Dragonfly Energy Holdings Corp

dragonflyenergy.com

What Do They Do?

Manufactures lithium-ion batteries and integrated power-system components for recreational vehicle, marine, trucking, industrial and other mobile and off-grid applications.

How Do They Make Money?

Customers generally pay for batteries and other products when they ship; retail customers may pay before delivery, while distributors and OEMs typically pay within 30-90 days after shipment. License fees are spread over time, and royalties are paid as the licensee makes sales.

revenue

Segment	Share	How money arrives
Direct To Consumers Sold outright	35%	Sold outright
Original Equipment Manufacturers Sold outright	63%	Sold outright
Other Licensed	1.7%	Licensed

Who Are Their Customers?

OEMs buy batteries for factory-installed and custom systems; distributors buy in quantity to resell, while retail customers can buy directly through the company’s website. Upfitters also buy products to customize vehicles.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 14% from one customer

Do Revenues Turn Into Profits?

No. It lost $69.9M in FY2025.

Operating income, FY2025

−40% of revenue

▼ −10% (Loss) vs FY2024 (−$25.8M, −51%)

Net income, FY2025

−119% of revenue

▲ +72% (Loss) vs FY2024 (−$40.6M, −80%)

Free cash flow, FY2025

−48% of revenue

▲ +183% (Loss) vs FY2024 (−$9.9M, −19%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −19%; vs $16.2M in Q2 FY2025
Net income: ▼ −38% (Loss); vs −$7M in Q2 FY2025

Original Equipment Manufacturers share of revenue

Aug 21, 2026 Nasdaq notified Dragonfly of a minimum stockholders’ equity listing-rule deficiency Its shares remain listed while the company submits a plan to regain compliance.
Jul 31, 2026 Acquired operating assets associated with the Dakota Lithium brand The acquisition adds a battery brand and product portfolio, with established customer and distributor relationships.

Shrinking. Revenue fell 25% in 4 years, from $78M in FY2021 to $58.6M in FY2025, about 7% a year.

More OEM and commercial focus The business has shifted from emphasizing direct-to-consumer sales and a dual-brand approach toward Battle Born sales through OEM, fleet and industrial channels, while DTC remains a channel.

Broader power-system offerings The older report describes batteries and resold accessories; the latest report also emphasizes integrated power systems, monitoring, communication and control components.

Comments