Q2 2024 Dragonfly Energy Holdings Corp Earnings Call Transcript
Key Points
- Dragonfly Energy Holdings Corp (DFLI) has entered into a brand licensing deal with Stryten Energy, which is expected to provide broad exposure for their Battle Born Batteries brand through extensive distribution channels.
- The company is making significant progress in the heavy-duty trucking market, with ongoing trials showing improvements in idle times and fuel savings.
- Dragonfly Energy Holdings Corp (DFLI) is actively seeking non-dilutive funding for their dry electrode cell production plant and is in advanced negotiations for government funding.
- The company has achieved necessary certifications for their products in the oil and gas industry, opening new market opportunities driven by EPA mandates.
- Dragonfly Energy Holdings Corp (DFLI) is expanding its distribution channels, with their batteries now approved for installation at major truck modification centers, enhancing market growth potential.
- Dragonfly Energy Holdings Corp (DFLI) reported a decrease in net sales to $13.2 million in Q2 2024, down from $19.3 million in Q2 2023, due to weak customer orders and weather-related disruptions.
- The company's direct-to-consumer segment saw a decline in net sales from $10 million in Q2 2023 to $6.5 million in Q2 2024.
- Operating expenses remain high, with $9.9 million reported in Q2 2024, despite a decrease from the previous year.
- The company experienced a net loss of $13.6 million in Q2 2024, compared to a net loss of $11.9 million in Q2 2023.
- Dragonfly Energy Holdings Corp (DFLI) is facing challenges in the RV market, with a decline in the motorized segment and the impact of a severe hailstorm affecting production.
Good afternoon. My name is Marissa, and I will be your operator today for Dragonfly Energy's second-quarter 2024 earnings call. The call can be accessed, along with the earnings press release and SEC filings on the Investors section of the Dragonfly Energy website found at www.dragonflyenergy.com. As a reminder, this conference call is being webcast and recorded. (Operator Instructions)
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. Reconciliations to the nearest corresponding GAAP measure can be found in today's press release on the company's website.
I'll now turn the call over to Dragonfly Energy's CEO, Dr. Denis Phares.
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