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Dragonfly Energy Reports First Quarter 2023 Financial Results
First Quarter 2023 Revenue Grew 2.7% Year-over-Year to $18.8 million RENO, Nev., May 15, 2023 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly
About this update from Dragonfly Energy Holdings Corp
[{"type":"text","content":"First Quarter 2023 Revenue Grew 2.7% Year-over-Year to $18.8 million\nRENO, Nev., May 15, 2023 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and producer of deep cycle lithium-ion storage batteries, today reported its financial and operational results for the first quarter of 2023 ended March 31, 2023. First Quarter 2023 Financial Highlights Net Sales of $18.8 million increased 2.7% from $18.3 million in Q1 2022Gross Profit of $4.7 million decreased $0.8 million from $5.5 million in Q1 2022Operating expenses of $(14.6) million were higher compared to $(7.1) million in Q1 2022Net Income of $4.9 million, compared to a Net Loss of $(2.3) million in Q1 2022Diluted Earnings Per Share of $0.10 compared to $(0.06) in Q1 2022EBITDA of $9.0 million, compared to $(1.4) million in Q1 2022 Operational and Business Highlights Announced the launch of Dragonfly IntelLigence™ providing reliable communication capabilities via unique mesh network, enabling accurate remote monitoring for entire lithium battery banks via the Dragonfly Energy Mobile AppAnnounced partnership with Airstream, which will provide Battle Born batteries as standard equipment across multiple modelsAnnounced a Commercial Offtake Agreement with Ioneer Ltd., a Nevada-based lithium-boron producer, providing Dragonfly Energy with a future source of domestic supply of lithium carbonate “We delivered a solid start to 2023, with healthy sales and record growth within the OEM segment, while effectively managing headwinds that challenged the wider industry,” said Denis Phares, CEO of Dragonfly Energy. “In addition to our healthy core business, we have a strong and growing patent portfolio ranging from innovative new products, like our IntelLigence™ line of battery packs, to groundbreaking new cell manufacturing and design technologies that we believe offer significant upside and long-term competitive advantages within the energy storage market. We are excited to execute on our plan for the next 18 months and we look forward to sharing our progress in the coming quarters.”First Quarter 2023 Financial and Operating ResultsFirst quarter 2023 Net Sales of $18.8 million increased 2.7% compared to the first quarter of 2022. This increase was primarily due to higher original equipment manufactur...