Revenue volatility remains a primary concern, with the most recent quarter showing a 27.3% year-over-year decline alongside persistent operating margins of -59.0%.
| Sales/Revenue | 54.98M | 58.63M | 50.65M | 64.39M | 86.25M | 78M | 47.19M |
| Revenue Growth % | 6.76% | 15.77% | -21.35% | -25.34% | 10.58% | 65.3% | - |
| Cost of Goods Sold | 41.55M | 42.98M | 39.02M | 48.95M | 62.63M | 48.38M | 26.58M |
| COGS % of Revenue | - | 73.31% | 77.04% | 76.01% | 72.62% | 62.02% | 56.33% |
| Gross Profit | 13.43M | 15.65M | 11.63M | 15.45M | 23.62M | 29.63M | 20.61M |
| Gross Margin % | 24.43% | 26.69% | 22.96% | 23.99% | 27.38% | 37.98% | 43.67% |
| Gross Profit Growth % | - | 34.59% | -24.73% | -34.6% | -20.28% | 43.76% | - |
| Operating Expenses | 33.75M | 36.15M | 37.38M | 42.88M | 58M | 23.16M | 11.86M |
| OpEx % of Revenue | - | 61.66% | 73.82% | 66.58% | 67.25% | 29.69% | 25.14% |
| Selling, General & Admin | 30.79M | 33.17M | 31.93M | 39.01M | 55.24M | 20.47M | 10.62M |
| SG&A % of Revenue | - | 56.58% | 63.05% | 60.59% | 64.04% | 26.24% | 22.51% |
| Research & Development | 2.96M | 2.98M | 5.45M | 3.86M | 2.76M | 2.69M | 1.24M |
| R&D % of Revenue | - | 5.08% | 10.76% | 6% | 3.2% | 3.45% | 2.63% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 1K | 15K |
| Operating Income | -20.32M | -20.51M | -25.76M | -27.43M | -34.38M | 6.47M | 8.75M |
| Operating Margin % | -36.96% | -34.98% | -50.86% | -42.6% | -39.86% | 8.29% | 18.53% |
| Operating Income Growth % | - | 20.39% | 6.09% | 20.23% | -631.67% | -26.06% | - |
| EBITDA | -16.67M | -15.8M | -22.16M | -26.19M | -33.49M | 7.08M | 8.94M |
| EBITDA Margin % | -30.32% | -26.95% | -43.75% | -40.68% | -38.83% | 9.08% | 18.95% |
| EBITDA Growth % | 22.35% | 28.7% | 15.41% | 21.8% | -572.78% | -20.8% | - |
| D&A (Non-Cash Add-back) | 3.65M | 4.71M | 3.6M | 1.24M | 891K | 617K | 198K |
| EBIT | -53.4M | -49.77M | -19.11M | 2.17M | -33.72M | 6.47M | 8.76M |
| Net Interest Income | -14.1M | -20.27M | -21.5M | -16.02M | -6.98M | -519K | 3K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 3K |
| Interest Expense | 14.1M | 20.27M | 21.5M | 16.02M | 6.95M | 519K | 0 |
| Other Income/Expense | -49.54M | -49.53M | -14.86M | 13.59M | -6.32M | -518K | 18K |
| Pretax Income | -69.86M | -70.03M | -40.62M | -13.84M | -40.7M | 5.95M | 8.76M |
| Pretax Margin % | -127.07% | -119.45% | -80.2% | -21.5% | -47.19% | 7.63% | 18.57% |
| Income Tax | -94K | -94K | 0 | -26K | -709K | 1.61M | 1.89M |
| Effective Tax Rate % | 0.13% | 0.13% | 0% | 0.19% | 1.74% | 27.08% | 21.52% |
| Net Income | -69.77M | -69.94M | -40.62M | -13.82M | -39.99M | 4.34M | 6.88M |
| Net Margin % | -126.9% | -119.29% | -80.2% | -21.46% | -46.37% | 5.56% | 14.58% |
| Net Income Growth % | -88.33% | -72.2% | -193.95% | 65.45% | -1021.88% | -36.93% | - |
| Net Income (Continuing) | -69.77M | -69.94M | -40.62M | -13.82M | -39.99M | 4.34M | 6.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -57.74 | -14.80 | -59.10 | -23.60 | -93.30 | 10.70 | 8.70 |
| EPS Growth % | 13.57% | 74.96% | -150.42% | 74.71% | -971.96% | 22.99% | - |
| EPS (Basic) | - | -14.80 | -59.10 | -23.60 | -93.30 | 10.70 | 8.70 |
| Diluted Shares Outstanding | 1.21M | 478.33K | 686.68K | 586.52K | 428.5K | 405.52K | 527.16K |
| Basic Shares Outstanding | 1.21M | 478.33K | 686.68K | 586.52K | 428.5K | 405.52K | 527.16K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Cyclical RV Market Exposure
As reported in recent financial filings, Dragonfly Energy's revenue trajectory remains highly inconsistent, with the most recent quarter showing a 27.3% year-over-year decline to $9.7 million, underscoring the company's significant sensitivity to the broader North American recreational vehicle market's ongoing demand fluctuations and consumer spending constraints.
The revenue volatility suggests that the company's reliance on the OEM channel leaves it exposed to the production cycles of major RV manufacturers. Investors should monitor whether the recent contraction represents a structural shift in demand or merely a temporary trough in the cyclical mobile lifestyle sector.
Based on the company's historical income statements, gross margins have struggled to maintain consistency, fluctuating between 17.6% and 29.7% over the last ten quarters, which indicates that Dragonfly Energy currently lacks the pricing power necessary to fully insulate its profitability from volatile lithium-ion cell procurement costs.
The inability to sustain gross margins above the 30% threshold suggests that the company remains a price-taker in the global battery commodity market. This margin profile appears to be a significant hurdle for achieving long-term profitability until the company successfully transitions to its proprietary dry-electrode manufacturing process.
According to the provided income statement data, operating margins have remained deeply negative, reaching -59.0% in 2026Q1, which demonstrates that the company's fixed-cost structure and heavy R&D investment continue to outpace its current gross profit generation, preventing any meaningful realization of operating leverage at this scale.
The persistent gap between gross profit and operating expenses suggests that the company is currently prioritizing long-term technological development over immediate operational efficiency. This strategy warrants further investigation into whether the current R&D spend is yielding tangible improvements in manufacturing capabilities or merely sustaining existing operations.
As evidenced by the reported financial figures, net income has remained consistently negative with the exception of a single anomalous quarter, highlighting that the company's EPS is currently driven by significant operational losses rather than core business profitability, complicating any traditional valuation based on earnings multiples.
The frequent volatility in net income, including a $45 million loss in 2025Q4, suggests that non-operating items and potential accounting adjustments may be creating noise in the bottom line. Investors should focus on cash burn metrics rather than reported net income to gauge the company's true financial health.
Based on the income statement trends, the company's reliance on external financing appears critical, as the persistent negative operating cash flow and lack of a clear path to profitability suggest that the current capital structure may be insufficient to support long-term R&D and manufacturing expansion goals.
Short-term observers may point to the risk of further equity dilution as the most immediate threat to shareholder value given the current burn rate. The company's future hinges on the successful commercialization of its proprietary technology, which remains an unproven catalyst in a highly competitive and commoditized industrial landscape.
Quick answers to the most common questions about buying DFLI stock.
For fiscal year 2025, Dragonfly Energy Holdings Corp. (DFLI) reported total revenue of $58.6M. This represents a 24.3% increase compared to $47.2M in 2020.
Dragonfly Energy Holdings Corp. (DFLI) reported a net loss of $69.9M for the fiscal year ending 2025.
Dragonfly Energy Holdings Corp. (DFLI) reported an operating income of $-20.5M, resulting in an operating profit margin of -35.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Dragonfly Energy Holdings Corp. (DFLI) generated $15.6M in gross profit for the year, representing a gross profit margin of 26.7%. This demonstrates the company's core pricing power and production efficiency.