Dragonfly Energy Financials
This page shows Dragonfly Energy (DFLIW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Dragonfly Energy has an operating margin of -50.9%, meaning the company retains $-51 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -42.6% the prior year.
Dragonfly Energy's revenue declined 21.3% year-over-year, from $64.4M to $50.6M. This contraction results in a growth score of 0/100.
Dragonfly Energy's current ratio of 1.51 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 26/100, which could limit financial flexibility.
While Dragonfly Energy generated -$7.2M in operating cash flow, capex of $2.7M consumed most of it, leaving -$9.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Dragonfly Energy passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Dragonfly Energy generates $0.18 in operating cash flow (-$7.2M OCF vs -$40.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Dragonfly Energy earns $-1.2 in operating income for every $1 of interest expense (-$25.8M vs $21.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Dragonfly Energy generated $50.6M in revenue in fiscal year 2024. This represents a decrease of 21.3% from the prior year.
Dragonfly Energy's EBITDA was -$24.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.9% from the prior year.
Dragonfly Energy reported -$40.6M in net income in fiscal year 2024. This represents a decrease of 193.9% from the prior year.
Dragonfly Energy earned $-5.91 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 150.4% from the prior year.
Cash & Balance Sheet
Dragonfly Energy generated -$9.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 59.7% from the prior year.
Dragonfly Energy held $4.8M in cash against $29.6M in long-term debt as of fiscal year 2024.
Dragonfly Energy had 7M shares outstanding in fiscal year 2024. This represents an increase of 8.0% from the prior year.
Margins & Returns
Dragonfly Energy's gross margin was 23.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Dragonfly Energy's operating margin was -50.9% in fiscal year 2024, reflecting core business profitability. This is down 8.3 percentage points from the prior year.
Dragonfly Energy's net profit margin was -80.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 58.7 percentage points from the prior year.
Capital Allocation
Dragonfly Energy invested $5.5M in research and development in fiscal year 2024. This represents an increase of 41.1% from the prior year.
Dragonfly Energy invested $2.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 60.2% from the prior year.
DFLIW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.0M-1.7% | $16.2M+21.7% | $13.4M+9.4% | $12.2M-4.0% | $12.7M-3.7% | $13.2M+5.6% | $12.5M+19.8% | $10.4M |
| Cost of Revenue | $11.2M-3.5% | $11.6M+23.5% | $9.4M-2.5% | $9.7M-1.8% | $9.8M-1.9% | $10.0M+6.2% | $9.5M+15.6% | $8.2M |
| Gross Profit | $4.7M+2.8% | $4.6M+17.2% | $3.9M+54.8% | $2.5M-11.6% | $2.9M-9.4% | $3.2M+3.8% | $3.1M+35.2% | $2.3M |
| R&D Expenses | $585K-15.5% | $692K-30.8% | $1.0M+4.6% | $956K-41.4% | $1.6M+6.5% | $1.5M+14.9% | $1.3M+151.0% | $531K |
| SG&A Expenses | $5.3M+14.7% | $4.6M-27.3% | $6.4M-9.6% | $7.0M+61.2% | $4.4M-23.5% | $5.7M+18.5% | $4.8M+47.0% | $3.3M |
| Operating Income | -$3.8M-15.1% | -$3.3M+44.5% | -$5.9M+17.2% | -$7.1M-18.6% | -$6.0M+10.7% | -$6.7M-15.6% | -$5.8M-88.5% | -$3.1M |
| Interest Expense | $6.4M+17.8% | $5.4M+15.8% | $4.7M-24.8% | $6.3M+11.3% | $5.6M+15.1% | $4.9M+2.5% | $4.8M-60.4% | $12.0M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$11.1M-57.4% | -$7.0M-3.5% | -$6.8M+30.9% | -$9.8M-45.2% | -$6.8M+50.3% | -$13.6M-31.4% | -$10.4M-412.8% | $3.3M |
| EPS (Diluted) | $-0.20+65.5% | $-0.58 | $-0.93 | N/A | $-0.98+51.5% | $-2.02-30.3% | $-1.55 | N/A |
DFLIW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $73.8M+2.9% | $71.8M-3.3% | $74.2M-1.3% | $75.2M-10.3% | $83.9M-1.3% | $85.0M-4.0% | $88.4M+17.6% | $75.2M |
| Current Assets | $34.5M+12.1% | $30.8M-8.0% | $33.4M+1.6% | $32.9M-16.3% | $39.3M-1.8% | $40.1M-16.0% | $47.7M-14.7% | $55.9M |
| Cash & Equivalents | $3.8M+40.4% | $2.7M-2.5% | $2.8M-42.2% | $4.8M-39.5% | $8.0M+70.7% | $4.7M-44.7% | $8.5M-33.1% | $12.7M |
| Inventory | $22.7M+7.9% | $21.1M-3.1% | $21.7M+0.1% | $21.7M-9.6% | $24.0M-16.2% | $28.7M-14.7% | $33.6M-13.4% | $38.8M |
| Accounts Receivable | $4.8M+34.3% | $3.6M-15.6% | $4.2M+75.0% | $2.4M-35.2% | $3.7M+30.0% | $2.9M+27.5% | $2.2M+37.1% | $1.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $95.4M+9.5% | $87.1M+0.2% | $87.0M+2.8% | $84.6M+0.5% | $84.2M+5.6% | $79.7M+12.8% | $70.6M+49.4% | $47.3M |
| Current Liabilities | $25.7M+14.6% | $22.4M-8.1% | $24.4M+11.5% | $21.9M-55.6% | $49.3M+10.3% | $44.6M+2.6% | $43.5M+7.8% | $40.4M |
| Long-Term Debt | $44.5M+15.3% | $38.6M+14.9% | $33.6M+13.4% | $29.6M-64.0% | $82.4M+2.5% | $80.4M+4.3% | $77.1M+1.7% | $75.9M |
| Total Equity | -$21.6M-30.0% | -$16.6M-6.1% | -$15.6M-66.4% | -$9.4M-3066.3% | -$297K-105.6% | $5.3M-70.4% | $17.8M-36.2% | $27.9M |
| Retained Earnings | -$107.1M-11.5% | -$96.0M-7.9% | -$89.0M-8.3% | -$82.2M-13.6% | -$72.3M-10.3% | -$65.5M-26.3% | -$51.9M-25.0% | -$41.5M |
DFLIW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.4M-0.8% | -$3.4M+25.6% | -$4.5M-80.7% | -$2.5M-191.6% | $2.7M+167.9% | -$4.0M-18.3% | -$3.4M-246.8% | -$979K |
| Capital Expenditures | $187K-77.8% | $843K+8.4% | $778K-25.6% | $1.0M+185.0% | $367K-27.6% | $507K-37.9% | $817K+116.1% | $378K |
| Free Cash Flow | -$3.6M+15.0% | -$4.2M+20.6% | -$5.3M-49.3% | -$3.5M-250.2% | $2.4M+152.2% | -$4.5M-7.4% | -$4.2M-210.4% | -$1.4M |
| Investing Cash Flow | -$187K+77.8% | -$843K-8.4% | -$778K+25.0% | -$1.0M-182.8% | -$367K+27.6% | -$507K+37.9% | -$817K-116.1% | -$378K |
| Financing Cash Flow | $4.7M+13.2% | $4.1M+27.3% | $3.2M+788.5% | $365K-62.0% | $961K | N/A | N/A | $835K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DFLIW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.7%+1.3pp | 28.3%-1.1pp | 29.4%+8.6pp | 20.8%-1.8pp | 22.6%-1.4pp | 24.0%-0.4pp | 24.4%+2.8pp | 21.6% |
| Operating Margin | -23.7%-3.5pp | -20.2%+24.1pp | -44.3%+14.2pp | -58.5%-11.1pp | -47.4%+3.7pp | -51.1%-4.4pp | -46.7%-17.0pp | -29.7% |
| Net Margin | -69.3%-26.0pp | -43.3%+7.6pp | -50.9%+29.7pp | -80.6%-27.3pp | -53.3%+49.9pp | -103.2%-20.3pp | -82.9%-114.7pp | 31.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -258.8%-200.6pp | -58.2%-70.1pp | 11.9% |
| Return on Assets | -15.0%-5.2pp | -9.8%-0.6pp | -9.2%+3.9pp | -13.1%-5.0pp | -8.1%+8.0pp | -16.0%-4.3pp | -11.7%-16.1pp | 4.4% |
| Current Ratio | 1.34-0.0 | 1.370.0 | 1.37-0.1 | 1.51+0.7 | 0.80-0.1 | 0.90-0.2 | 1.10-0.3 | 1.38 |
| Debt-to-Equity | -2.06+0.3 | -2.33-0.2 | -2.15+1.0 | -3.15+274.4 | -277.59-292.9 | 15.27+10.9 | 4.33+1.6 | 2.72 |
| FCF Margin | -22.3%+3.5pp | -25.8%+13.8pp | -39.6%-10.6pp | -29.0%-47.6pp | 18.6%+52.8pp | -34.2%-0.6pp | -33.7%-20.7pp | -13.0% |
Note: Shareholder equity is negative (-$9.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Dragonfly Energy's annual revenue?
Dragonfly Energy (DFLIW) reported $50.6M in total revenue for fiscal year 2024. This represents a -21.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dragonfly Energy's revenue growing?
Dragonfly Energy (DFLIW) revenue declined by 21.3% year-over-year, from $64.4M to $50.6M in fiscal year 2024.
Is Dragonfly Energy profitable?
No, Dragonfly Energy (DFLIW) reported a net income of -$40.6M in fiscal year 2024, with a net profit margin of -80.2%.
What is Dragonfly Energy's EBITDA?
Dragonfly Energy (DFLIW) had EBITDA of -$24.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Dragonfly Energy have?
As of fiscal year 2024, Dragonfly Energy (DFLIW) had $4.8M in cash and equivalents against $29.6M in long-term debt.
What is Dragonfly Energy's gross margin?
Dragonfly Energy (DFLIW) had a gross margin of 23.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Dragonfly Energy's operating margin?
Dragonfly Energy (DFLIW) had an operating margin of -50.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Dragonfly Energy's net profit margin?
Dragonfly Energy (DFLIW) had a net profit margin of -80.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Dragonfly Energy's free cash flow?
Dragonfly Energy (DFLIW) generated -$9.9M in free cash flow during fiscal year 2024. This represents a 59.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dragonfly Energy's operating cash flow?
Dragonfly Energy (DFLIW) generated -$7.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Dragonfly Energy's total assets?
Dragonfly Energy (DFLIW) had $75.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Dragonfly Energy's capital expenditures?
Dragonfly Energy (DFLIW) invested $2.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Dragonfly Energy spend on research and development?
Dragonfly Energy (DFLIW) invested $5.5M in research and development during fiscal year 2024.
What is Dragonfly Energy's current ratio?
Dragonfly Energy (DFLIW) had a current ratio of 1.51 as of fiscal year 2024, which is generally considered healthy.
What is Dragonfly Energy's debt-to-equity ratio?
Dragonfly Energy (DFLIW) had a debt-to-equity ratio of -3.15 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dragonfly Energy's return on assets (ROA)?
Dragonfly Energy (DFLIW) had a return on assets of -54.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Dragonfly Energy's cash runway?
Based on fiscal year 2024 data, Dragonfly Energy (DFLIW) had $4.8M in cash against an annual operating cash burn of $7.2M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Dragonfly Energy's debt-to-equity ratio negative or unusual?
Dragonfly Energy (DFLIW) has negative shareholder equity of -$9.4M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Dragonfly Energy's Piotroski F-Score?
Dragonfly Energy (DFLIW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dragonfly Energy's earnings high quality?
Dragonfly Energy (DFLIW) has an earnings quality ratio of 0.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Dragonfly Energy cover its interest payments?
Dragonfly Energy (DFLIW) has an interest coverage ratio of -1.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Dragonfly Energy?
Dragonfly Energy (DFLIW) scores 6 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.