Dragonfly Energy Holdings Corp. Reports 15.8% Revenue Growth but Increased Net Loss for Fiscal Year 2025

**Dragonfly Energy Holdings Corp. Reports Fiscal Year 2025 Results**

Dragonfly Energy Holdings Corp. (DFLI), a manufacturer of lithium-ion batteries, reported its financial results for the fiscal year ended December 31, 2025. The company's revenue increased to $58.6 million, a 15.8% rise compared to $50.6 million in the previous fiscal year. This growth was primarily driven by increased adoption of the company's products by original equipment manufacturer (OEM) customers and modest growth in the recreational vehicle (RV) market. Despite the revenue increase, the company reported a net loss of $69.9 million, significantly higher than the $40.6 million loss in 2024.

The increased net loss was attributed to several factors, including debt extinguishment expenses of $31.8 million related to debt restructuring and $20.3 million in interest expenses. These were partially offset by a $5.1 million change in the fair market value of warrant liabilities. The company's cost of goods sold also increased by 10.2% to $43.0 million, reflecting higher unit volumes of batteries and accessories sold. OEM sales accounted for 63.0% of total revenues, up from 54.5% in the prior year, while direct-to-consumer (DTC) sales decreased to 35.3% of total revenues.

Operationally, Dragonfly Energy continued to expand its presence in industrial applications and the heavy-duty trucking market, with customers progressing from initial evaluations to broader adoption. The company also signed a brand licensing contract with Stryten Energy, expected to generate $30 million in licensing revenues over seven years. In March 2026, the company implemented a strategic cost realignment expected to generate approximately $8.9 million in annualized savings, including compensation adjustments for executive leadership and the Board of Directors, workforce reductions, and facility consolidation.

Looking ahead, Dragonfly Energy anticipates continued growth in 2026, driven by expanded adoption within its existing customer base, particularly among OEM customers, and further growth in the industrial and heavy-duty trucking markets. The company also plans to expand its product offerings and commercialize its dry electrode cell manufacturing technology and solid-state technology. As of December 31, 2025, the company had 141 employees and 50 issued patents, with 38 patent applications pending.