2023 Q3 Form 10-Q Financial Statement

#000149315223029680 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $15.89M $19.27M $0.00
YoY Change -39.16%
Cost Of Revenue $11.32M $15.18M $14.59M
YoY Change -40.68% 3.99%
Gross Profit $4.572M $4.098M $7.028M
YoY Change -35.04% -41.69%
Gross Profit Margin 28.77% 21.26%
Selling, General & Admin $9.088M $11.42M $6.676M
YoY Change -5.85% 71.09%
% of Gross Profit 198.78% 278.72% 94.99%
Research & Development $1.385M $1.067M $859.0K
YoY Change 83.93% 24.21%
% of Gross Profit 30.29% 26.04% 12.22%
Depreciation & Amortization $316.0K $296.0K $389.0K
YoY Change 22.01% -23.91%
% of Gross Profit 6.91% 7.22% 5.54%
Operating Expenses $10.47M $12.49M $466.1K
YoY Change 0.64% 2579.58% 56054.22%
Operating Profit -$5.901M -$8.391M -$466.1K
YoY Change 462.42% 1700.34% 55784.65%
Interest Expense $3.977M $4.113M -$1.187M
YoY Change -429.49% -446.5%
% of Operating Profit
Other Income/Expense, Net -$4.122M -$3.309M -$104.3K
YoY Change 253.52% 3073.8%
Pretax Income -$10.02M -$11.70M -$570.3K
YoY Change 433.06% 1951.44% 68614.46%
Income Tax -$287.0K
% Of Pretax Income
Net Earnings -$10.02M -$11.70M -$570.3K
YoY Change 422.14% 1951.43% 68285.25%
Net Earnings / Revenue -63.08% -60.7%
Basic Earnings Per Share -$0.17 -$0.25 -$0.04
Diluted Earnings Per Share -$0.17 -$0.25 -$0.04
COMMON SHARES
Basic Shares Outstanding 58.78M shares 45.89M shares 15.81M
Diluted Shares Outstanding 58.74M shares 47.42M shares 15.81M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.24M $32.95M $349.7K
YoY Change 25.84% 9322.4% 1965.68%
Cash & Equivalents $13.24M $32.95M $349.7K
Short-Term Investments
Other Short-Term Assets $118.0K $239.0K $230.8K
YoY Change -99.06% 3.58%
Inventory $41.91M $44.20M $42.27M
Prepaid Expenses $230.8K
Receivables $4.336M $2.172M $4.659M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $63.02M $84.23M $580.5K
YoY Change 12839.56% 14410.9% 3328.63%
LONG-TERM ASSETS
Property, Plant & Equipment $15.88M $15.79M $13.99M
YoY Change 8.04% 12.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $128.6M
YoY Change
Other Assets $366.0K
YoY Change 132.77%
Total Long-Term Assets $19.49M $19.70M $128.6M
YoY Change -39.08% -84.68% 81694.69%
TOTAL ASSETS
Total Short-Term Assets $63.02M $84.23M $580.5K
Total Long-Term Assets $19.49M $19.70M $128.6M
Total Assets $82.51M $103.9M $129.2M
YoY Change 154.02% -19.55% 74077.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.889M $19.99M $50.47K
YoY Change 898.3% 39507.69%
Accrued Expenses $12.05M $11.00M $166.8K
YoY Change 36689.89% 6494.9% 16575.0%
Deferred Revenue $217.0K $152.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $18.70M $22.37M $5.212M
YoY Change 13.13% 329.24%
Total Short-Term Liabilities $41.02M $53.64M $317.2K
YoY Change 2443.71% 16809.09% 110.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $17.16M $18.08M $879.3K
YoY Change 348.99% 1955.98%
Total Long-Term Liabilities $17.16M $18.08M $879.3K
YoY Change -38.74% 1955.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.02M $53.64M $317.2K
Total Long-Term Liabilities $17.16M $18.08M $879.3K
Total Liabilities $58.18M $71.72M $1.197M
YoY Change 1514.86% 5893.83% 692.39%
SHAREHOLDERS EQUITY
Retained Earnings -$43.96M -$33.94M -$403.2K
YoY Change 1455.37% 8318.62% 21882.88%
Common Stock $6.000K $6.000K $317.00
YoY Change 1792.74% 1792.74% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.34M $32.21M -$402.8K
YoY Change
Total Liabilities & Shareholders Equity $82.51M $103.9M $129.2M
YoY Change 154.02% -19.55% 74077.03%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$10.02M -$11.70M -$570.3K
YoY Change 422.14% 1951.43% 68285.25%
Depreciation, Depletion And Amortization $316.0K $296.0K $389.0K
YoY Change 22.01% -23.91%
Cash From Operating Activities -$11.09M -$1.801M -$297.5K
YoY Change 131.05% 505.46% -489.91%
INVESTING ACTIVITIES
Capital Expenditures $3.936M $1.982M $4.819M
YoY Change 215.89% -58.87%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.936M -$1.982M -$4.819M
YoY Change 215.89% -58.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.693M 20.94M 0.000
YoY Change -130.26% -100.0%
NET CHANGE
Cash From Operating Activities -11.09M -1.801M -297.5K
Cash From Investing Activities -3.936M -1.982M -4.819M
Cash From Financing Activities -4.693M 20.94M 0.000
Net Change In Cash -19.72M 17.16M -297.5K
YoY Change -308.38% -5869.18% 431.65%
FREE CASH FLOW
Cash From Operating Activities -$11.09M -$1.801M -$297.5K
Capital Expenditures $3.936M $1.982M $4.819M
Free Cash Flow -$15.02M -$3.783M -$5.116M
YoY Change 148.54% -26.06%

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EarningsPerShareBasic
-0.25
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47418269 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36616430 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46263591 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36579990 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47418269 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36616430 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46263591 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36579990 shares
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
14061000 usd
CY2022Q1 DFLI Stock Issued During Period Value Retroactive Application Of Recapitalizations
StockIssuedDuringPeriodValueRetroactiveApplicationOfRecapitalizations
2000000 usd
CY2022Q1 DFLI Stockholders Equity Adjusted Balance
StockholdersEquityAdjustedBalance
16061000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2298000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
288000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
113000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
14164000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1469000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
431000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
89000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
13215000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
11332000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
4892000 usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
597000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
93000 usd
CY2023Q1 DFLI Stock Issued During Period Value Exercise Of Public Warrants
StockIssuedDuringPeriodValueExerciseOfPublicWarrants
747000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
10167000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4487000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
32315000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-11700000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-11700000 usd
CY2023Q2 DFLI Stock Issued During Period Value Common Stock Issued In Public Offering Net Of Costs
StockIssuedDuringPeriodValueCommonStockIssuedInPublicOfferingNetOfCosts
7878000 usd
CY2023Q2 DFLI Stock Issued During Period Value Common Stock Issued In Public Offering Atm Net Of Costs
StockIssuedDuringPeriodValueCommonStockIssuedInPublicOfferingATMNetOfCosts
74000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
230000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
2462000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
954000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
32213000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
32213000 usd
us-gaap Net Income Loss
NetIncomeLoss
-6808000 usd
us-gaap Net Income Loss
NetIncomeLoss
-3767000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
5441000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
719000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
620000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1196000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-19327000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-819000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
2510000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
93000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
593000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
389000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-116000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-62000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
821000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3876000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-5648000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
15141000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-425000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1236000 usd
DFLI Increase Decrease In Prepaid Inventory
IncreaseDecreaseInPrepaidInventory
940000 usd
DFLI Increase Decrease In Prepaid Inventory
IncreaseDecreaseInPrepaidInventory
-4308000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-28000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
1962000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-601000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-551000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-973000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6272000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
820000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-86000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-183000 usd
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
1169000 usd
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-16145000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5639000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19912000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2571000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4819000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2571000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4819000 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
22002000 usd
DFLI Payment Of Offering Cost
PaymentOfOfferingCost
362000 usd
DFLI Proceeds From Public Offering Atm Net
ProceedsFromPublicOfferingAtmNet
671000 usd
DFLI Proceeds From Notes Payable One
ProceedsFromNotesPayableOne
1000000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1000000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
747000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
323000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
200000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23381000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
200000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15171000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-24531000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17781000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28630000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32952000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4099000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
237 usd
us-gaap Interest Paid Net
InterestPaidNet
4361 usd
us-gaap Interest Paid Net
InterestPaidNet
1254 usd
DFLI Non Cash Receivable Of Options Exercised
NonCashReceivableOfOptionsExercised
2000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3583000 usd
DFLI Cashless Exercise Of Liability Classified Warrants
CashlessExerciseOfLiabilityClassifiedWarrants
12628000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_803_eus-gaap--NatureOfOperations_zQ4BkTBW6m47" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><b>Note 1 - <span id="xdx_823_zu8Y1xXyJRT1">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Dragonfly Energy Holdings Corp. (“New Dragonfly” or the “Company”) sells lithium-ion battery packs for use in a wide variety of applications. The Company sells to distributors under the Dragonfly Energy brand name, and sells direct to consumers under the trade name Battleborn Batteries. In addition, the Company develops technology for improved lithium-ion battery manufacturing and assembly methods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On October 7, 2022, a merger transaction between Chardan NexTech Acquisition 2 Corporation (“CNTQ”), Dragonfly Energy Corp. (“Legacy Dragonfly”), and Bronco Merger Sub, Inc. (“Merger Sub”) was completed pursuant to which Merger Sub was merged with and into Legacy Dragonfly, with Legacy Dragonfly surviving the merger. As a result of the merger, Legacy Dragonfly became a wholly owned subsidiary of New Dragonfly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Although New Dragonfly was the legal acquirer of Legacy Dragonfly in the merger, Legacy Dragonfly was deemed to be the accounting acquirer, and the historical financial statements of Legacy Dragonfly became the basis for the historical financial statements of New Dragonfly upon the closing of the merger. New Dragonfly together with its wholly owned subsidiary, Dragonfly Energy Corp., is referred to hereinafter as the “Company.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Furthermore, the historical financial statements of Legacy Dragonfly became the historical financial statements of the Company upon the consummation of the merger. As a result, the financial statements included in this Quarterly Report reflect (i) the historical operating results of Legacy Dragonfly prior to the merger; (ii) the combined results of CNTQ and Legacy Dragonfly following the close of the merger; (iii) the assets and liabilities of Legacy Dragonfly at their historical cost and (iv) the Legacy Dragonfly’s equity structure for all periods presented, as affected by the recapitalization presentation after completion of the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
CY2023Q2 us-gaap Cash
Cash
32952000 usd
DFLI Working Capital
WorkingCapital
30592000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
49846000 usd
CY2022Q1 DFLI Lessee Operating Lease Monthly Base Rent
LesseeOperatingLeaseMonthlyBaseRent
230000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
23000 usd
CY2022Q1 DFLI Lessee Operating Lease Estimated Monthly Property Taxes
LesseeOperatingLeaseEstimatedMonthlyPropertyTaxes
21000 usd
CY2022Q1 DFLI Lessee Operating Lease Percentage Of Escalation Of Monthly Base Rent
LesseeOperatingLeasePercentageOfEscalationOfMonthlyBaseRent
0.03 pure
CY2022Q1 DFLI Lessee Operating Lease Percentage Of Escalation Of Fix Operating Expense Costs
LesseeOperatingLeasePercentageOfEscalationOfFixOperatingExpenseCosts
0.024 pure
CY2022Q1 DFLI Lessee Operating Lease Term Of Due Of First Payment
LesseeOperatingLeaseTermOfDueOfFirstPayment
P2Y
DFLI Period Within Which Payment Is Due From Customers
PeriodWithinWhichPaymentIsDueFromCustomers
30 – 90 days
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
131000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
90000 usd
us-gaap Depreciation
Depreciation
593000 usd
us-gaap Depreciation
Depreciation
389000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
296000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
197000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zgFwQ4TUUE8a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i><span style="text-decoration: underline"><span id="xdx_865_zjl5hAtZcLl1">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i><span style="text-decoration: underline"> </span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
152000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
238000 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
221000 usd
CY2023Q2 us-gaap Other Liabilities
OtherLiabilities
221000 usd
us-gaap Revenues
Revenues
434 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19274000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21622000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38065000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39925000 usd
DFLI Shipping And Handling Costs
ShippingAndHandlingCosts
1958000 usd
DFLI Shipping And Handling Costs
ShippingAndHandlingCosts
2534000 usd
CY2023Q2 DFLI Shipping And Handling Costs
ShippingAndHandlingCosts
951000 usd
CY2022Q2 DFLI Shipping And Handling Costs
ShippingAndHandlingCosts
1306000 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
329000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
328000 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
38713000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
42586000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5485000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zRr0GYhUqQOd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i><span style="text-decoration: underline"><span id="xdx_869_zphPy8zgC3D3">Concentrations</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i><span style="text-decoration: underline"> </span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Receivables from <span id="xdx_904_ecustom--NumberOfCustomers_pid_dc_uCustomer_c20230101__20230630_zRjSu64Cy073" title="Number of customers">two</span> customers comprised approximately <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zFfMILDy7Qy6" title="Concentration risk, percentage">22</span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zijcsqRygJNf" title="Concentration risk, percentage">20</span>%, respectively, of accounts receivable as of June 30, 2023. Receivables from three customers comprised approximately <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zJPUGVkOuZo5" title="Concentration risk, percentage">18</span>%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zL4M0Bh7WLO9" title="Concentration risk, percentage">10</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zoo8B8sVC3U" title="Concentration risk, percentage">10</span>%, respectively, of accounts receivable as of December 31, 2022. There are no other significant accounts receivable concentration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Sales from <span id="xdx_909_ecustom--NumberOfVendors_pid_dc_uCustomer_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zlh2RR7e0TAl" title="Number of vendors">one</span> customer comprised approximately <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_z5uos3pb5VT9" title="Concentration risk, percentage">26</span>% of revenue for the six months ended June 30, 2023. One customer accounted for approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zRzVHJetWj52" title="Concentration risk, percentage">11</span>% of the Company’s total revenue for the six months ended June 30, 2022. Sales from <span id="xdx_907_ecustom--NumberOfVendors_pid_dc_uCustomer_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGlghquDNC65" title="Number of vendors">one</span> customer comprised approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zrPuCoOpXTr3" title="Concentration risk, percentage">27</span>% of revenue for the three months ended June 30, 2023. One customer accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zFHi2fECBCH3" title="Concentration risk, percentage">15</span>% of the Company’s total revenue for the three months ended June 30, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Payables to <span id="xdx_90F_ecustom--NumberOfCustomers_pid_dc_uCustomer_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_z90TTH4TCeRh" title="Number of vendors">two</span> vendors comprised approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember_zgvHUg3RiQs8" title="Concentration risk, percentage">56</span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorTwoMember_zbiiwXNPVxM7" title="Concentration risk, percentage">10</span>%, respectively, of accounts payables as of June 30, 2023. Payables to one vendor comprised approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorMember_zBYjHnLlfhnd" title="Concentration risk, percentage">61</span>% of accounts payables as of December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For the six months ended June 30, 2023, <span id="xdx_90E_ecustom--NumberOfVendors_pid_dc_uVendor_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zYNjprKHTvM5" title="Number of vendors">one</span> vendor accounted for approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember_zXQQZ0cOE6X1" title="Concentration risk, percentage">22</span>% of the Company’s total purchases. For the six months ended June 30, 2022, <span id="xdx_90F_ecustom--NumberOfVendors_pid_dc_uVendor_c20220101__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zOrMW3tzotNi" title="Number of vendors">one</span> vendor accounted for approximately <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember_zFRuPYxaZZ8l" title="Concentration risk, percentage">26</span>% of the Company’s total purchases. For the three months ended June 30, 2023, <span id="xdx_904_ecustom--NumberOfVendors_pid_dc_uVendor_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zyXVeAVFKuCi" title="Number of vendors">one</span> vendor accounted for approximately <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember_zLEm26I1oYE6" title="Concentration risk, percentage">10</span>% of the Company’s total purchases. For the three months ended June 30, 2022, <span id="xdx_905_ecustom--NumberOfVendors_pid_dc_uVendor_c20220401__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zq9vYEKp2x53" title="Number of vendors">two</span> vendors accounted for approximately <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember_zXAE9goRVOsl" title="Concentration risk, percentage">17</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorTwoMember_z66FzJV3KECf" title="Concentration risk, percentage">15</span>%, respectively, of the Company’s total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
DFLI Number Of Customers
NumberOfCustomers
2 customer
us-gaap Advertising Expense
AdvertisingExpense
1270000 usd
us-gaap Advertising Expense
AdvertisingExpense
1262000 usd
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
683000 usd
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
481000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
128000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
128000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7260000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
44198000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3912000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4513000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1239000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1188000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2890000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3541000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4129000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4729000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
704000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1435000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1435000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
893000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4467000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
338000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4129000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
100000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
76000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
DFLI Stock Issued During Period Value Exercise Of Public Warrants
StockIssuedDuringPeriodValueExerciseOfPublicWarrants
747000 usd
DFLI Stock Issued During Period Shares Exercise Of Public Warrants
StockIssuedDuringPeriodSharesExerciseOfPublicWarrants
64971 shares
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
954000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
395000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
435000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
788000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
646000 usd
CY2023Q2 DFLI Business Acquisition Equity Interest Issued Or Issuable Additional Number Of Shares
BusinessAcquisitionEquityInterestIssuedOrIssuableAdditionalNumberOfShares
40000000 shares
DFLI Audited Revenue
AuditedRevenue
250000000 usd
DFLI Audited Operating Income
AuditedOperatingIncome
35000000 usd
DFLI Liquidity Description
LiquidityDescription
The Company shall not permit their Liquidity (determined on a consolidated basis) to be less than $10,000 as of the last day of each fiscal month (commencing with month ending December 31, 2022)
DFLI Fixed Charge Coverage Ratio Description
FixedChargeCoverageRatioDescription
The Fixed Charge Coverage Ratio is the ratio of consolidated EBITDA (less capital expenditures and certain other adjustments) to consolidated fixed charges, as defined in the agreement. If Liquidity is less than $17,500 as of the last day of any fiscal quarter (commencing with the quarter ending December 31, 2022), then the Company shall not permit the Fixed Charge Coverage Ratio for the trailing four quarterly periods ending on the last day of any such quarter to be less than 1.15 to 1.00.
DFLI Capital Expenditures Description
CapitalExpendituresDescription
If consolidated EBITDA for the trailing twelve-month period ending on the most recently completed fiscal quarter is less than $15,000, then the level of capital expenditures is limited
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
938000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3750000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
80620000 usd
CY2023Q2 DFLI Long Term Debt Maturities Repayments Of Principal
LongTermDebtMaturitiesRepaymentsOfPrincipal
85308000 usd
CY2023Q2 DFLI Estimated Interest Paidinkind
EstimatedInterestPaidinkind
-6606000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
78702000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
56330000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
22372000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
22372000 usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
170000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
58504541 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
58504541 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
43272728 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
43272728 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3443099 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4008139 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
58504541 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36749738 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
23492221 shares
CY2023Q2 DFLI Earnout Shares
EarnoutShares
40000000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4434916 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
622491 shares
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
129874777 shares
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
41380368 shares
us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2028-06-20
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
22810000 usd
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2074000 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1169000 usd
CY2023Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
13762000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
5441000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
719000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
431000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3690955 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.38
DFLI Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm
P8Y6M7D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6550000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
602275 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
30468 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.93
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
2.32
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
254623 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.94
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
2.39
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4008139 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.36
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.72
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M4D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5845000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3642958 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.02
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.21
DFLI Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm
P7Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
35989000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
143607 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.82
DFLI Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodIntrinsicValue
632000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
238345 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
1.62
DFLI Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodTotalIntrinsicValue
369000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
105121 shares
DFLI Share Based Compensation Arrangements By Share Based Payment Award Options Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageExercisePrice
3.07
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
5.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
298000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.11
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.27
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M28D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1520000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2164874 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.55
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y10M20D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1389000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3443099 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.11
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y1M28D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1520000 usd
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.182 pure
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11700000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1469000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6808000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3767000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47418269 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47418269 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36616430 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36616430 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46263591 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46263591 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36579990 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36579990 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47418269 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36616430 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46263591 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36579990 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27143320 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4008139 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-814000 usd

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