false
0001847986
0001847986
2024-05-14
2024-05-14
0001847986
DFLI:CommonStockParValue0.0001PerShareMember
2024-05-14
2024-05-14
0001847986
DFLI:RedeemableWarrantsExercisableForCommonStockAtExercisePriceOf11.50PerShareSubjectToAdjustmentMember
2024-05-14
2024-05-14
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 14, 2024
DRAGONFLY
ENERGY HOLDINGS CORP.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-40730 |
|
85-1873463 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
1190
Trademark Drive, #108
Reno,
Nevada |
|
89521 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(775)
622-3448
Registrant’s
telephone number, including area code
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.0001 per share |
|
DFLI |
|
The
Nasdaq Global Market |
Redeemable
warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment |
|
DFLIW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.02. Results of Operations and Financial Condition.
On
May 14, 2024, Dragonfly Energy Holdings Corp. (the “Company”) issued an earnings release disclosing certain information
regarding its results of operations for the first quarter ended March 31, 2024. As previously announced, following the publication of
the press release, the Company will host an earnings call at 5:00 p.m. (Eastern Time) on May 14, 2024, via a webcast. During the webcast,
the Company’s financial results for the first quarter ended March 31, 2024 will be discussed. A copy of the press release is attached
as Exhibit 99.1 hereto and incorporated in this Item 2.02 by reference.
Item
7.01. Regulation FD Disclosure.
On
May 14, 2024, the Company posted presentation materials (the “Investor Presentation”)
on the Investor Relations section of its website, which is located at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx.
A copy of the Investor Presentation is attached as Exhibit 99.2 hereto.
See
“Item 2.02 Results of Operation and Financial Condition” above.
The
information in this Current Report on Form 8-K under Items 2.02 and 7.01, including the information contained in Exhibits
99.1 and
99.2, is being furnished to the Securities and
Exchange Commission (the “SEC”), and shall not be deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference
into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific
reference in such filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
DRAGONFLY
ENERGY HOLDINGS CORP. |
|
|
|
Dated:
May 14, 2024 |
By: |
/s/
Denis Phares |
|
Name:
|
Denis
Phares |
|
Title: |
Chief
Executive Officer, Interim Chief Financial Officer and President |
Exhibit 99.1
Dragonfly
Energy Reports First Quarter 2024 Financial and Operational Results
| ● | Dragonfly
Energy has continued its expansion into the trucking industry, taking new orders for both
its Battle Born® All-Electric APUs and Battle Born® Liftgate
Power Systems from fleet operators since the beginning of 2024. |
| ● | The
Company is announcing certification of its energy storage products for use in oil & gas
operations in North America, and identification of first customer within the sector. |
| ● | The
Company anticipates a continuing recovery in the RV market throughout 2024, which is expected
to benefit the OEM business line, particularly with ongoing market share growth. |
RENO,
NEVADA (May 14, 2024) — 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 first quarter ended March 31, 2024.
First
Quarter 2024 Financial Highlights
| ● | Net
Sales were $12.5 million, compared to $18.8 million in Q1 2023 |
| ● | Gross
Profit was $3.1 million, compared to $4.7 million in Q1 2023 |
| ● | Operating
expenses were $(8.9) million, compared to $(14.6) million in Q1 2023 |
| ● | Net
Loss of $(10.4) million, compared to Net Income of $4.8 million in Q1 2023 |
| ● | Diluted
Net Loss per share was $(0.17), compared to Net Income of $0.10 per share in Q1 2023 |
| ● | EBITDA
was $(5.3) million, compared to $8.9 million in Q1 2023 |
| ● | Adjusted
EBITDA was $(5.2) million, compared to $(5.1) million in Q1 2023 |
Operational
and Business Highlights
| ● | The
Company has begun taking orders for its Battle Born® All-Electric auxiliary
power units (“APUs”) and Battle Born® Liftgate Power Systems
from trucking providers and fleet operators |
| ● | Today
announced certification of the Company’s energy storage products for use in oil &
gas operations in North America |
| ● | Announced
partnership with the National Forest Foundation to plant trees in honor of Earth Day (link) |
| ● | Announced
the results of a cost and sustainability assessment of the Company’s patented dry electrode
battery manufacturing process, which concluded that Dragonfly Energy’s process was
significantly more sustainable than conventional battery cell manufacturing processes (link) |
| ● | Announced
partnership with Velociti Inc. to provide the Company’s customers access to Velociti’s
Instant ROI and VeloCare programs when deploying its Battle Born® All-Electric
APU (link) |
| ● | Announced
receipt of the Business of the Year award for 2024 at the annual Nevada Business Awards (link) |
| ● | Announced
the successful production of lithium battery cells with PFAS-free electrodes, in anticipation
of tightening regulation of “forever chemicals” (link) |
“I
am incredibly excited about where Dragonfly Energy stands right now as a company and our opportunities for growth over the long-term,”
said Dr. Denis Phares, Chief Executive Officer of Dragonfly Energy. “Combining a valuable brand, a robust intellectual property
portfolio, a recovering core market, and the potential for rapid expansion into significant adjacent markets we believe uniquely positions
us to further transform the battery industry. Our focus remains on the cost-effective domestic manufacturing of lithium battery cells,
a technology we expect will be a critical component of the global energy landscape for decades to come.”
First
Quarter 2024 Financial and Operating Results
First
quarter 2024 Net Sales were $12.5 million, compared to $18.8 million in the first quarter of 2023. This decrease was primarily due to
lower battery and accessory sales offset by a higher average sales price. For the first quarter 2024, direct-to-consumers (“DTC”)
net sales decreased by $4.8 million, compared to $10.0 million in the first quarter of 2023 due to decreased customer demand for our
products due to rising interest rates and inflation. Original equipment manufacturers (“OEM”) revenue decreased by $1.5 million,
compared to $8.7 million in the first quarter of 2023 primarily due to the Company’s largest RV customer changing the Company’s
product from a standard offering to an option. Excluding this customer, RV OEM sales were up 69% year over year for the first quarter
2024, largely due to sales to new customers such as Forest River, as well as standardization expansion of the Battle Born Batteries®
Brand of products across Airstream and nuCamp’s product lines.
First
quarter 2024 Gross Profit was $3.1 million, compared to $4.7 million in the first 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 first quarter of 2024 were $(8.9) million, compared to $(14.6) million in the first 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 first quarter of 2024 was $(4.5) million, compared to Total Other Income of $14.7 million in the first quarter of
2023. Other expense of $(4.5) million in the quarter ended March 31, 2024 is comprised primarily of interest expense of $4.8 million
related to our debt securities offset by a change in fair market value of warrant liability in the amount of $0.2 million.
The
Company had a Net Loss of $(10.4) million, or $(0.17) per diluted share in the first quarter of 2024, compared to Net Income of $4.8
million or $0.10 per diluted share in the first 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
warrants).
EBITDA
in the first quarter of 2024 was $(5.3) million, compared to $8.9 million in the first quarter of 2023.
In
the first 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 $(5.2) million, compared to a $(5.1) million for the first quarter of 2023.
The
Company ended the first quarter with $8.5 million in cash, down from $12.7 million that was available as of the end year ended 2023.
Dragonfly Energy’s uses of cash in the first quarter of 2024 included payment for critical cell manufacturing equipment, as well
as acceleration of payments to vendors, who the Company sees as crucial partners as it expands into new markets.
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.
Oil
& Gas Market Entry
The
Company is proud to announce that it has achieved full certification for its energy storage products to be deployed for use in oil &
gas operations in North America. As a result of this certification, the Company is pleased to announce it is working with its previously
announced partner, Connexa Energy Company (“Connexa”), to deliver a power product to market leading natural gas compressor
packager Alegacy Equipment and their dedicated affiliate Agnes Systems.
The
power system, which Connexa will integrate, will be used in natural gas compression equipment to reduce methane emissions across the
oilfield. The Company expects the first of these systems to be deployed over the summer.
Dragonfly
Energy expects this new business line to begin contributing to net sales by the fourth quarter of 2024.
Q2
2024 Outlook
The
Company believes that the RV market is showing signs of recovery. In addition, the Company believes that its entry into the heavy-duty
trucking market, while still in its early stages, is gaining traction and has the potential to be a more meaningful revenue contributor
in the second half of 2024.
Q2
2024 Guidance
| ● | Net
Sales are expected to range between $14.0 - $15.0 million |
| ● | Gross
Margin is expected in the range of 24.0% - 26.0% |
| ● | Operating
Expenses are expected to be in a range of $(8.5) - $(9.5) million |
| ● | Other
Income (Expense) is expected be an expense in the range of $(3.0) – $(4.0) million |
| ● | Net
Loss is expected to be between $(8.0) - $(10.0) million for the second quarter of 2024, or
$(0.13) - $(0.16) per share based on approximately 61.0 million shares outstanding |
Webcast
Information
The
Dragonfly Energy management team will host a conference call to discuss its first quarter 2024 financial and operational results this
afternoon, Tuesday, May 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: 23810. 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.
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 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, 2023 to be 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
Dragonfly
Energy Holdings Corp.
Unaudited
Condensed Consolidated Balance Sheets
(in
thousands, except share and per share data)
| |
As of | |
| |
March 31, 2024 | | |
December 31, 2023 | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 8,501 | | |
$ | 12,713 | |
Accounts receivable, net of allowance for credit losses | |
| 2,247 | | |
| 1,639 | |
Inventory | |
| 33,578 | | |
| 38,778 | |
Prepaid expenses | |
| 843 | | |
| 772 | |
Prepaid inventory | |
| 1,468 | | |
| 1,381 | |
Prepaid income tax | |
| 345 | | |
| 519 | |
Other current assets | |
| 709 | | |
| 118 | |
Total Current Assets | |
| 47,691 | | |
| 55,920 | |
Property and Equipment | |
| | | |
| | |
Property and Equipment, Net | |
| 16,770 | | |
| 15,969 | |
Operating lease right of use asset | |
| 23,988 | | |
| 3,315 | |
Total Assets | |
$ | 88,449 | | |
$ | 75,204 | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 9,550 | | |
$ | 10,258 | |
Accrued payroll and other liabilities | |
| 8,295 | | |
| 7,107 | |
Accrued tariffs | |
| 1,800 | | |
| 1,713 | |
Customer deposits | |
| 231 | | |
| 201 | |
Uncertain tax position liability | |
| 91 | | |
| 91 | |
Notes payable, net of deferred financing fees | |
| 21,837 | | |
| 19,683 | |
Operating lease liability, current portion | |
| 1,682 | | |
| 1,288 | |
Financing lease liability, current portion | |
| 37 | | |
| 36 | |
Total Current Liabilities | |
| 43,523 | | |
| 40,377 | |
Long-Term Liabilities | |
| | | |
| | |
Warrant liabilities | |
| 4,227 | | |
| 4,463 | |
Accrued expenses, long-term | |
| 69 | | |
| 152 | |
Operating lease liability, net of current portion | |
| 22,763 | | |
| 2,234 | |
Financing lease liability, net of current portion | |
| 56 | | |
| 66 | |
Total Long-Term Liabilities | |
| 27,115 | | |
| 6,915 | |
Total Liabilities | |
| 70,638 | | |
| 47,292 | |
| |
| | | |
| | |
Equity | |
| | | |
| | |
Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | |
| | | |
| | |
Common stock, 250,000,000 shares at $0.0001 par value, authorized, 60,260,282 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | |
| - | | |
| - | |
| |
| 6 | | |
| 6 | |
Additional paid in capital | |
| 69,711 | | |
| 69,445 | |
Retained deficit | |
| (51,906 | ) | |
| (41,539 | ) |
Total Equity | |
| 17,811 | | |
| 27,912 | |
Total Liabilities and Stockholders’ Equity | |
$ | 88,449 | | |
$ | 75,204 | |
Dragonfly
Energy Holdings Corp.
Unaudited
Condensed Interim Consolidated Statement of Operations
For
the Three Months Ended March 31,
(in
thousands, except share and per share data)
| |
2024 | | |
2023 | |
| |
| | |
| |
Net Sales | |
$ | 12,505 | | |
$ | 18,791 | |
| |
| | | |
| | |
Cost of Goods Sold | |
| 9,454 | | |
| 14,124 | |
| |
| | | |
| | |
Gross Profit | |
| 3,051 | | |
| 4,667 | |
| |
| | | |
| | |
Operating Expenses | |
| | | |
| | |
Research and development | |
| 1,333 | | |
| 880 | |
General and administrative | |
| 4,813 | | |
| 9,495 | |
Selling and marketing | |
| 2,744 | | |
| 4,184 | |
| |
| | | |
| | |
Total Operating Expenses | |
| 8,890 | | |
| 14,559 | |
| |
| | | |
| | |
Loss From Operations | |
| (5,839 | ) | |
| (9,892 | ) |
| |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | |
Interest expense | |
| (4,760 | ) | |
| (3,856 | ) |
Other Expense | |
| (4 | ) | |
| - | |
Change in fair market value of warrant liability | |
| 236 | | |
| 18,523 | |
Total Other (Expense) Income | |
| (4,528 | ) | |
| 14,667 | |
| |
| | | |
| | |
Net (Loss) Income Before Taxes | |
| (10,367 | ) | |
| 4,775 | |
| |
| | | |
| | |
Income Tax (Benefit) Expense | |
| - | | |
| - | |
| |
| | | |
| | |
Net (Loss) Income | |
$ | (10,367 | ) | |
$ | 4,775 | |
| |
| | | |
| | |
Net (Loss) Income Per Share- Basic | |
$ | (0.17 | ) | |
$ | 0.11 | |
Net (Loss) Income Per Share- Diluted | |
$ | (0.17 | ) | |
$ | 0.10 | |
Weighted Average Number of Shares- Basic | |
| 60,260,282 | | |
| 45,104,515 | |
Weighted Average Number of Shares- Diluted | |
| 60,260,282 | | |
| 48,455,996 | |
Dragonfly
Energy Holdings Corp.
Unaudited
Condensed Consolidated Statement of Cash Flows
For
the Three Months Ended March 31,
(in
thousands)
| |
2024 | | |
2023 | |
Cash flows from Operating Activities | |
| | | |
| | |
Net (Loss) Income | |
$ | (10,367 | ) | |
$ | 4,775 | |
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities | |
| | | |
| | |
Stock based compensation | |
| 266 | | |
| 4,487 | |
Amortization of debt discount | |
| 894 | | |
| 219 | |
Change in fair market value of warrant liability | |
| (236 | ) | |
| (18,523 | ) |
Non-cash interest expense (paid-in-kind) | |
| 1,260 | | |
| 1,238 | |
Provision for credit losses | |
| 47 | | |
| 52 | |
Depreciation and amortization | |
| 332 | | |
| 297 | |
Amortization of right of use assets | |
| 422 | | |
| 308 | |
Loss on disposal of property and equipment | |
| - | | |
| 116 | |
Changes in Assets and Liabilities | |
| | | |
| | |
Accounts receivable | |
| (655 | ) | |
| (1,577 | ) |
Inventories | |
| 5,200 | | |
| (1,966 | ) |
Prepaid expenses | |
| (71 | ) | |
| (196 | ) |
Prepaid inventory | |
| (87 | ) | |
| 299 | |
Other current assets | |
| (591 | ) | |
| (129 | ) |
Income taxes payable | |
| 174 | | |
| - | |
Accounts payable and accrued expenses | |
| (100 | ) | |
| 6,465 | |
Accrued tariffs | |
| 87 | | |
| 117 | |
Customer deposits | |
| 30 | | |
| 180 | |
Total Adjustments | |
| 6,972 | | |
| (8,613 | ) |
Net Cash Used in Operating Activities | |
| (3,395 | ) | |
| (3,838 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchase of property and equipment | |
| (817 | ) | |
| (589 | ) |
Net Cash Used in Investing Activities | |
| (817 | ) | |
| (589 | ) |
Dragonfly
Energy Holdings Corp.
Unaudited
Condensed Consolidated Statement of Cash Flows
For
the Three Months Ended March 31,
(in
thousands)
| |
2024 | | |
2023 | |
Cash Flows From Financing Activities | |
| | | |
| | |
Proceeds from public offering, net | |
| - | | |
| 597 | |
Proceeds from note payable, related party | |
| 2,700 | | |
| 1,000 | |
Repayment of note payable, related party | |
| (2,700 | ) | |
| - | |
Proceeds from exercise of public warrants | |
| - | | |
| 747 | |
Proceeds from exercise of options | |
| - | | |
| 93 | |
Net Cash Provided by Financing Activities | |
| - | | |
| 2,437 | |
| |
| | | |
| | |
Net Decrease in Cash and cash equivalents | |
| (4,212 | ) | |
| (1,990 | ) |
Cash and cash equivalents - Beginning of period | |
| 12,713 | | |
| 17,781 | |
Cash and cash equivalents - end of period | |
$ | 8,501 | | |
$ | 15,791 | |
| |
| | | |
| | |
Supplemental Disclosures of Cash Flow Information: | |
| | | |
| | |
Cash paid for interest | |
$ | 2,390 | | |
$ | 2,003 | |
Purchases of property and equipment, not yet paid | |
$ | 412 | | |
$ | 352 | |
Recognition of right of use asset obtained in exchange for operating lease liability | |
$ | 21,095 | | |
$ | - | |
Cashless exercise of liability classified warrants | |
$ | - | | |
$ | 10,167 | |
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
EBITDA
Adjusted
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 EBITDA
The
following table presents reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each
of the periods indicated.
Source:
Dragonfly Energy Holdings Corp.
Exhibit 99.2
v3.24.1.1.u2
Cover
|
May 14, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
May 14, 2024
|
Entity File Number |
001-40730
|
Entity Registrant Name |
DRAGONFLY
ENERGY HOLDINGS CORP.
|
Entity Central Index Key |
0001847986
|
Entity Tax Identification Number |
85-1873463
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
1190
Trademark Drive
|
Entity Address, Address Line Two |
#108
|
Entity Address, City or Town |
Reno
|
Entity Address, State or Province |
NV
|
Entity Address, Postal Zip Code |
89521
|
City Area Code |
(775)
|
Local Phone Number |
622-3448
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Common
stock, par value $0.0001 per share
|
Trading Symbol |
DFLI
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment |
|
Title of 12(b) Security |
Redeemable
warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment
|
Trading Symbol |
DFLIW
|
Security Exchange Name |
NASDAQ
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14a -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=DFLI_CommonStockParValue0.0001PerShareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=DFLI_RedeemableWarrantsExercisableForCommonStockAtExercisePriceOf11.50PerShareSubjectToAdjustmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Dragonfly Energy (NASDAQ:DFLIW)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Dragonfly Energy (NASDAQ:DFLIW)
Historical Stock Chart
Von Jun 2023 bis Jun 2024