Q1 2024 Dragonfly Energy Holdings Corp Earnings Call Transcript
Key Points
- Dragonfly Energy Holdings Corp has demonstrated broad adoption of its lithium batteries in RVs and is expanding into other markets such as heavy-duty trucking.
- The company has launched new products like the all-electric auxiliary power units and liftgate power systems, leveraging its mobile alternator charging technology.
- Dragonfly Energy Holdings Corp has achieved significant certifications allowing entry into the oil and gas industry, with potential for thousands of deployments over the next 18 months.
- Despite a drop in OEM revenue from the previous year, excluding Keystone, OEM revenue grew year over year by 70% due to new partnerships and expansion.
- The company is advancing in its cell manufacturing technologies, particularly with its dry electrode process, which has garnered interest from large customers in various sectors.
- Net sales decreased to $12.5 million in Q1 2024 from $18.8 million in Q1 2023, partly due to the absence of standard install revenue from Keystone.
- Direct-to-consumer segment sales were down from $10.0 million in Q1 2023 to $5.2 million in Q1 2024, showing flat sales despite ongoing consumer spending pressures.
- 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.
- Operating expenses, although reduced, and other expenses remain a challenge with a total other expense of $4.5 million in Q1 2024.
- Dragonfly Energy Holdings Corp's cash position decreased to $8.5 million at the end of Q1 2024 from $12.7 million at the end of 2023, indicating significant cash use.
Good afternoon. My name is Jenny, and I will be your operator today for Trican Clean Energy's first quarter 2024. No on the earnings press release presentation and SEC filings on the investor section at the second point, energy leave w. w. dot c. a. compliant energy data. As a reminder, this conference call is being webcast and recorded attendees are in a listen-only mode at this time. During this call, the Company will be making forward-looking statements based on current expectations. Actual results may differ due to factors noted in the press release and in periodic SEC filings. Management will reference some non-GAAP financial measures. Calculations to the nearest corresponding GAAP measure can be found in today's release on the companies.
Now I'll turn the call over to Dr. Dennis, Chief Executive Officer of Trican.
Yes, thank you, and thank you to everyone joining us today. Ladies and gentlemen, the theme for today is return to growth.
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