Dragonfly Energy Posts $45M Q4 Loss, Sees 15.8% Full-Year Sales Growth
Dragonfly Energy’s Q4 net loss was $45 million ($14.92/share) and adjusted loss of $4.57/share missed estimates by 471%, while revenue climbed 6.9% to $13.06 million. Full-year sales rose 15.8% to $58.6 million on 34% OEM growth, and $8.9 million in cost cuts aim to drive positive adjusted EBITDA.
1. Financial Results
Dragonfly Energy reported a Q4 2025 net loss of $45.0 million, or $14.92 per share, with an adjusted loss per share of $4.57 missing estimates by 471%. For full-year 2025, net sales increased 15.8% to $58.6 million, but the company recorded a net loss of $69.9 million and negative $11.8 million in adjusted EBITDA.
2. Revenue Breakdown
Q4 revenue totaled $13.06 million, up 6.9% year-over-year, driven by a 30% increase in OEM sales to $8.1 million. Direct-to-consumer sales declined to $4.7 million from $5.7 million, reflecting market softness and strategic shifts away from the DTC channel.
3. Cost Reduction Measures
Corporate actions include 20% payroll reductions replaced partly with equity, lower DTC marketing spend, workforce and facility consolidations, targeting $8.9 million in annualized savings. These initiatives aim to improve margins and extend the cash runway.
4. Outlook and Valuation
The company is pursuing a $70 million revenue run rate to achieve positive adjusted EBITDA. Liquidity remains solid with a current ratio of 2.54, while the trailing P/S ratio stands at 0.07, indicating the stock trades at a steep discount to sales despite ongoing losses.