Dragonfly Energy Reports Q4 and FY 2023 Financial Results

April 16, 2024

DENVER, Colo., Apr 16, 2024 (247marketnews.com)- Dragonfly Energy Holdings Corp. (Nasdaq:DFLI) reported its fourth quarter and full year 2023 financial and operational results.

Dragonfly’s fourth quarter net sales were $10.4 million, compared to $20.2 million for Q4 2022, while gross profit dropped from $4. In Q4 2022, to $2 million, but net income reached $3 million, compared to a $(32.5) million net loss in Q4 2022

“Despite the near-term growth and market headwinds, we have continued to execute and achieve our stated targets and milestones,” said Denis Phares, Chief Executive Officer of Dragonfly Energy. “In 2023, we completed the pilot line for our patented chemistry-agnostic dry deposition process, proving that we could produce anode and cathode materials at scale, and are now in the process of delivering sample battery cells to customers across several different industries and markets. We are extremely excited about 2024 as the convergence of the new cell manufacturing, the expansion of our customer base and market segments, and the stabilization and return to growth of the RV markets sets the stage for an expected return to growth.”

For 2024, the company projects that the RV market is stabilizing and its recent entry into the heavy-duty trucking market is gaining traction and has the potential to be a more meaningful revenue contributor in the second half of 2024.

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