Dragonfly Energy Holdings Corp. reported its financial results for the third quarter and the nine months ended September 30, 2025, revealing a significant increase in revenue but continued net losses. The company generated net sales of $15.97 million for the third quarter, a 25.5% increase from $12.72 million in the same period last year. For the nine months, net sales reached $45.57 million, up 18.6% from $38.43 million in the prior year. The growth was primarily driven by higher sales of batteries and accessories to original equipment manufacturers (OEMs), particularly in the recreational vehicle (RV) market.
Despite the revenue growth, Dragonfly Energy reported a net loss of $11.07 million for the third quarter, compared to a loss of $6.78 million in the same quarter of 2024. For the nine-month period, the net loss was $24.90 million, an improvement from a loss of $30.77 million in the previous year. The increase in losses was attributed to higher interest expenses and changes in the fair market value of warrant liabilities, which offset the benefits of increased sales and improved gross profit margins.
Operationally, the company has made strategic moves to enhance its market position, including the launch of new products such as the Battle Born DualFlow Power Pack aimed at the trucking industry. Dragonfly Energy has also focused on optimizing its manufacturing processes and expanding its product offerings, which now include seven different models of lithium-ion batteries. The company sold 10,977 batteries in the third quarter, a slight increase from 10,283 units sold in the same period last year.
As of September 30, 2025, Dragonfly Energy had cash and cash equivalents of $3.84 million and total current assets of $34.51 million. The company has been actively restructuring its debt, including a significant amendment to its term loan agreement that deferred principal and interest payments until April 2026 and waived certain financial covenants. Following the quarter, Dragonfly completed two equity offerings, raising approximately $78.8 million, which is expected to bolster its liquidity and support ongoing operations. The company anticipates continued revenue growth as it expands into new markets and increases its product penetration among existing customers.
About Dragonfly Energy Holdings Corp.
Dragonfly Energy Holdings Corp. manufactures non-toxic, environmentally friendly lithium-ion batteries primarily for consumer markets such as RVs, marine vessels, and off-grid energy storage, as well as industrial and trucking applications. The company leverages proprietary dry-electrode and solid-state battery technologies, offering long-lasting, safe, and high-performance power solutions. Its dual-brand strategy, strong OEM relationships, and in-house manufacturing support market disruption and sustainable energy transition globally.
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