News & Press Releases | Dragonfly Energy

Dragonfly Energy Partners with Stevens Transport, Inc. to Transition Entire Fleet to Hybrid Battery Solutions

madi@dragonflyenergy.com — Thu, 19 Dec 2024 12:30:00 +0000

RENO, NEVADA (Dec. 19, 2024) – Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and battery technology, today announced that it has secured a large purchase order for delivery of the Company’s Battle Born® All-Electric APUs from Stevens Transport, Inc. (“Stevens Transport”), one of the largest temperature-controlled freight carriers in North America. This partnership represents the latest milestone in Stevens Transport’s ongoing mission to lead the trucking industry in adopting advanced, environmentally sustainable transportation solutions. As a family-owned and operated full truckload (FTL) carrier with operations across North America, Stevens Transport continues to demonstrate its commitment to state-of-the-art technology, efficiency, and sustainability.

After extensive testing and trials, Stevens Transport has committed to transitioning its entire fleet of 2,500 trucks to Dragonfly Energy’s lithium power solutions. Implementation will begin with equipping 100 trucks with the Battle Born All-Electric APUs in the first quarter of 2025, continuing through entire fleet completion. This commitment solidifies Dragonfly Energy as a key technology partner in the advancement of Stevens Transport’s fleet and furthering their commitment to reducing carbon emissions, enhancing fuel efficiency, and leading the logistics industry in practical, scalable green initiatives.

While many companies in the transportation industry remain focused on the full electrification of fleets, Stevens Transport and Dragonfly Energy are championing a more immediate and attainable approach: hybrid electrification. This strategy combines a combustion engine alongside lithium iron phosphate (LiFePO4) batteries, providing a cost-effective, sustainable solution that enhances fleet performance and decreases operational costs.

“Stevens Transport’s decision to partner with Dragonfly Energy underscores their recognition that hybrid electrification is the practical next step in fleet sustainability,” said Wade Seaburg, chief revenue officer for Dragonfly Energy. “Our All-Electric APU system is designed to deliver real-world benefits, combining reduced emissions with cost efficiencies and enhanced driver comfort. We’re proud to support Stevens Transport as they lead the charge toward a more sustainable future.”

By integrating Dragonfly Energy’s Battle Born All-Electric APU system into its operations, Stevens Transport is reaffirming its position as a forward-thinking leader in the logistics sector. As more companies recognize the benefits of hybridization, this partnership sets a compelling precedent for sustainable innovation in trucking.

“At Stevens Transport, we’re committed to integrating innovative, high-performance technologies into our operations,” said Clay Aaron, president of Stevens Transport. “Dragonfly Energy’s advanced battery solutions made them the clear choice for this partnership. The results from our testing and pilot phase exceeded our expectations in both performance and reliability. This initiative sets a new standard in not only enhancing our operational efficiency but in redefining the future of transportation.”

For more information about Dragonfly Energy and its innovative energy solutions, please visit DragonflyEnergy.com. For more information on Stevens Transport visit StevensTransport.com.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.investors.dragonflyenergy.com.

About Stevens Transport, Inc.

Stevens Transport, Inc. is a premier transportation and logistics company based in Dallas, Texas. With over 40 years of experience, the company has earned a reputation for delivering innovative, reliable, and personalized solutions to its clients in the transportation industry. Stevens Transport specializes in temperature-controlled commodities offering a comprehensive range of services that include truckload, intermodal, dedicated, 3PL, and logistics solutions. To learn more about Stevens Transport, visit www.stevenstransport.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding Stevens Transport, Inc. the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

The post Dragonfly Energy Partners with Stevens Transport, Inc. to Transition Entire Fleet to Hybrid Battery Solutions appeared first on Dragonfly Energy.

Battle Born® Releases New Smart Lithium Batteries to Kick Off Black Friday Sales Event

madi@dragonflyenergy.com — Mon, 25 Nov 2024 13:52:50 +0000

RENO, NEVADA (November 25, 2024) – Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and battery technology, announces the public release of its new Battle Born® smart lithium batteries, now available for purchase at special introductory pricing. This release coincides with the Company’s annual Black Friday sales event, happening now through Cyber Monday, where customers can access some of the best prices of the year on all Battle Born products.

The new Battle Born smart batteries feature Dragonfly IntelLigence®, the Company’s patent-pending technology that delivers comprehensive battery communication and monitoring capabilities. This innovation allows users to track individual battery and full battery bank performance in real-time. Through the Battle Born Mobile App, users can receive critical alerts, access detailed performance data, and review historical reports to optimize system performance. This advanced visibility enhances system configuration, streamlines troubleshooting, and ensures compliance with industry standards, including the ABYC E-13 Standards for Lithium Power Systems on Marine Vessels.

Consumers can take advantage of the limited-time introductory pricing and Black Friday discounts by visiting BattleBornBatteries.com.

For more information about Dragonfly Energy and its innovative energy solutions, please visit DragonflyEnergy.com.

About Dragonfly Energy

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.investors.dragonflyenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding Battle Born Batteries with Dragonfly IntelLigence, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

###

Investor Relations

Caldwell Bailey, ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

The post Battle Born® Releases New Smart Lithium Batteries to Kick Off Black Friday Sales Event appeared first on Dragonfly Energy.

Dragonfly Energy Publishes 2023/2024 ESG Report Highlighting Commitment to a Sustainable Future and Diversity in its U.S. Workforce

madi@dragonflyenergy.com — Wed, 20 Nov 2024 16:02:21 +0000

RENO, Nev., Nov. 20, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in green energy storage, today announced the publication of its inaugural Environmental, Social, and Governance (“ESG”) report. This comprehensive report underscores the Company’s commitment to sustainability, diversity, equity, and inclusion, as well as its dedication to fostering a positive impact on the environment and communities it serves.

Key Highlights from the 2023/2024 ESG Report:

Sustainable Battery Cell Manufacturing: Dragonfly Energy’s innovative dry electrode manufacturing process significantly reduces environmental impacts, achieving 71% lower energy consumption during key production stages compared to conventional methods and a 9% decrease in carbon footprint during cell production. Additionally, the process eliminates the use of toxic solvents and has successfully demonstrated the ability to produce PFAS-free electrodes.
Non-Toxic Battery Pack Products: The Company’s lithium iron phosphate (“LiFePO4”) battery packs are designed for safety and sustainability, featuring non-toxic, cobalt-free materials that eliminate harmful emissions and offer exceptional cycle life.
Workforce Development and Diversity: The Company is committed to creating a diverse and inclusive workplace, with racial and ethnic minorities accounting for forty percent (40%) of the workforce. The Company actively invests in employee training and development and promoting equal opportunities for all with a promotion rate of more than twenty-five percent (25%) within the company.
Community Engagement: Dragonfly Energy actively supports numerous local and national initiatives, partnering with educational institutions, non-profit organizations, and veterans’ groups to make a positive impact.
Ethical Business Practices: With the oversight of a diverse and experienced Board of Directors, the company adheres to the highest ethical standards, ensuring transparency, accountability, and responsible business conduct.

“At Dragonfly Energy, we’re driven by the mission to revolutionize smart energy storage and empower the transition to a clean energy future,” Dr. Denis Phares, Chief Executive Officer of Dragonfly Energy, said. “Our commitment goes beyond innovation in lithium-ion battery technology; we prioritize safety, sustainability, and ethical manufacturing practices that minimize environmental impact. By combining our dedication to domestic production with rigorous standards for environmental stewardship and safety, we aim to create a meaningful and positive impact on both the economy and the environment, aligned with our core values of responsibility and integrity.”

To learn more about Dragonfly Energy’s commitment to sustainability and to access the full 2023/2024 ESG report, please visit investors.dragonflyenergy.com.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries^® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit investors.dragonflyenergy.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding the 2023/2024 ESG report, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations
Caldwell Bailey
ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21fd149e-6b95-4867-856f-bd8878b76f0e

The post Dragonfly Energy Publishes 2023/2024 ESG Report Highlighting Commitment to a Sustainable Future and Diversity in its U.S. Workforce appeared first on Dragonfly Energy.

Dragonfly Energy Announces 1-For-9 Reverse Stock Split

madi@dragonflyenergy.com — Tue, 19 Nov 2024 15:00:00 +0000

RENO, Nev., Nov. 19, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries^® and an industry leader in energy storage, today, announced today that it will effect a 1-for-9 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on Friday, November 22, 2024. Dragonfly Energy’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “DFLI” and under a new CUSIP number, 26145B 304.

As a result of the reverse stock split, every nine pre-split shares of common stock outstanding will become one share of common stock. The par value of Dragonfly Energy’s common stock will remain unchanged at $0.0001 per share after the reverse stock split. The reverse stock split will not change the authorized number of shares of Dragonfly Energy’s common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in Dragonfly Energy’s equity, except to the extent that the reverse stock split results in some stockholders owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Instead, in lieu of any fractional shares to which a stockholder of record would otherwise be entitled as a result of the reverse stock split, the Company will issue to such stockholder such additional fraction of a share as is necessary to increase such resulting fractional share to a full share of common stock. The reverse stock split will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under Dragonfly Energy’s equity incentive plans.

The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 63.2 million to approximately 7.0 million.

The Company’s stockholders approved the reverse stock split by a majority of the votes cast at the Company’s Annual Meeting of Stockholders held on November 12, 2024, to be effected in the discretion of the Company’s board of directors (the “Board”) at a ratio of not less than 1-for-5 and not more than 1-for-20 (the “Reverse Stock Split Proposal”). The Board approved the reverse stock split at a ratio of 1-for-9 on November 11, 2024, subject to stockholder approval of the Reverse Stock Split Proposal.

Equinity Trust Company, LLC is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.

About Dragonfly Energy

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s reverse stock split, the Company’s results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations:
Caldwell Bailey, ICR, Inc.
DragonflyIR@icrinc.com

The post Dragonfly Energy Announces 1-For-9 Reverse Stock Split appeared first on Dragonfly Energy.

Dragonfly Energy Reports Third Quarter 2024 Financial and Operational Results

madi@dragonflyenergy.com — Thu, 14 Nov 2024 21:38:19 +0000

RENO, Nev., Nov. 14, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries^® and an industry leader in energy storage, today reported its financial and operational results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Net Sales were $12.7 million, compared to $15.9 million in Q3 2023
Gross Profit was $2.9 million, compared to $4.6 million in Q3 2023
Operating Expenses were $(8.9) million, compared to $(10.5) million in Q3 2023
Net Loss of $(6.8) million, compared to Net Loss of $(10.0) million in Q3 2023
Diluted Net Loss per share was $(0.11), compared to Net Loss of $(0.17) per share in Q3 2023
EBITDA was $(0.8) million, compared to $(5.7) million in Q3 2023
Adjusted EBITDA was $(5.5) million, compared to $(4.6) million in Q3 2023

Operational and Business Highlights

Completed a pilot demonstration of methane reduction power solutions for the oil & gas industry.
Launched Dragonfly IntelLigence smart battery technology for the heavy-duty trucking industry, providing real-time system monitoring and app-based connectivity for fleets and drivers.
Dragonfly Energy’s Battle Born Batteries are now available through Keystone Automotive Operations, a leading distributor in the automotive, RV, and marine sectors.

“We remain committed to advancing lithium-ion battery innovation despite challenging economic conditions,” said Dr. Denis Phares, Chief Executive Officer of Dragonfly Energy. “Our strategic expansion into the heavy-duty trucking and oil & gas industries, paired with advancements like our Dragonfly IntelLigence technology, showcase our resilience and vision. We believe these efforts are building a strong foundation for long-term growth, enabling us to diversify and strengthen partnerships while positioning us for future success.”

Third Quarter 2024 Financial and Operating Results

Third quarter 2024 Net Sales were $12.7 million, compared to $15.9 million in the third quarter of 2023. This decrease was primarily due to lower direct-to-consumers (“DTC”) battery sales offset by higher original equipment manufacturers (“OEM”) battery and accessory, sales and licensing revenue. For the third quarter 2024, DTC Net Sales decreased by $5.2 million, compared to $10.3 million in the third quarter of 2023 due to decreased customer demand for Dragonfly Energy’s products due to rising interest rates and inflation. OEM Revenue increased by $1.8 million, compared to $5.6 million in the third quarter of 2023. The Company believes this increase may be attributable to a recovering RV market, the implementation of the Company’s smart battery technology product line, and Dragonfly Energy beginning to penetrate the heavy-duty trucking market.

Third quarter 2024 Gross Profit was $2.9 million, compared to $4.6 million in the third quarter of 2023.

General and Administrative Expenses in the third quarter of 2024 were $(8.9) million, compared to $(10.5) million in the third quarter of 2023. The decrease was primarily driven by reduced headcount, lower shipping costs, lower legal costs, and lower overall stock-based compensation costs.

Total Other Expense in the third quarter of 2024 was $(0.8) million, compared to Total Other Expense of $(4.1) million in the third quarter of 2023. Other Expense of $(0.8) million in the quarter ended September 30, 2024 is comprised primarily of interest expense of $5.6 million related to our debt securities offset by a positive change in the fair market value of warrant liability in the amount of $4.9 million.

The Company had a Net Loss of $(6.8) million, or $(0.11) per diluted share in the third quarter of 2024, compared to Net Loss of $(10.0) million or $(0.17) per diluted share in the third quarter of 2023. This result was driven by lower sales partially offset by lower cost of goods sold, and lower operating expenses, and a decrease in other income (due to the change in fair market value of the Company’s warrant liability).

EBITDA in the third quarter of 2024 was $(0.8) million, compared to $(5.7) million in the third quarter of 2023.

In the third quarter of 2024, Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of the Company’s warrant liability, and other one-time expenses, was a $(5.5) million, compared to a $(4.6) million for the third quarter of 2023.

The Company ended the third quarter of 2024 with $8.0 million in cash, up from $4.7 million that was available as of the quarter ended June 30, 2024.

The Company’s $150 million equity line of credit remains effectively unutilized. The Company believes that it controls appropriate levers to manage its liquidity position and enable it to execute on plans to enter new markets, take advantage of new opportunities, and continue research and development efforts.

Dragonfly Energy Q3 2024 Financial and Operational Results Download

Q4 2024 Outlook

The Company believes that the RV market continues to recover, though at a slower pace than previously anticipated. The Company believes its entry into the heavy-duty trucking market has been successful, and the Company has seen growth in the customer base, though conversion into purchase orders has lagged timeline expectations.

Q4 2024 Guidance

Net Sales are expected to range between $13.5 – $14.0 million
Gross Margin is expected to be in the range of 22.0% – 25.0%
Operating Expenses are expected to be in a range of $(5.5) – $(6.5) million

Webcast Information

The Dragonfly Energy management team will host a conference call to discuss its third quarter 2024 financial and operational results this afternoon, Thursday, November 14, 2024, at 5:00 pm E.T. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 64729. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries^® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2024, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations:
Caldwell Bailey, ICR, Inc.
DragonflyIR@icrinc.com

Dragonfly Energy Q3 2024 Financial and Operational Results Download

The post Dragonfly Energy Reports Third Quarter 2024 Financial and Operational Results appeared first on Dragonfly Energy.

Dragonfly Energy’s Battle Born Batteries Now Available Through Keystone Automotive Operations

madi@dragonflyenergy.com — Wed, 13 Nov 2024 15:00:00 +0000

RENO, Nev., Nov. 13, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and maker of Battle Born Batteries^®, today announced the entry into a partnership with Keystone Automotive Operations, Inc. (“Keystone Automotive”), a leading distributor and marketer of specialty automotive equipment and accessories in North America. With this joint effort, Dragonfly Energy’s Battle Born Batteries brand of products are available for shipment from any of Keystone Automotive’s eight distribution centers for overnight or two-day delivery to Keystone Automotive’s extensive network of suppliers across 48 states and 9 Canadian provinces via its truck delivery service.

This partnership is expected to increase the availability of Battle Born Batteries by leveraging Keystone Automotive’s robust distribution network. Battle Born Batteries are available to Keystone Automotive customers across multiple industry segments, including the recreational vehicle (RV) industry through NTP-STAG, the marine industry through SeaWide, and the overlanding and off-grid industry through Keystone Automotive.

“Keystone Automotive brings an extensive network and a large, engaged audience to this partnership, which we believe will expand Dragonfly Energy’s market presence,” said Wade Seaburg, chief revenue officer at Dragonfly Energy. “In addition to their strong market presence, Keystone is known for delivering top-tier distribution services. We are proud to align with such a respected partner to provide customers the opportunity for increased accessibility to the batteries and products they rely on.”

“The addition of Dragonfly Energy’s Battle Born Batteries brand to our product offerings complements our commitment to quality, customer service, and providing our customers the best products on the market,” said Andy Morgan, director of marketing at Keystone Automotive Operations. “Dragonfly Energy’s products will allow us to provide our customers with powerful energy solutions that give them the benefit of extended lifespan, increased safety, and an environmentally responsible power solution.”

For more information about Dragonfly Energy, visit DragonflyEnergy.com. To learn more about Keystone Automotive Operations, visit KeystoneAutomotive.com.

About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries^® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

About Keystone Automotive Operations:
Keystone Automotive Operations is the leading distributor and marketer of automotive aftermarket products and services, uniquely positioned to offer customers and suppliers substantial scale, the most comprehensive inventory selection in the industry, high levels of customer service and innovative marketing support. Keystone is committed to expanding its offerings to meet the ever-growing needs of its customer base, providing them everything they need, when they need it.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding its partnership with Keystone Automotive, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations
Caldwell Bailey, ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

The post Dragonfly Energy’s Battle Born Batteries Now Available Through Keystone Automotive Operations appeared first on Dragonfly Energy.

Dragonfly Energy and Bruker Partner to Accelerate Battery Technology Development

madi@dragonflyenergy.com — Tue, 12 Nov 2024 15:00:00 +0000

This strategic partnership leverages the complementary strengths of Dragonfly Energy and Bruker, bringing Dragonfly Energy’s thorough expertise in liquid and solid-state battery technology together with Bruker’s comprehensive suite of analytical solutions for battery research, development and manufacturing
The collaboration provides a path toward improving Dragonfly Energy’s current and next-generation battery technologies and analytical testing methods using Bruker equipment and analytical expert knowledge
Bruker’s involvement greatly enhances Dragonfly Energy’s in-depth scientific understanding of batteries and battery materials through advanced analytical methods based on magnetic resonance
Bruker greatly benefits from Dragonfly Energy’s insights into the battery industry including requirements for future states of analytical testing landscapes
The collaboration demonstrates Dragonfly Energy’s commitment to advancing next-generation battery technologies and Bruker’s commitment to providing the battery industry value added R&D toolkits and turn-key solutions for manufacturing affiliated environments

RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp . (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and maker of Battle Born Batteries^®, announced today it has signed a Memorandum of Understanding (MOU) with Bruker (Nasdaq: BRKR), a leader in analytical instrumentation and method development and manufacturing, to collaborate and significantly improve current and next-generation battery technology and battery materials. This strategic partnership leverages the complementary strengths of each company, bringing Dragonfly Energy’s thorough expertise in liquid and solid-state battery technology together with Bruker’s comprehensive suite of analytical solutions for battery research, development, and manufacturing. This collaboration enhances Dragonfly Energy’s scientific understanding of batteries and advanced battery materials through Bruker’s cutting-edge magnetic resonance methods, driving advancements in battery technology and sustainable manufacturing processes and the development of next-generation batteries

“To stay at the forefront of technology and energy storage, our experts need the best tools available, and Bruker provides them,” said Dr. Vick Singh, SVP of Technology at Dragonfly Energy. “Partnering with Bruker equips our team for success and drives us toward innovative energy storage solutions, ultimately facilitating our mission of widespread deployment of cost-effective energy storage both on and off the grid.”

Dragonfly Energy uses Bruker’s nuclear magnetic resonance (“NMR”)-based equipment to study lithium batteries at a fundamental level. Through NMR, battery scientists can pull electrolyte samples at various points during the lifetime of a battery for multiple measurements, helping to optimize the performance of cells produced using the Company’s patented dry electrode process. Numerous technologies among Bruker’s extensive product portfolio have been utilized in Dragonfly’s advancements with lithium battery cells, including AFM, FT-IR, NMR, Raman, XRD, and XRF, among others.

“We are looking forward to an ongoing partnership with Dragonfly Energy as together we continue to drive battery technology forward,” said Dr. Joerg Koehler, Senior Director of Cleantech, Industrial, and Applied Markets at Bruker. “Combining the most advanced analytical instrumentation with lab automation and modern robotics streamlines the connectivity to new and existing workflows at R&D and manufacturing. Bruker’s unique software solutions for analytical data interpretation enhance method harmonization and result comparability throughout global organizations. Finally, the connectivity to IoT and data management layers ensures the dataflow and supports evidence-based decision making for efficiency optimized manufacturing. Leveraging both key areas of expertise, battery cell chemistry and analytical solution development we believe will ultimately redefine renewable energy storage.”

For more information about Dragonfly Energy, visit DragonflyEnergy.com. To learn more about Bruker, visit Bruker.com.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries^® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

About Bruker Corporation (Nasdaq: BRKR)
Bruker provides a comprehensive suite of advanced analytical solutions tailored for every stage of the battery life cycle, from raw material analysis to recycling and data management. Bruker’s high-performance scientific instruments and software applications support research, development, manufacturing, and quality control, delivering critical insights into material properties, structural integrity, and chemical composition. For more information, please visit www.bruker.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding its partnership with Bruker BioSpin, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations
Caldwell Bailey
ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af5b8794-cbfb-4ec8-b19a-b458f8b1d670

The post Dragonfly Energy and Bruker Partner to Accelerate Battery Technology Development appeared first on Dragonfly Energy.

Dragonfly Energy to Report Third Quarter 2024 Financial and Operational Results on November 14, 2024

madi@dragonflyenergy.com — Wed, 30 Oct 2024 15:09:56 +0000

RENO, Nev., Oct. 30, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries^® and an industry leader in energy storage, today announced that the Company will release its financial and operational results for the third quarter ended September 30, 2024 after market close on Thursday, November 14, 2024. The earnings press release will be followed by a conference call on November 14, 2024 at 5:00 PM Eastern Time.

Interested investors and other parties may access the live webcast via the link found here or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (800) 549-8228, toll-free in North America, or for international callers +1 (289) 819-1520, and referencing conference ID: 64729. Please log in to the webcast or dial in for the call at least 10 minutes prior to the start of the event.

About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

Investor Relations
Caldwell Bailey
DragonflyIR@icrinc.com

Source: Dragonfly Energy Holdings Corp.

The post Dragonfly Energy to Report Third Quarter 2024 Financial and Operational Results on November 14, 2024 appeared first on Dragonfly Energy.

Dragonfly Energy Announces Dragonfly IntelLigence™ Smart Battery Technology for Heavy Duty Trucking Lithium Power Systems

madi@dragonflyenergy.com — Mon, 14 Oct 2024 13:35:20 +0000

NASHVILLE, Tenn., Oct. 14, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp . (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and maker of Battle Born Batteries^®, unveiled at the American Trucking Associations’ annual Management Conference & Exhibition its Dragonfly IntelLigence technology for the heavy duty trucking industry. This patent-pending smart battery technology gives fleets and truck drivers real-time system monitoring and app-based connectivity, providing full visibility over their battery system. Building upon the proven reliability of Battle Born Batteries, Dragonfly IntelLigence represents the next generation of the Company’s energy storage solutions, designed to optimize performance and efficiency in demanding commercial applications.

Dragonfly IntelLigence communication technology empowers drivers with real-time insights into their entire battery system, providing visibility at both the individual battery level and the system as a whole. By combining a wireless mesh network with Bluetooth connectivity, drivers can use the Battle Born mobile app to monitor battery life, set custom alerts, and access historical usage data. This comprehensive connectivity, unique to Dragonfly Energy’s system, provides a significant advantage over competitor Bluetooth solutions, and will provide drivers with peace of mind and enhanced control over their power source. Additionally, through the Dragonfly IntelLigence Hub, OEMs can transmit battery data via external communication protocols, such as RV-C (Recreation Vehicle-CAN), allowing for seamless integration with in-cab displays and fleet management systems.

This new, advanced smart lithium solution provides a powerful addition to the Company’s award-winning Battle Born^® All-Electric Auxiliary Power Unit (“APU”), delivering enhanced capabilities beyond what was previously available. The advanced monitoring capability of Dragonfly IntelLigence, gives drivers the visibility to now have complete confidence in the company’s lithium powered system’s ability to maintain power during rest periods, eliminating the need for idling or auto start/stop.

“The integration of our patented Dragonfly IntelLigence technology marks a significant advancement for our APU solution,” said Wade Seaburg, chief revenue officer of Dragonfly Energy. “This upgrade gives drivers comprehensive visibility over their battery system so they can rest easy knowing the battery won’t drain nor the truck restart while they are trying to sleep. By prioritizing driver experience and efficiency, we’re helping fleets reduce costs and improve sustainability.”

The Battle Born All-Electric APU, equipped with Dragonfly IntelLigence as an optional upgrade, is available now to fleets and OEMs, with public availability to owner/operators expected by the end of the calendar year 2024.

For more information about Dragonfly Energy, visit DragonflyEnergy.com. To learn more about Dragonfly IntelLigence click here.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding Dragonfly IntelLigence, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations
Caldwell Bailey
ICR, Inc.
DragonflyIR@icrinc.com

Media Contacts:
Susan Fall
LaunchIt Public Relations
619-890-9415
susan@launchitpr.com

Amy Demuth
RAD Strategies Inc.
775-323-6333
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cef2a1be-a6b5-4b51-8326-698f3f3f7227

The post Dragonfly Energy Announces Dragonfly IntelLigence™ Smart Battery Technology for Heavy Duty Trucking Lithium Power Systems appeared first on Dragonfly Energy.

Dragonfly Energy Reports Second Quarter 2024 Financial and Operational Results

madi@dragonflyenergy.com — Wed, 14 Aug 2024 20:15:59 +0000

Dragonfly Energy entered into a $30 million licensing agreement with Stryten Energy, a leading North American battery manufacturer, to allow for expansion of Battle Born Batteries^® products into new markets
The Company announced progress in bringing its lithium battery technology to the trucking sector, including a new partnership with Highway Transport to integrate Dragonfly Energy’s all-electric auxiliary power units (“APUs”) into Highway Transport’s fleet of over 500 trucks
The Company achieved continued market share growth in the recreational vehicle (“RV”) segment through partnership with Fraserway RV, Canada’s largest nationwide RV dealer, as well as Meyer Distributing, a leading North American specialty products distributor, both of which extended Dragonfly Energy’s reach and presence across North America

RENO, Nev., Aug. 14, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries^® and an industry leader in energy storage, today reported its financial and operational results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial Highlights

Net Sales were $13.2 million, compared to $19.3 million in Q2 2023
Gross Profit was $3.2 million, compared to $3.9 million in Q2 2023
Operating expenses were $(9.9) million, compared to $(12.5) million in Q2 2023
Net Loss of $(13.6) million, compared to Net Loss of $(11.9) million in Q2 2023
Diluted Net Loss per share was $(0.22), compared to Net Loss of $(0.25) per share in Q2 2023
EBITDA was $(8.4) million, compared to $(7.5) million in Q2 2023
Adjusted EBITDA was $(6.2) million, compared to $(5.7) million in Q2 2023

Operational and Business Highlights

Entered into $30 million licensing agreement for Battle Born Batteries Brand with Stryten Energy, a leading North American battery manufacturer (link)
Announced partnership with Highway Transport, a North American leader in liquid chemical transportation, to begin integrating Dragonfly Energy’s all-electric APUs into Highway Transport’s fleet of over 500 trucks (link)
Partnered with Refreshment Services Pepsi, an independent distributor of Pepsi-Cola products, to provide new liftgate battery systems (link)
Partnered with Fraserway RV, Canada’s largest coast-to-coast RV dealership group, to strengthen Dragonfly Energy’s presence in the Canadian RV market (link)
Announced partnership with Meyer Distributing, leveraging Meyer Distributing’s extensive network of over 100 locations across North America to deliver Battle Born Batteries to new business-to-business customers in the RV and surrounding industries (link)
Announced development of next-generation power charging solutions under the Company’s Wakespeed® Product Line: Wakespeed 500 Pro Bluetooth Alternator Regulator and 48V/12V Bi-Directional DC-DC Converter (link)
Hosted Secretary of Commerce Gina Raimondo and Nevada Senator Jacky Rosen, at an event at the Company’s Reno, Nevada headquarters to promote American innovation and workforce development within the state’s burgeoning lithium industry (link)

“I am incredibly proud of the significant strides Dragonfly Energy has made this quarter, despite the challenging economic environment. Our ability to expand into new verticals and secure strategic partnerships is a testament to the strength of our technology and the dedication of our team,” said Dr. Denis Phares, chief executive officer of Dragonfly Energy. “In particular, we believe the Stryten Energy agreement has the ability to expose our Battle Born Batteries brand to a broader audience and position us for mass market adoption. Moreover, Highway Transport’s decision to adopt our all-electric APUs across their large truck fleet marks a pivotal moment for Dragonfly Energy in the industry, and we anticipate this may inspire others to follow suit. We believe we are laying a solid foundation for future growth of Dragonfly Energy and are excited about the opportunities ahead.”

Second Quarter 2024 Financial and Operating Results

Second quarter 2024 Net Sales were $13.2 million, compared to $19.3 million in the second quarter of 2023. This decrease was primarily due to lower battery and accessory sales offset by a higher average sales price. For the second quarter 2024, direct-to-consumers (“DTC”) net sales decreased by $3.5 million to $6.5 million, compared to $10.0 million in the second quarter of 2023 due to decreased customer demand for the Company’s products, rising interest rates, and inflation. Original equipment manufacturers (“OEM”) revenue decreased by $2.6 million to $6.7 million, compared to $9.3 million in the second quarter of 2023 primarily due to the Company’s largest RV customer changing the Company’s product from a standard offering to an option, in addition to lower order volumes by key customers, primarily due to a weather event at the Company’s largest customer’s production facility, combined with persisting weakness in the motorized RV market.

Second quarter 2024 Gross Profit was $3.2 million, compared to $3.9 million in the second quarter of 2023. The decrease in the Company’s gross profit was primarily due to a lower unit volume of sales.

Operating Expenses in the second quarter of 2024 were $(9.9) million, compared to $(12.5) million in the second quarter of 2023. The decrease was primarily driven by lower employee-related costs and stock-based compensation in the prior year. Professional services, legal, insurance expenses and travel are also lower by $0.6 million, which is in part due to the Company’s June 2023 public offering.

Total Other Expense in the second quarter of 2024 was $(6.9) million, compared to $(3.3) million in the second quarter of 2023. Other expense of $(6.9) million in the quarter ended June 30, 2024 is comprised primarily of interest expense of $(4.9) million related to the Company’s debt securities and a change in fair market value of warrant liability in the amount of $(2.0) million.

Net Loss in the second quarter of 2024 was $(13.6) million, or $(0.22) cent loss per share, compared to Net Loss of $(11.9) million, or $(0.25) cent loss per share in the second quarter of 2023.

EBITDA in the second quarter of 2024 was $(8.4) million, compared to $(7.5) million in the second quarter of 2023.

In the second quarter of 2024, Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of the Company’s warrants, and other one-time expenses, was a $(6.2) million, compared to a $(5.7) million for the second quarter of 2023.

The Company ended the second quarter with $4.7 million in cash, down from $8.5 million at the end of the first quarter of 2024. Although the Company continues to use its inventory as a source of working capital and expects this to continue into the second half of 2024, it has also accelerated accounts payable payments and moved some cash into other assets.

As such, the Company believes that its available cash management tools, including the $5 million upfront fee which was part of the Stryten Energy licensing deal (expected to be received in Q3 2024), combined with continued access to its largely untapped $150 million equity line of credit, provide the necessary liquidity and resources to execute on its operational plans and continue research and development efforts.

Dragonfly-Energy-Q2-2024-Financial-and-Operational-Results Download

Battle Born Batteries Licensing Agreement with Stryten Energy

On July 30, 2024, the Company announced a strategic partnership with Stryten Energy, a leading North American battery manufacturer, for the licensing of the Dragonfly Energy’s Battle Born Batteries^® brand of lithium-ion batteries. The licensing agreement, with a potential value of up to $30 million, granted Stryten Energy a license to market and distribute Dragonfly Energy’s Battle Born Batteries globally. Additional revenue above the initial contract value is expected from contract manufacturing, battery design, and technical support fees associated with the deal.

The agreement, which includes an upfront payment from Stryten Energy to Dragonfly Energy of $5 million, will see Stryten Energy leverage its vast distributor and customer network to introduce Battle Born Batteries branded products to new business-to-business markets, including military, automotive, marine, power sports, lawn & garden and golf carts.

Continued Progress and Major Milestone within Trucking Market

The Company has made significant progress in developing its distribution channels. The Company’s batteries have now received approval for installation at Daimler Truck CTS, Rush Enterprises CVS, and Fontaine Modification, all of which are PDI or modification and upfit centers. This development ensures the ready availability of batteries for shipment on new trucks and allows for their inclusion in the tractor’s purchase price.

On August 12, 2024, the Company announced that it would be partnering with Highway Transport, a leader in North American liquid chemical transportation, to transition Highway Transport’s entire fleet of over 500 trucks to Dragonfly Energy’s Battle Born all-electric APUs. As part of the partnership, Highway Transport is expected to install the Battle Born all-electric APUs on new tractors in addition to retrofitting current models in Highway Transport’s fleet. This partnership with Highway Transport marks a major step forward for Dragonfly Energy’s reach in the commercial trucking sector. The Company believes the planned integration of the Battle Born all-electric APU into Highway Transport’s fleet paves the way for wider adoption of the Company’s clean energy solutions, accelerating the transition towards a more sustainable transportation landscape.

On July 1, 2024, the Company announced it is now a provider of lithium based liftgate power solutions for Refreshment Services Pepsi, a privately-held independent bottler and distributor for Pepsi-Cola® products. With distribution centers across the U.S., Refreshment Services Pepsi will begin integrating the Company’s Battle Born Batteries products into their fleet to power liftgate operations. The expansion of the Company’s lithium-based power solutions to liftgate applications broadens sales opportunities within the trucking market.

Q3 2024 Outlook

The Company believes that the RV market continues to show signs of recovery. In addition, the Company believes that its entry into the heavy-duty trucking market and oil and gas market, as well as its licensing and contract manufacturing deal with Stryten Energy, has the potential to contribute more meaningful revenue in the second half of 2024.

Q3 2024 Guidance

Net Sales are expected to range between $13.5 – $15.0 million
Gross Margin is expected in the range of 24% – 26%
Operating Expenses are expected to be in a range of $(10.0) – $(10.5) million

Since other income and net income are impacted by the fair market revaluation of outstanding warrants each quarter, which is dependent on the Company’s future stock price on a given date and not reflective of operating results, the Company does not believe it is prudent to continue to provide guidance on other income and net income.

Webcast Information

The Dragonfly Energy management team will host a conference call to discuss its second quarter 2024 financial and operational results this afternoon, Wednesday, August 14, 2024, at 5:00 pm E.T. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (800) 549-8228 toll-free in North America, or for international callers +1 (289) 819-1520, and referencing conference ID: 70028. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

About Dragonfly Energy

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2024, results of operations and financial position, planned products and services, the Company’s partnerships, including its partnership with Stryten Energy and the potential value of the license agreement, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s failure to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the impact of geopolitical events, including the Russian/Ukrainian conflict and Hamas’ attack on Israel; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

Investor Relations:
Caldwell Bailey
ICR, Inc.
DragonflyIR@icrinc.com

Dragonfly-Energy-Q2-2024-Financial-and-Operational-Results Download

The post Dragonfly Energy Reports Second Quarter 2024 Financial and Operational Results appeared first on Dragonfly Energy.

Dragonfly Energy Powers Highway Transport’s Fleet with Battle Born All-Electric APUs

madi@dragonflyenergy.com — Mon, 12 Aug 2024 13:04:20 +0000

Highway Transport, a North American leader in liquid chemical transportation, will begin integrating the Battle Born All-Electric APU into their fleet.
The Battle Born All-Electric APU offers a comprehensive lithium iron phosphate (“LiFePO4”) based power solution that is expected to reduce Highway Transport’s fuel costs while increasing sustainability through emission reductions.
This agreement demonstrates another major step forward for Dragonfly Energy as the Company continues to penetrate the commercial trucking industry with lithium power solutions.

RENO, Nev., Aug. 12, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp . (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and maker of Battle Born Batteries^®, is partnering with Highway Transport, a North American leader in chemical transportation, to begin integrating the Battle Born All-Electric auxiliary power unit (“APU”) into their fleet. This marks a notable move towards improved sustainability for Highway Transport, which plans to transition their fleet of over 500 trucks to a more cost-effective and environmentally friendly solution. Highway Transport is expected to install the Battle Born All-Electric APU on new tractors in addition to retrofitting current models in their fleet.

The Battle Born All-Electric APU is an advanced lithium-ion battery system that provides ample wattage to run auxiliary power on trucks, even when a truck’s engine is not running. The product grants increased comfort to drivers by allowing the operation of HVAC, appliances, and other electronics, while the truck is off. The product produces zero harmful emissions and no loud engine idling. The unit recharges during drivetime and is expected to reduce Highway Transport’s fuel costs while increasing sustainability through emission reductions.

Highway Transport’s commitment to environmental responsibility is formalized in its Green Treads sustainability initiative. By partnering with Dragonfly Energy to implement the Battle Born All-Electric APU, Highway Transport is taking a concrete step towards achieving its Green Treads goals of reducing emissions, improving fuel efficiency, and enhancing driver comfort.

“At Highway Transport, sustainability and driver well-being are paramount. Dragonfly Energy’s solution allows us to make significant strides on both fronts,” Marshall Franklin, chief executive officer and chief financial officer for Highway Transport, said. “The added benefit of fuel cost savings further strengthens the value proposition of this partnership.”

The company’s pilot program and initial trials have shown promising results for fleets. The all-electric lithium iron phosphate (“LiFePO4”) based unit has demonstrated extended power delivery and reliable performance, including the ability to consistently power hotel loads for 12-16 hours, even in extreme summer heat. Highlighting the real-world benefits, Highway Transport driver William Gaines shared, “I’ve been driving for 35 years, and after installing the Battle Born All-Electric APU in my truck, I can honestly say it’s amazing. My first trip after the install took me to Dallas and then down to Houston, and the system is so COOL! Pardon the pun. My industry really needed this product.”

This partnership with Highway Transport marks another step forward for Dragonfly Energy’s reach within the commercial trucking sector. The planned integration of the Battle Born All-Electric APU into Highway Transport’s fleet paves the way for wider adoption of the Company’s clean energy solutions, accelerating the transition towards a more sustainable transportation landscape.

“We’ve received immensely positive feedback on this product from both CEOs and drivers alike,” said Wade Seaburg, chief revenue officer of Dragonfly Energy. “We believe our product not only has the potential to enhance customer’s financial performance but also provides benefits to both the environment and the daily user. As more fleet operators transition towards sustainability, Dragonfly Energy is ready to support this shift with our lithium power solutions, offering a win-win for all involved.”

For more information about Dragonfly Energy, visit DragonflyEnergy.com. To learn more about Highway Transport, visit HighwayTransport.com.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

About Highway Transport
Highway Transport is a family-owned provider of specialty chemical bulk transportation based in Knoxville, Tennessee. Their mission is to deliver the highest quality, safest, and most efficient tanker-hazmat transportation and logistics services. By utilizing leading-edge technology, Highway Transport saves time and money for customers while prioritizing driver safety. As a result, they have achieved a more than 99% on-time delivery rate and earned the Responsible Care^®Partner of the Year Award in 2019, 2021, 2022, and 2024 in recognition of their performance and safety records. Highway Transport’s tanker fleet operates from service centers in major chemical manufacturing areas across the country, putting decades of service to work for their customers.

To learn more about Highway Transport, visit HighwayTransport.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding its partnership with Highway Transport, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations
Caldwell Bailey
ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

The post Dragonfly Energy Powers Highway Transport’s Fleet with Battle Born All-Electric APUs appeared first on Dragonfly Energy.

Dragonfly Energy Enters into $30M Licensing Agreement for Battle Born Batteries Brand with Stryten Energy, a Leading North American Battery Manufacturer

madi@dragonflyenergy.com — Tue, 30 Jul 2024 12:24:12 +0000

Agreement to allow for expansion of Battle Born Batteries® products into new markets

Dragonfly Energy signs a $30 million agreement to license its popular lithium-ion battery brand, Battle Born Batteries^®, to Stryten Energy for distribution globally
Stryten Energy will have exclusive rights to market and distribute Battle Born Batteries for military, automotive, marine, power sports, lawn and garden and golf cart applications. All B2B end markets Dragonfly Energy doesn’t currently have a presence in.
This partnership will encompass a mix of existing Battle Born Batteries products, with a strong focus on the development of new battery models specifically tailored to Stryten Energy’s target markets.
Dragonfly Energy will receive an initial licensing fee of $5 million and have the right to mid-single digit royalty payments for up to an additional $25 million.

RENO, Nev., July 30, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp . (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and manufacturer of lithium-ion batteries, today announced a strategic partnership with Stryten Energy, a leading North American battery manufacturer, for the licensing of the Dragonfly Energy’s Battle Born Batteries^® brand of lithium-ion batteries. The agreement, with a potential value of up to $30 million, grants Stryten Energy a license to market and distribute Dragonfly Energy’s Battle Born Batteries globally. Stryten Energy plans to leverage its vast distributor and customer network to introduce Battle Born Batteries branded products to new business-to-business (B2B) markets, including military, automotive, marine, power sports, lawn & garden and golf carts.

“At Dragonfly Energy, we’re incredibly proud to see the Battle Born Batteries brand take this leap forward into new end markets,” said Dr. Denis Phares, chief executive officer of Dragonfly Energy. “The love and trust our customers have placed in our products has been humbling, and the potential to see our lithium batteries on shelves at major retailers, alongside other leading brands’ components, not only is a testament to their enduring quality but makes them more accessible to consumers nationwide. We believe that Stryten Energy’s extensive reach and shared commitment to innovation will make this agreement the beginning of a truly mutually beneficial relationship, and we’re confident it will unlock increased growth for both companies.”

The partnership between Dragonfly Energy and Stryten Energy will focus on battery design, contract manufacturing and licensing of Battle Born Batteries products for new B2B end markets where the Company does not currently have a presence in. Dragonfly Energy will continue its independent operations in existing markets such as recreational vehicles (RV), off-grid properties, heavy-duty trucking, stationary storage, and oil and gas. The potential value of the licensing agreement is $30 million, comprised of an upfront payment of $5 million to Dragonfly Energy and subsequent mid-single digit royalty payments based on Stryten Energy’s product volume using the licensed branding, with a tiered structure reaching up to an additional $25 million, at which point Stryten Energy will be required to pay a nominal annual license fee. Additional fees will apply for battery design and contract manufacturing services outside of the licensing agreement and are expected to provide additional revenue to the Company.

Stryten Energy is a leading U.S.-based manufacturer of energy storage solutions, providing advanced lead, lithium and vanadium batteries to customers across the transportation, industrial, military and government sectors. With a workforce of over 2,500 employees and ten manufacturing plants, Stryten Energy is a respected supplier in the energy storage market. Through a nationwide customer base of automotive aftermarket retailers and battery distributors, this exclusive business-to-business licensing deal is poised to expand brand awareness and market reach of Battle Born Batteries while offering Stryten Energy’s customers reliable, trusted and powerful lithium-based power solutions.

“At Stryten Energy, we’re focused on providing premium energy storage solutions to our customers,” said Mike Judd, chief executive officer of Stryten Energy. “This partnership with Dragonfly Energy will allow us to expand our transportation product portfolio and provide our customers access to the well-known Battle Born Batteries brand of quality lithium batteries. We’re excited about the market potential this collaboration holds and look forward to continuing to explore future opportunities as we grow our relationship with Dragonfly Energy.”

To ensure the same high level of quality customers expect from the Battle Born Batteries brand, Dragonfly Energy will initially contract manufacture all batteries distributed by Stryten Energy at the Company’s facility in Northern Nevada until Stryten Energy establishes its own domestic manufacturing footprint. This partnership will encompass a mix of existing Battle Born Batteries products, with a strong focus on the development of new battery models specifically tailored to Stryten Energy’s target markets. This approach will allow Stryten to leverage the proven performance of Battle Born Batteries while offering unique solutions to its diverse customer base. Dragonfly Energy remains committed to providing exceptional technical support for all Battle Born Batteries products and will continue to grow their support team along with increasing demand.

“The impact of this partnership with Stryten Energy for the wider proliferation of the Battle Born Batteries brand cannot be understated,” said Tyler Bourns, chief marketing officer at Dragonfly Energy. “We believe this agreement not only allows us to expand the brand into a wider range of previously untapped markets, but also leverages Stryten Energy’s vast retail and distribution customer network to significantly increase our brand awareness. We believe this is a major step forward in our mission to make Battle Born Batteries a household name across North America.”

For more information about Dragonfly Energy, visit DragonflyEnergy.com. To learn more about Stryten Energy, visit Stryten.com.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

About Stryten Energy
Stryten Energy helps solve the world’s most pressing energy challenges with a broad range of energy storage solutions across the Essential Power, Motive Power, Transportation, Military and Government sectors. Headquartered in Alpharetta, Georgia, we partner with some of the world’s most recognized companies to meet the growing demand for reliable and sustainable energy storage capacity. Stryten powers everything from submarines to subcompacts, microgrids, warehouses, distribution centers, cars, trains and trucks. Our stored energy technologies include advanced lead, lithium and vanadium redox flow batteries, intelligent chargers and energy performance management software that keep people on the move and supply chains running. An industry leader backed by more than a century of expertise, Stryten has The Energy to Challenge the status quo and deliver top-performing energy solutions for today and tomorrow. Learn more at stryten.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding its partnership with Stryten Energy and the potential value of the license agreement, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

Investor Relations
Caldwell Bailey
ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Media Resources
Click to download b-roll video of Dragonfly Energy
Click to download photos to accompany this release

Source: Dragonfly Energy Holdings Corp.

The post Dragonfly Energy Enters into $30M Licensing Agreement for Battle Born Batteries Brand with Stryten Energy, a Leading North American Battery Manufacturer appeared first on Dragonfly Energy.