Dragonfly Energy Holdings Corp. Files 2023 Annual Report (10-K)

TL;DR

<b>Dragonfly Energy Holdings Corp. has filed its 2023 10-K report, detailing financial performance and risks.</b>

AI Summary

Dragonfly Energy Holdings Corp. (DFLIW) filed a Annual Report (10-K) with the SEC on April 16, 2024. Dragonfly Energy Holdings Corp. filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as Chardan NexTech Acquisition 2 Corp. and changed its name on February 25, 2021. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial metrics such as revenue, net income, and EPS are detailed for these periods. The report addresses credit concentration risk related to accounts receivable from specific customers like 'CustomerOne' and 'CustomerTwo'.

Why It Matters

For investors and stakeholders tracking Dragonfly Energy Holdings Corp., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Dragonfly Energy's financial health and operational performance for the fiscal year 2023, including historical data for 2022 and 2021. The report highlights specific risks, such as customer concentration in accounts receivable and revenue, which could impact the company's financial stability.

Risk Assessment

Risk Level: medium — Dragonfly Energy Holdings Corp. shows moderate risk based on this filing. The company faces medium risk due to customer concentration in both accounts receivable and revenue, with specific customers like 'CustomerOne' and 'CustomerTwo' representing significant portions of these metrics in 2023 and 2022.

Analyst Insight

Investors should closely examine the company's customer concentration risks and revenue diversification strategies outlined in the 10-K filing.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-16 — Filing Date (Date of submission)
• NV — State of Incorporation (Legal domicile)
• 3690 — SIC Code (Industry classification)

Key Players & Entities

• Dragonfly Energy Holdings Corp. (company) — Filer name
• Chardan NexTech Acquisition 2 Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date
• CustomerOne (company) — Customer identified in risk factors
• CustomerTwo (company) — Customer identified in risk factors
• CustomerThree (company) — Customer identified in risk factors

FAQ

Risk Factors

• Credit Concentration Risk [medium — financial]: The company faces significant credit concentration risk due to reliance on a few major customers for accounts receivable and revenue, potentially impacting financial stability if these customers default or reduce business.

Industry Context

Dragonfly Energy Holdings Corp. operates in the Miscellaneous Electrical Machinery, Equipment & Supplies sector. The company's 10-K filing provides insights into its financial performance and operational risks within this industry.

Regulatory Implications

The filing is a 10-K annual report, a standard requirement under the Securities Exchange Act of 1934 for publicly traded companies in the United States.

What Investors Should Do

1. Review the detailed financial statements for the fiscal years 2023, 2022, and 2021.
2. Analyze the specific customer concentration risks mentioned for accounts receivable and revenue.
3. Investigate any subsequent events or disclosures made in the filing that could impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing for Dragonfly Energy Holdings Corp., providing updated financial and operational information compared to previous filings.

Key Financial Figures

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• $1.48 — 30, 2023, based on the closing price of $1.48 for shares of the registrant's common s
• $64.5 million — 96,034 batteries, respectively, and had $64.5 million and $86.3 million in sales, respectivel
• $86.3 million — respectively, and had $64.5 million and $86.3 million in sales, respectively. Historically, w
• $12 billion — arkets is estimated to be approximately $12 billion by 2025. Recreational Vehicles. The g
• $8 billion — essel market will grow to approximately $8 billion by 2025. Similar to the RV market, cust

Filing Documents

• form10-k.htm (10-K) — 2383KB
• ex4-10.htm (EX-4.10) — 71KB
• ex10-42.htm (EX-10.42) — 125KB
• ex10-43.htm (EX-10.43) — 122KB
• ex10-44.htm (EX-10.44) — 449KB
• ex10-45.htm (EX-10.45) — 22KB
• ex10-46.htm (EX-10.46) — 22KB
• ex10-47.htm (EX-10.47) — 20KB
• ex23-1.htm (EX-23.1) — 4KB
• ex23-2.htm (EX-23.2) — 3KB
• ex31-1.htm (EX-31.1) — 23KB
• ex31-2.htm (EX-31.2) — 23KB
• ex32-1.htm (EX-32.1) — 9KB
• ex97-1.htm (EX-97.1) — 32KB
• form10-k_001.jpg (GRAPHIC) — 56KB
• form10-k_002.jpg (GRAPHIC) — 72KB
• form10-k_003.jpg (GRAPHIC) — 118KB
• form10-k_005.jpg (GRAPHIC) — 17KB
• ex10-44_001.jpg (GRAPHIC) — 164KB
• ex10-44_002.jpg (GRAPHIC) — 169KB
• 0001493152-24-014831.txt (&nbsp;) — 13568KB
• dfli-20231231.xsd (EX-101.SCH) — 77KB
• dfli-20231231_cal.xml (EX-101.CAL) — 102KB
• dfli-20231231_def.xml (EX-101.DEF) — 340KB
• dfli-20231231_lab.xml (EX-101.LAB) — 680KB
• dfli-20231231_pre.xml (EX-101.PRE) — 532KB
• form10-k_htm.xml (XML) — 1953KB

Risk Factors

Item 1A. Risk Factors 22

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 43

Legal Proceedings

Item 3. Legal Proceedings 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43 Part II 44

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44

[Reserved]

Item 6. [Reserved] 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 56

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56

Controls and Procedures

Item 9A. Controls and Procedures 56

Other Information

Item 9B. Other Information 58

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 58 Part III 59

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 59

Executive Compensation

Item 11. Executive Compensation 59

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 59

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 59 Part IV 60

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 60

Form 10-K Summary

Item 16. Form 10-K Summary 6 2

SIGNATURES

SIGNATURES 63 i Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended (the " Securities Act "), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking identify these forward-looking statements through our use of words such as "may," "can," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "seek," "estimate," "continue," "plan," "point to," "project," "predict," "could," "intend," "target," "potential" and other similar words and expressions of the future. There are a number of important factors that could cause the actual results to differ materially from those expressed in any forward-looking our ability to successfully increase market penetration into target markets; the addressable markets that we intend to target do not grow as expected; the potential for events or circumstances that result in our failure to timely achieve the anticipated benefits of our customer arrangements with THOR Industries and its affiliate brands (including Keystone RV Company (" Keystone ")), including Keystone's decision in J

View Full Filing

View this 10-K filing on SEC EDGAR