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WebsiteIntroduction
Dragonfly Energy Holdings Corp (Nasdaq: DFLI), known in Korean as 드래곤플라이 에너지 홀딩스, is a U.S.-based designer and manufacturer of lithium iron phosphate (LiFePO4) battery systems. Listed on the Nasdaq Capital Market, the company develops battery packs for off-grid and mobile power applications and is engaged in the manufacturing of dry electrode cells.
Corporate Structure and Expertise
Founded over a decade ago, Dragonfly Energy operates with a workforce of approximately 51–200 employees. The company’s core strengths include:
- A proprietary, chemistry-agnostic dry electrode technology that eliminates toxic N-methyl-2-pyrrolidone (NMP) solvent and facilitates PFAS-free electrodes
- An integrated systems approach that combines battery cells, management electronics, and packaging
- A portfolio of nearly 100 granted, filed, or pending patents across cell design, manufacturing, and system integration
Battery Technology by Mika Baumeister
Developments and News
On October 6, 2025, Dragonfly Energy filed a Form 424B5 prospectus supplement with the U.S. Securities and Exchange Commission to offer shares of common stock, as part of its status as an "emerging growth company." Earlier, on September 15, 2025, the company published its annual report (Form ARS) and definitive proxy statement (Form DEF 14A), which included details on year-end financials and governance matters.
In October 2025, Dragonfly Energy’s CEO, Dr. Denis Phares, presented at the Nevada Tech Hub announcement in Reno. The company's participation in the Nevada Tech Hub consortium, alongside Lithium Americas Corp., Ioneer Ltd., and Tesla, highlights its focus on domestic battery manufacturing and clean-energy supply chains.
Financial and Strategic Analysis
As of the trailing twelve months ended June 30, 2025, Dragonfly Energy reported:
- Revenue: $54.54 million
- Net loss: $30.45 million (-55.8% profit margin)
- Total cash: $2.73 million
- Average annual OEM growth since 2021: 179%
- Cumulative revenue since 2021: $225 million
On October 6, 2025, the stock closed at $1.3550, down 28.31% on a trading volume of 22,639,895 shares. The company trades within a 52-week range of $0.15 to $5.778, with a market capitalization of approximately $116.7 million (intraday). The price-to-sales ratio is 0.16, while the enterprise value-to-revenue ratio is 2.33.
Dragonfly Energy is raising capital through its October 2025 equity offering to fund the expansion of its dry electrode cell line and support research and development. Its automation-driven U.S. factory aims to reduce production costs, carbon footprint, and factory footprint, positioning the firm for growth in both consumer and industrial storage markets.
Market Position and Industry Context
Dragonfly Energy serves various sectors, including recreational vehicles, marine, heavy-duty trucking, residential solar, and industrial off-grid applications under its Battle Born® brand. With over 400,000 battery packs deployed, the company operates in a market increasingly focused on domestic supply chains and sustainability. Its integrated OEM solutions and chemistry-agnostic cell technology distinguish it within the broader North American push for lithium manufacturing. Regulatory incentives and industry partnerships—such as its engagement with the Nevada Tech Hub—support the scaling of production capacity and the advancement of cell manufacturing technology.
TL;DR
On October 6, 2025, Dragonfly Energy’s share price fell 28.31% to $1.3550 amid increased trading volume. The company filed a Form 424B5 prospectus to raise equity capital, targeting the expansion of its dry electrode cell manufacturing and continued research and development. Participation in the Nevada Tech Hub consortium and a growing OEM revenue base support its objective of scaling U.S. production for diverse energy storage applications.
