$DFLIW

Dragonfly Energy Holdings Corp.

CIK:0001847986|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net Sales	$ 13,159	$ 16,248	$ 22,863	$ 29,604
Cost of Goods Sold	8,816	11,643	16,810	21,071
Gross Profit	4,343	4,605	6,053	8,533
Operating Expenses
Research and development	648	692	1,628	1,692
General and administrative	4,617	4,619	9,099	10,976
Selling and marketing	1,977	2,575	3,952	5,060
Total Operating Expenses	7,242	7,886	14,679	17,728
Loss From Operations	(2,899)	(3,281)	(8,626)	(9,195)
Other (Expense) Income
Interest expense, net	(1,536)	(5,442)	(3,001)	(10,143)
Other income	62		123
Change in fair market value of warrant liability	(13)	1,689	493	5,507
Total Other Expense	(1,487)	(3,753)	(2,385)	(4,636)
Net Loss Before Taxes	(4,386)	(7,034)	(11,011)	(13,831)
Income Tax Expense (Benefit)
Net Loss	(4,386)	(7,034)	(11,011)	(13,831)
Less: Preferred Stock Dividends	(1,131)		(2,226)
Net Loss Attributable to Common Shareholders	$ (5,517)	$ (7,034)	$ (13,237)	$ (13,831)
Loss Per Share- Basic	$ (0.43)	$ (5.77)	$ (1.07)	$ (14.17)
Loss Per Share- Diluted	$ (0.43)	$ (5.77)	$ (1.07)	$ (14.17)
Weighted Average Number of Shares - Basic	12,688,511	1,218,808	12,386,349	975,931
Weighted Average Number of Shares - Diluted	12,688,511	1,218,808	12,386,349	975,931

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from Operating Activities
Net Loss	$ (11,011)	$ (13,831)
Adjustments to Reconcile Net Loss to Net Cash
Stock based compensation	561	410
Amortization of debt discount	1,953	2,784
Change in fair market value of warrant liability	(493)	(5,507)
Non-cash interest expense (paid-in kind)		7,306
Provision for credit losses	43	70
Depreciation and amortization	1,247	1,350
Amortization of right of use of assets	586	1,324
Changes in Assets and Liabilities
Accounts receivable	692	(1,223)
Inventories	3,893	663
Prepaid expenses	384	(40)
Prepaid inventory	(279)	(152)
Prepaid income tax	(6)
Other current assets	(1,290)	64
Other assets	9	(6)
Accounts payable and accrued expenses	(4,589)	905
Operating lease liabilities	(1,232)	(1,436)
Accrued tariffs	(602)	296
Accrued settlement		(187)
Deferred revenue	(500)	(500)
Income tax payable		(4)
Customer deposits	(7)	(151)
Total Adjustments	370	5,966
Net Cash Used in Operating Activities	(10,641)	(7,865)
Cash Flows From Investing Activities
Purchase of intangibles	(131)
Purchase of property and equipment	(640)	(1,621)
Net Cash Used in Investing Activities	(771)	(1,621)
Cash Flows From Financing Activities
Proceeds from public offering (ATM), net	829	63
Repayment of note payable	(478)
Proceeds from preferred stock offering, net of fees		7,330
Principal payments on finance leases	(24)	(23)
Taxes paid related to net settlement of RSUs	(87)
Payment of dividends	(818)
Net Cash (Used in) Provided by Financing Activities	(578)	7,370
Net Decrease in cash and cash equivalents	(11,990)	(2,116)
Beginning Cash and cash equivalents - beginning of period	18,270	4,849
Ending Cash and cash equivalents - end of period	6,280	2,733
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	6	4
Cash paid for interest	1,555	3
Supplemental Non-Cash Investing and Financing Activities
Purchases of property, equipment, and intangibles not yet paid	417	162
Recognition of right of use asset obtained in exchange for operating lease liability		642
Recognition of warrant liability - Investor Warrants		696
Conversion of preferred stock to common stock		6,085
Declaration of dividends	1,012
Dividends paid in kind	252
Accretion of preferred stock discount	962
Settlement of accrued liability for employee stock purchase plan	26	73
Reclassification of assets held for sale to machinery and equipment		644
Cashless exercise of penny warrants	193
Exercise of pre-funded warrants	$ 1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 6,280	$ 18,270
Accounts receivable, net of allowance for credit losses	3,480	4,215
Inventory	20,341	24,234
Prepaid expenses	704	1,088
Prepaid inventory	1,216	937
Prepaid income tax	359	353
Other current assets	2,373	1,083
Total Current Assets	34,753	50,180
Property and Equipment
Machinery and equipment	18,446	17,794
Office furniture and equipment	441	432
Leasehold improvements	7,666	7,563
Vehicle	77	33
Total	26,630	25,822
Less accumulated depreciation and amortization	(6,321)	(5,081)
Property and Equipment, Net	20,309	20,741
Intangible assets, net	194
Operating lease right of use asset, net	14,654	15,240
Other assets	379	388
Total Assets	70,289	86,549
Current Liabilities
Accounts payable	7,880	10,322
Accrued payroll and other liabilities	2,118	4,053
Accrued tariffs	341	943
Customer deposits	114	121
Deferred revenue, current portion	1,000	1,000
Dividends Payable	510	317
Notes payable, current portion, net of debt issuance costs	506	433
Operating lease liability, current portion	2,360	2,533
Financing lease liability, current portion	21	35
Total Current Liabilities	14,850	19,757
Long-Term Liabilities
Deferred revenue, net of current portion	2,083	2,583
Warrant liabilities	27	713
Notes payable, non current portion, net of debt issuance costs	10,614	9,212
Operating lease liability, net of current portion	19,411	20,470
Financing lease liability, net of current portion	18	28
Total Long-Term Liabilities	32,153	33,006
Total Liabilities	47,003	52,763
Commitments and Contingencies (See Note 5)
Stockholders’ Equity (Deficit)
Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, 400,000,000 shares at $0.0001 par value, authorized, 13,353,812 and 12,078,713 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid in capital	162,919	163,622
Accumulated deficit	(163,104)	(152,093)
Total Stockholders’ Equity (Deficit)	(184)	11,530
Total Liabilities and Stockholders’ Equity (Deficit)	70,289	86,549
Redeemable Preferred Stock Series B [Member]
Redeemable Preferred Stock
Redeemable Preferred Stock	$ 23,470	$ 22,256