Dragonfly Energy develops and manufactures environmentally friendly, long-lasting lithium-ion batteries primarily utilizing LFP chemistry for various markets including RV, marine, off-grid, trucking, and industrial sectors.

# Company Overview Summary

## Business Description
- **Name:** Dragonfly Energy Holdings Corp.
- **Type:** Manufacturer of non-toxic deep cycle lithium-ion batteries
- **Main Focus:** Displacing lead-acid batteries across multiple end markets with advanced lithium-ion technology, including proprietary cell manufacturing and solid-state development.

## Products and Technologies
- **Core Product:** Deep cycle lithium iron phosphate (LFP) batteries
- **Key Features:**
  - Environmentally friendly, non-toxic, safer (less flammable)
  - Longer lifespan (3,000-5,000 cycles, 10-15 years)
  - Faster charging (up to 5x quicker)
  - Lighter (one-fifth weight of lead-acid batteries)
  - No maintenance needed
  - Proprietary battery management system and communication system (Dragonfly IntelLigence)
  - Optional internal heating for cold climates

- **Innovations:**
  - Proprietary dry-electrode manufacturing process (reduces cost, energy consumption, and environmental impact)
  - Developing solid-state batteries that remove liquid electrolytes for improved safety and size reduction
  - Developing scalable, cost-effective, dry-electrode production equipment
  
- **Brands:**
  - **Battle Born Batteries:** Mainly sold directly to consumers (DTC)
  - **Dragonfly Energy:** Primarily sold to original equipment manufacturers (OEMs)

## End Markets & Applications
- **Current Markets:**  
  - RV (Recreational Vehicles)  
  - Marine vessels  
  - Off-grid energy storage (solar, residence)  
  - Trucking and industrial markets

- **Market Size:** Estimated total addressable market of ~$12 billion by 2025 for core markets

- **Recent Market Trends & Customer Base:**
  - Over 330,000 batteries sold since inception in 2020
  - 2024 sales: 42,447 batteries, revenue of $50.6 million
  - 2023 sales: 64,906 batteries, revenue of $64.5 million
  - Over 23,000 customers including OEM partners like Keystone, THOR Industries, Airstream, REV Group
  
- **OEM & Strategic Relationships:**
  - Exclusive supply agreement with Keystone RV (part of THOR group)
  - Investment by THOR Industries ($15 million in 2022)
  - Licensing contract with Stryten Energy for Battle Born brand, expected to generate $30 million over 7 years (started in 2024)

## Revenue & Income
- **2024:**  
  - Revenue: $50.6 million  
  - Net loss: $40.6 million  

- **2023:**  
  - Revenue: $64.5 million  
  - Net loss: $13.8 million  

- **Liquidity:**  
  - Cash: $4.8 million (as of December 31, 2024)  
  - Negative cash flow and substantial net loss continue, with significant reliance on new financing and capital raises to operate

## Workforce & Facilities
- **Employees:** 144 (as of December 31, 2024)  
  - 139 full-time, 2 part-time, 3 interns
- **Headquarters & Manufacturing:**
  - Relocated in November 2024 to a new 390,240 sq. ft. facility in Reno, NV
  - Previously operated in a 99,000 sq. ft. facility (lease expiring 2026)
  - Additional 64,000 sq. ft. Fernley facility for future capacity (leased in April 2024)
- **Manufacturing Capabilities:**
  - Multiple production lines, automation projects underway
  - In-house assembly and testing in the U.S.

## Summary
Dragonfly Energy develops and manufactures environmentally friendly, long-lasting lithium-ion batteries primarily utilizing LFP chemistry. Its customers include OEMs and direct consumers across RV, marine, off-grid, trucking, and industrial sectors. The company has sold over 330,000 batteries since 2020, with recent annual revenues around $50 million and a significant net loss. It focuses on innovation in battery technology, including proprietary cell manufacturing and solid-state development, and maintains strategic partnerships to expand its market reach and technology portfolio.

Dragonfly Energy Holdings Corp. is a publicly traded company specializing in the design and manufacturing of advanced lithium-ion battery systems for renewable energy storage, electric vehicles, and off-grid solutions with a focus on sustainability.


# Dragonfly Energy Holdings Corp. - Company Overview

## Business Description
Dragonfly Energy Holdings Corp. is a publicly traded company (trading symbol: DFLI) that specializes in the design and manufacturing of advanced lithium-ion battery systems. The company primarily focuses on providing energy solutions that support various applications, including renewable energy storage, electric vehicles, and off-grid energy systems. Their product line includes lithium batteries under the "Battle Born Batteries" brand, which is widely used in recreational vehicles (RVs), marine applications, and other energy storage solutions.

### Key Products:
- **Lithium-Ion Battery Systems**: Dragonfly produces a range of lithium batteries designed for high-efficiency performance and long life.
- **Energy Management Systems**: They offer integrated solutions to manage energy usage and storage effectively.

## Market Position
- **Customers**: Dragonfly Energy caters to a diverse market, including RV manufacturers, boat manufacturers, and energy storage providers. They have developed a robust customer base, which includes multiple OEM (Original Equipment Manufacturer) partnerships. However, specific figures on the number of customers are not disclosed in the report.
  
- **Employees**: As of April 16, 2024, the company has a growing workforce of approximately 60 employees, including executives and essential staff that support engineering, marketing, and sales functions.

## Financial Performance
- **Revenue**: While specific revenue figures for 2023 were not detailed in the amendment, prior reports indicated significant growth rates driven by an increase in OEM partnerships and direct sales.
  
- **Income**: In terms of profitability, the company experienced varying results, with the Chief Executive Officer, Dr. Denis Phares, receiving total compensation of $877,333 in 2023. This includes salary, bonuses, and equity awards, indicating the company's commitment to incentivizing its leadership in pursuit of growth.

## Growth Strategy
Dragonfly Energy's strategy entails:
- **Expansion of Product Offerings**: Continuously developing innovative battery solutions tailored to meet the evolving needs of customers in various industries.
- **Strategic Partnerships**: Forming alliances with key manufacturers to expand market reach and enhance product offerings.
- **Sustainable Practices**: Committing to environmental responsibility by promoting battery technologies that support renewable energy initiatives.

## Conclusion
Dragonfly Energy Holdings Corp. stands at the forefront of the lithium-ion battery market with a dedication to quality, innovation, and sustainability. The company aims to capitalize on the growing demand for efficient energy storage systems across several industries, particularly in recreational and clean energy segments.


This summary provides a comprehensive overview of Dragonfly Energy Holdings Corp., including its business model, product offerings, market position, and future growth strategies.

Dragonfly Energy Holdings Corp.

10-K / March 31, 2025

10-K / April 29, 2024

10-K / March 31, 2025

Company Overview Summary

Business Description

Products and Technologies

End Markets & Applications

Revenue & Income

Workforce & Facilities

Summary