Dragonfly Energy Q1 revenue up 2.7% to $18.8M; net income $4.9M on warrant gain; Q2 outlook loss $9.5-12.5M

Dragonfly Energy Holdings Corp.

2023-Q1 EPS reported $0.10 revenue$434

Net sales $18.8M, +2.7% YoY; gross profit $4.7M, down $0.8M due to mix shift to lower-margin OEM sales.
Net income $4.9M (diluted EPS $0.10) vs net loss $(2.3)M; benefited from $18.5M fair value gain on warrants.
Adjusted EBITDA loss $(5.0)M, wider than $(0.4)M in prior year; operating expenses rose to $(14.6)M including $3.6M stock comp.
Q2 2023 guidance: net sales $18-$22M; net loss $(9.5)-$(12.5)M or $(0.21)-$(0.27) per share.
Ended Q1 with $15.8M cash, $77.4M debt; $150M equity line of credit available.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Dragonfly Energy Holdings Corp. reported First Quarter 2023 results: revenue $18.8 million, net income $4.9 million, EPS $0.10 per diluted share. Guidance initiated.

Period: First Quarter 2023
Revenue: $18.8 million
Net income: $4.9 million
EPS: $0.10 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

● Net Sales of $18.8 million increased 2.7% from $18.3 million in Q1 2022 ● Gross Profit of $4.7 million decreased $0.8 million from $5.5 million in Q1 2022 ● Operating expenses of $(14.6) million were higher compared to $(7.1) million in Q1 2022 ● Net Income of $4.9 million, compared to a Net Loss of $(2.3) million in Q1 2022 ● Diluted Earnings Per Share of $0.10 compared to $(0.06) in Q1 2022 ● EBITDA of $9.0 million, compared to $(1.4) million in Q1 2022

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Source: SEC EDGAR

accession 0001493152-23-017415

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