Dragonfly Energy Holdings Corp. reported its financial results for the first quarter of 2025, revealing a net loss of $6.8 million, a significant improvement from the $10.4 million loss recorded in the same period last year. The company's revenue increased by 6.8% to $13.4 million, driven primarily by higher sales of original equipment manufacturer (OEM) batteries and accessories, as well as licensing revenue from a recent agreement with Stryten Energy LLC. The gross profit for the quarter was $3.9 million, up from $3.1 million in the prior year, reflecting a decrease in the cost of goods sold, which fell slightly to $9.4 million.
In terms of operational metrics, Dragonfly sold 10,845 batteries during the quarter, a slight decrease from 11,098 units sold in the same quarter of 2024. The company continues to focus on expanding its market presence, particularly in the RV sector, which has shown signs of recovery. However, direct-to-consumer sales have remained flat, attributed to ongoing macroeconomic pressures. The company is also diversifying its product offerings, recently launching the Battle Born DualFlow Power Pack aimed at the trucking industry.
Strategically, Dragonfly has made significant moves to strengthen its financial position, including the issuance of Series A Preferred Stock, which raised approximately $3.2 million in February 2025 and an additional $4.2 million in April 2025. The company has also amended its Term Loan Agreement, extending the maturity date to October 2027 and deferring principal and interest payments until April 2026. These actions are part of a broader strategy to alleviate liquidity concerns and ensure compliance with financial covenants.
As of March 31, 2025, Dragonfly reported cash and cash equivalents of $2.8 million, with a working capital of $9.1 million. The company is actively seeking additional funding to support its operations and strategic initiatives, including potential equity and debt financing. Despite the positive developments, there remains significant doubt about the company's ability to continue as a going concern, as highlighted by the independent auditor's report. The company is also facing compliance challenges with Nasdaq listing requirements, which could impact its market position and access to capital.
About Dragonfly Energy Holdings Corp.
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