Dragonfly Energy Holdings Corp (NASDAQ: DFLI) is an energy storage company that designs and sells lithium iron phosphate (LFP) deep cycle batteries and related power system components under the Battle Born brand. Revenue comes from product sales across direct-to-consumer, RV OEM, fleet, and industrial channels, with OEM adoption increasingly the primary growth driver as of FY2025. The company sells to RV OEM partners including Airstream, Tiffin Motorhomes, Forest River, Keystone RV Company, THOR Industries, and REV Group, competing against lead-acid battery incumbents and other lithium-ion battery suppliers. As of December 31, 2025, Dragonfly held 50 issued patents and 38 pending patent applications covering the United States, Canada, Australia, Korea, Japan, India, China, and Europe. The company is developing proprietary solid-state cell technology and positions its LFP chemistry as safer and longer-cycle than cobalt- or nickel-based lithium-ion alternatives. Growth strategy as of FY2025 targets OEM, fleet, and industrial channels at scale, with direct-to-consumer continuing in a supporting role for brand awareness and aftermarket demand.

Revenue model

Transactional product sales of LFP batteries, inverters, inverter/chargers, alternator regulators, and power management accessories. Sales are made on a purchase order basis across direct-to-consumer and OEM/fleet channels. No disclosed subscription or recurring revenue component.

Products and services

Battle Born-branded LFP deep cycle batteries (including GC2 and GC3 form factors); Battle Born inverters and inverter/chargers delivering pure sine wave AC power; Wakespeed WS500 and WS500 Pro advanced alternator regulators; 48V-12V bi-directional converter; Battle Born All-Electric APU and DualFlow power solutions. Products include a proprietary battery management system with temperature, short circuit, and cold-charging protection.

Customers and end markets

RV OEMs including Airstream, Tiffin Motorhomes, Forest River, Triple E RV, REV Group, Keystone RV Company, Ember, nuCamp RV, ATC, and THOR Industries. Direct-to-consumer aftermarket buyers. Target expansion markets include trucking and industrials. Keystone has an exclusive supply agreement for certain LFP battery requirements with automatic annual renewals, though sales remain on a purchase order basis without firm volume commitments.

Value-chain role

Battery and power system component manufacturer selling finished products to OEM assemblers and end consumers. Holds IP through 50 issued patents as of December 31, 2025, covering cell chemistry, battery management systems, and production processes. Does not appear to operate its own cell manufacturing at scale; developing proprietary solid-state cell technology.

Geographic exposure

Primary market is North America. Patent coverage extends to the United States, Canada, Australia, Korea, Japan, India, China, and Europe (Germany, France, United Kingdom). No specific revenue breakdown by geography disclosed in the excerpts.

Competitors

Lead-acid battery manufacturers (unnamed incumbents), Other lithium-ion battery suppliers to RV OEMs (unnamed)

Source: SEC 10-K, filed 2026-03-30

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