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Here are a few brief analogies for Dragonfly Energy (DFLI):

• Tesla Energy for RVs and off-grid battery systems.

• The Generac of advanced battery power for mobile and off-grid needs.

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• Deep Cycle Lithium-Ion Batteries: Dragonfly Energy designs and manufactures advanced lithium-ion batteries, primarily under the Battle Born Batteries brand, for various applications including RVs, marine, off-grid, and industrial use.
• Battery Heating Kits: These kits provide essential temperature management for their lithium-ion batteries, enabling optimal performance in cold weather conditions.
• Integrated Power Solutions: The company offers comprehensive power systems that bundle their batteries with compatible inverters, chargers, solar controllers, and monitoring equipment for complete energy management.

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Dragonfly Energy (DFLI) sells primarily to other companies, particularly major Original Equipment Manufacturers (OEMs) in the recreational vehicle (RV) industry, alongside its strong direct-to-consumer sales and dealer network.

Its major customer companies include leading RV manufacturers:

• Forest River RV (a subsidiary of Berkshire Hathaway, Symbols: BRK.A, BRK.B)
• Jayco, Inc. (a subsidiary of Thor Industries, Symbol: THO)
• Winnebago (a subsidiary of Winnebago Industries, Symbol: WGO)
• Keystone RV (a subsidiary of Thor Industries, Symbol: THO)
• Grand Design RV (a subsidiary of Winnebago Industries, Symbol: WGO)
• Airstream (a subsidiary of Thor Industries, Symbol: THO)
• Tiffin Motorhomes (a subsidiary of Thor Industries, Symbol: THO)

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Denis Phares, Chairman of the Board, President, Chief Executive Officer, Interim Chief Financial Officer and Principal Accounting Officer

Dr. Denis Phares founded Dragonfly Energy in 2012, after establishing himself as a tenured professor of Aerospace & Mechanical Engineering at the University of Southern California and previously at Texas A&M. He has three decades of experience in Energy, Nanotechnology, Fluid Mechanics, and Powder Processing. Prior to founding Dragonfly Energy, Dr. Phares ventured into the business world in 2008 with a company focused on dye-sensitized solar cells, and in 2009 with a startup that used a flame process to make lithium iron phosphate (LiFePO4) powder. Dragonfly Energy was acquired by Chardan Nextech Acquisition 2 Corp. on October 7, 2022, in a transaction valued at $1,197.51 million.

Vickram Singh, Chief Operating Officer

Dr. Vickram Singh holds the title of Chief Operating Officer.

Wade Seaburg, Chief Revenue Officer

Wade Seaburg leads Dragonfly Energy's sales, business development, and revenue growth efforts. He is an RV and Marine industry veteran with over 20 years of sales experience. Before joining Dragonfly Energy, Mr. Seaburg was the Founder and President of Structure Sales, a company that represented industry-leading suppliers to OEMs in the RV and Marine markets. He also held various sales leadership positions at WESCO Distribution and Eaton Electrical.

Tyler Bourns, Chief Marketing Officer

Tyler Bourns leads the creative charge at Dragonfly Energy. He joined the company in 2021 and brings over 15 years of experience in producing award-winning content for global brands such as Panasonic, GE Energy, and Terrasmart.

Nicole Harvey, Chief Legal Officer

Nicole Harvey is responsible for Dragonfly Energy's corporate law and governance, intellectual property, government relations, risk management, and corporate compliance functions. She joined Dragonfly in 2021 and has more than 14 years of legal and compliance experience, including roles as senior counsel for the Corix Group of Companies and as a regulatory compliance manager for Harley-Davidson Financial Services.

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The key risks to Dragonfly Energy's (DFLI) business are primarily centered around its financial stability, its ability to maintain its stock market listing, and the intense competitive landscape it operates within.

1. Precarious Financial Health and Ongoing Need for Capital: Dragonfly Energy faces significant financial challenges, characterized by poor financial strength, high debt levels, and persistently negative profitability metrics, including net, operating, and EBIT margins. The company has reported substantial losses and negative cash flow from operations, with a distressed Altman Z-Score indicating potential financial distress. This precarious financial position necessitates continuous capital infusions, often leading to dilutive public offerings that have historically caused significant stock price declines and eroded shareholder value.
2. Risk of Delisting from Nasdaq: The company has been actively battling to maintain compliance with Nasdaq's listing requirements, specifically regarding minimum bid price and market value. This struggle led to a recently announced 1-for-10 reverse stock split to address the low stock price. Furthermore, Dragonfly Energy is currently under a one-year monitoring period by the Nasdaq Hearings Panel, with an immediate delisting determination possible if the stock closes below $1.00 for 30 consecutive business days. This ongoing compliance risk poses a significant threat to the company's market credibility and access to capital.
3. Intense Competitive Pressures and Risk of Technological Obsolescence: Operating within the "electrical equipment" and lithium-ion battery sectors, Dragonfly Energy is exposed to a challenging and crowded market. The industry is characterized by rapid technological advancements, creating a risk of technological obsolescence for the company's products if it fails to innovate sufficiently. The company also faces competitive pressures from various players in the electrical equipment industry.

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The rapid commoditization and intense price competition within the LiFePO4 deep cycle battery market represent a clear emerging threat. This market is experiencing a proliferation of numerous lower-cost alternatives, particularly from Asian manufacturers and direct-to-consumer brands, offering products with comparable specifications to premium brands like Dragonfly Energy's Battle Born. This trend threatens to erode DFLI's market share, pressure its pricing, and reduce profit margins as consumers increasingly opt for more affordable options, challenging the value proposition of established premium offerings.

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Dragonfly Energy (DFLI) primarily operates in the market for deep cycle lithium-ion battery systems, particularly for recreational vehicles (RVs), marine vessels, and off-grid energy storage applications, as well as custom energy storage solutions for industrial and commercial use.

• RV Lithium Battery Market: The global RV energy storage lithium battery market was estimated at approximately $2.5 billion in 2024 and is projected to reach $3.8 billion by 2028, growing at a compound annual growth rate (CAGR) of about 15%. Another estimate indicates the market will reach approximately $8 billion by 2033 with a 15% CAGR from 2025. North America is a dominant region in this market due to high RV ownership.

• Marine Lithium-ion Battery Market: The global marine lithium-ion battery market was valued at approximately USD 275-283.7 million in 2023. It is projected to grow to around USD 821 million by 2032 (CAGR of roughly 16%) or USD 856.6 million by 2030 (CAGR of 17.1%).

• Off-Grid Energy Storage Market: The global off-grid energy storage market, which includes various battery types, was valued at USD 46.82 billion in 2024 and is projected to reach USD 72.72 billion by 2031, growing at a CAGR of 7.5%. Lithium-ion batteries are expected to hold the largest share in this market. More specifically, the global off-grid battery energy storage market was valued at USD 15.24 billion in 2024 and is expected to reach USD 72.56 billion by 2032, exhibiting a CAGR of 20.22%. Within the lithium-ion solar energy storage market, the off-grid segment held over 5% share in 2023, while the broader North American lithium-ion solar energy storage industry was valued at USD 16.5 billion in 2023.

• Industrial/Commercial Lithium-ion Battery Market: The global industrial lithium-ion battery market size exceeded USD 4.8 billion in 2024 and is anticipated to grow at a CAGR of 11.9% from 2025 to 2034. It is also projected to reach USD 106.8 billion by 2035 with a CAGR of 14.6%. The U.S. industrial lithium-ion battery market size surpassed USD 1.6 billion in 2024. The broader global lithium-ion battery energy storage market (including residential, commercial, industrial, and utility sectors) was valued at USD 24.80 billion in 2024 and is expected to reach USD 113.64 billion by 2032, with a CAGR of 19.65%.

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Dragonfly Energy (DFLI) Expected Drivers of Future Revenue Growth

Dragonfly Energy (NASDAQ: DFLI) is anticipated to experience revenue growth over the next 2-3 years, primarily driven by continued expansion within its Original Equipment Manufacturer (OEM) segment, diversification into new high-growth markets like heavy-duty trucking and industrial power, and the adoption of its innovative product lines such as the Dragonfly IntelLigence smart battery platform.

Key Revenue Growth Drivers:

1. Continued Growth in OEM Partnerships and Adoption: Dragonfly Energy has demonstrated significant year-over-year growth in its OEM sales, with a 61% increase in Q4 2024 and a 50.6% increase in Q2 2025. This growth is attributed to increased adoption of existing products and the acquisition of new OEM customers. For example, one RV partner has adopted Dragonfly's fully integrated energy storage systems as standard across select 2026 models. The company expects meaningful revenue contributions from OEM growth in 2025 and beyond.
2. Expansion into Heavy-Duty Trucking and Industrial Markets: While the recreational vehicle (RV) market remains a core segment, Dragonfly Energy is strategically expanding its customer base beyond the RV sector into heavy-duty trucking and industrial power applications. The company has highlighted significant market opportunities in the industrial and remote power market, which it estimates at $53.9 billion, substantially larger than the leisure segment. Pilots in heavy-duty trucking are expected to meaningfully impact revenue in the first half of next year.
3. New Product Adoption, particularly Dragonfly IntelLigence: The uptake of new products from OEM customers has been noted as a driver of sales. Specifically, the growing adoption of the Dragonfly IntelLigence smart battery platform is expected to contribute to revenue growth. The company has also emphasized a return to growth in direct-to-consumer (DTC) markets, especially with the release of new Dragonfly IntelLigence batteries.
4. Strategic Partnerships and Market Diversification: Dragonfly Energy is leveraging strategic partnerships to expand its industry footprint and diversify across end markets. This includes moving beyond its traditional RV market stronghold into broader high-growth sectors, which is a key component of its long-term growth strategy. The company believes strong order activity from recently announced partnerships reinforces this strategy.

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Share Repurchases

• No significant share repurchases have been reported; instead, the company has experienced net share issuance.

Share Issuance

• In October 2022, Dragonfly Energy became publicly listed through a SPAC merger with Chardan NexTech Acquisition 2 Corp, generating approximately $25 million in equity proceeds as part of a larger $250 million capital raise.
• The SPAC transaction included an earn-out provision for up to an additional 40 million shares, contingent on achieving certain revenue, operating income, and stock price targets by 2026 and 2028.
• In October 2025, Dragonfly Energy announced and priced a public offering of common stock and pre-funded warrants, aiming to raise $55.4 million.
• In July 2025, the company issued 2.1 million shares of common stock to exchange all outstanding Series A Convertible Preferred Stock, simplifying its capital structure.

Inbound Investments

• The SPAC merger in October 2022 brought in approximately $250 million in gross proceeds, including a $75 million senior secured term loan facility from Energy Impact Partners and a $5 million equity investment from CNTQ's Sponsor.
• The transaction also included a $150 million Chardan Equity Facility available post-closing.
• Dragonfly Energy received a $300,000 award from the Nevada Tech Hub to support battery innovation.

Outbound Investments

• No information available regarding significant outbound strategic investments in other companies.

Capital Expenditures

• Capital expenditures for the last 12 months totaled approximately -$3.03 million.
• For the quarter ending June 2025, capital expenditures were $692,000.
• Proceeds from the SPAC transaction were intended to accelerate market penetration of existing business and commercialize proprietary All-Solid-State-Battery technology, implying a focus on R&D and scaling production.