DRAGONFLY ENERGY HOLDINGS Stock Price, News & Analysis

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a lithium battery technology company focused on energy storage systems. According to multiple company disclosures, Dragonfly Energy specializes in cell manufacturing, battery pack assembly, and full system integration, positioning itself across the battery value chain from cells to complete power systems. The company is incorporated in Nevada and its common stock trades on The Nasdaq Capital Market under the ticker symbol DFLI.

Dragonfly Energy describes itself as a comprehensive lithium battery technology company with a particular emphasis on lithium iron phosphate (LiFePO₄) and solid-state technology. Through its Battle Born Batteries® brand, the company reports that it has deployed hundreds of thousands of lithium battery packs in the field via top-tier original equipment manufacturers (OEMs) and a diverse retail customer base. These deployments span applications in off-grid, RV, marine, and commercial markets, as highlighted in recent news releases.

Business model and core activities

Company materials state that Dragonfly Energy combines fundamental R&D with brand-driven commercial sales. On the technology side, its research focuses on dry aerosol-based processes for manufacturing battery electrodes. This approach is intended to replace conventional wet slurry-based processes and, according to a third-party analysis referenced by the company, can reduce the cost of producing conventional lithium-ion batteries while also enabling low-cost production of cells with a composite all-solid-state electrolyte.

Operationally, Dragonfly Energy reports that it engineers and assembles smart storage systems that it markets and sells into focused, higher-value commercial sectors. In a year-end shareholder letter, the company identifies RV, marine, rail, and trucking as key end markets. It also notes that it has shifted emphasis toward near-term revenue-generating opportunities and cash management while accelerating commercial product development.

Products, brands, and end markets

Across its public communications, Dragonfly Energy highlights several product and market pillars:

• Battle Born Batteries® brand: The company states that this brand has become a recognized name in lithium batteries, with deployments through top-tier OEMs and retail channels. It references use in applications such as RVs, marine vessels, off-grid systems, and other commercial environments.
• RV sector: Dragonfly Energy notes that its systems are increasingly standard on both motorized and non-motorized recreational vehicles at OEMs including Thor brands (Airstream, Tiffin, Keystone), Forest River brands (FR3, OGV Vans, Pause), REV Group brands (Renegade, Midwest Automotive), and other manufacturers such as Leisure Travel Vans, Ember, and nuCamp. The company emphasizes penetration of lithium as an integral part of RV energy systems.
• Heavy-duty trucking: The company identifies heavy-duty trucking as a significant near-term growth opportunity. It has developed the Battle Born DualFlow Power Pack and an all-electric auxiliary power unit (APU) aimed at idle reduction by supplying hotel load power during rest periods without running the main engine. A commercial order from Werner Enterprises followed a long-duration pilot, which the company presents as a key validation of its technology in fleet operations.
• Marine: Dragonfly Energy reports that World Cat, described as the world’s largest producer of power catamarans, expanded integration of Battle Born power systems across additional models, including adoption as standard equipment on a flagship dual-console model. The systems support onboard comfort and hotel loads in marine environments.
• Rail: The company has announced a distribution partnership with National Railway Supply LLC, described as a long-standing rail supplier. This partnership marks the first lithium battery line offered by that supplier and is intended to expand access to Dragonfly Energy’s solutions in the North American rail sector.
• Portable and industrial power: Dragonfly Energy has introduced the Battle Born Power Station Series, including the Battle Born Power Station 3000 and Power Station Pro 5000. These are described as all-in-one portable power stations for demanding professional and off-grid applications, providing quiet, emissions-free power in durable, weather-resistant designs.
• Power electronics and ecosystem: The company has broadened its Battle Born portfolio with inverter/chargers, Base Series batteries, and an updated Battle Born mobile app. These additions are presented as strengthening its role as a complete power systems provider, enabling monitoring, control, and integration of multiple system components.

Technology and intellectual property

Dragonfly Energy emphasizes its patented dry electrode manufacturing process, which it describes as being at the forefront of domestic lithium battery cell production. Company disclosures state that this process is chemistry-agnostic and can support power solutions for applications including energy storage systems, electric vehicles, and consumer electronics. The firm also reports a growing global patent portfolio of nearly 100 filed, pending, or granted patents, which it views as reinforcing its evolution into a complete power systems provider.

In its shareholder letter, Dragonfly Energy notes that its research and development efforts cover dry aerosol-based electrode manufacturing and composite all-solid-state electrolytes. The company states that its overarching mission is the future deployment of proprietary, nonflammable, all-solid-state battery cells, linking its R&D roadmap to long-term product ambitions.

Vertical integration and partnerships

Dragonfly Energy highlights a strategy of vertical integration across the battery value chain. It contrasts its approach with Western battery technology companies that may focus only on cells or packs and often rely on partners in Asia for cell manufacturing. In contrast, Dragonfly Energy states that it is already known as a battery pack and system provider and is working to integrate upstream as a cell manufacturer.

The company points to a laboratory assembled with partners such as Tescan and Bruker, a domestic supply chain with partners such as Ioneer for lithium supply, and in-house intellectual property and cell manufacturing expertise. These elements are presented as positioning Dragonfly Energy to contribute across the value chain from raw materials to storage systems, particularly outside of Asia.

Capital structure, Nasdaq listing, and corporate actions

Dragonfly Energy’s SEC filings and news releases describe several recent capital and listing-related developments. The company has completed multiple underwritten public offerings of common stock and pre-funded warrants, using net proceeds for working capital, repayment of term loan indebtedness, and continued investment in near-term revenue initiatives and next-generation battery technologies.

In October 2025, the company entered into amendments to its Term Loan, Guarantee and Security Agreement and later finalized a comprehensive term loan restructuring. Key elements disclosed include a substantial prepayment of principal using offering proceeds, conversion of a portion of the term loan into newly created Series B Convertible Preferred Stock, forgiveness of a portion of principal, and revised covenants and interest terms. The Series B Preferred Stock carries a stated value, dividend provisions, conversion rights at a fixed price, and redemption features as described in the company’s 8-K filings.

Dragonfly Energy also reports that it had previously fallen out of compliance with certain Nasdaq listing standards but subsequently regained compliance. An 8-K dated October 20, 2025 notes that the company received confirmation from a Nasdaq Hearings Panel that it had met the minimum bid price and market value of listed securities requirements for continued listing on the Nasdaq Capital Market. The company remains subject to a monitoring period under Nasdaq rules.

In December 2025, Dragonfly Energy implemented a 1-for-10 reverse stock split of its issued and outstanding common stock, as disclosed in an 8-K and a separate press release. The reverse split was effected through a Certificate of Amendment filed with the Secretary of State of Nevada and became effective for trading on December 18, 2025. The company states that the reverse split was a technical requirement to address Nasdaq bid price compliance. The par value and authorized share count for common stock were unchanged, and fractional shares were settled in cash.

Financial reporting and guidance

Dragonfly Energy files periodic and current reports with the U.S. Securities and Exchange Commission. An 8-K dated November 14, 2025 includes an earnings release for the third quarter ended September 30, 2025. In that release, the company reports net sales growth year over year, expansion in gross margin, and adjusted EBITDA results, while also noting continued net losses. It attributes margin improvements to higher volumes, product mix, and cost optimization initiatives.

The same release discusses growth in OEM net sales, particularly in the RV market, and references macroeconomic pressures affecting direct-to-consumer sales. The company provides forward-looking guidance for net sales and adjusted EBITDA for the fourth quarter of 2025 and explains its use of non-GAAP financial measures such as EBITDA and Adjusted EBITDA, including their limitations and reconciliation to GAAP metrics.

Strategic positioning and sector context

Within the broader manufacturing sector, Dragonfly Energy is classified under Optical Instrument and Lens Manufacturing for industry coding purposes in the provided data, but its own disclosures consistently describe its primary activities as energy storage and lithium battery technology. The company’s narrative centers on displacing legacy lead-acid and nickel-cadmium chemistries in various storage applications through LiFePO₄ and related technologies.

Earlier descriptions, such as the Polygon summary, characterize Dragonfly Energy as a manufacturer of non-toxic deep cycle lithium-ion batteries designed to displace lead-acid batteries in storage applications and end markets including RV, marine, solar, and off-grid industries. These batteries are described as lithium iron phosphate (LFP) products that are non-toxic, environmentally friendly, and do not rely on scarce or controversial metals.

Corporate governance and shareholder matters

Dragonfly Energy’s SEC filings detail shareholder approvals and governance actions. At its 2025 Annual Meeting of Stockholders, the company’s stockholders approved, among other items, a reverse stock split proposal authorizing the board to implement a reverse split within a specified ratio range, and an amendment to the 2022 Equity Incentive Plan increasing the number of shares available for issuance. The reverse stock split was later implemented at a 1-for-10 ratio as described in subsequent filings.

Other proposals at the Annual Meeting included an increase in authorized common stock in certain circumstances, adjustments to voting standards for share authorization changes, and ratification of the company’s independent registered public accounting firm. Voting outcomes for each proposal are reported in detail in the company’s 8-K dated October 15, 2025.

Mission and long-term focus

Across its shareholder communications and news releases, Dragonfly Energy reiterates a mission to revolutionize energy storage through manufacturing innovations that enable widespread adoption of lithium-ion batteries and support domestic production. The company links this mission to its dry electrode processes, its efforts in solid-state cell development, and its push toward vertical integration.

The company also emphasizes its intent to expand beyond standalone batteries into complete power systems, as reflected in its ecosystem of batteries, inverter/chargers, portable power stations, mobile software, and integration technologies. Its stated overarching mission is the future deployment of proprietary, nonflammable, all-solid-state battery cells, which it positions as a long-term objective supported by its current R&D and intellectual property strategy.