DFLI Dragonfly Energy Holdings Corp.

Overview and Growth

Fiscal 2025 results for Dragonfly Energy Holdings Corp. combined $58.63M of revenue with net loss of $69.94M and an operating cash outflow of $25.97M. At $58.63M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 15.8% above fiscal 2024 revenue of $50.65M, marking a year-over-year increase. Diluted earnings per share were -$14.80, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $86.55M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.68x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $15.65M as gross profit before recognizing operating expenses and other items. Gross profit represented 26.7% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $23.17M after the reported operating expense base. The operating loss equaled 39.5% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $69.94M after operating, financing, tax, and other recognized items. The net loss equaled 119.3% of revenue, showing the bottom-line deficit relative to the company’s sales base. Negative EBITDA totaled $20.94M, confirming that the earnings deficit remained before depreciation and amortization. The pretax result was a loss of $70.03M, establishing the deficit before tax effects. The pretax loss equaled 119.4% of revenue, measuring the pre-tax deficit against sales. An income-tax benefit of $94.00K improved the final result relative to pretax income or loss. The net loss equaled 606.6% of period-end equity, showing the deficit relative to book capital. The net loss equaled 80.8% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit increased from $40.62M in fiscal 2024 to $69.94M.

Liquidity and Capital Structure

Current assets were $50.18M against $19.76M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.54x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $18.27M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 92.5% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $9.64M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.84x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 11.1% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 13.3% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 61.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 21.1% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $75.21M in fiscal 2024, the current asset base moved 15.1% and finished higher. Compared with $4.85M in fiscal 2024, the current cash balance moved 276.8% and finished higher.

Cash Flow and Earnings Quality

Operating activities used $25.97M of cash, resulting in an operating cash outflow for the year. Capital spending of $1.95M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $27.92M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -47.6%, reflecting a cash deficit equal to 47.6% of revenue after capital spending. The cash deficit after capital spending represented 32.3% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.