Dragonfly Energy Holdings Corp. (DFLI)

Nasdaq: DFLI · Miscellaneous Electrical Machinery, Equipment & Supplies · Reno,, NV · filing with the SEC since 2021

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Grade3.2

◀ Past 2.1● Present 3.2▶ Future 4.4

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Dragonfly Energy Holdings Corp.

Nine metrics read from its own filings, by tense

Headline grade

3.2/10

◀ Past2.130% of the headline

● Present3.240% of the headline

▶ Future4.430% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

2.1/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

1.4/10

Has it survived what it has been through?

16 warning events since 2021; the latest 2026-10-23.

weight 33% of this tense · 14th percentile among 43 sector filers · read for itself

From the record

Dragonfly Energy Holdings Corp.'s filings since 2021 show 16 warning events of 4 kinds: a debt default or acceleration notice (8-K item 2.04, the latest 2021-08-13); a notice about its exchange listing (8-K item 3.01, 6 times, the latest 2026-10-23); an auditor change (8-K item 4.01, 4 times, the latest 2026-09-25); a late-report notice (Form NT 10-K or NT 10-Q, 5 times, the latest 2025-05-16) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.3/10

What has it actually done, year after year?

-6.9% a year over 5 filed years; profitable in 1 of 5.

weight 45% of this tense · 33rd percentile among 35 sector filers · read for its customers

From the record

Dragonfly Energy Holdings Corp.'s 5 filed years say what it did: revenue went from $78 million in fiscal 2021 to $59 million in fiscal 2025, down 6.9% a year; it rose in 2 of 4 years; the deepest fall was 41% from fiscal 2022 to fiscal 2024; net income was positive in 1 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span-6.9%bottom 14% of its family
the share of years revenue rosebottom 20% of its family
the share of filed years with a profittop 36% of its family
the deepest fall from a revenue peak41.3%bottom 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.9/10

How has it treated the people who own it?

SI estimate 0.9/10, confidence 35 of 100 (one part).

weight 22% of this tense · 9th percentile among 39 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 9% of 39 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 39 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Dragonfly Energy Holdings Corp.'s shareholder treatment is put at 0.9 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 9% of 39 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.2/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.9/10

Is it financially healthy right now?

ROE -607%: lost 607¢ per shareholder dollar. Leverage 87%: owes 87¢ per asset dollar.

weight 45% of this tense · 28th percentile among 39 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Dragonfly Energy Holdings Corp. lost about 607 cents for every dollar of shareholders' money, and gross profitability: its products earned about 18 cents per dollar of everything the company owns. Leverage: it owed about 87 cents per dollar of assets, and net share issuance: its share count grew 596.6% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 30% of its family
return on equitybottom 10% of its family
gross profit against assetstop 31% of its family
the share count against the year beforebottom 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

3.3/10

How strong is its position in its industry?

bottom 33% of 39 in its family; net margin -119.3%.

weight 33% of this tense · 33rd percentile among 39 sector filers · read for its customers

From the record

Dragonfly Energy Holdings Corp.'s standing among 39 graded names in its industry family: revenue of $59 million in fiscal 2025 ranks in the top 49% by size; a net margin of -119.3% ranks in the bottom 35%; revenue growth of -12.1% a year over the last 3 filed years ranks in the bottom 12% (its annual reports).

What it rests on

revenue against the family$58.6Mtop 49% of its family
net margin-119.3%bottom 35% of its family
three-year revenue growth-12.1%bottom 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.0/10

What are the people in charge doing?

SI estimate 4.0/10, confidence 35 of 100 (one part).

weight 22% of this tense · 40th percentile among 30 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 40% of 30 in its family; the record of its people begins on 2022-10-11 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.1 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2022-10-11 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.1 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 30 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Dragonfly Energy Holdings Corp.'s leadership is put at 4.0 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 40% of 30 in its family; the record of its people begins on 2022-10-11 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.1 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.4/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.9/10

How much room does it have to grow?

bottom 39% of 39 in its family for room to expand.

weight 45% of this tense · 39th percentile among 39 sector filers · read for itself

From the record

Dragonfly Energy Holdings Corp.'s room to grow, from the newest filed statements (fiscal 2025): cash of $18 million against debt of $19 million leaves -1.2% of its assets as net cash, bottom 33% of its family; cash from operations less capital spending is -47.6% of revenue (bottom 37%); a gross margin of 26.7% (top 44%); research spending of 5.1% of revenue (bottom 29%) (its annual report).

What it rests on

cash less debt against assets-1.2%bottom 33% of its family
cash from operations less capital spending against revenue-47.6%bottom 37% of its family
gross margin26.7%top 44% of its family
research spending against revenue5.1%bottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.1/10

What could actually drive growth from here?

top 49% of 35 in its family for growth drivers.

weight 33% of this tense · 51st percentile among 35 sector filers · read for its customers

From the record

Dragonfly Energy Holdings Corp.'s growth drivers, from the filed years to fiscal 2025: revenue grew -12.1% a year over the last three filed years against -6.9% over all 5, slowing (top 39% of its family); the newest year grew 15.8% (top 36%); research spending grew 2.6% a year (bottom 48%); capital spending grew -34.3% a year (bottom 32%) (its annual reports). Dragonfly Energy Holdings Corp. reported 4 lines of business in fiscal 2025: Original Equipment Manufacturers at $37 million (63%), Direct to Consumers at $21 million (35%), Other at $1 million (2%), and 1 more; 3 of 4 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-5.2 points a yeartop 39% of its family
the newest year's revenue growth15.8%top 36% of its family
three-year growth of research spending2.6%bottom 48% of its family
three-year growth of capital spending-34.3%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.2/10

Did its newest year beat what its own record pointed to?

bottom 42% of 35 in its family for expectations against reality.

weight 22% of this tense · 42nd percentile among 35 sector filers · read for its shareholders

From the record

Dragonfly Energy Holdings Corp.'s newest year against its own record: revenue of $59 million in fiscal 2025 came in 51% above the $39 million its prior three years' pace pointed to (top 19% of its family); net income of $70 million against a prior three-year average of $31 million (bottom 21%); a net margin of a loss larger than its revenue against -49.3% before (bottom 24%) (its annual reports).

What it rests on

revenue against the prior three years' pace51.0%top 19% of its family
net income against the prior three years' average-122%bottom 21% of its family
net margin against its prior average-69.9 pointsbottom 24% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton DFLI · research, not advice