Dragonfly Energy第二季初步業績：淨銷售1320萬美元 虧損收窄至每股0.43美元

EX-99.1
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ex99-1.htm
EX-99.1

 

 

Exhibit
99.1

 

 

Dragonfly
Energy Reports Second Quarter 2026 Preliminary Results

 

Second
Quarter Net Sales In-Line With Guidance; Adjusted EBITDA Above Guidance

Cost
Reduction Actions Drive $3.0 Million Sequential Improvement in Adjusted EBITDA

 

Announced
Acquisition of Dakota Lithium Assets, Broadening Product Portfolio and Expanding Revenue Opportunity Across Key End Markets

 

Provides
Third Quarter 2026 Guidance and Reaffirms Target of Positive Adjusted EBITDA at $70M Annual Net Sales Run Rate

 

Heavy-Duty
Trucking Revenue Expected to More Than Double Sequentially in Q3 as Fleet Programs Expand

 

Second
Quarter 2026 Preliminary Financial Highlights 

 

●Net
 sales were $13.2 million.

●OEM
 net sales were $8.4 million.

●Gross
 Margin was 33.0%.

●Net
 Loss Attributable to Common Shareholders was $(5.5) million.

●Adjusted
 EBITDA was $(1.6) million.

 

RENO,
NEVADA (August 6, 2026) — Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”),
an industry leader in lithium battery technology, today reported its preliminary financial and operational results for the second quarter
ended June 30, 2026.

 

“Second-quarter
net sales were in line with our guidance, while Adjusted EBITDA exceeded our expectations as the cost actions implemented earlier this
year began to take effect,” commented Dr. Denis Phares, Chief Executive Officer. “Adjusted EBITDA improved $3.0 million as
compared to the first quarter of 2026 and $0.6 million year over year despite lower net sales, demonstrating the operating leverage inherent
in our improved cost structure.”

 

“In
the heavy-duty trucking market, the commercial ramp we have been building began to translate into meaningful revenue as deliveries under
the Stevens Transport purchase order commenced during the quarter. As fleets expand deployments following initial pilot programs, we
expect revenue from this market to more than double sequentially in the third quarter, with continued growth in the fourth quarter and
beyond.”

 

“Subsequent
to quarter-end, we acquired the assets of the Dakota Lithium brand, representing a compelling strategic and financial opportunity for
Dragonfly,” continued Dr. Phares. “Dakota Lithium is a recognized brand with established customer and distributor relationships
across marine, outdoor recreation, powersports, golf cart and other specialty battery markets. The acquisition broadens our overall product
portfolio and further diversifies our revenue base beyond our core RV and trucking markets. We expect Dakota to begin contributing meaningful
revenue and to be accretive to Adjusted EBITDA starting in the fourth quarter.”

 

  

  

 

 

“In
connection with the transaction, existing lenders amended the Company’s debt arrangements, including reducing the minimum cash
covenant, converting the next two quarters of interest to paid-in-kind interest, and deferring the Senior Leverage Ratio and Fixed Charge
Coverage Ratio covenant requirements until September 2027. Collectively, these amendments are expected to preserve approximately $1 million
of near-term liquidity and provide the Company with meaningful additional financial flexibility.”

 

Second
Quarter 2026 Preliminary Financial and Operating Results

 

Net Sales by Customer Type

(in thousands)

 

 
   
 Fiscal Quarter Ended  
   

 
   
 June 30, 2026  
 June 30, 2025  
 Change (YoY) 

 
 OEM 
 $8,432  
 $10,050  
  -16.1%

 
 DTC 
 $4,477  
 $5,948  
  -24.7%

 
 Licensing Fee 
 $250  
 $250  
  0%

 
 Net Sales 
 $13,159  
 $16,248  
  -19.0%

 

 

Net
sales were $13.2 million, including $8.4 million in OEM net sales and $4.5 million in DTC net sales. OEM net sales declined year over
year against an industry backdrop in which RV shipments were down 14.2% through midyear, reflecting continued macroeconomic pressure
on industry production volumes. Despite that environment, the Company continued to expand model placements and power system content across
its existing OEM partnerships. DTC sales declined due to macroeconomic pressures on consumer demand, as well as negative third-party
online commentary regarding certain of our products, which we believe has adversely affected customer sentiment. We have initiated legal
proceedings to address this commentary.

 

Gross
profit was $4.3 million, with a gross margin of 33.0%, compared to gross profit of $4.6 million and gross margin of 28.3%. The decrease
in gross profit was primarily due to lower unit volume of battery and accessory sales, with an offset from a $1.1 million benefit related
to tariff refund recognized in cost of sales. Operating Expenses totaled $7.2 million, down from $7.9 million, benefiting from the Company’s
cost reduction actions. The Company also continued to advance its previously announced facility consolidation during the second quarter.
While the process was not fully completed by quarter-end, the Company expects to complete the principal remaining actions during the
third quarter.

 

The
Company reported a Net Loss of $(4.4) million and a Net Loss Attributable to Common Shareholders of $(5.5) million, or $(0.43) per diluted
share. This compares to a Net Loss and a Net Loss Attributable to Common Shareholders of $(7.0) million, or $(5.77) per share, respectively.

 

Adjusted
EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was $(1.6)
million, a $0.6 million improvement compared to a loss of $(2.2) million in the second quarter of 2025. Sequentially, Adjusted EBITDA
improved $3.0 million from the $(4.6) million reported in the first quarter of 2026, driven by our cost reduction actions.

 

  

  

 

 

The
second quarter financial and operating results are preliminary and are subject to finalization and adjustment in connection with the
review of the financial statements for the three months ended June 30, 2026 and the preparation of the Company’s Quarterly Report
on Form 10-Q for the three months ended June 30, 2026. The preliminary financial results included in this press release have been prepared
by, and are the responsibility of, the Company’s management. During the course of the preparation of the Company’s financial
statements and related notes as of and for the three months ended June 30, 2026, the Company may identify items that would require it
to make material adjustments to the preliminary financial results presented herein. As a result, investors should exercise caution in
relying on this information and should not draw any inferences from this information. This preliminary financial information should not
be viewed as a substitute for full financial statements prepared in accordance with GAAP and reviewed by the Company’s independent
registered public accounting firm.

 

Summary
and Outlook

 

“Looking
ahead to the third quarter, we expect continued growth in energy storage content and model integration across our OEM partnerships against
a continued soft RV market, and trucking sales to ramp through the balance of the year. Our focus in the near term is on disciplined
execution as we build on our expanding commercial foundation, integrate the Dakota Lithium brand, which we expect to begin contributing
meaningful revenue in the fourth quarter, and drive operating leverage from our improved cost structure. We remain on track toward our
target of Adjusted EBITDA profitability at an annualized net sales run rate of approximately $70 million,” concluded Dr. Phares.

 

Q3
2026 Guidance

 

●Net
 Sales of approximately $13.5 million.

●Adjusted
 EBITDA of approximately $(2.4) million*

 

*
The Company cannot reconcile its expected adjusted operating EBITDA under “Q3 2026 Guidance” without unreasonable effort
because certain items that impact net (loss) income and other reconciling metrics are out of the Company’s control and/or cannot
be reasonably predicted at this time. Actual results may vary from the guidance and the variations may be material.

 

The
third-quarter Adjusted EBITDA outlook reflects two temporary timing factors: continued expense associated with vacated facility space
that is actively being marketed for sublease, and incremental operating costs to restore Dakota Lithium’s commercial operations
ahead of its expected meaningful revenue contribution beginning in the fourth quarter.

 

Use
of Non-GAAP Financial Measures

 

Adjusted
EBITDA is a non-GAAP measure and should be considered only as supplemental to, and not as superior to, financial measures prepared in
accordance with United States generally accepted accounting principles (“GAAP”). Please refer to the reconciliation of Adjusted
EBITDA to its nearest GAAP measure in this release.

 

The
Company provides non-GAAP financial measures including EBITDA and Adjusted EBITDA as a supplement to GAAP financial information to enhance
the overall understanding of the Company’s financial performance and to assist investors in evaluating the Company’s results
of operations, period over period. Adjusted non-GAAP measures exclude significant unusual items. Investors should consider these non-GAAP
measures as a supplement to, and not a substitute for financial information prepared on a GAAP basis.

 

EBITDA
is defined as earnings before interest and other income (expenses), income taxes, and depreciation and amortization. Adjusted EBITDA
is calculated as EBITDA adjusted for stock-based compensation, change in fair market value of warrant liabilities, non-recurring costs
associated with strategic financing, reverse stock split, litigation and loss on settlement. Adjusted EBITDA is a performance measure
that the Company believes is useful to investors and analysts because it illustrates the underlying financial and business trends relating
to the Company’s core, recurring results of operations and enhances comparability between periods.

 

  

  

 

 

Adjusted
EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of net loss
or other results as reported under GAAP. Some of these limitations are:

 

 
 ●
 Adjusted
 EBITDA does not reflect the Company’s cash expenditures, future requirements for capital expenditures, or contractual commitments;

 
  
  

 
 ●
 Adjusted
 EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;

 
  
  

 
 ●
 Adjusted
 EBITDA does not reflect the Company’s tax expense or the cash requirements to pay taxes;

 
  
  

 
 ●
 Although
 amortization and depreciation are non-cash charges, the assets being amortized and depreciated will often have to be replaced in
 the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;

 
  
  

 
 ●
 Adjusted
 EBITDA should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring
 items for which the Company may adjust in historical periods; and

 
  
  

 
 ●
 Other
 companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative
 measure.

 
 

Webcast
Information

 

The
Dragonfly Energy management team will host a conference call to discuss its second quarter 2026 financial and operational results this
afternoon, August 6, 2026 at 4:30 PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the
Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx.
To join by phone and participate in the Q&A, please register in advance here; dial-in details and a unique PIN will be provided upon
registration. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

 

An
archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor
Relations section of Dragonfly Energy’s website, along with the earnings press release.

 

About
Dragonfly Energy

 

Dragonfly
Energy Holdings Corp. (Nasdaq: DFLI) is a lithium battery technology company spanning battery cell manufacturing, pack assembly and full-system
integration. The Company develops and delivers energy storage solutions for mobile, off-grid, industrial and specialty applications.

 

Dragonfly
Energy is advancing domestic battery cell manufacturing through its patented dry electrode process and the development of next-generation
battery technologies, including all-solid-state battery cells. Its work combines advanced research and development with software-enabled
intelligence to improve the performance and capabilities of energy storage systems.

 

  

  

 

 

To
learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

 

Forward-Looking
Statements

 

This
press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of
1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s
intent, belief or expectations, including, but not limited to, preliminary results of operations and financial position for second quarter
2026, statements regarding the Company’s guidance for the third quarter of 2026, the expected benefits of the Dakota Lithium acquisition,
the expected contribution of the Dakota Lithium acquisition to revenue and Adjusted EBITDA, the expectations regarding heavy-duty trucking
revenue growth, the Company’s Adjusted EBITDA profitability targets, results of operations and financial position, planned products
and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends.
Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,”
“expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,”
“predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or similar expressions.

 

These
forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control)
which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that
may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including
the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability
to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target;
the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain
relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers;
the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize
its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid
state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated
benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its
customer arrangements with Stevens Transport; the Company’s ability to maintain the listing of its common stock and public warrants
on the Nasdaq Capital Market; the impact of geopolitical conflicts; the Company’s ability to generate revenue from future product
sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the
industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These
and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary
Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025
filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

 

If
any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from
the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that
it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required
by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after
the date on which they were made.

 

Preliminary
Results

 

Second
quarter 2026 financial and operating results are preliminary, as they are subject to finalization and adjustment in connection with the
preparation of the Quarterly Report on Form 10-Q for the three months ended June 30, 2026 to be filed later this month. During the course
of the preparation of these financial statements, Dragonfly may identify items that would require the Company to make material adjustments
to the preliminary financial results. As a result, investors should exercise caution in relying on this information and should not draw
any inferences from this information. The preliminary financial information should not be viewed as a substitute for full financial statements
prepared in accordance with GAAP and reviewed by the Company’s independent registered public accounting firm.

 

  

  

 

 

Financial
Tables

 

Dragonfly Energy Holdings Corp.

Unaudited Condensed Consolidated Balance Sheets

(U.S. Dollars in Thousands, except share and per share data)

 

 
   
 As of 

 
   
 June
 30, 2026  
 December
 31, 2025 

 
 Current Assets 
     
    

 
 Cash and cash
 equivalents 
 $6,280  
 $18,270 

 
 Accounts receivable, net
 of allowance for credit losses 
  3,480  
  4,215 

 
 Inventory 
  20,341  
  24,234 

 
 Prepaid expenses 
  704  
  1,088 

 
 Prepaid inventory 
  1,216  
  937 

 
 Prepaid income tax 
  359  
  353 

 
 Other current assets 
  2,373  
  1,083 

 
 Total Current Assets 
  34,753  
  50,180 

 
 Property and Equipment 
  20,309  
  20,741 

 
 Intangible Assets, Net 
  194  
  - 

 
 Operating lease right of
 use asset, net 
  14,654  
  15,240 

 
 Other assets 
  379  
  388 

 
 Total
 Assets 
 $70,289  
 $86,549 

 
   
     
    

 
 Current Liabilities 
     
    

 
 Accounts payable 
 $7,880  
 $10,322 

 
 Accrued payroll and other
 liabilities 
  2,118  
  4,053 

 
 Accrued tariffs 
  341  
  943 

 
 Customer deposits 
  114  
  121 

 
 Deferred revenue, current
 portion 
  1,000  
  1,000 

 
 Dividends Payable 
  510  
  317 

 
 Notes payable, current
 portion, net of debt issuance costs 
  506  
  433 

 
 Operating lease liability,
 current portion 
  2,360  
  2,533 

 
 Financing lease liability,
 current portion 
  21  
  35 

 
 Total Current Liabilities 
  14,850  
  19,757 

 
 Long-Term Liabilities 
     
    

 
 Deferred revenue, net of
 current portion 
  2,083  
  2,583 

 
 Warrant liabilities 
  27  
  713 

 
 Notes payable, non current
 portion, net of debt issuance costs 
  10,614  
  9,212 

 
 Operating lease liability,
 net of current portion 
  19,411  
  20,470 

 
 Financing lease liability,
 net of current portion 
  18  
  28 

 
 Total Long-Term Liabilities 
  32,153  
  33,006 

 
 Total Liabilities 
  47,003  
  52,763 

 
 Commitments and Contingencies 
     
    

 
 Redeemable Preferred Stock 
     
    

 
 Preferred stock - Series B, 25,000 shares
 at $0.0001 par value, authorized, and 25,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 
  23,470  
  22,256 

 Stockholders’ Equity 
     
    

 
 Preferred stock, 4,995,000 shares at $0.0001
 par value, authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 
  -  
  - 

 
 Common stock, 400,000,000 shares at $0.0001
 par value, authorized, 13,353,812 and 12,078,713 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 
  1  
  1 

 
 Additional paid in capital 
  162,919  
  163,622 

 
 Accumulated deficit 
  (163,104) 
  (152,093)

 
 Stockholders’ Equity
 (Deficit) 
  (184) 
  11,530 

 
 Total Liabilities and Stockholders’
 Equity 
 $70,289  
 $86,549 

 

 

  

  

 

 

Dragonfly Energy Holdings Corp.

Unaudited Condensed Interim Consolidated Statement of Operations

(U.S. Dollars in Thousands, except share and per share data)

 

 
   
 Three Months Ended 

 
   
 June 30,  
 June 30, 

 
   
 2026  
 2025 

 
   
    
   

 
 Net Sales 
 $13,159  
 $16,248 

 
   
     
    

 
 Cost of Goods Sold 
  8,816  
  11,643 

 
   
     
    

 
 Gross Profit 
  4,343  
  4,605 

 
   
     
    

 
 Operating Expenses 
     
    

 
 Research and development 
  648  
  692 

 
 General and administrative 
  4,617  
  4,619 

 
 Selling and marketing 
  1,977  
  2,575 

 
   
     
    

 
 Total Operating Expenses 
  7,242  
  7,886 

 
   
     
    

 
 Loss From Operations 
  (2,899) 
  (3,281)

 
   
     
    

 
 Other Income (Expense) 
     
    

 
 Interest expense, net 
  (1,536) 
  (5,442)

 
 Other Income 
  62  
  - 

 
 Change in fair market value of warrant liability 
  (13) 
  1,689 

 
 Total Other Expense 
  (1,487) 
  (3,753)

 
   
     
    

 
 Net Loss Before Taxes 
  (4,386) 
  (7,034)

 
   
     
    

 
 Income Tax (Benefit) Expense 
  -  
  - 

 
   
     
    

 
 Net Loss 
 $(4,386) 
 $(7,034)

 
   
     
    

 
 Less: Preferred Stock Dividends 
  (1,131) 
  - 

 
   
     
    

 
 Net Loss Attributable to Common Shareholders 
 $(5,517) 
 $(7,034)

 
   
     
    

 
 Net Loss Per Share- Basic & Diluted 
 $(0.43) 
 $(5.77)

 
 Weighted Average Number of Shares- Basic & Diluted 
  12,688,511  
  1,218,808 

 

 

  

  

 

 

Dragonfly Energy Holdings Corp.

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

(U.S. Dollars in Thousands)

 

 
   
 Three Months Ended 

 
   
 June 30,  
 June 30, 

 
   
 2026  
 2025 

 
 EBITDA Calculation 
     
    

 
 Net Loss Before Taxes 
 $(5,517) 
 $(7,034)

 
 Interest Expense 
  1,536  
  5,442 

 
 Depreciation and Amortization 
  453  
  491 

 
 EBITDA 
 $(3,528) 
 $(1,101)

 
   
     
    

 
 Adjustments to EBITDA 
     
    

 
 Stock - Based Compensation 
  461  
  190 

 
 Series B Preferred Stock Dividend 
  1,131  
  - 

 
 Preferred Stock Financing expenses 
  -  
  42 

 
 Prior year tariff estimate adjustment 
  -  
  287 

 
 Litigation Fees and loss on Settlement 
  132  
  30 

 
 Expenses related to Debt Restructure 
  34  
  - 

 
 At-the-Market (ATM) set up Expenses 
  131  
  - 

 
 Joint Venture Exploration 
  45  
  - 

 
 Change in fair market value of warrant liability 
  13  
  (1,689)

 
 Adjusted EBITDA 
 $(1,581) 
 $(2,241)

 

 

  

  

 

 

Dragonfly
Energy Holdings Corp.

Unaudited Condensed Consolidated Statement of Cash Flows

Six Months Ended June 30,

(U.S. Dollars in Thousands)

 

 
   
 2026  
 2025 

 
 Cash flows from Operating Activities 
     
    

 
 Net Loss 
 $(11,011) 
 $(13,831)

 
 Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities 
     
    

 
 Stock based compensation 
  561  
  410 

 
 Amortization of debt discount 
  1,953  
  2,784 

 
 Change in fair market value of warrant liability 
  (493) 
  (5,507)

 
 Non-cash interest expense (paid-in-kind) 
  -  
  7,306 

 
 Provision for credit losses 
  43  
  70 

 
 Depreciation and amortization 
  1,247  
  1,350 

 
 Amortization of right of use assets 
  586  
  1,324 

 
 Changes in Assets and Liabilities 
     
    

 
 Accounts receivable 
  692  
  (1,223)

 
 Inventories 
  3,893  
  663 

 
 Prepaid expenses 
  384  
  (40)

 
 Prepaid inventory 
  (279) 
  (152)

 
 Prepaid income tax 
  (6) 
  - 

 
 Other current assets 
  (1,290) 
  64 

 
 Other assets 
  9  
  (6)

 
 Income taxes payable 
  -  
  (4)

 
 Accounts payable and accrued expenses 
  (4,589) 
  905 

 
 Operating lease liabilities 
  (1,232) 
  (1,436)

 
 Accrued tariffs 
  (602) 
  296 

 
 Accrued settlement 
  -  
  (187)

 
 Deferred revenue 
  (500) 
  (500)

 
 Customer deposits 
  (7) 
  (151)

 
 Total Adjustments 
  370  
  5,966 

 
 Net Cash Used in Operating Activities 
  (10,641) 
  (7,865)

 
   
     
    

 
 Cash Flows From Investing Activities 
     
    

 
 Purchase of intangibles 
  (131) 
  - 

 
 Purchase of property and equipment 
  (640) 
  (1,621)

 
 Net Cash Used in Investing Activities 
  (771) 
  (1,621)

 
   
     
    

 
 (Continued) 
     
    

 
 Cash Flows From Financing Activities 
     
    

 
 Proceeds from public offering (ATM), net 
  829  
  63 

 
 Proceeds from preferred stock offering, net of fees 
  -  
  7,330 

 
 Payment of dividends 
  (818) 
  - 

 
 Repayment of note payable 
  (478) 
  - 

 
 Taxes paid related to net settlement of RSUs 
  (87) 
  - 

 
 Financing lease liabilities 
  (24) 
  (23)

 
 Net Cash (Used in) Provided by Financing Activities 
  (578) 
  7,370 

 
   
     
    

 
 Net Decrease in Cash and cash equivalents 
  (11,990) 
  (2,116)

 
 Cash and cash equivalents - beginning of period 
  18,270  
  4,849 

 
 Cash and cash equivalents - end of period 
 $6,280  
 $2,733 

 
   
     
    

 
 Supplemental Disclosures of Cash Flow Information: 
     
    

 
 Cash paid for income taxes 
  6  
  4 

 
 Cash paid for interest 
 $1,555  
 $3 

 
 Supplemental Non-Cash Items 
     
    

 
 Purchases of property, equipment and intangibles, not yet paid 
 $417  
 $162 

 
 Recognition of right of use asset obtained in exchange for operating lease liability 
 $-  
 $642 

 
 Conversion of preferred stock to common stock 
 $-  
 $6,085 

 
 Recognition of warrant liability - Investor Warrants 
 $-  
 $696 

 
 Declaration of Dividends 
 $1,011  
 $- 

 
 Dividends paid in kind 
 $252  
 $- 

 
 Accretion of preferred stock discount 
 $962  
 $- 

 
 Settlement of accrued liability for employee stock purchase plan 
 $26  
 $73 

 
 Reclassification of assets held for sale to machinery and equipment 
 $-  
 $644 

 
 Cashless exercise of penny warrants 
 $193  
 $- 

 
 Exercise of pre-funded warrants 
 $1  
 $- 

 

 

Investor
Relations:

 

Eric
Prouty

Szymon
Serowiecki

AdvisIRy
Partners

[email protected]