Business
Dragonfly Energy Reports Fourth Quarter and Full Year 2022 Financial Results
Full year 2022 Revenue grew to $86.3 million, 10.6% higher compared to 2021 RENO, Nev., March 29, 2023 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp.
About this update from Dragonfly Energy Holdings Corp
[{"type":"text","content":"Full year 2022 Revenue grew to $86.3 million, 10.6% higher compared to 2021\nRENO, Nev., March 29, 2023 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and producer of deep cycle lithium-ion storage batteries, today reported financial and operational results for the fourth quarter and full year of 2022. Fourth Quarter 2022 Financial Highlights Net Sales of $20.2 million were unchanged compared to Q4 2021Gross Profit of $4.4 million, decreased $1.7 million from $6.1 million in Q4 2021Operating expenses of $(12.5) million, were higher compared to $(6.2) million in Q4 2021EBITDA was a negative $(7.8) million, lower compared to $0.1 million in Q4 2021Adjusted EBITDA was a negative $(4.8) million, compared $1.0 million in Q4 2021 Full Year 2022 Financial Highlights Net Sales of $86.3 million were 10.6% higher compared to $78.0 million in 2021Gross Profit of $24.0 million was lower compared to $29.6 million in 2021Operating expenses of $(37.5) million, increased compared to $(23.2) million in 2021EBITDA for the full year 2022 was a negative $(12.6) million, compared to $7.1 million in 2021Adjusted EBITDA for the full year 2022 was a negative $(7.9) million, compared to $8.5 million in 2021Cash was $17.8 million, and debt was $76.2 million on December 31, 2022 Operational and Business Highlights Number of batteries sold in 2022 was 28.6% higher at 95,949 units compared to 74,632 units sold in 2021Launch of Dragonfly IntelLigence™ providing reliable communication capabilities via unique mesh network, enabling accurate remote monitoring for entire lithium battery banks via Dragonfly Mobile AppGranted patent for “systems and methods for dry powder coating layers of an electrochemical cell” enabling development of non-flammable cells “We executed well in 2022, with strong Net Sales and record growth within the OEM segment, while effectively managing headwinds that challenged the wider industry,” said Denis Phares, CEO of Dragonfly Energy. “We have a robust patent portfolio and we continued to innovate, offering great new products like out IntelLigence line, and Dragonfly’s dry powder coating cell manufacturing technology and non-flammable battery technology, for which we have already begun production of the cell pilot. We are excited to execute on our p...