2024 Q2 Form 10-K Financial Statement

#000149315224014831 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $13.21M $64.39M
YoY Change -31.47% -25.34%
Cost Of Revenue $10.04M $48.95M
YoY Change -33.84% -21.37%
Gross Profit $3.167M $15.45M
YoY Change -22.72% -35.65%
Gross Profit Margin 23.98% 23.99%
Selling, General & Admin $8.385M $39.01M
YoY Change -26.59% -29.37%
% of Gross Profit 264.76% 252.57%
Research & Development $1.531M $3.863M
YoY Change 43.49% 39.76%
% of Gross Profit 48.34% 25.01%
Depreciation & Amortization $1.237M
YoY Change 38.83%
% of Gross Profit 8.01%
Operating Expenses $9.916M $42.88M
YoY Change -20.6% -26.08%
Operating Profit -$6.749M -$27.43M
YoY Change -19.57% -19.32%
Interest Expense $16.02M
YoY Change 130.6%
% of Operating Profit
Other Income/Expense, Net -$6.878M $13.59M
YoY Change 107.86% -316.23%
Pretax Income -$13.63M -$13.84M
YoY Change 16.47% -65.63%
Income Tax -$26.00K
% Of Pretax Income
Net Earnings -$13.63M -$13.82M
YoY Change 16.47% -65.08%
Net Earnings / Revenue -103.17% -21.46%
Basic Earnings Per Share -$0.22 -$0.26
Diluted Earnings Per Share -$0.22 -$0.26
COMMON SHARES
Basic Shares Outstanding 60.26M shares 59.55M shares 52.79M shares
Diluted Shares Outstanding 60.67M shares 52.79M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $4.699M $12.71M
Short-Term Investments
Other Short-Term Assets $750.0K $118.0K
YoY Change 213.81% -55.81%
Inventory $28.65M $38.78M
Prepaid Expenses
Receivables $2.866M $1.639M
Other Receivables
Total Short-Term Assets $40.07M $55.92M
YoY Change -52.43% -23.91%
LONG-TERM ASSETS
Property, Plant & Equipment $23.50M $15.97M
YoY Change 48.83% 48.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $445.0K
YoY Change
Total Long-Term Assets $44.89M $19.28M
YoY Change 127.88% 26.26%
TOTAL ASSETS
Total Short-Term Assets $40.07M $55.92M
Total Long-Term Assets $44.89M $19.28M
Total Assets $84.96M $75.20M
YoY Change -18.26% -15.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.34M $10.26M
YoY Change -48.28% -23.87%
Accrued Expenses
YoY Change
Deferred Revenue $250.0K $201.0K
YoY Change 64.47% -15.55%
Short-Term Debt
YoY Change
Long-Term Debt Due $21.90M $19.68M
YoY Change -2.1% 2.29%
Total Short-Term Liabilities $44.65M $40.38M
YoY Change -16.76% -0.47%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $35.04M $6.915M
YoY Change 93.83% -81.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.65M $40.38M
Total Long-Term Liabilities $35.04M $6.915M
Total Liabilities $79.69M $47.29M
YoY Change 11.12% -38.92%
SHAREHOLDERS EQUITY
Retained Earnings -$65.53M -$41.54M
YoY Change 93.08% 53.09%
Common Stock $6.000K $6.000K
YoY Change 0.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.266M $27.91M
YoY Change
Total Liabilities & Shareholders Equity $84.96M $75.20M
YoY Change -18.26% -15.27%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$13.63M -$13.82M
YoY Change 16.47% -65.08%
Depreciation, Depletion And Amortization $1.237M
YoY Change 38.83%
Cash From Operating Activities -$17.71M
YoY Change -61.25%
INVESTING ACTIVITIES
Capital Expenditures $6.885M
YoY Change 0.34%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.885M
YoY Change 0.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $19.52M
YoY Change -53.15%
NET CHANGE
Cash From Operating Activities -$17.71M
Cash From Investing Activities -$6.885M
Cash From Financing Activities $19.52M
Net Change In Cash -$5.068M
YoY Change -53.29%
FREE CASH FLOW
Cash From Operating Activities -$17.71M
Capital Expenditures $6.885M
Free Cash Flow -$24.59M
YoY Change -53.21%

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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38565307 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38565307 shares
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
15892000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-39991000 usd
CY2022 DFLI Stock Issued During Period Value Stock Purchase Agreement
StockIssuedDuringPeriodValueStockPurchaseAgreement
15000000 usd
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
706000 usd
CY2022 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
16669000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2467000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
10743000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
10743000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-13817000 usd
CY2023 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1273000 usd
CY2023 DFLI Stock Issued During Period Value Public Offering
StockIssuedDuringPeriodValuePublicOffering
7878000 usd
CY2023 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
586000 usd
CY2023 DFLI Stock Issued During Period Value Exercise Of Public Warrants
StockIssuedDuringPeriodValueExerciseOfPublicWarrants
747000 usd
CY2023 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
13245000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6710000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
27912000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
27912000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-13817000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-39991000 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
6710000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
2467000 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4824000 usd
CY2022 DFLI Assumption Of Warrant Liability
AssumptionOfWarrantLiability
1990000 usd
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1470000 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1822000 usd
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-29582000 usd
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-5446000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-453000 usd
CY2023 us-gaap Paid In Kind Interest
PaidInKindInterest
4938000 usd
CY2022 us-gaap Paid In Kind Interest
PaidInKindInterest
1192000 usd
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
114000 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
108000 usd
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1237000 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
891000 usd
CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-116000 usd
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-56000 usd
CY2023 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-596000 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
309000 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
769000 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-11411000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
22732000 usd
CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-852000 usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1467000 usd
CY2023 DFLI Increase Decrease In Prepaid Inventory
IncreaseDecreaseInPrepaidInventory
-25000 usd
CY2022 DFLI Increase Decrease In Prepaid Inventory
IncreaseDecreaseInPrepaidInventory
-5459000 usd
CY2023 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-149000 usd
CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1520000 usd
CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1198000 usd
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1196000 usd
CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
6000 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1156000 usd
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3527000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4428000 usd
CY2023 DFLI Increase Decrease In Accrued Tariff
IncreaseDecreaseInAccruedTariff
781000 usd
CY2022 DFLI Increase Decrease In Accrued Tariff
IncreaseDecreaseInAccruedTariff
433000 usd
CY2023 DFLI Increase Decrease In Unrecognized Tax Benefits
IncreaseDecreaseInUnrecognizedTaxBenefits
-37000 usd
CY2022 DFLI Increase Decrease In Unrecognized Tax Benefits
IncreaseDecreaseInUnrecognizedTaxBenefits
128000 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-37000 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-196000 usd
CY2023 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-3889000 usd
CY2022 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-5705000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17706000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-45696000 usd
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
35000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6885000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6862000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6885000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6827000 usd
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
24177000 usd
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1258000 usd
CY2023 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1000000 usd
CY2023 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1000000 usd
CY2022 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
75000000 usd
CY2023 DFLI Repayments Of Notes Payable One
RepaymentsOfNotesPayableOne
5275000 usd
CY2022 DFLI Repayments Of Notes Payable One
RepaymentsOfNotesPayableOne
45000000 usd
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
747000 usd
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4032000 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
586000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
706000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15000000 usd
CY2023 DFLI Proceeds From Exercise Of Investor Warrants
ProceedsFromExerciseOfInvestorWarrants
546000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19523000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
41674000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5068000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10849000 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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12713000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17781000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
238000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
773000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
9102000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2252000 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
96000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
419000 usd
CY2023 DFLI Recognition Of Warrant Liability Investor Warrants
RecognitionOfWarrantLiabilityInvestorWarrants
13762000 usd
CY2023 DFLI Recognition Of Warrant Liability Penny Warrants
RecognitionOfWarrantLiabilityPennyWarrants
698000 usd
CY2023 DFLI Noncash Impact Of Cash Exercise Of Liability Classified Warrants
NoncashImpactOfCashExerciseOfLiabilityClassifiedWarrants
617000 usd
CY2023 DFLI Cashless Exercise Of Liability Classified Warrants
CashlessExerciseOfLiabilityClassifiedWarrants
12629000 usd
CY2022 DFLI Cashless Exercise Of Liability Classified Warrants
CashlessExerciseOfLiabilityClassifiedWarrants
16669000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_804_eus-gaap--NatureOfOperations_zqreCEm2AsP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b>Note 1 – <span id="xdx_82C_zQKHQGRzpXbi">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although New Dragonfly was the legal acquirer of Legacy Dragonfly in the merger, Legacy Dragonfly is 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Annual 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. See Note 3 – Reverse Capitalization for further details of the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 31, 2023, the Company changed its state of incorporation from the State of Delaware to the State of Nevada (the “Reincorporation”) pursuant to a plan of conversion dated March 30, 2023 (the “Plan of Conversion”). Pursuant to the Plan of Conversion, the issued and outstanding shares of common stock of the Company were automatically converted into common stock of the reincorporated company at the effective time of the Reincorporation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 29, 2023, the Company filed an amendment to the articles of incorporation with the State of Nevada, to increase the number of authorized shares of its common stock to <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20231129_zkAxorbX9kB2" title="Common stock, shares authorized">250,000,000</span> shares. The par value remained at $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231129_zHEjFZ1ZDZSb" title="Common stock, par value">0.0001</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Cash
Cash
12713000 usd
CY2023 DFLI Working Capital
WorkingCapital
15543000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
67000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2023 us-gaap Depreciation
Depreciation
1237000 usd
CY2022 us-gaap Depreciation
Depreciation
891000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zonI7cvZmOSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86B_ztNR34XItoVa">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Company utilizes the use of estimates in its calculations for the reserve for obsolete or slow moving inventory, warrant liability, equity based compensation, and income taxes.</span></p>
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
201000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
238000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
230000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
434000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
328000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64392000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
86251000 usd
CY2023 DFLI Shipping And Handling Costs
ShippingAndHandlingCosts
3466000 usd
CY2022 DFLI Shipping And Handling Costs
ShippingAndHandlingCosts
5440000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
307000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
328000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
328000 usd
CY2023 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
397000 usd
CY2022 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
328000 usd
CY2023 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
418000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
307000 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zDVdlk0Cr4Ai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86C_zYvhnQOtIgkd">Concentrations</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivables from <span id="xdx_904_ecustom--NumberOfCustomers_pid_dc_uCustomer_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember_z0xAU0d8Lmcb" title="Number of customers">two</span> customers comprised approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zZfmqEjfSoF2" title="Concentration risk, percentage">28</span>% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zJcy61YeVDbd" title="Concentration risk, percentage">10</span>%, respectively, of accounts receivable as of December 31, 2023. Receivables from <span id="xdx_909_ecustom--NumberOfCustomers_pid_dc_uCustomer_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember_z4cMtf7GCuhg" title="Number of customers">three</span> customers comprised approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zooyOpl2Fn1a" title="Concentration risk, percentage">18</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zPFNdJ0Wxiv8" title="Concentration risk, percentage">10</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_z75LKqkld8Si" 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales from <span id="xdx_903_ecustom--NumberOfVendors_pid_dc_uCustomer_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zPnhyAQ9wpwh" title="Number of vendors">one</span> customer comprised approximately <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zuoC4cFpaGwe" title="Concentration risk, percentage">16</span>% of revenue for the year ended December 31, 2023. Sales from <span id="xdx_901_ecustom--NumberOfVendors_pid_dc_uCustomer_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zgcCdkUZGWra" title="Number of customers">one</span> customer accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zGlStG0fXnJ8" title="Concentration risk, percentage">22</span>% of revenue for the year ended December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payables to <span id="xdx_900_ecustom--NumberOfCustomers_pid_dc_uCustomer_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zU4FP3wceC4j" title="Number of vendors">one</span> vendor comprised approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zhNQFPlqTAQ6" title="Concentration risk, percentage">65</span>% of accounts payables as of December 31, 2023. Payables to <span id="xdx_905_ecustom--NumberOfCustomers_pid_dc_uCustomer_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zMuShKQ8oXfb" title="Number of vendors">one</span> vendor comprised approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zWlwKHjF2uJb" 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2023, <span id="xdx_905_ecustom--NumberOfVendors_pid_dc_uVendor_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_ztYWwSO0aNXg" title="Number of vendors">one</span> vendor accounted for approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zsdrxqbiZljk" title="Concentration risk, percentage">14</span>% of the Company’s total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b>December 31, 2023 and 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b>(in thousands, except share and per share data)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b>Note 2 – Summary of Significant Accounting Policies (continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Concentrations (continued)</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2022, <span id="xdx_90E_ecustom--NumberOfVendors_pid_dc_uVendor_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zD7MMf9gzz9l" title="Number of vendors">one</span> vendor accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zORhVeaHMePh" title="Concentration risk, percentage">28</span>% of the Company’s total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Advertising Expense
AdvertisingExpense
2167000 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
2334000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
91000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
128000 usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26922362000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20531372000 shares
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zZeSrdIUrlD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_860_zTOiCRugqQMl">Reclassification</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and these accompanying notes. The reclassifications did not have a material impact on the Company’s consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial.</span></p>
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 DFLI Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.182 pure
CY2022Q4 DFLI Remaining Funds After Redemption
RemainingFundsAfterRedemption
6265000 usd
CY2022Q3 us-gaap Proceeds From Loans
ProceedsFromLoans
70969000 usd
CY2022Q3 DFLI Transaction Costs
TransactionCosts
18072000 usd
CY2022Q3 DFLI Proceeds From Issuance Of Long Term Debts
ProceedsFromIssuanceOfLongTermDebts
10197000 usd
CY2022Q4 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
175000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
170000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 DFLI Earnout Shares Issuable
EarnoutSharesIssuable
40000000 shares
CY2023 DFLI Audited Revenue
AuditedRevenue
250000000 usd
CY2023 DFLI Audited Operating Income
AuditedOperatingIncome
35000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1435000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1435000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
893000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3763000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
241000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3522000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
31604000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
42929000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7174000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7260000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
38778000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
50189000 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
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3315000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4513000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1288000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1188000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2234000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3541000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3522000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4729000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2023Q4 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
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
1577000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1670000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
106000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
45000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
36000 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
10000 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
66000 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
35000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
45000 usd
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.052 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.052 pure
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
41000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
41000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
24000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
4000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
110000 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
8000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
102000 usd
CY2021Q4 DFLI Net Proceeds From Issuance Of Notes Payable
NetProceedsFromIssuanceOfNotesPayable
35474000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
938000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
78731000 usd
CY2023Q4 DFLI Long Term Debt Maturities Repayments Of Principal
LongTermDebtMaturitiesRepaymentsOfPrincipal
79669000 usd
CY2023Q4 DFLI Estimated Interest Paidinkind
EstimatedInterestPaidinkind
-3814000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
75855000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
56172000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
19683000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
19683000 usd
CY2022Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3000000 usd
CY2023 DFLI Stock Issued During Period Value Exercise Of Public Warrants
StockIssuedDuringPeriodValueExerciseOfPublicWarrants
747000 usd
CY2023 DFLI Stock Issued During Period Shares Exercise Of Public Warrants
StockIssuedDuringPeriodSharesExerciseOfPublicWarrants
64971 shares
CY2023 DFLI Class Of Warrant Or Right Exercisable To Purchase Description
ClassOfWarrantOrRightExercisableToPurchaseDescription
the Company issued (i) the penny warrants to the Term Loan Lenders exercisable to purchase an aggregate of 2,593,056 shares of Common Stock (the “Penny Warrants”) and (ii) the $10 warrants to issue warrants to the Term Loan Lenders exercisable to purchase an aggregate of 1,600,000 shares of Common Stock at $10 per share (the “$10 Warrants” and, together with the Penny Warrants, the “Term Loan Warrants”). The $10 Warrants were exercised on a cashless basis on October 10, 2022, with the Company issuing 457,142 shares of Common Stock in connection with such exercise.
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
60260282 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60260282 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
43272728 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
43272728 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
35898000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2364787 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3642958 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60260282 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
43272728 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
24510575 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
16708414 shares
CY2023Q4 DFLI Earnout Shares
EarnoutShares
40000000 shares
CY2022Q4 DFLI Earnout Shares
EarnoutShares
40000000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4469280 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4924914 shares
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
131604924 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
108549014 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
the 36-month anniversary of the later of (x) the closing of the merger and (y) effective date of the Initial Registration Statement (as defined in the Purchase Agreement), (ii) the date on which CCM LLC shall have purchased 150,000,000 of shares of common stock pursuant to the Purchase Agreement, (iii) the date on which common stock shall have failed to be listed or quoted on Nasdaq or any successor principal market and (iv) the commencement of certain bankruptcy proceedings or similar transactions with respect to the Company or all or substantially all of its property.
CY2023 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2028-06-20
CY2023 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
22810000 usd
CY2023 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2074000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1169000 usd
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
13762000 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
CY2021 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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
572428 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.46
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.57
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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