Dragonfly Energy Reports Third Quarter 2024 Financial and Operational Results

Core Viewpoint - Dragonfly Energy Holdings Corp. reported a decline in net sales and gross profit for Q3 2024, but showed improvements in net loss and operating expenses compared to Q3 2023, indicating a focus on strategic expansion and innovation despite economic challenges [2][5][8]. Financial Highlights - Net Sales for Q3 2024 were $12.7 million, down from $15.9 million in Q3 2023, primarily due to lower direct-to-consumer battery sales [2][5]. - Gross Profit decreased to $2.9 million from $4.6 million in Q3 2023 [2][6]. - Operating Expenses were reduced to $(8.9) million from $(10.5) million in Q3 2023, driven by lower headcount and costs [2][6]. - The Net Loss improved to $(6.8) million, or $(0.11) per diluted share, compared to a Net Loss of $(10.0) million, or $(0.17) per diluted share in Q3 2023 [2][8]. - EBITDA for Q3 2024 was $(0.8) million, an improvement from $(5.7) million in Q3 2023 [2][9]. - Adjusted EBITDA was $(5.5) million, compared to $(4.6) million in Q3 2023 [2][9]. Operational and Business Highlights - The company completed a pilot demonstration of methane reduction power solutions for the oil & gas industry [3]. - Dragonfly launched Dragonfly IntelLigence smart battery technology for the heavy-duty trucking industry, enhancing real-time monitoring and connectivity [3]. - Battle Born Batteries are now distributed through Keystone Automotive Operations, expanding market reach [3]. Strategic Outlook - The CEO emphasized the commitment to lithium-ion battery innovation and the strategic expansion into heavy-duty trucking and oil & gas sectors, which are expected to build a foundation for long-term growth [4]. - Q4 2024 guidance anticipates Net Sales between $13.5 - $14.0 million and Gross Margin of 22.0% - 25.0% [11].