Expenses - Cost of goods sold decreased by $5.3 million, or 34.6%, to $10.0 million for the three months ended June 30, 2024, compared to $15.4 million for the same period in 2023 [181]. - Gross profit decreased by $0.7 million, or 19.3%, to $3.2 million for the three months ended June 30, 2024, compared to $3.9 million for the same period in 2023 [182]. - Research and development expenses increased by $0.4 million, or 43.5%, to $1.5 million for the three months ended June 30, 2024, compared to $1.1 million for the same period in 2023 [183]. - General and administrative expenses decreased by $1.9 million, or 25.1%, to $5.7 million for the three months ended June 30, 2024, compared to $7.6 million for the same period in 2023 [184]. - Selling and marketing expenses decreased by $1.1 million, or 29.6%, to $2.7 million for the three months ended June 30, 2024, compared to $3.8 million for the same period in 2023 [186]. Strategic Initiatives and Developments - The company achieved full certification for its energy storage products for use in oil & gas operations in North America, with expected deployment of the first systems in Q3 2024 and anticipated contribution to net sales by Q4 2024 [135]. - The company is developing solid-state cell technology, which is expected to enhance safety and production efficiency, with plans to scale production during 2025 [138]. - The company has made significant progress in distribution channels, receiving approvals for battery installations at major truck modification centers, enhancing product availability [154]. - A partnership with Highway Transport aims to transition their fleet of over 500 trucks to the company's all-electric APUs, marking a significant expansion in the commercial trucking sector [155]. - The company plans to expand into new markets, including medium and heavy-duty trucking, solar integration, and emergency power solutions, leveraging its LFP batteries [161]. Financing and Capital Structure - The company has entered into a $150 million equity facility with Chardan Capital Markets LLC to support ongoing operations and strategic investments [140]. - The company raised approximately $20.7 million from a public offering in June 2023, selling 10 million shares at a price of $2.00 per share [144]. - The company may need to raise additional debt and/or equity financing to fund operations and meet financial covenants [237]. - The company has received multiple waivers from lenders regarding compliance with financial covenants, indicating potential challenges in meeting obligations [236]. - Future debt or equity financings may be dilutive to current stockholders, impacting shareholder value [237]. Inventory and Supply Chain - The company relies on a limited number of suppliers for lithium iron phosphate cells, which poses a risk to its supply chain stability [127]. - The company relies on two cell manufacturers in China and has signed a Commercial Offtake Agreement for lithium supply, which is expected to help manage costs over time [163]. - The company reduced purchase activities in 2024 due to business contraction and uncertainty, impacting inventory levels [220]. - The company's inventory balance decreased by $10.1 million to $28.7 million as of June 30, 2024, compared to $38.8 million at December 31, 2023 [220]. Future Outlook - The company expects deployment of products for oil and gas operations in North America to begin contributing to net sales by the fourth quarter of 2024 [180]. - The company anticipates receiving an initial licensing fee of $5 million from Stryten Energy LLC by the end of August 2024 [219]. - The company expects to spend in excess of $50 million on solid-state battery development and cell manufacturing technologies over the next two to three years [220]. - The company is likely to fail to meet financial covenants within the next twelve months, raising substantial doubt about its ability to continue as a going concern [236].

Exhibit 99.1 Dragonfly Energy Reports Second Quarter 2024 Financial and Operational Results ● Dragonfly Energy entered into a $30 million licensing agreement with Stryten Energy, a leading North American battery manufacturer, to allow for expansion of Battle Born Batteriesproducts into new markets ● The Company announced progress in bringing its lithium battery technology to the trucking sector, including a new partnership with Highway Transport to integrate Dragonfly Energy's all-electric auxiliary power u ...

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. To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors. Interested investors and other parties may access the live webcast via the link found here or through the Events and Presentations page within the Investor ...

The partnership between Dragonfly Energy and Canada's largest coast-to-coast RV dealership group is expected to bring elevated sustainability, enhanced customer experience and expert support to Canadian RV owners. With dealerships across Canada, Fraserway RV will stock and install Battle Born Batteries® as a customer upgrade option. This collaboration capitalizes on Canada's growing RV market, where active camping households in Canada have increased by 68 percent since 2014, further solidifying Dragonfly En ...

The partnership between Dragonfly Energy and Canada's largest coast-to-coast RV dealership group is expected to bring elevated sustainability, enhanced customer experience and expert support to Canadian RV owners. With dealerships across Canada, Fraserway RV will stock and install Battle Born Batteries® as a customer upgrade option. This collaboration capitalizes on Canada's growing RV market, where active camping households in Canada have increased by 68 percent since 2014, further solidifying Dragonfly En ...

RENO, Nev., July 02, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) ("Dragonfly Energy" or the "Company"), an industry leader in energy storage and maker of Battle Born Batteries®, spearheaded a collaboration that brought together innovation, music and the imagination of youth to write, record and premiere an original song and music video. Imagine: A Musical Collaboration with Jeremy Renner, is the result of two days of songwriting, recording, production, and filming and premiered at ...

Refreshment Services Pepsi, an independent bottler and distributor for Pepsi-Cola products, is transitioning to Dragonfly Energy's Battle Born Batteries® to power liftgate operations within its fleet. Compared to traditional lead-acid batteries, lithium-ion technology provides Refreshment Services Pepsi with significant cost savings and environmental advantages, including fewer battery replacements, fuel savings, reduced downtime, and a longer lifespan. This partnership highlights Dragonfly Energy's ongoing ...

RENO, Nev., July 01, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) ("Dragonfly Energy" or the "Company"), an industry leader in energy storage and maker of Battle Born Batteries®, is now a provider of lithium based liftgate power solutions for Refreshment Services Pepsi, a privately-held independent bottler and distributor for Pepsi-Cola® products. With distribution centers across the U.S., Refreshment Services Pepsi will begin integrating the Company's Battle Born Batteries produc ...

RENO, Nev., June 20, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) ("Dragonfly Energy" or the "Company"), an industry leader in energy storage, today announced the expansion of its Wakespeed® product line with two innovative additions: the Wakespeed 500 Pro Bluetooth Alternator Regulator (WS500 Pro) and the Wakespeed 48V/12V Bi-Directional DC-DC Converter (WS48-12x). These new products empower users to optimize their mobile power systems, unlocking faster charging speeds, increased ...