Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the
“Company”) (Nasdaq: DFLI), an industry leader in energy storage and
producer of deep cycle lithium-ion storage batteries, today
reported its financial and operational results for the third
quarter ended September 30, 2023.
Third Quarter 2023 Financial
Highlights
- Net Sales were $15.9 million,
compared to $26.1 million in Q3 2022
- Gross Profit was $4.6 million,
compared to $7.0 million in Q3 2022
- Operating expenses were $(10.5)
million, compared to $(10.4) million in Q3 2022
- Net Loss of $(10.0) million,
compared to a Net Loss of $(3.7) million in Q3 2022
- Diluted Loss per share was $(0.17),
compared to $(0.10) in Q3 2022
- Adjusted EBITDA was $(4.6) million,
compared to $(2.7) million in Q3 2022
Operational and Business
Highlights
- Announced entrance into heavy-duty
trucking market, with new Battle Born All-Electric APU (auxiliary
power unit), enabling reduced fuel costs, increased uptime and
payload, and lower harmful emissions (link)
- Announced successful cathode
electrode dry deposition, at scale, for American made lithium
batteries (link)
- Announced successful manufacture of
lithium battery cell using high-purity recycled battery materials
(link)
- Announced expansion of business
with new distributor and location in the Midwest (link)
- Announced new program win at
nuCamp, continuing to gain share in the RV market (link)
- Announced U.S. Patent for
innovative battery pack assembly design, enabling flexible custom
installation solutions and increased energy density (link)
“We have achieved a number of important
milestones since our last call, including new customer wins within
the RV market and the launch of our new all-electric APU,
furthering our expansion efforts into the heavy-duty and fleet
trucking markets. On the technology front, we completed our
domestic cell manufacturing pilot line and announced the successful
production of both anode and cathode material at scale, putting us
on track to deliver sample battery cells using our patented dry
electrode manufacturing process to prospective customers, by year
end,” said Denis Phares, Chief Executive Officer of Dragonfly
Energy. “While recent financial results continue to experience
near-term market headwinds, Dragonfly Energy is executing on our
plan by continuing to expand our revenue opportunities in existing
and adjacent markets, while bringing new products and new
capabilities to market. We remain excited about what lies ahead and
sharing more about our progress in the coming quarters.”
Third Quarter 2023 Financial
ResultsThird quarter 2023 Net Sales were $15.9 million,
compared to $26.1 million in the third quarter of 2022. The
year-over-year decline in revenue was due to lower OEM and DTC
battery and accessory sales compared to the same quarter a year
ago. OEM revenue declined by $8.3 million in the quarter. As
discussed on our last earnings call, we were notified that due to
weaker demand for its products, our largest OEM customer decided to
switch from installing our storage solutions as a standard feature
to an option on its products. As expected, this had a material
adverse impact on our OEM sales in the third quarter of 2023. DTC
revenue decreased by $1.9 million compared to the same quarter a
year ago, as a result of decreased demand for our products due to
ongoing macro-economic factors, such as higher interest rates and
inflation.
Third quarter 2023 Gross Profit was $4.6
million, compared to $7.0 million in the third quarter of 2022. The
decrease was primarily due to lower overall sales and unit volumes,
offset by a positive change in revenue mix, with a greater
percentage of higher margin DTC sales in the current year
quarter.
Operating Expenses in the third quarter of 2023
were $(10.5) million, compared to $(10.4) million in the prior year
quarter, as higher research and development costs were largely
offset by decreased general, administrative, sales and marketing
expenses.
Total Other Expenses were $(4.1) million,
compared to $(1.2) million in the prior year period. The increase
was primarily due to higher interest rate expenses related to the
Company’s debt securities.
The Company had a Net Loss of $(10.0) million,
or $(0.17) per diluted share in the third quarter of 2023, compared
to a Net Loss of $(3.7) million or $(0.10) per diluted share in the
prior year quarter. Net Income in the current quarter was impacted
by lower sales, lower gross profit, and increased other
expense.
Third quarter 2023 EBITDA was $(5.7) million,
compared to EBITDA of $(3.1) million in the third quarter of 2022.
Third quarter 2023 Adjusted EBITDA, excluding stock-based
compensation, the change in the fair market value of the Company’s
warrants, and other one-time expenses, was a negative $(4.6)
million in the quarter, compared to $(2.7) million in the same
quarter a year ago.
The Company ended the third quarter of 2023 with
$13.2 million in cash. Dragonfly Energy retains strong financial
flexibility with access to a largely undrawn $150 million equity
line of credit.
Q4 2023 OutlookThe Company
continues to face headwinds in its core markets, which are
dominated by consumer discretionary spending. The RV industry, in
particular, is undergoing more severe unit declines than previously
expected, and while the Company continues to win share within the
RV market, these unit declines continue to negatively impact growth
over the near-term. Additionally, as previously discussed, our
largest RV customer, in an effort to reduce costs, has changed our
storage offering from a standard installation to a dealer option.
While this customer is not moving to a different solution or
competitor, we do expect this change in strategy to continue to
have a material limiting effect on our revenue throughout the
remainder of 2023 and potentially into 2024.
- Net Sales are expected to range between $10.0 - $14.0 million,
negatively impacted by continued softer demand from the overall RV
market
- Gross Margin is expected in the range of 21.0% - 26.0%
- Operating Expenses are expected to be in a range of $(9.0) -
$(12.0) million
- Other Income (Expense) is expected be an expense in the range
of $(3.5) - $(4.5) million
- Net Losses are expected to be between $(9.0) - $(14.5) million
for the quarter, or $(0.15) - $(0.24) per share based on
approximately 60.0 million shares outstanding
Webcast InformationThe
Dragonfly Energy management team will host a conference call to
discuss its third quarter 2023 financial results this afternoon,
Monday, November 13, 2023, at 5:00 pm ET. The call can also be
accessed live via telephone by dialing (206) 962-3782, toll-free in
North America (888) 259-6580, or for international callers (416)
764-8624, and referencing Dragonfly Energy. Please log in to the
webcast or dial in to the call at least 10 minutes prior to the
start of the event. The live webcast of the conference will also be
available at
https://investors.dragonflyenergy.com/events-and-presentations/default.aspx
on the Events and Presentations page on the Investor Relations
section of Dragonfly’s website.
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 EnergyDragonfly
Energy Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada,
is a leading supplier of deep cycle lithium-ion batteries.
Dragonfly Energy’s research and development initiatives are
revolutionizing the energy storage industry through innovative
technologies and manufacturing processes. Today, Dragonfly Energy’s
non-toxic deep cycle lithium-ion batteries are displacing lead-acid
batteries across a wide range of end-markets, including RVs, marine
vessels, off-grid installations, and other storage applications.
Dragonfly Energy is also focused on delivering an energy storage
solution to enable a more sustainable and reliable smart grid
through the future deployment of the Company’s proprietary and
patented solid-state cell technology. To learn more, visit
www.dragonflyenergy.com/investors.
Forward-Looking StatementsThis
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 2023
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: headwinds in the Company’s core
markets, including the RV market; the Company’s ability to
successfully increase market penetration into target 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 optimize solid state cells and 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
achieve the anticipated benefits of its customer arrangements with
THOR Industries and THOR Industries’ affiliated brands (including
Keystone RV Company); the impact of the coronavirus disease
pandemic, including any mutations or variants thereof and/or 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, 2022 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:Sioban
HickieDragonflyIR@icrinc.com
|
Dragonfly Energy Holdings Corp. |
Unaudited Condensed Consolidated Balance
Sheets |
(U.S. Dollars in Thousands, except share and per share data) |
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
Current Assets |
|
|
|
Cash |
$ |
13,235 |
|
|
$ |
17,781 |
|
Accounts receivable, net of allowance for credit losses |
|
4,336 |
|
|
|
1,444 |
|
Inventory |
|
41,907 |
|
|
|
49,846 |
|
Prepaid expenses |
|
823 |
|
|
|
1,624 |
|
Prepaid inventory |
|
2,074 |
|
|
|
2,002 |
|
Prepaid income tax |
|
529 |
|
|
|
525 |
|
Other current assets |
|
118 |
|
|
|
267 |
|
Total Current Assets |
|
63,022 |
|
|
|
73,489 |
|
Property and Equipment |
|
|
|
Machinery and equipment |
|
16,337 |
|
|
|
10,214 |
|
Office furniture and equipment |
|
275 |
|
|
|
275 |
|
Leasehold improvements |
|
1,727 |
|
|
|
1,709 |
|
Vehicle |
|
33 |
|
|
|
195 |
|
Total |
|
18,372 |
|
|
|
12,393 |
|
Less accumulated depreciation and amortization |
|
(2,496 |
) |
|
|
(1,633 |
) |
Property and Equipment, Net |
|
15,876 |
|
|
|
10,760 |
|
Operating lease right of use asset |
|
3,615 |
|
|
|
4,513 |
|
Total Assets |
$ |
82,513 |
|
|
$ |
88,762 |
|
|
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
9,889 |
|
|
$ |
13,475 |
|
Accrued payroll and other liabilities |
|
10,788 |
|
|
|
6,247 |
|
Customer deposits |
|
217 |
|
|
|
238 |
|
Uncertain tax position liability |
|
128 |
|
|
|
128 |
|
Notes payable, current portion, net of deferred financing fees |
|
18,700 |
|
|
|
19,242 |
|
Operating lease liability, current portion |
|
1,264 |
|
|
|
1,188 |
|
Financing lease liability, current portion |
|
36 |
|
|
|
10 |
|
Total Current Liabilities |
|
41,022 |
|
|
|
40,528 |
|
Long‑Term Liabilities |
|
|
|
Warrant liabilities |
|
14,165 |
|
|
|
32,831 |
|
Accrued expenses, long-term |
|
351 |
|
|
|
492 |
|
Operating lease liability, net of current portion |
|
2,565 |
|
|
|
3,541 |
|
Financing lease liability, net of current portion |
|
75 |
|
|
|
38 |
|
Total Long‑Term Liabilities |
|
17,156 |
|
|
|
36,902 |
|
Total Liabilities |
|
58,178 |
|
|
|
77,430 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Common stock, 170,000,000 shares at $0.0001 par value, authorized,
58,880,712 and 43,272,728 shares issued and outstanding as of
September 30, 2023 and December 31, 2022, respectively |
|
6 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
Preferred stock, 5,000,000 shares at $0.0001 par value, authorized,
no shares issued and outstanding as of September 30, 2023 and
December 31, 2022, respectively |
|
- |
|
|
|
- |
|
Additional paid in capital |
|
68,293 |
|
|
|
38,461 |
|
Retained deficit |
|
(43,964 |
) |
|
|
(27,133 |
) |
Total Equity |
|
24,335 |
|
|
|
11,332 |
|
Total Liabilities and Shareholders' Equity |
$ |
82,513 |
|
|
$ |
88,762 |
|
|
|
|
|
Dragonfly Energy Holdings Corp. |
Unaudited Condensed Interim Consolidated Statements of
Operations |
(U.S. Dollars in Thousands, except share and per share data) |
|
|
|
|
|
Three Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Net Sales |
$ |
15,889 |
|
|
$ |
26,117 |
|
|
|
|
|
Cost of Goods Sold |
|
11,317 |
|
|
|
19,079 |
|
|
|
|
|
Gross Profit |
|
4,572 |
|
|
|
7,038 |
|
|
|
|
|
Operating Expenses |
|
|
|
Research and development |
|
1,385 |
|
|
|
753 |
|
General and administrative |
|
6,005 |
|
|
|
6,336 |
|
Selling and marketing |
|
3,083 |
|
|
|
3,358 |
|
|
|
|
|
Total Operating Expenses |
|
10,473 |
|
|
|
10,447 |
|
|
|
|
|
Loss From Operations |
|
(5,901 |
) |
|
|
(3,409 |
) |
|
|
|
|
Other (Expense) Income |
|
|
|
Interest expense |
|
(3,977 |
) |
|
|
(1,166 |
) |
Change in fair market value of warrant liability |
|
(145 |
) |
|
|
- |
|
Total Other (Expense) Income |
|
(4,122 |
) |
|
|
(1,166 |
) |
|
|
|
|
Loss Before Taxes |
|
(10,023 |
) |
|
|
(4,575 |
) |
|
|
|
|
Income Tax (Benefit) Expense |
|
- |
|
|
|
(886 |
) |
|
|
|
|
Net Loss |
$ |
(10,023 |
) |
|
$ |
(3,689 |
) |
|
|
|
|
Loss Per Share‑ Basic |
$ |
(0.17 |
) |
|
$ |
(0.10 |
) |
Loss Per Share‑ Diluted |
$ |
(0.17 |
) |
|
$ |
(0.10 |
) |
Weighted Average Number of Shares‑ Basic |
|
58,736,013 |
|
|
|
38,129,422 |
|
Weighted Average Number of Shares‑ Diluted |
|
58,736,013 |
|
|
|
38,129,422 |
|
|
|
|
|
Dragonfly Energy Holdings Corp. |
Unaudited Condensed Interim Consolidated Statements of
Operations |
(U.S. Dollars in Thousands, except share and per share data) |
|
|
|
|
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Net Sales |
$ |
53,954 |
|
|
$ |
66,042 |
|
|
|
|
|
Cost of Goods Sold |
|
40,541 |
|
|
|
46,481 |
|
|
|
|
|
Gross Profit |
|
13,413 |
|
|
|
19,561 |
|
|
|
|
|
Operating Expenses |
|
|
|
Research and development |
|
3,332 |
|
|
|
1,951 |
|
General and administrative |
|
23,114 |
|
|
|
13,778 |
|
Selling and marketing |
|
11,075 |
|
|
|
9,331 |
|
|
|
|
|
Total Operating Expenses |
|
37,521 |
|
|
|
25,060 |
|
|
|
|
|
Loss From Operations |
|
(24,108 |
) |
|
|
(5,499 |
) |
|
|
|
|
Other (Expense) Income |
|
|
|
Interest expense |
|
(11,905 |
) |
|
|
(3,657 |
) |
Change in fair market value of warrant liability |
|
19,182 |
|
|
|
- |
|
Total Other (Expense) Income |
|
7,277 |
|
|
|
(3,657 |
) |
|
|
|
|
Loss Before Taxes |
|
(16,831 |
) |
|
|
(9,156 |
) |
|
|
|
|
Income Tax (Benefit) Expense |
|
- |
|
|
|
(1,700 |
) |
|
|
|
|
Net Loss |
$ |
(16,831 |
) |
|
$ |
(7,456 |
) |
|
|
|
|
Loss Per Share‑ Basic |
$ |
(0.34 |
) |
|
$ |
(0.20 |
) |
Loss Per Share‑ Diluted |
$ |
(0.34 |
) |
|
$ |
(0.20 |
) |
Weighted Average Number of Shares‑ Basic |
|
50,166,320 |
|
|
|
37,098,990 |
|
Weighted Average Number of Shares‑ Diluted |
|
50,166,320 |
|
|
|
37,098,990 |
|
|
|
|
|
Dragonfly Energy Holdings Corp. |
Unaudited Condensed Consolidated Statement of Cash
Flows |
(U.S. Dollars in Thousands) |
|
|
|
|
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
Cash Flows From Operating Activities |
|
|
|
Net Loss |
$ |
(16,831 |
) |
|
$ |
(7,456 |
) |
Adjustments to Reconcile Net Loss to Net Cash |
|
|
|
Used in Operating Activities |
|
|
|
Stock based compensation |
|
6,387 |
|
|
|
1,155 |
|
Amortization of debt discount |
|
995 |
|
|
|
1,783 |
|
Change in fair market value of warrant liability |
|
(19,182 |
) |
|
|
- |
|
Deferred tax liability |
|
- |
|
|
|
(1,707 |
) |
Non‑cash interest expense (paid‑in-kind) |
|
3,738 |
|
|
|
- |
|
Provision for doubtful accounts |
|
147 |
|
|
|
- |
|
Depreciation and amortization |
|
909 |
|
|
|
648 |
|
Loss on disposal of property and equipment |
|
116 |
|
|
|
62 |
|
Changes in Assets and Liabilities |
|
|
|
Accounts receivable |
|
(3,039 |
) |
|
|
(3,037 |
) |
Inventories |
|
7,939 |
|
|
|
(12,360 |
) |
Prepaid expenses |
|
801 |
|
|
|
(1,259 |
) |
Prepaid inventory |
|
(72 |
) |
|
|
3,732 |
|
Other current assets |
|
149 |
|
|
|
(2,114 |
) |
Other assets |
|
898 |
|
|
|
831 |
|
Income taxes payable |
|
(4 |
) |
|
|
(927 |
) |
Accounts payable and accrued expenses |
|
343 |
|
|
|
(3,915 |
) |
Customer deposits |
|
(21 |
) |
|
|
(147 |
) |
Total Adjustments |
|
104 |
|
|
|
(17,255 |
) |
Net Cash Used in Operating Activities |
|
(16,727 |
) |
|
|
(24,711 |
) |
|
|
|
|
Cash Flows From Investing Activities |
|
|
|
Purchase of property and equipment |
|
(6,507 |
) |
|
|
(6,065 |
) |
Net Cash Used in Investing Activities |
|
(6,507 |
) |
|
|
(6,065 |
) |
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
Proceeds from public offering, net |
|
21,640 |
|
|
|
- |
|
Proceeds from public offering (ATM), net |
|
671 |
|
|
|
- |
|
Proceeds from note payable, related party |
|
1,000 |
|
|
|
- |
|
Repayment of note payable, related party |
|
(1,000 |
) |
|
|
- |
|
Repayment of note payable |
|
(5,275 |
) |
|
|
- |
|
Proceeds from exercise of Public Warrants |
|
747 |
|
|
|
- |
|
Proceeds from exercise of options |
|
359 |
|
|
|
707 |
|
Proceeds from stock purchase agreement |
|
- |
|
|
|
15,000 |
|
Proceeds from exercise of Investor Warrants |
|
546 |
|
|
|
- |
|
Net Cash Provided by Financing Activities |
|
18,688 |
|
|
|
15,707 |
|
|
|
|
|
Net Increase (Decrease) in Cash |
|
(4,546 |
) |
|
|
(15,069 |
) |
Beginning cash |
|
17,781 |
|
|
|
28,630 |
|
Ending cash |
$ |
13,235 |
|
|
$ |
13,561 |
|
|
|
|
|
Use of Non-GAAP Financial Measures
The Company provides non-GAAP financial measures
including EBITDA and Adjusted EBITDA as a supplement to GAAP
financial information to enhance the overall understanding of the
Company’s financial performance and to assist investors in
evaluating the Company’s results of operations, period over period.
Adjusted non-GAAP measures exclude significant unusual items.
Investors should consider these non-GAAP measures as a supplement
to, and not a substitute for financial information prepared on a
GAAP basis.
Adjusted EBITDAAdjusted EBITDA
is considered a non-GAAP financial measure under the rules of the
SEC because it excludes certain amounts included in net loss
calculated in accordance with GAAP. Specifically, the Company
calculates Adjusted EBITDA by GAAP net loss adjusted to exclude
stock-based compensation expense, business combination related
expenses and other one-time, non-recurring items.
The Company has included Adjusted EBITDA because
it is a key measure used by Dragonfly’s management team to evaluate
its operating performance, generate future operating plans, and
make strategic decisions, including those relating to operating
expenses. As such, the Company believes Adjusted EBITDA is helpful
in highlighting trends in the ongoing core operating results of the
business.
Adjusted EBITDA has limitations as an analytical
tool, and it should not be considered in isolation or as a
substitute for analysis of net loss or other results as reported
under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect
the Company’s cash expenditures, future requirements for capital
expenditures, or contractual commitments;
- Adjusted EBITDA does not reflect
changes in, or cash requirements for, the Company’s working capital
needs;
- Adjusted EBITDA does not reflect
the Company’s tax expense or the cash requirements to pay
taxes;
- although amortization and
depreciation are non-cash charges, the assets being amortized and
depreciated will often have to be replaced in the future and
Adjusted EBITDA does not reflect any cash requirements for such
replacements;
- Adjusted EBITDA should not be
construed as an inference that the Company’s future results will be
unaffected by unusual or non-recurring items for which the Company
may adjust in historical periods; and
- other companies in the industry may
calculate Adjusted EBITDA differently than the Company does,
limiting its usefulness as a comparative measure.
Reconciliations of Non-GAAP Financial
Measures
EBITDA and Adjusted EBITDAThe
following table presents reconciliations of EBITDA and Adjusted
EBITDA to the most directly comparable GAAP financial measure for
each of the periods indicated.
Dragonfly Energy Holdings Corp. |
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) |
(U.S. Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Net Loss |
$ |
(10,023 |
) |
|
$ |
(3,689 |
) |
|
$ |
(16,831 |
) |
|
$ |
(7,456 |
) |
Interest Expense |
|
3,977 |
|
|
|
1,166 |
|
|
|
11,905 |
|
|
|
3,657 |
|
Taxes |
|
- |
|
|
|
(886 |
) |
|
|
- |
|
|
|
(1,700 |
) |
Depreciation and Amortization |
|
316 |
|
|
|
259 |
|
|
|
909 |
|
|
|
648 |
|
EBITDA |
$ |
(5,730 |
) |
|
$ |
(3,150 |
) |
|
$ |
(4,017 |
) |
|
$ |
(4,851 |
) |
Adjusted for: |
|
|
|
|
|
|
|
Stock Based Compensation(1) |
|
946 |
|
|
|
436 |
|
|
|
6,387 |
|
|
|
1,155 |
|
Separation Agreement(2) |
|
- |
|
|
|
- |
|
|
|
720 |
|
|
|
- |
|
June Offering Costs(3) |
|
- |
|
|
|
- |
|
|
|
904 |
|
|
|
- |
|
Promissory Note Forgiveness(4) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
Change in fair market value of warrant liability(5) |
|
145 |
|
|
|
- |
|
|
|
(19,182 |
) |
|
|
- |
|
Adjusted EBITDA |
$ |
(4,639 |
) |
|
$ |
(2,714 |
) |
|
$ |
(15,188 |
) |
|
$ |
(3,227 |
) |
|
(1) |
Stock-Based Compensation is comprised of costs associated with
option and RSU grants made to our employees, consultants and board
members. |
|
(2) |
Separation Agreement is comprised of $720 in cash severance
associated with the separation agreement dated April 26, 2023
between us and our former Chief Legal Officer. |
|
(3) |
June Offering Costs is comprised of fees and expenses, including
legal, accounting, and other expenses associated with our secondary
offering. |
|
(4) |
Promissory Note Foregiveness is comprised of the loan that was
forgiven, prior to the Business Combination, in connection with the
promissory note, with a maturity date of March 1, 2026, between us
and John Marchetti, our former Chief Financial Officer and current
Senior Vice President, Operations. |
|
(5) |
Change in fair market value of warrant liability represents the
change in fair value for the three and nine month period ended
September 30, 2023. |
|
|
|
Source: Dragonfly Energy Holdings Corp.
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