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.

−35,7 %

26,7 %

−119,3 %

+15,8 %

2.54

1.31

— Dragonfly Energy Holdings Corp.
%
RV and consumer batteries55% LFP battery packs sold into the RV market and directly to end consumers for mobile power storage.
OEM battery systems25% Battery systems sold to RV manufacturers and other equipment makers for factory installation.
Industrial and commercial applications10% Battery solutions for industrial solar, oil and gas, material handling, and related uses.
Trucking and specialty vehicles7% Hybrid electrification and auxiliary power products for trucking, work vehicles, and emergency vehicles.
Emerging end markets3% Early-stage development and pilot activity for rail, telecom, data centers, and distributed storage.

The company sells to RV owners through direct-to-consumer channels and to RV OEMs that integrate its batteries into new...

  • RV direct-to-consumerprimary

    Consumers buying Battle Born batteries for RV and mobile power use, driven by RV lifestyle adoption and solar integration.

  • RV OEMsprimary

    Manufacturers purchasing Dragonfly battery systems for factory installation in RVs and related vehicles.

  • Industrial and energy userssecondary

    Customers in industrial solar, oil and gas, and standby power applications buying LFP batteries for reliable storage.

  • Trucking and fleet operatorssecondary

    Fleet customers piloting or adopting battery systems for hybrid electrification and onboard power needs.

  • Specialty and emergency vehiclesemerging

    Operators needing compact, durable power for tools and auxiliary systems in work and emergency vehicles.

The company is headquartered in the United States and appears to generate most of its revenue domestically, with...

  • •U.S. is the core market for RV and consumer battery sales
  • •Domestic OEM relationships drive most current commercial activity
  • •Supplier exposure includes lithium cell sourcing from China
  • •Expansion targets include broader North American industrial markets
  • •Longer-term end markets may extend into telecom and data centers

Dragonfly Energy is shifting from a narrow RV battery business toward a broader platform of LFP battery applications...

01
Expand into adjacent end marketsmedium-term

Reduces dependence on the RV cycle and opens larger commercial demand pools.

02
Launch purpose-built productsshort-term

Tailored products can improve adoption in new verticals and support revenue growth.

03
Advance solid-state battery developmentlong-term

A successful next-generation platform could improve differentiation and long-term competitiveness.

04
Improve sales and marketing efficiencyshort-term

The company needs better customer conversion as direct-to-consumer demand normalizes.

The business is exposed to cyclical RV demand, competitive pressure from imported battery packs, and execution risk as...

high

Dependence on RV market demand

A large share of current sales is tied to RV shipments and consumer RV spending, which are cyclical.

Scope
Direct-to-consumer and RV OEM channels
Materiality
high
high

Competition from imported battery packs

Lower-cost imports can reduce pricing power and directly pressure DTC sales.

Scope
Battle Born consumer channel
Materiality
high
high

Supplier concentration and China exposure

The company relies on a limited number of LFP cell suppliers, including suppliers in China.

Scope
Battery cell sourcing
Materiality
high
high

Nasdaq continued listing compliance

Delisting could reduce liquidity, impair financing access, and damage customer and supplier confidence.

Scope
Capital markets and trading liquidity
Materiality
high
medium

New market execution risk

Expansion into trucking, industrial, telecom, and other markets requires customer education and product fit.

Scope
Marketing spend and product development
Materiality
medium
medium

Technology commercialization risk

Solid-state batteries and U.S. cell production may not be commercially viable on schedule.

Scope
R&D and future product roadmap
Materiality
medium
Inventory valuation
Gross margin and asset carrying value
Warrant liability fair value
Net income volatility
Debt-related interest and issuance costs
Operating leverage and net loss
Deferred tax asset valuation allowance
Tax expense and equity

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: 28/04/2026