季報
季度報告
10-Q
2026-05-14
Dragonfly Energy Holdings Corp. 提交2026财年Q1季
AI 繁中摘要
Dragonfly Energy Holdings Corp. 提交 2026 財年第一季（截至 2026 年 3 月 31 日）10-Q 季度報告 📄
申報類型：10-Q（季度報告）｜財政季度：2026 財年 Q1（比較期：2025 財年 Q1）
業績重點：
- 淨銷售額：970.4 萬美元（去年同期 1,335.6 萬美元），按年下跌約 27%，主因直銷及 OEM 渠道收入減少。🔻
- 毛利：171 萬美元（毛利率 17.6%），去年同期 392.8 萬美元（毛利率 29.4%），利潤率受固定成本攤薄及銷量下降拖累。
- 營業虧損：572.7 萬美元（去年同期 591.4 萬美元），經營開支中研發、銷售及市場推廣均見縮減，但一般行政費用仍高。
- 淨虧損（歸屬於普通股股東）：772 萬美元（去年同期 679.7 萬美元），每股虧損 0.64 美元（經 2025 年 12 月 1 股合 10 股調整）；去年同期每股虧損 9.28
展開英文正文
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_________________ to ___________________ Commission File Number: 001-40730 DRAGONFLY ENERGY HOLDINGS CORP. (Exact name of registrant as specified in its charter) Nevada 85-1873463 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 12915 Old Virginia Road Reno, Nevada 89521 (Address of principal executive offices) (Zip Code) (775) 622-3448 (Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share DFLI The Nasdaq Capital Market Redeemable Warrants, exercisable for common stock DFLIW The Nasdaq Capital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 12, 2026, there were 12,815,340 shares of the registrant’s common stock, par value $0.0001 per share, issued and outstanding. DRAGONFLY ENERGY HOLDINGS CORP. TABLE OF CONTENTS Page No. PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 4 Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three months ended March 31, 2026 and 2025 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3. Quantitative and Qualitative Disclosures about Market Risk 43 Item 4. Controls and Procedures 43 PART II. OTHER INFORMATION Item 1. Legal Proceedings 44 Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 45 Item 6. Exhibits 45 Signatures 46 2 DRAGONFLY ENERGY HOLDINGS CORP. Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2026 December 31, 2025 Current Assets Cash and cash equivalents $8,637 $18,270 Accounts receivable, net of allowance for credit losses 2,979 4,215 Inventory 24,299 24,234 Prepaid expenses 1,115 1,088 Prepaid inventory 811 937 Prepaid income tax 359 353 Other current assets 1,758 1,083 Total Current Assets 39,958 50,180 Property and Equipment Machinery and equipment 18,183 17,794 Office furniture and equipment 432 432 Leasehold improvements 7,634 7,563 Vehicle 33 33 Total 26,282 25,822 Less accumulated depreciation and amortization (5,875) (5,081) Property and Equipment, Net 20,407 20,741 Operating lease right of use asset, net 14,951 15,240 Other assets 379 388 Total Assets $75,695 $86,549 Current Liabilities Accounts payable $9,139 $10,322 Accrued payroll and other liabilities 2,518 4,053 Accrued tariffs 341 943 Customer deposits 118 121 Deferred revenue, current portion 1,000 1,000 Dividends Payable 502 317 Notes payable, current portion, net of debt issuance costs 466 433 Operating lease liability, current portion 2,447 2,533 Financing lease liability, current portion 28 35 Total Current Liabilities 16,559 19,757 Long-Term Liabilities Deferred revenue, net of current portion 2,333 2,583 Warrant liabilities 207 713 Notes payable, non current portion, net of debt issuance costs 9,859 9,212 Operating lease liability, net of current portion 19,955 20,470 Financing lease liability, net of current portion 23 28 Total Long-Term Liabilities 32,377 33,006 Total Liabilities 48,936 52,763 Commitments and Contingencies (See Note 5) - - Redeemable Preferred Stock Preferred stock-Series A, 5,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Preferred stock-Series B, 25,000 shares at $0.0001 par value, authorized, 25,000 and 25,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 22,849 22,256 Redeemable Preferred Stock 22,849 22,256 Stockholders’ Equity Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Common stock, 400,000,000 shares at $0.0001 par value, authorized, 12,148,783 and 12,078,713 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1 1 Additional paid in capital 162,627 163,622 Accumulated deficit (158,718) (152,093) Total Stockholders’ Equity 3,910 11,530 Total Liabilities and Stockholders’ Equity $75,695 $86,549 The accompanying notes are an integral part of the consolidated financial statements. 3 DRAGONFLY ENERGY HOLDINGS CORP. Unaudited Condensed Consolidated Statements of Operations For the Three Months Ended March 31, 2026 and 2025 (in thousands, except share and per share data) 2026 2025 For The Three Months Ended March 31 2026 2025 Net Sales $9,704 $13,356 Cost of Goods Sold 7,994 9,428 Gross Profit 1,710 3,928 Operating Expenses Research and development 980 1,000 General and administrative 4,482 6,357 Selling and marketing 1,975 2,485 Total Operating Expenses 7,437 9,842 Loss From Operations (5,727) (5,914) Other (Expense) Income Interest expense, net (1,465) (4,701) Other income 61 - Change in fair market value of warrant liability 506 3,818 Total Other Expense (898) (883) Net Loss Before Taxes (6,625) (6,797) Income Tax Expense (Benefit) - - Net Loss $(6,625) $(6,797) Less: Preferred Stock Dividends (1,095) - Net Loss Attributable to Common Shareholders $(7,720) $(6,797) Loss Per Share- Basic & Diluted $(0.64) $(9.28) Weighted Average Number of Shares - Basic & Diluted 12,083,461 732,762 The accompanying notes are an integral part of the consolidated financial statements. 4 DRAGONFLY ENERGY HOLDINGS CORP. Unaudited Condensed Consolidated Statements of Shareholders’ Equity (Deficit) For the Three Months Ended March 31, 2026 and 2025 (in thousands, except share data) Shares Amount Shares Amount Capital (Deficit) Total Series A Redeemable Preferred Stock Common Stock Additional Paid-In Accumulated Shares Amount Shares Amount Capital (Deficit) Total Balance - January 1, 2026 - - 12,078,713 $1 $163,622 $(152,093) $11,530 Net loss - - - - - (6,625) (6,625) Cashless exercise of liability classified warrants - - 69,985 - - - - Shares issued for vested restricted stock units - - 85 - - - - Dividends Preferred Series B - Paid-in-kind - - - - (125) - (125) Dividends Preferred Series B - - - - (502) - (502) Accretion of discount on Series B Preferred - - - - (468) - (468) Stock compensation expense - - - - 100 - 100 Balance - March 31, 2026 - - 12,148,783 $1 $162,627 $(158,718) $3,910 Balance - January 1, 2025 - - 723,265 $- $72,750 $(82,154) $(9,404) Balance - - 723,265 $- $72,750 $(82,154) $(9,404) Net loss - - - - - (6,797) (6,797) Common stock issued in public offering (ATM), net of costs - - 2,316 - 63 - 63 Redeemable preferred stock issued, net 350 3,180 - - - - - Shares issued for vested restricted stock units - - 2,195 - - - - Conversion of preferred stock to common stock (30) (273) 31,189 - 273 - 273 Stock compensation expense - - - - 220 - 220 Balance - March 31, 2025 320 2,907 758,965 $- $73,306 $(88,951) $(15,645) Balance 320 2,907 758,965 $- $73,306 $(88,951) $(15,645) The accompanying notes are an integral part of the consolidated financial statements. 5 DRAGONFLY ENERGY HOLDINGS CORP. Unaudited Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2026 and 2025 (in thousands) 2026 2025 Cash Flows From Operating Activities Net Loss $(6,625) $(6,797) Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities Stock based compensation 100 220 Amortization of debt discount 921 1,095 Change in fair market value of warrant liability (506) (3,818) Non-cash interest expense (paid-in kind) - 3,579 Provision for credit losses 6 103 Depreciation and amortization 794 859 Amortization of right of use of assets 289 658 Changes in Assets and Liabilities Accounts receivable 1,230 (1,915) Inventory (65) (12) Prepaid expenses (27) (126) Prepaid inventory 126 (669) Prepaid income tax (6) - Other current assets (675) 54 Other assets 9 - Accounts payable and accrued expenses (2,899) 3,379 Operating lease liabilities (601) (706) Accrued tariffs (602) 30 Deferred revenue (250) (250) Income tax payable - (4) Customer deposits (3) (180) Total Adjustments (2,159) 2,297 Net Cash Used in Operating Activities (8,784) (4,500) Cash Flows From Investing Activities Purchase of property and equipment (279) (778) Net Cash Used in Investing Activities (279) (778) The accompanying notes are an integral part of the consolidated financial statements. 6 DRAGONFLY ENERGY HOLDINGS CORP. Unaudited Condensed Consolidated Statements of Cash Flows (continued) For the Three Months Ended March 31, 2026 and 2025 (in thousands) (continued from previous page) 2026 2025 Cash Flows From Financing Activities Proceeds from public offering (ATM), net - 63 Repayment of note payable (241) - Proceeds from preferred stock offering, net of fees - 3,180 Principal payments on finance leases (12) (11) Payment of dividends (317) - Net Cash (Used in) Provided by Financing Activities (570) 3,232 Net Decrease in Cash and cash equivalents (9,633) (2,046) Beginning Cash and cash equivalents - beginning of period 18,270 4,849 Ending Cash and cash equivalents - end of period $8,637 $2,803 Supplemental Disclosures of Cash Flow Information: Cash paid for income taxes $- $2 Cash paid for interest $965 $1 Supplemental Non-Cash Investing and Financing Activities Purchases of property and equipment, not yet paid $360 $929 Recognition of warrant liability - Investor Warrants $- $697 Conversion of preferred stock to common stock $- $273 Accrued dividends $502 $- Dividends paid in kind $125 $- Accretion of preferred stock discount $468 $- The accompanying notes are an integral part of the consolidated financial statements. 7 DRAGONFLY ENERGY HOLDINGS CORP. Notes to Unaudited Condensed Consolidated Financial Statements (in thousands, except share and per share data) Note 1 - NATURE OF BUSINESS Dragonfly Energy Holdings Corp. (the “Company”) sells lithium ion battery packs for use in a wide variety of applications. The Company sells to distributors under the Dragonfly Energy brand name, and sells direct to consumers under the trade name Battleborn Batteries. In addition, the Company develops technology for improved lithium ion battery manufacturing and assembly methods. On December 15, 2025, the Company’s Board of Directors approved a 1-for-10 reverse stock split of the Company’s common stock, par value $0.0001 per share and a corresponding proportional reduction in the number of common stock shares issued and outstanding. The reverse stock split was effected upon market open on December 18, 2025, and shares of Common Stock began trading on a split-adjusted basis as of market open on December 18, 2025. All shares of Common Stock, stock option awards and per share amounts contained in the Consolidated Financial Statements and Notes have been retroactively adjusted to reflect the 1-for-10 reverse stock split. Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These condensed consolidated financial statements should be read along with the Annual Report on Form 10-K filed with the SEC on March 30, 2026 of the Company for the annual period ended December 31, 2025. The consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements as of and for the year then ended. Principles of consolidation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and present the consolidated financial statements of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. 8 DRAGONFLY ENERGY HOLDINGS CORP. Notes to Unaudited Condensed Consolidated Financial Statements (in thousands, except share and per share data) Note 2 – Summary of Significant Accounting Policies (continued) Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. During the three months ended March 31, 2026 and 2025, the Company incurred losses from operations and had negative cash flow from operations. As of March 31, 2026, the Company had $8,637 in cash and cash equivalents and a working capital of $23,399. The Company’s ability to achieve profitability and positive cash flow depends on its ability to increase revenue, contain its expenses and maintain compliance with the financial covenants in its outstanding indebtedness agreements. In 2025, the Company completed several capital raising and debt restructuring transactions, resulting in aggregate net cash proceeds of approximately $90,930 and modifications to its term loan that extended the maturity to October 2027, deferred principal and interest payments, reduced outstanding principal (including partial cancellation and conversion of principal into preferred stock), and established minimum liquidity covenants. On January 30, 2026, the Company also entered into an at-the-market equity offering program under which it may, at its discretion and subject to market conditions, issue and sell up to $50 million of its common stock from time to time. Refer to Annual Report on Form 10-K for the period ended December 31, 2025 for additional information regarding these equity offerings and term loan amendments. Management has evaluated the conditions and events described above in relation to the Company’s obligations coming due within one year after the date these condensed consolidated financial statements are issued. Based on this evaluation, the capital raise and debt restructuring activities completed in 2025 and early 2026, including access to the at-the-market equity offering program, and the Company’s ability to maintain covenant compliance with a monthly liquidity minimum of $5,000, management has concluded that although substantial doubt was initially raised, its plans have alleviated substantial doubt about the Company’s ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. Inventory Inventories (Note 4), which consist of raw materials and finished goods, are stated at the lower of cost (first in, first out) or net realizable value, net of reserves for obsolete inventory. The Company continually analyzes its slow moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company established reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. The Company had a reserve of $560 and $300 as of March 31, 2026 and December 31, 2025, respectively. Use of Estimates The preparation of financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company utilizes the use of estimates in its calculations for the reserve for obsolete or slow moving inventory, going concern, right of use asset, warrant liability, equity based compensation, income taxes, leases, right-of-use asset impairment, and license arrangement. 9 DRAGONFLY ENERGY HOLDINGS CORP. Notes to Unaudited Condensed Consolidated Financial Statements (in thousands, except share and per share data) Note 2 – Summary of Significant Accounting Policies (continued) Revenue Recognition Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Revenue is recognized when control of the promised goods is transferred to the customer or reseller, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Revenue associated with products holding rights of return are recognized when the Company concludes there is not a risk of significant revenue reversal in the future periods for the expected consideration in the transaction. There are no material instances including discounts and refunds where variable consideration is constrained and not recorded at the initial time of sale. Generally, our revenue is recognized at a point in time for standard promised goods at the time of shipment when title and risk of loss pass to the customer. The Company recognizes revenue from right-to-access license agreements upon the transfer of control to the customer. Upfront fees are deferred and recognized over the estimated period of benefit. Royalties are recognized as revenue when the customer’s underlying sales occur. The transaction price and timing of revenue recognition are adjusted as necessary to reflect changes in expectations. The Company may receive payments at the onset of the contract before delivery of goods for customers in the retail channel. Payment terms for distributors and OEMs are typically due within 30-90 days after shipment. In such instances, the Company records a customer deposit liability. The Company recognizes these contract liabilities as sales after the revenue criteria are met. As of March 31, 2026 and December 31, 2025, the contract liability related to the Company’s customer deposits were approximately $118 and $121, respectively. The Company recognized $121 of the contract liability as of December 31, 2025 during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company recognized $306 of the contract liability that was recorded as a January 1, 2025 beginning balance. On July 29, 2024, Dragonfly Energy Corp. (“Legacy Dragonfly”), a wholly-owned subsidiary of the Company, and Battle Born Battery Products, LLC (“Battle Born LLC”), a wholly-owned subsidiary of Legacy Dragonfly, entered into a License Agreement (the “License Agreement”) with Stryten Energy LLC. The $5,000 initial licensing fee is being recognized as revenue on a straight-line basis over five years. The Company has recorded $250 in revenue related to the license agreement during the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, the contract liability related to the Company’s deferred revenue was approximately $3,333 and $3,583, respectively. 10 DRAGONFLY ENERGY HOLDINGS CORP. Notes to Unaudited Condensed Consolidated Financial Statements (in thousands, except share and per share data) Note 2 – Summary of Significant Accounting Policies (continued) Disaggregation of Revenue The following table present our disaggregated revenues by distribution channel: SCHEDULE OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL Sales 2026 2025 For the Three Months Ended March 31, Sales 2026 2025 Direct to customer 3,702 5,015 Original equipment manufacture 5,752 8,091 License fee revenue 250 250 Total $9,704 $13,356 Product Warranty The Company offers assurance type warranties from 5 to 10 years on its products. The Company estimates the costs associated with the warranty obligation using historical data of warranty claims and costs incurred to satisfy those claims. The Company estimates, based upon a review of historical warranty claim experience, the costs that may be incurred under its warranties and record a liability in the amount of such estimate at the time a product is sold. Factors that affect our warranty liability include the number of units sold, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of our recorded warranty liability and adjust the accrual as claims data and historical experience warrants. The Company has assessed the costs of fulfilling its existing assurance type warranties and has det