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Dragonfly Energy Reports Second Quarter 2023 Financial Results
U.S. lithium battery cell pilot program complete; full cell production expected by year end RENO, Nev., Aug. 21, 2023 (GLOBE NEWSWIRE) -- Dragonfly Energy
About this update from Dragonfly Energy Holdings Corp
[{"type":"text","content":"U.S. lithium battery cell pilot program complete; full cell production expected by year end\nRENO, Nev., Aug. 21, 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 second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Net Sales were $19.3 million, compared to $21.6 million in Q2 2022Gross Profit was $4.1 million, compared to $7.0 million in Q2 2022Operating expenses were $(12.5) million, compared to $(7.6) million in Q2 2022Net Loss of $(11.7) million, compared to a Net Loss of $(1.5) million in Q2 2022Diluted Loss per share was $(0.25) compared to $(0.04) in Q2 2022EBITDA of $(7.3) million, compared to $(0.3) million in Q2 2022 Operational and Business Highlights Announced completion of U.S. lithium battery cell pilot line and beginning of anode manufacturing at scale, using patented deposition processAnnounced U.S. Patent for innovative battery pack assembly design, enabling flexible custom installation solutions and increased energy densityAnnounced partnership with nuCamp, the world’s largest teardrop trailer and small camper manufacturers, to provide full lithium power systems as standard equipment on 2024 model year productsDragonfly Energy joined the Russell 2000® Index “We have achieved a number of important milestones since our last call, with our patent pertaining to preparation and powder film deposition of pre-coated powders and completion of our lithium battery cell pilot program,” said Denis Phares, CEO of Dragonfly Energy. “While the business continues to experience some near-term market headwinds, Dragonfly Energy is executing our plan; growing our market share in our core markets, addressing new growth opportunities, and making significant progress on our cell manufacturing goals. We are excited for what lies ahead and sharing that with you in the coming quarters.” Second Quarter 2023 Financial and Operating ResultsDragonfly generated net sales of $19.3 million in the second quarter, in line with the Company’s $18.0 to $22.0 million revenue guidance. Our revenue declined by $2.3 million from $21.6 million in the second quarter of 2022 as growth from our OEM customers was offse...