The following is a summary of the Dragonfly Energy Holdings Corp. (DFLI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Dragonfly reported Q1 2024 net sales of $12.5 million, a decrease from $18.8 million in Q1 2023, due to the exclusion of Keystone's revenue.
Direct-to-consumer segment generated lesser net sales of $5.2 million compared to $10 million in Q1 2023.
OEM segment sales decreased to $7.3 million from $8.8 million in Q1 2023.
Gross profit in Q1 2024 was $3.1 million, compared to $4.7 million in the same period in 2023.
Operating expenses decreased to $8.9 million in Q1 2024, down from $14.6 million in Q1 2023.
The company reported a net loss of $10.4 million in Q1 2024, compared to a net income of $4.8 million in Q1 2023.
EBITDA in Q1 2024 was -$5.3 million compared to $8.9 million in Q1 2023.
Dragonfly projects Q2 2024 revenues in the range of $14.0 million to $15.0 million, gross margin in the range of 24% to 26%, and operating expenses in the range of $8.5 million to $9.5 million.
Business Progress:
Dragonfly received broad adoption of their lithium batteries in RVs and began taking orders for their all-electric auxiliary power unit.
The launch of a Liftgate power system generated promising results in trucking operations through Rush Enterprises, with expansion plans in tow.
Initial purchase orders for All-Electric APU from fleets were received at the onset of the year.
Dragonfly's pilot systems achieved double-digit percentage improvements in miles per gallon.
Despite a drop, OEM revenue saw a year-on-year growth of 70% by Q1 2024.
Dragonfly secured the required certifications to deploy their products in the oil and gas industry, with plans in place to roll out the first of these power systems in response to the methane emission mandate by EPA.
The company is advancing its dry electrode processes and has attained success in developing PFAS-free electrodes.
Dragonfly ended Q1 2024 with an unutilized equity line of credit of $150 million and $8.5 million in cash.
New partnerships were secured with customers like Forest River, Airstream, and nuCamp. Additionally, product advancements were observed in the Battle Born Batteries brand, and plans are in place to foray into new markets.
More details: Dragonfly Energy IR
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