Dragonfly Energy Holdings Corp.
Dragonfly Energy Holdings Corp. designs and sells lithium iron phosphate (LFP) battery systems for recreational vehicles and other low-power-density applications. The company sells primarily through direct-to-consumer channels under the Battle Born brand and to OEM customers under the Dragonfly brand, while expanding into trucking, industrial, solar, and other adjacent end markets.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueLFP battery packs sold into the RV market and directly to end consumers for mobile power storage.
Battery systems sold to RV manufacturers and other equipment makers for factory installation.
Battery solutions for industrial solar, oil and gas, material handling, and related uses.
Hybrid electrification and auxiliary power products for trucking, work vehicles, and emergency vehicles.
Early-stage development and pilot activity for rail, telecom, data centers, and distributed storage.
Customers
The company sells to RV owners through direct-to-consumer channels and to RV OEMs that integrate its batteries into new vehicles. It is also targeting industrial customers, trucking fleets, and specialty vehicle operators that need reliable replacement for lead-acid batteries or auxiliary power systems. Management expects growth from existing RV OEM customers, while direct-to-consumer demand is expected to stay relatively flat amid competition and macro pressure.
Consumers buying Battle Born batteries for RV and mobile power use, driven by RV lifestyle adoption and solar integration.
Manufacturers purchasing Dragonfly battery systems for factory installation in RVs and related vehicles.
Customers in industrial solar, oil and gas, and standby power applications buying LFP batteries for reliable storage.
Fleet customers piloting or adopting battery systems for hybrid electrification and onboard power needs.
Operators needing compact, durable power for tools and auxiliary systems in work and emergency vehicles.
Strategy
Dragonfly Energy is shifting from a narrow RV battery business toward a broader platform of LFP battery applications across trucking, industrial, and other commercial markets. Management is investing in product development, targeted marketing, and new-purpose-built offerings to diversify revenue and reduce dependence on direct-to-consumer RV demand. The company is also developing solid-state battery capabilities and U.S. cell production ambitions, which could strengthen its technology position if successfully commercialized.
Reduces dependence on the RV cycle and opens larger commercial demand pools.
Tailored products can improve adoption in new verticals and support revenue growth.
A successful next-generation platform could improve differentiation and long-term competitiveness.
The company needs better customer conversion as direct-to-consumer demand normalizes.
Geography
The company is headquartered in the United States and appears to generate most of its revenue domestically, with operations and customers centered on the U.S. RV market. Its supply chain includes lithium iron phosphate cell sourcing from a limited number of suppliers, including suppliers in China, which creates geographic exposure on the input side rather than from disclosed revenue concentration. Management is also pursuing longer-term expansion into markets such as telecom and distributed storage, which would broaden its geographic and end-market footprint over time.
Risks
The business is exposed to cyclical RV demand, competitive pressure from imported battery packs, and execution risk as it enters new end markets. It also faces supply-chain concentration, technology commercialization risk, and financing/listing risk, which are especially important for a smaller growth company with ongoing losses. If it cannot broaden demand or maintain access to capital and suppliers, growth and liquidity could be constrained.
Delisting could reduce liquidity, impair financing access, and damage customer and supplier confidence.
Exposure: Capital markets and trading liquidity
A large share of current sales is tied to RV shipments and consumer RV spending, which are cyclical.
Exposure: Direct-to-consumer and RV OEM channels
Lower-cost imports can reduce pricing power and directly pressure DTC sales.
Exposure: Battle Born consumer channel
The company relies on a limited number of LFP cell suppliers, including suppliers in China.
Exposure: Battery cell sourcing
Expansion into trucking, industrial, telecom, and other markets requires customer education and product fit.
Exposure: Marketing spend and product development
Solid-state batteries and U.S. cell production may not be commercially viable on schedule.
Exposure: R&D and future product roadmap
Accounting
Judgemental itemsBattery inventory can become obsolete if demand shifts or product mix changes, requiring write-downs.
Impact: Gross margin and asset carrying value
Changes in market inputs can create non-cash gains or losses in other income/expense.
Impact: Net income volatility
Financing structure affects interest expense and amortization, which are material for a loss-making company.
Impact: Operating leverage and net loss
Management currently does not expect to realize tax assets, so no tax benefit is recorded.
Impact: Tax expense and equity
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Last updated: 24/09/2026