Dragonfly Energy Holdings Corp., maker of Battle Born Batteries and an industry leader in energy storage, reported its financial and operational results for the fourth quarter and full year ended Dec. 31, 2023.
“Despite the near-term growth and market headwinds, we have continued to execute and achieve our stated targets and milestones,” said Denis Phares, CEO of Dragonfly Energy. “In 2023, we completed the pilot line for our patented chemistry-agnostic dry deposition process, proving that we could produce anode and cathode materials at scale, and are now in the process of delivering sample battery cells to customers across several different industries and markets. We are extremely excited about 2024 as the convergence of the new cell manufacturing, the expansion of our customer base and market segments, and the stabilization and return to growth of the RV markets sets the stage for an expected return to growth.”
Q4 2023 financial highlights:
- Net Sales were $10.4 million, compared to $20.2 million in Q4 2022
- Gross Profit was $2 million, compared to $4 million in Q4 2022
- Operating expenses were $5.4 million, compared to $32.9 million in Q4 2022
- Net Income of $3 million, compared to a Net Loss of $32.5 million in Q4 2022
- Diluted Net Income per share was $0.05, compared to a Net Loss of $0.76 per share in Q4 2022
- EBITDA was $7.4 million, compared to $28 million in Q4 2022
- Adjusted EBITDA was $2.1 million, compared to $4.7 million in Q4 2022
Full year 2023 financial highlights:
- Net Sales of $64.4 million, compared to $86.3 million in 2022
- Gross Profit of $15.4 million, compared to $23.6 million in 2022
- Operating expenses of $42.9 million, compared to $58 million in 2022
- EBITDA for the full year 2023 was $3.4 million, compared to $32.8 million in 2022
- Adjusted EBITDA for the full year 2023 was $17.1 million, compared to $7.9 million in 2022
Operational and business highlights:
- Announced expanded market share with inclusion as standard equipment by Forest River
- Announced the John Lennon Educational Tour Bus is now powered by Battle Born Batteries, moving the nonprofit mobile recording studio toward improved sustainability
- Announced partnership with Ameresco to boost renewable energy and power system applications
- Announced Coachmen RVs will include Battle Born Batteries as an optional upgrade on its Entourage Class C motorhomes
- Announced entrance into heavy-duty trucking market, with new Battle Born All-Electric APU, enabling reduced fuel costs, increased uptime and payload, and lower harmful emissions
- Announced successful cathode electrode dry deposition, at scale, for American made lithium batteries
