The company's financial leverage has reached a critical point, evidenced by a debt-to-equity ratio of 14.23 as of 2026Q1.
| Total Current Assets | 39.96M | 50.18M | 32.92M | 55.92M | 73.83M | 66.08M | 15.78M |
| Cash & Short-Term Investments | 8.64M | 18.27M | 4.85M | 12.71M | 17.78M | 25.59M | 6.21M |
| Cash Only | 8.64M | 18.27M | 4.85M | 12.71M | 17.78M | 25.59M | 6.21M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.98M | 4.21M | 2.42M | 1.64M | 1.44M | 783K | 1.84M |
| Days Sales Outstanding | 25.82 | 26.24 | 17.41 | 9.29 | 6.11 | 3.66 | 14.23 |
| Inventory | 24.3M | 24.23M | 21.72M | 38.78M | 50.19M | 27.13M | 5.95M |
| Days Inventory Outstanding | 202.72 | 205.79 | 203.14 | 289.18 | 292.48 | 204.68 | 81.68 |
| Other Current Assets | 1.76M | 3.46M | 1.47M | 118K | 267K | 4.83M | 324K |
| Total Non-Current Assets | 35.74M | 36.37M | 42.29M | 19.28M | 15.27M | 10.17M | 3.03M |
| Property, Plant & Equipment | 35.36M | 35.98M | 41.84M | 19.28M | 15.27M | 10.17M | 3.03M |
| Fixed Asset Turnover | 1.46x | 1.63x | 1.21x | 3.34x | 5.65x | 7.67x | 15.57x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 128.42M | 0 |
| Other Non-Current Assets | 379K | 388K | 445K | 0 | 0 | -128.42M | 0 |
| Total Assets | 75.69M | 86.55M | 75.21M | 75.2M | 89.11M | 76.25M | 18.81M |
| Asset Turnover | 0.71x | 0.68x | 0.67x | 0.86x | 0.97x | 1.02x | 2.51x |
| Asset Growth % | -10.43% | 15.07% | 0.01% | -15.6% | 16.86% | 305.44% | - |
| Total Current Liabilities | 16.56M | 19.76M | 21.86M | 40.38M | 41.46M | 17.99M | 7.16M |
| Accounts Payable | 9.14M | 10.32M | 10.72M | 10.26M | 13.47M | 11.36M | 3.09M |
| Days Payables Outstanding | 90.45 | 87.65 | 100.24 | 76.5 | 78.53 | 85.71 | 42.45 |
| Short-Term Debt | 2.94M | 433K | 0 | 19.68M | 19.24M | 1.88M | 0 |
| Deferred Revenue (Current) | 3.29M | 121K | 1.32M | 201K | 238K | 434K | 1.78M |
| Other Current Liabilities | 3.48M | 1M | 0 | 91K | 128K | 0 | 19K |
| Current Ratio | 2.41x | 2.54x | 1.51x | 1.38x | 1.78x | 3.67x | 2.20x |
| Quick Ratio | 0.95x | 1.31x | 0.51x | 0.42x | 0.57x | 2.17x | 1.37x |
| Cash Conversion Cycle | 138.08 | 144.38 | 120.31 | 221.97 | 220.07 | 122.63 | 53.47 |
| Total Non-Current Liabilities | 55.23M | 55.26M | 62.76M | 6.92M | 36.9M | 44.2M | 3.09M |
| Long-Term Debt | 32.71M | 9.21M | 29.65M | 0 | 0 | 37.05M | 0 |
| Capital Lease Obligations | 83.45M | 20.5M | 22.65M | 2.3M | 3.58M | 4.69M | 758K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 453K | 331K |
| Other Non-Current Liabilities | 207K | 22.97M | 6.88M | 4.62M | 33.32M | 2M | 2M |
| Total Liabilities | 71.78M | 75.02M | 84.62M | 47.29M | 78.36M | 62.19M | 10.25M |
| Total Debt | 55.63M | 32.71M | 55.27M | 23.31M | 24.02M | 44.7M | 983K |
| Net Debt | 46.99M | 14.44M | 50.42M | 10.59M | 6.24M | 19.12M | -5.22M |
| Debt / Equity | 14.23x | 2.84x | - | 0.84x | 2.24x | 3.18x | 0.11x |
| Debt / EBITDA | -3.34x | - | - | - | - | 6.31x | 0.11x |
| Net Debt / EBITDA | -2.82x | - | - | - | - | 2.70x | -0.58x |
| Interest Coverage | -3.79x | -2.46x | -0.89x | 0.14x | -4.86x | 12.46x | - |
| Total Equity | 3.91M | 11.53M | -9.4M | 27.91M | 10.74M | 14.06M | 8.55M |
| Equity Growth % | -7232.69% | 222.61% | -133.69% | 159.82% | -23.6% | 64.36% | - |
| Book Value per Share | 3.24 | 24.10 | -13.69 | 47.59 | 25.07 | 34.67 | 16.23 |
| Total Shareholders' Equity | 3.91M | 11.53M | -9.4M | 27.91M | 10.74M | 14.06M | 8.55M |
| Common Stock | 1K | 1K | 1K | 6K | 4K | 4K | 4K |
| Retained Earnings | -158.72M | -152.09M | -82.15M | -41.54M | -27.72M | 12.44M | 8.1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | -2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Structure Dilution Risk
As reported in recent financial statements, Dragonfly Energy's equity base has deteriorated significantly, shifting from a positive $27.9 million in 2023Q4 to a precarious $3.9 million by 2026Q1, reflecting a persistent trend of capital erosion driven by ongoing operational losses and heavy investment requirements.
The rapid decline in shareholder equity suggests that the company is struggling to maintain a stable capital foundation while pursuing its manufacturing pivot. Investors should monitor whether this trajectory necessitates further dilutive financing to prevent the balance sheet from falling into a sustained deficit position.
Based on the company's reported figures, total debt has climbed from $23.3 million in 2023Q4 to $55.6 million in 2026Q1, resulting in a D/E ratio of 14.23 that highlights the company's increasing reliance on debt financing to fund its capital-intensive R&D and manufacturing expansion.
This elevated leverage, combined with a shrinking equity base, indicates that the company's financial flexibility is becoming increasingly constrained. The reliance on debt in a high-interest environment may pose significant refinancing risks if the company fails to achieve self-sustaining cash flow in the near term.
According to the latest quarterly data, Dragonfly Energy's cash position has fluctuated significantly, dropping to $8.6 million in 2026Q1 from a peak of $18.3 million in 2025Q4, which underscores the company's limited liquidity buffer against potential operational shocks or prolonged market downturns in the RV sector.
While the current ratio of 2.41 appears superficially healthy, the underlying cash burn rate suggests that the company's ability to cover short-term obligations is highly dependent on continuous access to external capital. This liquidity profile warrants caution, as any disruption in financing could immediately threaten operational continuity.
As evidenced by the balance sheet, net PPE has grown to $35.4 million as of 2026Q1, representing a substantial portion of total assets and confirming the company's strategic shift toward becoming an asset-heavy, in-house cell manufacturer rather than a pure-play assembly and distribution firm.
This concentration in fixed assets increases the company's operational risk, as the value of these investments is tied directly to the success of the proprietary dry-electrode manufacturing process. If the pilot line fails to achieve commercial viability, the company may face significant impairment risks on these specialized assets.
Based on the provided financial data, the accumulated deficit has ballooned to $158.7 million by 2026Q1, a figure that significantly outweighs the current equity base and highlights the substantial historical capital consumption required to reach the company's current stage of development.
This massive deficit suggests that the company's business model has yet to prove its economic viability, making the balance sheet highly sensitive to future capital raises. Investors should be wary that the headline asset values may not fully reflect the potential for future write-downs if the current R&D strategy fails to yield profitable returns.
Quick answers to the most common questions about buying DFLI stock.
As of 2025, Dragonfly Energy Holdings Corp. (DFLI) had total assets of $86.5M including $50.2M in current assets.
Dragonfly Energy Holdings Corp. (DFLI) carries total debt of $32.7M, offset by $18.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dragonfly Energy Holdings Corp. (DFLI) has total shareholders' equity (book value) of $11.5M ($24.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dragonfly Energy Holdings Corp. (DFLI) reported a current ratio of 2.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.