Dragonfly Energy Reports Financial and Operating Results for the First Nine Months of 2022
November 14 2022 - 5:00PM
Dragonfly Energy Holdings Corp. (f/k/a Chardan NexTech Acquisition
2 Corp. or “CNTQ”) (Nasdaq: DFLI) (“Dragonfly Energy”), an industry
leader in energy storage and producer of deep cycle lithium-ion
storage batteries, announced it has released financial and
operating results for Dragonfly Energy Corp. for the first nine
months of 2022. The unaudited condensed consolidated financial
statements of Dragonfly Energy Corp. and additional information,
including updated pro forma information, can be found in Dragonfly
Energy’s Current Report on Form 8-K/A, filed with the Securities
and Exchange Commission today, November 14, 2022 (the “Form 8-K”).
This earnings release should be read together with the information
contained in the Form 8-K.
Select Year-to-Date Operational
Highlights
- Completed business combination on
October 7th with CNTQ and commenced trading on the Nasdaq under the
ticker “DFLI” on October 10th.
- In July 2022, Dragonfly Energy
announced it had entered into a non-binding letter of intent for
Aqua Metals to supply commercial quantities of lithium hydroxide to
Dragonfly Energy, as well as providing battery recycling
services.
- In July 2022, Thor Industries
announced it had formed a strategic partnership with Dragonfly
Energy, including an investment of $15 million.
- Earlier this year, Dragonfly Energy
announced Bruker Clean Technology Research would be installing an
in-house research facility for the company, dedicated to lithium
and next-generation solid-state battery optimization.
- Earlier this year, Dragonfly Energy
announced it acquired the assets and intellectual property of
Wakespeed Offshore, providing the company the ability to offer
complete alternator-connected systems for marine and RV markets. In
October, Dragonfly Energy launched a new website, re-branding and
mobile app for the Wakespeed brand.
- At the start of 2022, Dragonfly
Energy announced it had entered into an exclusive agreement to
provide Dragonfly Energy batteries as standard or optional OEM
equipment on Keystone RV travel trailers and fifth-wheels.
“Our first earnings report as a public company
represents an important milestone for Dragonfly Energy as a new
publicly traded company,” said Denis Phares, CEO of Dragonfly
Energy. “We are uniquely positioned to deliver value in a market
that is incredibly important to our society’s energy needs. We’re
proud to have demonstrated consistent growth since our inception,
even in this challenging economy. In the coming quarters, we will
update the market on our progress as we continue the growth of our
core business and continue to make ongoing strides in our exciting
solid-state battery development efforts, as part of our ultimate
goal of revolutionizing grid storage.”
About DragonflyDragonfly Energy
Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada, is a
leading supplier of deep cycle lithium-ion batteries. Dragonfly’s
research and development initiatives are revolutionizing the energy
storage industry through innovative technologies and manufacturing
processes. Today, Dragonfly’s non-toxic deep cycle lithium-ion
batteries are displacing lead-acid batteries across a wide range of
end-markets, including RVs, marine vessels, off-grid installations,
and other storage applications. Dragonfly is also focused on
delivering an energy storage solution to enable a more sustainable
and reliable smart grid through the future deployment of the
Company’s proprietary and patented solid-state cell technology. To
learn more, visit www.dragonflyenergy.com/investors.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
are not historical statements of fact and statements regarding the
Company’s intent, belief or expectations, including, but not
limited to, statements regarding the Company’s future results of
operations and financial position, planned products and services,
business strategy and plans, market size and growth opportunities,
competitive position and technological and market trends. Some of
these forward-looking statements can be identified by the use of
forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or
similar expressions. These forward-looking statements are subject
to risks, uncertainties, and other factors (some of which are
beyond the Company’s control) which could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Factors that may impact such
forward-looking statements include, but are not limited to: the
Company’s ability to recognize the anticipated benefits of the of
the Company’s recent business combination with Chardan NexTech
Acquisition 2 Corp. and related transactions; the Company’s ability
to successfully increase market penetration into target markets;
the growth of the addressable markets that the Company intends to
target; the Company’s ability to retain members of its senior
management team and other key personnel; the Company’s ability to
maintain relationships with key suppliers including suppliers in
China; the Company’s ability to maintain relationships with key
customers; the Company’s ability to access capital as and when
needed under its $150 million ChEF Equity Facility; the Company’s
ability to protect its patents and other intellectual property; the
Company’s ability to successfully optimize solid state cells and to
produce commercially viable solid state cells in a timely manner or
at all, and to scale to mass production; the Company’s ability to
achieve the anticipated benefits of its customer arrangements with
THOR Industries and THOR Industries’ affiliated brands (including
Keystone RV Company); the impact of the coronavirus disease
pandemic, including any mutations or variants thereof and/or the
Russian/Ukrainian conflict; the Company’s ability to generate
revenue from future product sales and its ability to achieve and
maintain profitability; and the Company’s ability to compete with
other manufacturers in the industry and its ability to engage
target customers and successfully convert these customers into
meaningful orders in the future. These and other risks and
uncertainties are described more fully in the sections entitled
“Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in the Company’s Registration Statement on Form S-4
relating to the business combination declared effective by the U.S.
Securities and Exchange Commission the (“SEC”) on September 16,
2022, in the Company’s Current Report on Form 8-K filed with the
SEC on October 7, 2022, as amended by the Amendment No. 1 to the
Current Report on Form 8-K/A filed with the SEC on October 12, 2022
and the Amendment No. 2 to the Current Report on Form 8-K/A filed
with the SEC on November 14, 2022, and in the Company’s subsequent
filings with the SEC.
If any of these risks materialize or any of the
Company’s assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that the Company
presently does not know or that it currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. All
forward-looking statements contained in this press release speak
only as of the date they were made. Except to the extent required
by law, the Company undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
Dragonfly Contacts:
Investor Relations Sioban Hickie, ICR,
Inc.DragonflyIR@icrinc.com
Source: Dragonfly Energy Holdings Corp.
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