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Dragonfly Energy Holdings Corp (DFLIW+0.84%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a decrease in net sales to $12.7 million from $15.9 million in the same quarter the previous year, attributed to lower direct-to-consumer battery sales offset by higher OEM battery and accessory sales.
Cost of goods sold decreased to $9.9 million from $11.3 million, resulting in a gross profit of $2.9 million, down from $4.6 million in the previous year.
Research and development expenses increased to $1.6 million from $1.4 million, primarily due to higher wage expenses and lease expenses for new facilities.
General and administrative expenses decreased to $4.4 million from $6.0 million, driven by lower employee-related costs and professional services expenses.
Selling and marketing expenses decreased to $2.9 million from $3.1 million, mainly due to lower shipping costs.
Other expense totaled $0.8 million, compared to $4.1 million in the previous year, primarily due to a change in the fair value of warrant liabilities.
Net loss for the quarter was $6.8 million, compared to $10.0 million in the previous year.
As of September 30, 2024, Dragonfly Energy Holdings Corp had cash totaling $8.0 million and a working capital deficit of $9.6 million.
The company continues to focus on expanding its product offerings and entering new markets, with ongoing efforts in research and development, particularly in solid-state battery technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dragonfly Energy Holdings Corp Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.