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Dragonfly Energy Holdings Corp
(NASDAQ:DFLI)
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Rating:42Neutral
Price Target:
$0.47
▼(-58.77% Downside)
Action:Reiterated
Date:10/09/26
DFLI scores low primarily due to weak financial performance (large ongoing losses and significant negative operating/free cash flow) and bearish technicals (price far below major moving averages with very weak momentum). The earnings call adds some offset from cost reductions, commercialization progress, and an acquisition expected to help EBITDA later, but near-term guidance still points to continued negative EBITDA; valuation is also constrained by lack of profitability and no dividend signal.
Positive Factors
Cost discipline
Lower operating expenses and sequential EBITDA improvement indicate that cost-reduction and rightsizing actions are beginning to improve operating leverage. If maintained, these measures can help Dragonfly narrow losses and move toward its stated profitability target as revenue scales.
Negative Factors
Persistent losses and cash burn
Deeply negative operating and free cash flow show that the business is not yet self-funding and continues to consume capital. Persistent losses reduce financial flexibility, increase reliance on financing, and could constrain investment in products, inventory, and commercial expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Cost discipline
Lower operating expenses and sequential EBITDA improvement indicate that cost-reduction and rightsizing actions are beginning to improve operating leverage. If maintained, these measures can help Dragonfly narrow losses and move toward its stated profitability target as revenue scales.
Read all positive factors
Dragonfly Energy Holdings Corp (DFLI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.07M
Dividend YieldN/A
Average Volume (3M)333.62K
Price to Earnings (P/E)―
Beta (1Y)2.79
Revenue Growth-4.85%
EPS Growth53.62%
CountryUS
Employees138
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-143.68
Shares Outstanding14,978,803
10 Day Avg. Volume485,666
30 Day Avg. Volume333,624
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.27
Price to Sales (P/S)0.25
P/FCF Ratio-0.53
Enterprise Value/Market Cap10.61
Enterprise Value/Revenue1.45
Enterprise Value/Gross Profit5.70
Enterprise Value/Ebitda-1.49
Forecast
1Y Price Target
$3.00Price Target Upside163.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.35
Revenue Forecast (FY)$60.01M
Dragonfly Energy Holdings Corp Business Overview & Revenue Model
Company Description
Dragonfly Energy Holdings Corp. engages in the manufacture and supply of deep cycle lithium-ion batteries. It also focuses on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment ...
How the Company Makes Money
DFLI primarily makes money by selling lithium-ion battery products and related power solutions to end customers and channel partners. Its core revenue stream is product sales of lithium-based batteries (including branded battery packs) used as dro...
Dragonfly Energy Holdings Corp Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The call presented a mix of constructive operational and strategic progress (notably a commercial inflection in heavy‑duty trucking, cost reductions, a strategic acquisition in Dakota Lithium, and expanded patent protections) alongside material near‑term challenges (continued net losses and negative adjusted EBITDA, RV market softness, reliance on a one‑time tariff refund for margin improvement, and lender covenant accommodations). Management provided specific near‑term guidance that includes temporary headwinds but reiterated a clear pathway and target to positive adjusted EBITDA at an annualized $70 million run rate, with Dakota expected to be accretive by Q4.Positive Updates
Net Sales and Channel Mix
Net sales of $13.2 million in Q2 FY2026, split between $8.4 million OEM and $4.5 million DTC, reflecting healthy OEM adoption despite softness in RV end markets.
Negative Updates
Continued Net Loss and Negative Adjusted EBITDA
Net loss attributable to common shareholders was $5.5 million (or $0.43 per diluted share) in Q2; adjusted EBITDA remained negative $1.6 million. Management expects adjusted EBITDA of approximately negative $2.4 million in Q3 (a near‑term deterioration driven by timing factors and one‑time items).
Read all updates
Q2-2026 Updates
Positive
Negative
Net Sales and Channel Mix
Net sales of $13.2 million in Q2 FY2026, split between $8.4 million OEM and $4.5 million DTC, reflecting healthy OEM adoption despite softness in RV end markets.
Read all positive updates
Company Guidance
Guidance: For Q3 the company expects net sales of approximately $13.5 million and adjusted EBITDA of about negative $2.4 million; in Q2 actuals were net sales $13.2M (OEM $8.4M; DTC $4.5M), gross profit $4.3M, gross margin 33.0% (up 470 bps, including a $1.1M tariff‑refund benefit), operating expenses $7.2M (down from $7.9M), net loss $5.5M or $0.43/sh vs prior loss $7.0M or $5.77, and adjusted EBITDA negative $1.6M (improved $0.6M YoY and $3.0M sequential); heavy‑duty trucking revenue was ~$0.5M in Q2 and is expected to more than double to ~$1.3M in Q3 with further ramp in Q4, Dakota Lithium generated ~$12M in 2025 and was acquired for $4M ($1M cash + $3M stock at $2/sh, 12‑month lockup) and is expected to begin contributing meaningful revenue and be accretive to adjusted EBITDA in Q4, and the company is targeting positive adjusted EBITDA at an annualized net‑sales run rate of approximately $70M (term‑loan amendments reduce minimum cash covenant, allow two quarters of interest in kind, and defer certain covenants until Sept 2027; facility consolidation principal actions expected to be completed in Q3).Dragonfly Energy Holdings Corp Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.89M | 58.63M | 50.65M | 64.39M | 86.25M | 78.00M |
| Gross Profit | 13.17M | 15.65M | 11.63M | 15.45M | 23.62M | 29.63M |
| EBITDA | -50.22M | -45.06M | -15.51M | 3.41M | -32.83M | 7.08M |
| Net Income | -67.12M | -69.94M | -40.62M | -13.82M | -39.99M | 4.34M |
Balance Sheet | ||||||
| Total Assets | 70.29M | 86.55M | 75.21M | 75.20M | 89.11M | 76.25M |
| Cash, Cash Equivalents and Short-Term Investments | 6.28M | 18.27M | 4.85M | 12.71M | 17.78M | 25.59M |
| Total Debt | 32.93M | 32.71M | 55.27M | 23.31M | 24.02M | 44.70M |
| Total Liabilities | 47.00M | 75.02M | 84.62M | 47.29M | 78.36M | 62.19M |
| Stockholders Equity | 23.29M | 11.53M | -9.40M | 27.91M | 10.74M | 14.06M |
Cash Flow | ||||||
| Free Cash Flow | -29.71M | -27.92M | -9.92M | -24.59M | -52.56M | -16.54M |
| Operating Cash Flow | -28.74M | -25.97M | -7.18M | -17.71M | -45.70M | -13.57M |
| Investing Cash Flow | -1.10M | -1.95M | -2.73M | -6.88M | -6.83M | -2.91M |
| Financing Cash Flow | 33.39M | 41.34M | 2.05M | 19.52M | 41.67M | 38.91M |
Dragonfly Energy Holdings Corp Technical Analysis
Negative
1.14
Price Trends
1.02
Negative
1.41
Negative
2.04
Negative
Market Momentum
-0.13
Positive
15.28
Positive
10.43
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DFLI, the sentiment is Negative. The current price of 1.14 is above the 20-day moving average (MA) of 0.81, above the 50-day MA of 1.02, and below the 200-day MA of 2.04, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 15.28 is Positive, neither overbought nor oversold. The STOCH value of 10.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DFLI.
Dragonfly Energy Holdings Corp Risk Analysis
Dragonfly Energy Holdings Corp disclosed 97 risk factors in its most recent earnings report. Dragonfly Energy Holdings Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Dragonfly Energy Holdings Corp Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $104.31M | -15.63 | -4.95% | ― | 4.69% | -304.68% | |
56 Neutral | $93.08M | -5.59 | -14.94% | ― | 50.51% | -4669.05% | |
44 Neutral | $148.97M | -3.99 | -299.98% | ― | 8.05% | 21.73% | |
43 Neutral | $10.18M | -1.23 | -261.63% | ― | -36.58% | 5.31% | |
42 Neutral | $7.07M | -0.03 | -1565.55% | ― | -4.85% | 53.62% |
* Industrials Sector Average
DFLI
Dragonfly Energy Holdings Corp
0.47
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Dragonfly Energy Holdings Corp Corporate Events
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Dragonfly Energy Enacts Reverse Stock Split for Compliance
Neutral
Oct 8, 2026
Dragonfly Energy Holdings Corp. implemented a 1-for-8 reverse stock split of its authorized and issued common stock under Nevada law, with the action becoming effective at 12:01 a.m. Pacific Time on October 12, 2026 and trading on a split-adjusted...
DividendsPrivate Placements and FinancingRegulatory Filings and Compliance
Dragonfly Energy Modifies Loan Terms and Preferred Dividends
Negative
Oct 2, 2026
On September 30, 2026, Dragonfly Energy Holdings Corp. entered into an Eighth Amendment to its senior secured term loan facility, securing a limited waiver from lenders on minimum liquidity covenant testing for the month ended September 30, 2026 a...
Delistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
Dragonfly Energy Faces Nasdaq Non-Compliance, Listing Risk Emerges
Negative
Aug 21, 2026
On August 20, 2026, Dragonfly Energy Holdings Corp. disclosed that it received a notice from Nasdaq stating the company is not in compliance with the Nasdaq Capital Market’s minimum stockholders’ equity requirement, after reporting a s...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Dragonfly Energy Updates Q2 Results and Liquidity Outlook
Neutral
Aug 6, 2026
Dragonfly Energy reported preliminary second-quarter 2026 results showing net sales of $13.2 million, with OEM revenue of $8.4 million and direct-to-consumer sales of $4.5 million, against a backdrop of weaker RV shipments and softer consumer dema...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Dragonfly Energy Acquires Dakota Lithium Specialty Battery Assets
Positive
Jul 31, 2026
On July 31, 2026, Dragonfly Energy completed the $4 million acquisition of substantially all operating assets associated with the Dakota Lithium brand, including intellectual property, inventory and customer relationships. The deal, paid with $1 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.