Dragonfly Energy Holdings Corp (DFLI) AI Stock Analysis

• Market Cap: $43.72M
• Dividend Yield: N/A
• Average Volume (3M): 913.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• Revenue Growth: 18.24%
• EPS Growth: 24.49%
• Country: US
• Employees: 139
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -2.00
• Shares Outstanding: 12,078,705
• 10 Day Avg. Volume: 590,562
• 30 Day Avg. Volume: 913,942
• PEG Ratio: -0.03
• Price to Book (P/B): -20.30
• Price to Sales (P/S): 3.77
• P/FCF Ratio: -19.25
• Enterprise Value/Market Cap: 1.55
• Enterprise Value/Revenue: 1.17
• Enterprise Value/Gross Profit: 4.29
• Enterprise Value/Ebitda: -8.71
• 1Y Price Target: $1.88
• Price Target Upside: -48.20% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -14.6
• Revenue Forecast (FY): $76.24M

• Rating: 38 Underperform
• Price Target: $3.00 ▼(-17.13% Downside)

The overall stock score of 38 reflects significant financial and valuation challenges. The company's financial instability, negative profitability, and bearish technical indicators are the most impactful factors. While recent corporate actions and earnings call insights show some positive developments, they are not enough to offset the prevailing risks.

Positive Factors

Revenue growth & OEM expansion

Sustained 26% YoY sales growth and a 44% jump in OEM revenue indicate durable channel diversification toward OEM partnerships. Strong OEM traction can produce steadier, higher-volume orders, improved forecasting, and deeper integration with vehicle manufacturers, supporting mid‑term revenue stability.

Gross margin expansion

A 710 bps gross margin improvement to ~29.7% reflects operational levers and favorable product mix that improve unit economics. Higher and more stable gross margins give the company room to invest in R&D and sales while moving the business closer to sustained profitability over the next several quarters.

Capital raise and debt reduction

Large equity raises and debt restructuring materially improved liquidity and solvency, providing runway for manufacturing upgrades and commercial expansion. Lower debt principal reduces interest burdens and refinancing risk, enabling strategic investments without immediate cash‑flow pressure.

Negative Factors

Persisting net losses

Despite revenue and margin gains, increasing net losses show structural profitability issues. Continued negative net income erodes equity, forces reliance on external financing, and can limit reinvestment capacity, making sustained path to positive earnings contingent on ongoing cost control and revenue scale.

Negative stockholders' equity and leverage

Negative equity signals capital deficits and weak balance sheet resilience. This impairs financial flexibility, can restrict access to traditional lending, and raises counterparty concerns; structurally increases the likelihood of dilution or additional restructuring if profitability and cash flow do not improve.

Weak operating cash generation

Negative operating cash flow indicates core operations still consume cash, leaving the company dependent on financing for working capital and capex. Even with FCF improvement, persistent operating cash deficits threaten long‑term self‑funding and heighten execution risk during industry or demand slowdowns.

Dragonfly Energy Holdings Corp Business Overview & Revenue Model

Company Description

Dragonfly Energy Holdings Corp. manufactures and supplies deep cycle lithium-ion batteries for RVs, marine vessels, off-grid installations, and other storage applications. It also focuses on delivering an energy storage solution to enable a sustainable and reliable smart grid through the deployment of its solid-state cell technology. The company is headquartered in Reno, Nevada.

How the Company Makes Money

Dragonfly Energy generates revenue through the sale of its lithium-ion battery products and energy storage systems. The company's primary revenue streams include direct sales to manufacturers of electric vehicles, recreational vehicles, and marine applications, as well as partnerships with renewable energy firms that integrate its battery systems into their offerings. In addition, Dragonfly has established strategic alliances with various distributors and retailers, expanding its market reach and bolstering sales. The demand for energy storage solutions driven by the growing adoption of renewable energy sources further contributes to the company's earnings.

Dragonfly Energy Holdings Corp Financial Statement Overview

Summary

Dragonfly Energy Holdings Corp faces significant financial challenges. Despite some revenue growth, the company struggles with profitability, high leverage, negative equity, and ongoing cash flow issues, posing risks to its financial health.

Income Statement

Dragonfly Energy Holdings Corp has shown a mixed performance in its income statement. The company has experienced a slight revenue growth of 5.95% in the TTM, but it continues to struggle with profitability, as indicated by negative net profit and EBIT margins. The gross profit margin is relatively stable at 27.36%, but the net profit margin remains deeply negative at -60.13%, reflecting ongoing challenges in cost management and operational efficiency.

Balance Sheet

The balance sheet of Dragonfly Energy Holdings Corp reveals significant financial leverage and equity challenges. The company has a negative stockholders' equity, leading to an undefined debt-to-equity ratio in the TTM. The return on equity is also negative, indicating that the company is not generating sufficient returns on its equity base. These factors highlight potential financial instability and risk.

Cash Flow

Cash flow analysis shows some improvement in free cash flow growth, which increased by 55.56% in the TTM. However, the company still faces negative operating cash flow and a high free cash flow to net income ratio, suggesting that cash generation is not keeping pace with net income losses. This indicates ongoing liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	57.78M	50.65M	64.39M	86.25M	78.00M	47.19M
Gross Profit	15.81M	11.63M	15.45M	23.62M	29.63M	20.61M
EBITDA	-7.78M	-15.51M	3.41M	-32.83M	7.08M	8.94M
Net Income	-34.74M	-40.62M	-13.82M	-39.99M	4.34M	6.88M
Balance Sheet
Total Assets	73.84M	75.21M	75.20M	89.11M	76.25M	18.81M
Cash, Cash Equivalents and Short-Term Investments	3.84M	4.85M	12.71M	17.78M	25.59M	6.21M
Total Debt	69.49M	55.27M	23.31M	24.02M	44.70M	983.00K
Total Liabilities	95.42M	84.62M	47.29M	78.36M	62.19M	10.25M
Stockholders Equity	-21.58M	-9.40M	27.91M	10.74M	14.06M	8.55M
Cash Flow
Free Cash Flow	-16.57M	-9.92M	-24.59M	-52.56M	-16.54M	5.23M
Operating Cash Flow	-13.71M	-7.18M	-17.71M	-45.70M	-13.57M	6.64M
Investing Cash Flow	-2.85M	-2.73M	-6.88M	-6.83M	-2.91M	-1.41M
Financing Cash Flow	12.38M	2.05M	19.52M	41.67M	38.91M	12.00K

Dragonfly Energy Holdings Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.62
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DFLI, the sentiment is Negative. The current price of 3.62 is below the 20-day moving average (MA) of 3.88, below the 50-day MA of 5.49, and below the 200-day MA of 5.35, indicating a bearish trend. The MACD of -0.49 indicates Negative momentum. The RSI at 35.90 is Neutral, neither overbought nor oversold. The STOCH value of 14.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DFLI.

Dragonfly Energy Holdings Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ULBI	64 Neutral	$106.55M	62.88	1.26%	―	12.94%	-81.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SKYX	54 Neutral	$339.31M	-7.33	-1421.39%	―	7.06%	12.25%
CBAT	48 Neutral	$72.16M	-11.19	-5.16%	―	-22.02%	-156.65%
GWH	43 Neutral	$32.96M	-0.34	-265.36%	―	-3.53%	24.37%
FLUX	42 Neutral	$31.58M	-3.12	―	―	2.14%	5.01%
DFLI	38 Underperform	$43.72M	-0.11	―	―	18.24%	24.49%

Dragonfly Energy Holdings Corp Corporate Events

Dragonfly Energy Implements One-for-Ten Reverse Stock Split

On October 15, 2025, Dragonfly Energy Holdings Corp.’s stockholders approved giving the board discretion to implement a reverse stock split of the company’s outstanding common shares within a specified range. Acting on that authority, the board on December 2, 2025, set the final ratio at one-for-ten, and the company filed a Certificate of Amendment in Nevada on December 15, 2025, to implement the split effective at 6:00 a.m. Eastern Time on December 18, 2025. As of the market open on December 18, 2025, Dragonfly’s common stock began trading on a split-adjusted basis with a new CUSIP, while continuing to trade on Nasdaq under the “DFLI” ticker. The one-for-ten reverse split consolidated every ten issued and outstanding common shares into one share without changing the par value or the total number of authorized shares, uniformly affecting all shareholders except for the cash-out of fractional positions, and required proportional adjustments to all outstanding options, warrants, and other common-stock-linked securities, effectively tightening the share count while preserving relative ownership stakes.

The most recent analyst rating on (DFLI) stock is a Hold with a $0.70 price target. To see the full list of analyst forecasts on Dragonfly Energy Holdings Corp stock, see the DFLI Stock Forecast page.

Dragonfly Energy Strengthens Financial Position with Offerings

Dragonfly Energy reported its third-quarter 2025 results, showing a 26% increase in net sales to $16 million and a significant improvement in gross margin by 710 basis points. The company also completed three public offerings raising $90 million, which, along with debt restructuring, has strengthened its financial position, allowing for strategic growth in battery technology and expansion into adjacent markets.

The most recent analyst rating on (DFLI) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Dragonfly Energy Holdings Corp stock, see the DFLI Stock Forecast page.

Dragonfly Energy Issues Unregistered Series B Preferred Stock

Dragonfly Energy Holdings Corp announced the issuance of Series B Preferred Stock, which has not been registered under the Securities Act of 1933 but is offered under an exemption. This move could impact the company’s financial structure and stakeholder interests by potentially altering the equity distribution and investment appeal.

The most recent analyst rating on (DFLI) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Dragonfly Energy Holdings Corp stock, see the DFLI Stock Forecast page.