Dragonfly Energy (DFLI) is a manufacturer and distributor of deep cycle lithium-ion batteries, primarily under the "Battle Born Batteries" brand. The company serves a mixed customer base, including both individual consumers and various business customers.

The major categories of customers that Dragonfly Energy serves include:

1. Individual Consumers: These customers purchase Dragonfly Energy's batteries directly through the company's website (BattleBornBatteries.com) or via online retailers such as Amazon. They typically use the batteries for recreational vehicles (RVs), marine applications, off-grid power systems (e.g., for tiny homes or cabins), overlanding setups, and van conversions.
2. Original Equipment Manufacturers (OEMs): Dragonfly Energy supplies its batteries to other companies that integrate them into their manufactured products. This includes manufacturers of RVs, boats, and potentially certain industrial or specialized vehicles. Specific names of major OEM customer companies are not publicly disclosed by Dragonfly Energy.
3. Dealers and Installers: This category encompasses a network of businesses that resell and install Dragonfly Energy's battery solutions. These typically include RV dealerships, marine service centers, solar energy system installers, and other specialized retailers who provide complete power solutions to their end customers. Specific names of major dealer/installer companies are not publicly disclosed by Dragonfly Energy.

Denis Phares, Chief Executive Officer & Interim Chief Financial Officer

Denis Phares co-founded Dragonfly Energy (then Legacy Dragonfly) in 2012. Prior to founding Dragonfly Energy, he was a tenured professor of Aerospace & Mechanical Engineering at the University of Southern California from 2005 to 2012, where his work focused on renewable energy technologies. He ventured into business in 2008 with a company in dye-sensitized solar cells and a 2009 startup producing lithium iron phosphate powder, experiences that led to the formation of Dragonfly Energy. Phares holds several patents crucial to fundamental battery cell manufacturing. The company went public through a merger with Chardan NexTech Acquisition 2 Corporation in October 2022.

Wade Seaburg, Chief Commercial Officer

Wade Seaburg was appointed Chief Commercial Officer in February 2025, after serving as Chief Revenue Officer since November 2022. He initially joined Dragonfly Energy as an outside contractor in December 2018, later becoming Director of Outside Sales and Business Development from June 2021 to October 2022. Before joining Dragonfly Energy, Mr. Seaburg founded and served as President of Structure Sales from May 2016 to May 2021, 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 has served as Chief Marketing Officer since November 2022. He joined Dragonfly in 2021 and previously held the role of Senior Vice President of Marketing for Legacy Dragonfly from December 2021 to October 2022. Prior to his time at Dragonfly Energy, Mr. Bourns was the owner and president of Bourns Productions Inc. for twelve years, a video production and marketing company specializing in content creation and strategy for various brands. He is a three-time Emmy Award winner, having produced content for brands such as Panasonic and GE Energy.

Nicole Harvey, Chief Legal Officer

Nicole Harvey was promoted to Chief Legal Officer in November 2022, having joined Dragonfly Energy in 2021. She brings over 14 years of legal and compliance experience from both public and private practice. Her previous roles include serving as senior counsel for the Corix Group of Companies and as a regulatory compliance manager for Harley-Davidson Financial Services.

1. Financial Viability and Liquidity: Dragonfly Energy faces significant financial challenges, including substantial doubt about its ability to continue as a going concern. The company is capital-intensive and requires additional financing, leading to significant outstanding debt and potential difficulties in meeting financial covenants. It has experienced negative profitability, substantial debt, and a persistent need for external capital, often resulting in dilutive public offerings that erode shareholder value.
2. Market Demand and Macroeconomic Headwinds: The company's sales have been impacted by weaker demand from direct-to-consumer customers in its core recreational vehicle (RV) and marine markets, attributed to rising interest rates and inflation. Broader macroeconomic uncertainty, a volatile tariff environment, and customer project delays continue to pose significant challenges to revenue growth and profitability. Despite operating in a growing lithium-ion battery market, the company has struggled to translate revenue growth into positive earnings.
3. Challenges in Developing and Commercializing New Battery Technology: Dragonfly Energy is investing in the development and commercialization of solid-state battery technology, which presents significant engineering challenges and financial risks. Delays or failures in these efforts could negatively impact the company's long-term growth prospects and its strategic expansion into areas like grid-connected battery energy storage.

Dragonfly Energy (DFLI) is anticipated to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion in OEM Partnerships: The company expects continued growth through its partnerships with Original Equipment Manufacturers (OEMs), particularly in the recreational vehicle (RV) and heavy-duty trucking sectors. Dragonfly Energy's integrated energy storage solutions are being adopted as standard equipment by major RV manufacturers, and the company has established a commercial deployment partnership in heavy-duty trucking.
2. Commercialization of All-Solid-State-Battery Technology: A significant long-term driver is the development and large-scale deployment of Dragonfly Energy's proprietary and patented All-Solid-State-Battery technology. This technology is expected to facilitate cost reductions in lithium-ion battery production and enable the company to expand its market presence.
3. Entry into New Markets: Dragonfly Energy has expanded its commercial footprint into new markets, including marine applications through a partnership with World Cat and the rail sector via a distribution partnership with National Railway Supply. The favorable regulatory environment for electric vehicle boats is also expected to enhance demand in the marine market.
4. New Product Offerings and Technological Advancements: The company's focus on innovation and strategic partnerships, such as its collaboration with Airstream for advanced power systems, is poised to drive growth. Dragonfly Energy is capitalizing on industry trends towards premium features with its new product offerings. Additionally, the licensing of its proprietary technology has begun to contribute to revenue.
5. Positive Revenue Growth Forecasts: Analysts project robust revenue growth for Dragonfly Energy. Forecasts indicate an annual revenue growth rate of 29.2% and 31.39% for 2026-2028, surpassing the average growth rates for the US Electrical Equipment & Parts industry and the broader US market.

Share Issuance

• Dragonfly Energy raised approximately $90 million through three common stock offerings in the second half of 2025.
• The SPAC merger in October 2022 generated approximately $250 million in gross proceeds, which included $25 million in equity and the post-closing availability of a $150 million Chardan Equity Facility (ChEF).
• On October 16, 2025, the company priced an underwritten public offering of 36 million shares of common stock and pre-funded warrants for up to 5 million shares, generating gross proceeds of approximately $55.4 million.

Inbound Investments

• The business combination with Chardan NexTech Acquisition 2 Corp. in October 2022 included a $25 million equity investment, with a private strategic investment from THOR Industries.
• As part of the SPAC merger, a $75 million senior secured term loan facility was provided, led by Energy Impact Partners.
• In 2025, a debt restructuring involved the conversion of $25 million of debt into preferred stock.

Capital Expenditures

• In the third quarter of 2025, Dragonfly Energy reported capital expenditures of $187,000.
• A primary focus for capital allocation, utilizing proceeds from 2025 public offerings, is continued strategic investment in next-generation battery technologies, specifically scaling the dry electrode process and its application to solid-state batteries.
• Improved liquidity after 2025 capital raises is intended to enable increased investment in sales manpower and product development, particularly in oil and gas and trucking markets.