DFLIHIGH SIGNALFINANCIAL10-K

DFLI executed another reverse stock split while substantially reducing total debt from $85.9M to $19.3M, though losses expanded meaningfully.

The company's second reverse stock split in just over a year signals continued stock price pressure and potential compliance issues. However, the dramatic 77.5% reduction in total debt suggests successful debt restructuring or refinancing that materially improved the balance sheet structure, which could provide more financial flexibility going forward.

Comparing 2026-03-30 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

DFLI showed mixed financial performance with revenue growing modestly to $58.6M (+15.8%) and gross profit expanding to $15.6M, indicating improving operational efficiency. However, net losses expanded substantially to $69.9M, offsetting these operational gains. The balance sheet transformation was notable, with total debt declining dramatically by 77.5% to $19.3M while current assets grew to $50.2M, suggesting improved liquidity and reduced financial leverage that could stabilize the company's capital structure despite ongoing profitability challenges.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-77.5%
$85.9M→$19.3M

Debt reduced 77.5% — deleveraging strengthens balance sheet and reduces financial risk.

Accounts Receivable
Balance Sheet
+74.5%
$2.4M→$4.2M

Receivables surged 74.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Net Income
P&L
-72.2%
-$40.6M→-$69.9M

Net income declined 72.2% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
+52.4%
$32.9M→$50.2M

Current assets grew 52.4% — improving short-term liquidity or inventory/receivables build.

R&D Expense
P&L
-45.3%
$5.5M→$3.0M

R&D spending cut 45.3% — could signal cost discipline or concerning reduction in innovation investment.

Total Liabilities
Balance Sheet
-37.6%
$84.6M→$52.8M

Liabilities reduced 37.6% — deleveraging improves balance sheet strength and financial flexibility.

Gross Profit
P&L
+34.6%
$11.6M→$15.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Capital Expenditure
Cash Flow
-28.8%
$2.7M→$1.9M

Capex reduced 28.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Revenue
P&L
+15.8%
$50.6M→$58.6M

Revenue growing 15.8% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+15.1%
$75.2M→$86.5M

Asset base grew 15.1% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-31
ADDED
As of March 26, 2026, there were 12,148,783 shares of the registrant s common stock, par value $ 0.0001 per share, issued and outstanding.
Form 10-K Summary 85 SIGNATURES 86 On December 18, 2025, we effected a 1-for-10 reverse stock split of our outstanding shares of common stock.
Please see Part I-Item 1A-Risk Factors for additional risks which could adversely impact our business and financial performance.
Overview We are a manufacturer of non-toxic deep cycle lithium-ion batteries that caters to customers in the consumer industry (including the recreational vehicle ( RV ), marine vessel, industrial, and trucking markets), with proprietary, patented and disruptive battery cell manufacturing and non-flammable solid-state cell technology currently under development.
Recently, we have moved away from our dual-brand strategy for battery products, Dragonfly Energy ( Dragonfly Energy ) and Battle Born Batteries ( Battle Born ).
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REMOVED
As of March 27, 2025, there were 7,589,642 shares of the registrant s common stock, par value $ 0.0001 per share, issued and outstanding.
Form 10-K Summary 74 SIGNATURES 75 On November 22, 2024, we effected a 1-for-9 reverse stock split of our outstanding shares of common stock.
Please see Part I Item 1A Risk Factors for additional risks which could adversely impact our business and financial performance.
Overview We are a manufacturer of non-toxic deep cycle lithium-ion batteries that caters to customers in the consumer industry (including the recreational vehicle ( RV ), marine vessel, solar and off-grid residence industries), and trucking, industrial and energy storage markets, with proprietary, patented and disruptive battery cell manufacturing and non-flammable solid-state cell technology currently under development.
We have a dual-brand strategy for battery products, Dragonfly Energy ( Dragonfly Energy ) and Battle Born Batteries ( Battle Born ).
+7 more — sign up free →
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