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- **Revenue Growth & Margin Expansion**: 26% YoY revenue rise to $16M, gross margin up 710bps to 29.7%, driven by operational efficiency and new partnerships.
- **Debt Restructuring Success**: Reduced debt to $19M with lower rates; $90M equity raise and $30M cash post-restructuring boost financial stability.
- **Strategic Wins in Trucking & RV**: PACCAR collaboration validates lithium power solutions; new RV partnerships expand market share despite industry challenges.
- **2026 Growth Outlook**: Targeting heavy-duty trucking adoption and oil/gas market expansion, with cautious Q4 guidance (-$3.3M EBITDA) due to macroeconomic risks.

**【CEO Summary Section】**
- Q3 2025 revenue grew 26% YoY to $16.0 million, with gross margin expanding 710 basis points to 29.7%, driven by operational improvements and product mix.
- Completed $90 million equity raise and debt restructuring, reducing total debt to $19 million with lower interest rates and extended covenant flexibility.
- Secured new OEM partnerships in RV market (Airstream, Awaken RV, Ember RV) and expanded into heavy-duty trucking with PACCAR collaboration.
- Received $300,000 grant for manufacturing modernization, supporting efficiency and scalability.

**【CFO Financial Commentary】**
- Net loss of $11.1 million (-$0.20 per share) vs. $6.8 million (-$0.98 per share) prior year, with adjusted EBITDA improving to -$2.1 million from -$5.5 million.
- Q4 2025 guidance: $13 million net sales (7% YoY growth), adjusted EBITDA of -$3.3 million, reflecting cautious outlook due to macroeconomic headwinds and government shutdown impacts.
- Cash balance post-restructuring: ~$30 million; diluted shares: 121 million.

**【Q&A Key Highlights】**
- Q4 DTC segment weakness due to low consumer sentiment and industrial customer shutdowns; OEM seasonality also impacting guidance.
- 2026 growth driven by heavy-duty trucking adoption and oil/gas market expansion, with plans to expand sales team and invest in product development.
- Balance sheet restructuring significantly improved customer confidence, leading to increased POs and focus on product ROI.
- Dry electrode and solid-state chemistry R&D progressing, but profitability remains top priority.

Dragonfly Energy Holdings Corp. (DFLI) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q2 net sales up 23% to $16.2M, driven by 50%+ OEM growth and domestic manufacturing advantages.
- **Profit Margins Expand**: Gross margin jumps 430 bps to 28.3%, operating expenses down 20% to $7.9M, narrowing net loss to -$7.0M.
- **Strategic Wins**: Airstream partnership, solid-state battery patent, and $5.5M capital raise position Dragonfly for heavy-duty trucking expansion.
- **Tariff Resilience**: Onshore production and cost management mitigate trade risks, with Q4 2025 EBITDA breakeven contingent on trucking pilot adoption.

**【CEO Summary Section】**
- Q2 2025 net sales rose 23% to $16.2 million, driven by a 50%+ year-over-year increase in OEM segment sales. DTC sales declined 9% to $5.9 million due to macroeconomic uncertainty.
- Highlighted the Airstream partnership, where Dragonfly designed a fully integrated energy storage system for 2026 RV models, leveraging domestic manufacturing in Nevada to maintain quality control and mitigate tariff risks.
- Completed a $5.5 million common stock offering to strengthen financial flexibility and simplify capital structure by converting preferred shares to common stock.
- Expanded intellectual property portfolio with a patent for nonflammable all-solid-state battery technology, enhancing safety and scalability.

**【CFO Financial Commentary】**
- Gross profit increased 45.4% to $4.6 million, with gross margin expanding 430 basis points to 28.3%, driven by lower inventory costs and higher fixed cost absorption.
- Operating expenses decreased 20% to $7.9 million, reflecting cost optimization initiatives.
- Net loss narrowed to $7.0 million (-$0.58 per share) from $13.6 million (-$2.02 per share), with adjusted EBITDA improving to -$2.2 million from -$6.2 million.
- Q3 2025 guidance: $15.9 million in net sales (25% YoY growth) and adjusted EBITDA of -$2.7 million, with expectations for sequential improvement in Q4.

**【Q&A Key Highlights】**
- **Heavy-Duty Trucking Pilots**: Revenue impact from trucking pilot programs expected in H1 2026, with Q3/Q4 2025 focused on expanding pilot systems.
- **Tariff Management**: Mitigated tariff costs through better pricing, onshore component sourcing, and bonded warehousing. Domestic manufacturing allows control over 80%+ of supply chain.
- **Solid-State Battery Patent**: New patent covers feedstock preparation for solid-state electrolytes, enabling safer, more scalable battery production.
- **Sequential Growth**: Q4 2025 revenue growth expected from RV industry momentum and new market expansion, with EBITDA breakeven target dependent on trucking pilot adoption.

Dragonfly Energy Holdings Corp. (DFLI) Q2 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q1 2025 revenue up 6.8% YoY, driven by 10.8% OEM growth, despite DTC decline.
- **Operational Efficiency Boost**: Optimization program cuts costs without headcount, enabling 1-year ROI on Dual Flow power packs for fleets.
- **Financial Turnaround Path**: Q2 guidance signals 12% YoY sales growth, with adjusted EBITDA loss narrowing to $3.5M, supported by $14.8M net sales.
- **Strategic Differentiation**: US-based manufacturing and lithium supply agreement provide tariff resilience, positioning for long-term vertical integration.
- **Investment Focus**: Near-term revenue growth prioritized over R&D, with dry electrode and solid-state tech on hold to conserve cash.

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 6.8% YoY to $13.4M, exceeding guidance, with 10.8% growth in OEM net sales ($8.1M) driven by factory-level integration. DTC segment declined 3.6% to $5.0M due to macroeconomic pressures.
- Launched corporate optimization program to focus on near-term revenue, reallocating resources to accelerate product development (e.g., Dual Flow power pack for heavy-duty trucking) and improve operational efficiency without adding headcount.
- Domestic manufacturing strategy (US-based final assembly) provides tariff resilience, with 400k sq.ft. Nevada facility enabling automation and standardized processes. Lithium supply agreement with Ioneer supports long-term vertical integration.

**【CFO Financial Highlights】**
- Gross profit rose 12.5% to $3.9M, with gross margin improving 500bps to 29.4% due to higher volume. Operating expenses increased to $9.8M (vs. $8.9M prior year) due to one-time patent litigation and capital raise costs.
- Net loss narrowed to $6.8M (-$0.93 EPS) from $10.4M (-$1.55 EPS). Adjusted EBITDA loss of $3.6M improved from $5.2M.
- Q2 2025 guidance: $14.8M net sales (+12% YoY), adjusted EBITDA loss of $3.5M.

**【CFO Financial Commentary】**
- Post-capital raise, cash position supports near-term profitability focus. Q1 used cash to reduce AP, prioritizing revenue-generating investments (e.g., Dual Flow launch). Dry electrode and solid-state R&D on hold to conserve resources.

**【Wade Seaburg: Heavy-Duty Trucking Update】**
- Dual Flow power pack gains traction as cost-effective idle reduction solution for aging fleets, offering 1-year ROI via fuel savings and battery life extension. Engaged with high-profile fleets at industry events, with many making Dragonfly their first contact.
- Focus on practical, application-specific solutions addressing immediate operational needs, aligning with fleets' cautious approach to electrification.

**【Q&A Key Takeaways】**
- **Dry Electrode Tech**: Development ongoing but deprioritized; commercial interest exists but no updates yet.
- **Cash Position**: Preferred equity deal provides liquidity for 2025 profitability; Q1 used cash to reduce AP and invest in Dual Flow.
- **EBITDA Guidance**: Q2 loss of $3.5M reflects continued investment in product development and tariff-related uncertainties, despite revenue growth.


Dragonfly Energy Holdings Corp. (DFLI) Q1 2025 Earnings Call Transcript

- **Strategic Reboot**: Debt restructuring and $25M capital raise provide >$100M liquidity for growth.
- **Truck Market Breakthrough**: Fleets cutting fuel costs 20-30% via Dragonfly's zero-emission APUs, targeting Q4 2025 EBITDA positivity.
- **RV Recovery**: 17% Q4 revenue growth vs. 2-year decline, with 61% OEM sales surge.
- **Industrial Expansion**: Stryten partnership opens $1B+ addressable market in 2026+.


**【CEO Strategic Initiatives】**
- **Debt Restructuring**: Secured $125M credit facility with extended maturity to 2027, reclassifying debt as long-term. Monthly liquidity covenant removed until June 2026.
- **Capital Raise**: Completed $25M preferred stock offering to strengthen balance sheet.
- **Corporate Optimization Program**: Shifted R&D focus to near-term revenue drivers (RV, trucking, industrials) with Province advisory support.
- **Leadership Expansion**: Promoted Dr. Vick Singh to COO to oversee operational efficiency and program execution.

**【Q4 2024 Financial Highlights】**
- **Revenue Growth**: $12.2M (+17% YoY), driven by 61% OEM sales increase vs. 15% DTC decline.
- **Gross Margin**: 20.8% (-80bps YoY) due to higher material costs and OEM mix shift.
- **Operating Expenses**: $6.3M (+16.7% YoY) from G&A/R&D costs and facility consolidation.
- **Adjusted EBITDA**: -$2.3M (vs. -$1.8M YoY), targeting Q4 2025 EBITDA positivity.

**【Trucking Market Expansion】**
- **Customer Adoption**: Fleets like Stevens Transport reducing idling from 35% to <5%, cutting fuel costs 20-30%.
- **Market Address**: 40-50% of 3.5M+ Class 8 trucks lack APU, creating $1.2B+ annual TAM.
- **Rollout Progress**: Moving from pilots to commercial deployments with select fleets.
- **Competitive Edge**: Silent, zero-emission solution with 10-year battery warranty vs. 3-year industry standard.

**【Key Market Updates】**
- **RV Market**: 5-10% industry growth expected, with Dragonfly expanding to 12 OEM platforms.
- **Industrial Diversification**: Stryten partnership targeting $1B+ military, automotive, and powersports markets.
- **Tariff Impact**: <10% of cost structure exposed to tariffs, with supplier/negotiation offsets in place.


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