DFLI Dragonfly Energy Holdings Corporation

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 13, 2023

 

DRAGONFLY ENERGY HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

 

Nevada		001-40730		85-1873463
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

1190 Trademark Drive, #108 Reno, Nevada		89521
(Address of principal executive offices)		(Zip Code)

 

(775) 622-3448

Registrant’s telephone number, including area code

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.0001 per share		DFLI		The Nasdaq Global Market
Redeemable warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment		DFLIW		The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On November 13, 2023, Dragonfly Energy Holdings Corp. (the “Company”) issued an earnings release disclosing certain information regarding its results of operations for the third quarter ended September 30, 2023. Following the publication of the press release, the Company will host an earnings call at 5:00 p.m. (Eastern Time) on November 13, 2023, via a webcast. During the webcast, the Company’s financial results for the third quarter ended September 30, 2023 will be discussed. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 7.01. Regulation FD Disclosure.

 

See “Item 2.02 Results of Operation and Financial Condition” above.

 

The information in this Current Report on Form 8-K under Items 2.02 and 7.01, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission (the “SEC”), and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release of Dragonfly Energy Holdings Corp., dated November 13, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	DRAGONFLY ENERGY HOLDINGS CORP.
Dated: November 13, 2023	By:	/s/ Denis Phares
	Name:	Denis Phares
	Title:	President, Chief Executive Officer and Interim Chief Financial Officer

 

 

 

Exhibit 99.1

 

 

Dragonfly Energy Reports Third Quarter 2023 Financial and Operational Results

 

	●	Achieved successful deposition of cathode electrodes, and double-sided dry deposition of both anode and cathode electrodes, at scale, using the Company’s patented dry electrode battery manufacturing process
	●	Dragonfly Energy remains on track to achieve delivery of sample domestic battery cells, across a variety of lithium chemistries, to potential customers by year end
	●	Launched new all-electric APU, a comprehensive solution to the trucking industry that enables compliance with increasing anti-idling regulations while potentially saving billions of dollars in fuel costs, increasing uptime and payload, and reducing harmful emissions during idle periods

 

RENO, NEVADA (November 13, 2023) — 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 third quarter ended September 30, 2023.

 

Third Quarter 2023 Financial Highlights

 

	●	Net Sales were $15.9 million, compared to $26.1 million in Q3 2022
	●	Gross Profit was $4.6 million, compared to $7.0 million in Q3 2022
	●	Operating expenses were $(10.5) million, compared to $(10.4) million in Q3 2022
	●	Net Loss of $(10.0) million, compared to a Net Loss of $(3.7) million in Q3 2022
	●	Diluted Loss per share was $(0.17), compared to $(0.10) in Q3 2022
	●	Adjusted EBITDA was $(4.6) million, compared to $(2.7) million in Q3 2022

 

Operational and Business Highlights

 

	●	Announced entrance into heavy-duty trucking market, with new Battle Born All-Electric APU (auxiliary power unit), enabling reduced fuel costs, increased uptime and payload, and lower harmful emissions (link)
	●	Announced successful cathode electrode dry deposition, at scale, for American made lithium batteries (link)
	●	Announced successful manufacture of lithium battery cell using high-purity recycled battery materials (link)
	●	Announced expansion of business with new distributor and location in the Midwest (link)
	●	Announced new program win at nuCamp, continuing to gain share in the RV market (link)
	●	Announced U.S. Patent for innovative battery pack assembly design, enabling flexible custom installation solutions and increased energy density (link)

 

“We have achieved a number of important milestones since our last call, including new customer wins within the RV market and the launch of our new all-electric APU, furthering our expansion efforts into the heavy-duty and fleet trucking markets. On the technology front, we completed our domestic cell manufacturing pilot line and announced the successful production of both anode and cathode material at scale, putting us on track to deliver sample battery cells using our patented dry electrode manufacturing process to prospective customers, by year end,” said Denis Phares, Chief Executive Officer of Dragonfly Energy. “While recent financial results continue to experience near-term market headwinds, Dragonfly Energy is executing on our plan by continuing to expand our revenue opportunities in existing and adjacent markets, while bringing new products and new capabilities to market. We remain excited about what lies ahead and sharing more about our progress in the coming quarters.”

 

 

Third Quarter 2023 Financial Results

 

Third quarter 2023 Net Sales were $15.9 million, compared to $26.1 million in the third quarter of 2022. The year-over-year decline in revenue was due to lower OEM and DTC battery and accessory sales compared to the same quarter a year ago. OEM revenue declined by $8.3 million in the quarter. As discussed on our last earnings call, we were notified that due to weaker demand for its products, our largest OEM customer decided to switch from installing our storage solutions as a standard feature to an option on its products. As expected, this had a material adverse impact on our OEM sales in the third quarter of 2023. DTC revenue decreased by $1.9 million compared to the same quarter a year ago, as a result of decreased demand for our products due to ongoing macro-economic factors, such as higher interest rates and inflation.

 

Third quarter 2023 Gross Profit was $4.6 million, compared to $7.0 million in the third quarter of 2022. The decrease was primarily due to lower overall sales and unit volumes, offset by a positive change in revenue mix, with a greater percentage of higher margin DTC sales in the current year quarter.

 

Operating Expenses in the third quarter of 2023 were $(10.5) million, compared to $(10.4) million in the prior year quarter, as higher research and development costs were largely offset by decreased general, administrative, sales and marketing expenses.

 

Total Other Expenses were $(4.1) million, compared to $(1.2) million in the prior year period. The increase was primarily due to higher interest rate expenses related to the Company’s debt securities.

 

The Company had a Net Loss of $(10.0) million, or $(0.17) per diluted share in the third quarter of 2023, compared to a Net Loss of $(3.7) million or $(0.10) per diluted share in the prior year quarter. Net Income in the current quarter was impacted by lower sales, lower gross profit, and increased other expense.

 

Third quarter 2023 EBITDA was $(5.7) million, compared to EBITDA of $(3.1) million in the third quarter of 2022. Third quarter 2023 Adjusted EBITDA, excluding stock-based compensation, the change in the fair market value of the Company’s warrants, and other one-time expenses, was a negative $(4.6) million in the quarter, compared to $(2.7) million in the same quarter a year ago.

 

The Company ended the third quarter of 2023 with $13.2 million in cash. Dragonfly Energy retains strong financial flexibility with access to a largely undrawn $150 million equity line of credit.

 

Q4 2023 Outlook

 

The Company continues to face headwinds in its core markets, which are dominated by consumer discretionary spending. The RV industry, in particular, is undergoing more severe unit declines than previously expected, and while the Company continues to win share within the RV market, these unit declines continue to negatively impact growth over the near-term. Additionally, as previously discussed, our largest RV customer, in an effort to reduce costs, has changed our storage offering from a standard installation to a dealer option. While this customer is not moving to a different solution or competitor, we do expect this change in strategy to continue to have a material limiting effect on our revenue throughout the remainder of 2023 and potentially into 2024.

 

	●	Net Sales are expected to range between $10.0 - $14.0 million, negatively impacted by continued softer demand from the overall RV market
	●	Gross Margin is expected in the range of 21.0% - 26.0%
	●	Operating Expenses are expected to be in a range of $(9.0) - $(12.0) million
	●	Other Income (Expense) is expected be an expense in the range of $(3.5) - $(4.5) million
	●	Net Losses are expected to be between $(9.0) - $(14.5) million for the quarter, or $(0.15) - $(0.24) per share based on approximately 60.0 million shares outstanding

 

Webcast Information

 

The Dragonfly Energy management team will host a conference call to discuss its third quarter 2023 financial results this afternoon, Monday, November 13, 2023, at 5:00 pm ET. The call can also be accessed live via telephone by dialing (206) 962-3782, toll-free in North America (888) 259-6580, or for international callers (416) 764-8624, and referencing Dragonfly Energy. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event. The live webcast of the conference will also be available at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx on the Events and Presentations page on the Investor Relations section of Dragonfly’s website.

 

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

 

 

About Dragonfly Energy

 

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada, is a leading supplier of deep cycle lithium-ion batteries. Dragonfly Energy’s research and development initiatives are revolutionizing the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly Energy’s non-toxic deep cycle lithium-ion batteries are displacing lead-acid batteries across a wide range of end-markets, including RVs, marine vessels, off-grid installations, and other storage applications. Dragonfly Energy is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of the Company’s proprietary and patented solid-state cell technology. To learn more, visit www.dragonflyenergy.com/investors.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2023 results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

 

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: headwinds in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully optimize solid state cells and to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the impact of the coronavirus disease pandemic, including any mutations or variants thereof and/or the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s subsequent filings with the SEC available at www.sec.gov.

 

If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

 

Investor Relations:

Sioban Hickie

DragonflyIR@icrinc.com

 

 

Dragonfly Energy Holdings Corp.

Unaudited Condensed Consolidated Balance Sheets

(U.S. Dollars in Thousands, except share and per share data)

 

		September 30, 2023				December 31, 2022
Current Assets
Cash		$	13,235			$	17,781
Accounts receivable, net of allowance for credit losses			4,336				1,444
Inventory			41,907				49,846
Prepaid expenses			823				1,624
Prepaid inventory			2,074				2,002
Prepaid income tax			529				525
Other current assets			118				267
Total Current Assets			63,022				73,489
Property and Equipment
Machinery and equipment			16,337				10,214
Office furniture and equipment			275				275
Leasehold improvements			1,727				1,709
Vehicle			33				195
Total			18,372				12,393
Less accumulated depreciation and amortization			(2,496	)			(1,633	)
Property and Equipment, Net			15,876				10,760
Operating lease right of use asset			3,615				4,513
Total Assets		$	82,513			$	88,762
Current Liabilities
Accounts payable		$	9,889			$	13,475
Accrued payroll and other liabilities			10,788				6,247
Customer deposits			217				238
Uncertain tax position liability			128				128
Notes payable, current portion, net of deferred financing fees			18,700				19,242
Operating lease liability, current portion			1,264				1,188
Financing lease liability, current portion			36				10
Total Current Liabilities			41,022				40,528
Long-Term Liabilities
Warrant liabilities			14,165				32,831
Accrued expenses, long-term			351				492
Operating lease liability, net of current portion			2,565				3,541
Financing lease liability, net of current portion			75				38
Total Long-Term Liabilities			17,156				36,902
Total Liabilities			58,178				77,430
Equity
Common stock, 170,000,000 shares at $0.0001 par value, authorized, 58,880,712 and 43,272,728 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively			6				4
Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively			-				-
Additional paid in capital			68,293				38,461
Retained deficit			(43,964	)			(27,133	)
Total Equity			24,335				11,332
Total Liabilities and Shareholders’ Equity		$	82,513			$	88,762

 

 

 

Dragonfly Energy Holdings Corp.

Unaudited Condensed Interim Consolidated Statements of Operations

(U.S. Dollars in Thousands, except share and per share data)

 

		Three Months Ended
		September 30, 2023				September 30, 2022
Net Sales		$	15,889			$	26,117
Cost of Goods Sold			11,317				19,079
Gross Profit			4,572				7,038
Operating Expenses
Research and development			1,385				753
General and administrative			6,005				6,336
Selling and marketing			3,083				3,358
Total Operating Expenses			10,473				10,447
Loss From Operations			(5,901	)			(3,409	)
Other (Expense) Income
Interest expense			(3,977	)			(1,166	)
Change in fair market value of warrant liability			(145	)			-
Total Other (Expense) Income			(4,122	)			(1,166	)
Loss Before Taxes			(10,023	)			(4,575	)
Income Tax (Benefit) Expense			-				(886	)
Net Loss		$	(10,023	)		$	(3,689	)
Loss Per Share- Basic		$	(0.17	)		$	(0.10	)
Loss Per Share- Diluted		$	(0.17	)		$	(0.10	)
Weighted Average Number of Shares- Basic			58,736,013				38,129,422
Weighted Average Number of Shares- Diluted			58,736,013				38,129,422

 

  

Dragonfly Energy Holdings Corp.

Unaudited Condensed Interim Consolidated Statements of Operations

(U.S. Dollars in Thousands, except share and per share data)

 

		Nine Months Ended
		September 30, 2023				September 30, 2022
Net Sales		$	53,954			$	66,042
Cost of Goods Sold			40,541				46,481
Gross Profit			13,413				19,561
Operating Expenses
Research and development			3,332				1,951
General and administrative			23,114				13,778
Selling and marketing			11,075				9,331
Total Operating Expenses			37,521				25,060
Loss From Operations			(24,108	)			(5,499	)
Other (Expense) Income
Interest expense			(11,905	)			(3,657	)
Change in fair market value of warrant liability			19,182				-
Total Other (Expense) Income			7,277				(3,657	)
Loss Before Taxes			(16,831	)			(9,156	)
Income Tax (Benefit) Expense			-				(1,700	)
Net Loss		$	(16,831	)		$	(7,456	)
Loss Per Share- Basic		$	(0.34	)		$	(0.20	)
Loss Per Share- Diluted		$	(0.34	)		$	(0.20	)
Weighted Average Number of Shares- Basic			50,166,320				37,098,990
Weighted Average Number of Shares- Diluted			50,166,320				37,098,990

 

 

Dragonfly Energy Holdings Corp.

Unaudited Condensed Consolidated Statement of Cash Flows

(U.S. Dollars in Thousands)

 

		Nine Months Ended
		September 30, 2023				September 30, 2022
Cash Flows From Operating Activities
Net Loss		$	(16,831	)		$	(7,456	)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities
Stock based compensation			6,387				1,155
Amortization of debt discount			995				1,783
Change in fair market value of warrant liability			(19,182	)			-
Deferred tax liability			-				(1,707	)
Non-cash interest expense (paid-in-kind)			3,738				-
Provision for doubtful accounts			147				-
Depreciation and amortization			909				648
Loss on disposal of property and equipment			116				62
Changes in Assets and Liabilities
Accounts receivable			(3,039	)			(3,037	)
Inventories			7,939				(12,360	)
Prepaid expenses			801				(1,259	)
Prepaid inventory			(72	)			3,732
Other current assets			149				(2,114	)
Other assets			898				831
Income taxes payable			(4	)			(927	)
Accounts payable and accrued expenses			343				(3,915	)
Customer deposits			(21	)			(147	)
Total Adjustments			104				(17,255	)
Net Cash Used in Operating Activities			(16,727	)			(24,711	)
Cash Flows From Investing Activities
Purchase of property and equipment			(6,507	)			(6,065	)
Net Cash Used in Investing Activities			(6,507	)			(6,065	)
Cash Flows From Financing Activities
Proceeds from public offering, net			21,640				-
Proceeds from public offering (ATM), net			671
Proceeds from note payable, related party			1,000				-
Repayment of note payable, related party			(1,000	)			-
Repayment of note payable			(5,275	)			-
Proceeds from exercise of Public Warrants			747				-
Proceeds from exercise of options			359				707
Proceeds from stock purchase agreement			-				15,000
Proceeds from exercise of Investor Warrants			546				-
Net Cash Provided by Financing Activities			18,688				15,707
Net Increase (Decrease) in Cash			(4,546	)			(15,069	)
Beginning cash			17,781				28,630
Ending cash		$	13,235			$	13,561

 

 

Use of Non-GAAP Financial Measures

 

The Company provides non-GAAP financial measures including EBITDA and Adjusted EBITDA as a supplement to GAAP financial information to enhance the overall understanding of the Company’s financial performance and to assist investors in evaluating the Company’s results of operations, period over period. Adjusted non-GAAP measures exclude significant unusual items. Investors should consider these non-GAAP measures as a supplement to, and not a substitute for financial information prepared on a GAAP basis.

 

Adjusted EBITDA

 

Adjusted EBITDA is considered a non-GAAP financial measure under the rules of the SEC because it excludes certain amounts included in net loss calculated in accordance with GAAP. Specifically, the Company calculates Adjusted EBITDA by GAAP net loss adjusted to exclude stock-based compensation expense, business combination related expenses and other one-time, non-recurring items.

 

The Company has included Adjusted EBITDA because it is a key measure used by Dragonfly’s management team to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses. As such, the Company believes Adjusted EBITDA is helpful in highlighting trends in the ongoing core operating results of the business.

 

Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of net loss or other results as reported under GAAP. Some of these limitations are:

 

	●	Adjusted EBITDA does not reflect the Company’s cash expenditures, future requirements for capital expenditures, or contractual commitments;
	●	Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;
	●	Adjusted EBITDA does not reflect the Company’s tax expense or the cash requirements to pay taxes;
	●	although amortization and depreciation are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;
	●	Adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items for which the Company may adjust in historical periods; and
	●	other companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

 

Reconciliations of Non-GAAP Financial Measures

 

EBITDA and Adjusted EBITDA

 

The following table presents reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated.

 

 

Dragonfly Energy Holdings Corp.

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

(U.S. Dollars in Thousands)

 

		Three Months Ended								Nine Months Ended
		September 30,				September 30,				September 30,				September 30,
		2023				2022				2023				2022
Net Loss		$	(10,023	)		$	(3,689	)		$	(16,831	)		$	(7,456	)
Interest Expense			3,977				1,166				11,905				3,657
Taxes			-				(886	)			-				(1,700	)
Depreciation and Amortization			316				259				909				648
EBITDA		$	(5,730	)		$	(3,150	)		$	(4,017	)		$	(4,851	)
Adjusted for:
Stock Based Compensation(1)			946				436				6,387				1,155
Separation Agreement(2)			-				-				720				-
June Offering Costs(3)			-				-				904				-
Promissory Note Forgiveness(4)			-				-				-				469
Change in fair market value of warrant liability(5)			145				-				(19,182	)			-
Adjusted EBITDA		$	(4,639	)		$	(2,714	)		$	(15,188	)		$	(3,227	)

 

	(1)	Stock-Based Compensation is comprised of costs associated with option and RSU grants made to our employees, consultants and board members.
	(2)	Separation Agreement is comprised of $720 in cash severance associated with the separation agreement dated April 26, 2023 between us and our former Chief Legal Officer.
	(3)	June Offering Costs are comprised of fees and expenses, including legal, accounting, and other expenses associated with our secondary offering.
	(4)	Promissory Note Foregiveness is comprised of the loan that was forgiven, prior to the Business Combination, in connection with the promissory note, with a maturity date of March 1, 2026, between us and John Marchetti, our former Chief Financial Officer and current Senior Vice President, Operations.
	(5)	Change in fair market value of warrant liability represents the change in fair value for the three and nine month period ended September 30, 2023.

 

Source: Dragonfly Energy Holdings Corp.

 

 

v3.23.3

Cover	Nov. 13, 2023
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 13, 2023
Entity File Number	001-40730
Entity Registrant Name	DRAGONFLY ENERGY HOLDINGS CORP.
Entity Central Index Key	0001847986
Entity Tax Identification Number	85-1873463
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1190 Trademark Drive
Entity Address, Address Line Two	#108
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89521
City Area Code	(775)
Local Phone Number	622-3448
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Common stock, par value $0.0001 per share
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	DFLI
Security Exchange Name	NASDAQ
Redeemable warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment
Title of 12(b) Security	Redeemable warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment
Trading Symbol	DFLIW
Security Exchange Name	NASDAQ

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