Stevens Transport Purchase Order Valued at Over
Recent Cost Reduction Actions on Track and Expected to Benefit Results Starting Q2 2026
Guides to Q2 2026 Net Sales of
First Quarter 2026 Financial Highlights
- Net sales were
$9.7 million . - OEM net sales were
$5.8 million . - Gross Margin was 17.6%.
- Net Loss Attributable to Common Shareholders was
$(7.7) million . - Adjusted EBITDA was
$(4.6) million .
“First quarter results reflect a softer demand environment in the RV market, as expected,” commented Dr.
“In the heavy-duty trucking market, one of our key long-term growth opportunities, we continue to see strong momentum. Following quarter-end,
“During the first quarter, we also announced significant corporate actions that reduced our operating expenses, enhanced our focus on the OEM segment, and more closely aligned the Company with our shareholders. We believe we remain well-positioned to support growth as we scale and expect to realize the benefits of these initiatives starting in the second quarter.”
First Quarter 2026 Financial and Operating Results
| (in thousands) | |||
| Fiscal Quarter Ended | |||
| Change (YoY) | |||
| OEM | -28.9% | ||
| DTC | -26.2% | ||
| Licensing Fee | 0% | ||
| -27.3% | |||
Net sales were
Gross profit was
The Company reported a Net Loss of
Summary and Outlook
“Looking ahead, we remain focused on expanding OEM relationships, improving operational efficiency, and maintaining disciplined execution as we drive toward growth and profitability. We also continue to advance our long-term technology roadmap, supported by our recent selection for more than
For the second quarter, we anticipate revenue of
Q2 2026 Guidance
Net Sales of approximately$13.2 million .- Adjusted EBITDA of approximately
$(1.9) million *
* The Company cannot reconcile its expected adjusted operating EBITDA under "Q2 2026 Guidance" without unreasonable effort because certain items that impact net (loss) income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. Actual results may vary from the guidance and the variations may be material.
Use of Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP measure and should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with
The Company provides non-GAAP financial measures including EBITDA and Adjusted EBITDA as a supplement to GAAP financial information to enhance the overall understanding of the Company’s financial performance and to assist investors in evaluating the Company’s results of operations, period over period. Adjusted non-GAAP measures exclude significant unusual items. Investors should consider these non-GAAP measures as a supplement to, and not a substitute for financial information prepared on a GAAP basis.
EBITDA is defined as earnings before interest and other income (expenses), income taxes, and depreciation and amortization. Adjusted EBITDA is calculated as EBITDA adjusted for stock-based compensation, change in fair market value of warrant liabilities, non-recurring costs associated with strategic financing, reverse stock split, litigation and loss on settlement. Adjusted EBITDA is a performance measure that the Company believes is useful to investors and analysts because it illustrates the underlying financial and business trends relating to the Company’s core, recurring results of operations and enhances comparability between periods.
Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of net loss or other results as reported under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect the Company’s cash expenditures, future requirements for capital expenditures, or contractual commitments;
- Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;
- Adjusted EBITDA does not reflect the Company’s tax expense or the cash requirements to pay taxes;
- Although amortization and depreciation are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;
- Adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items for which the Company may adjust in historical periods; and
- Other companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.
Webcast Information
The
An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.
About
To learn more about
Forward-Looking Statements
This 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 guidance for the second quarter of 2026, 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: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new 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
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.
Financial Tables
| Unaudited Condensed Consolidated Balance Sheets | ||||||||||
| ( | ||||||||||
| As of | ||||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ | 8,637 | $ | 18,270 | ||||||
| Accounts receivable, net of allowance for credit losses | 2,979 | 4,215 | ||||||||
| Inventory | 24,299 | 24,234 | ||||||||
| Prepaid expenses | 1,115 | 1,088 | ||||||||
| Prepaid inventory | 811 | 937 | ||||||||
| Prepaid income tax | 359 | 353 | ||||||||
| Other current assets | 1,758 | 1,083 | ||||||||
| Total Current Assets | 39,958 | 50,180 | ||||||||
| Property and Equipment | ||||||||||
| Property and Equipment, Net | 20,407 | 20,741 | ||||||||
| Operating lease right of use asset, net | 14,951 | 15,240 | ||||||||
| Other assets | 379 | 388 | ||||||||
| Total Assets | $ | 75,695 | $ | 86,549 | ||||||
| Current Liabilities | ||||||||||
| Accounts payable | $ | 9,139 | $ | 10,322 | ||||||
| Accrued payroll and other liabilities | 2,518 | 4,053 | ||||||||
| Accrued tariffs | 341 | 943 | ||||||||
| Customer deposits | 118 | 121 | ||||||||
| Deferred revenue, current portion | 1,000 | 1,000 | ||||||||
| Dividends Payable | 502 | 317 | ||||||||
| Notes payable, current portion, net of debt issuance costs | 466 | 433 | ||||||||
| Operating lease liability, current portion | 2,447 | 2,533 | ||||||||
| Financing lease liability, current portion | 28 | 35 | ||||||||
| Total Current Liabilities | 16,559 | 19,757 | ||||||||
| Long-Term Liabilities | ||||||||||
| Deferred revenue, net of current portion | 2,333 | 2,583 | ||||||||
| Warrant liabilities | 207 | 713 | ||||||||
| Notes payable, non current portion, net of debt issuance costs | 9,859 | 9,212 | ||||||||
| Operating lease liability, net of current portion | 19,955 | 20,470 | ||||||||
| Financing lease liability, net of current portion | 23 | 28 | ||||||||
| Total Long-Term Liabilities | 32,377 | 33,006 | ||||||||
| Total Liabilities | 48,936 | 52,763 | ||||||||
| Commitments and Contingencies | ||||||||||
| Redeemable Preferred Stock | ||||||||||
| Preferred stock - Series A 5,000 shares at | ||||||||||
| no shares issued and outstanding as of | ||||||||||
| 2024, respectively | - | - | ||||||||
| Preferred stock - Series B, 25,000 shares at | ||||||||||
| and no shares issued and outstanding as of | 22,849 | 22,256 | ||||||||
| 2024 respectively | ||||||||||
| Stockholders' Equity | ||||||||||
| Preferred stock, 4,995,000 shares at | - | - | ||||||||
| Common stock, 400,000,000 shares at | ||||||||||
| - | - | |||||||||
| 1 | 1 | |||||||||
| Additional paid in capital | 162,627 | 163,622 | ||||||||
| Accumulated deficit | (158,718 | ) | (152,093 | ) | ||||||
| Stockholders' Equity | 3,910 | 11,530 | ||||||||
| Total Liabilities, Redeemable Preferred Stock and Stockholders' Equity | $ | 75,695 | $ | 86,549 | ||||||
| Unaudited Condensed Interim Consolidated Statement of Operations | ||||||||||
| ( | ||||||||||
| Three Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| $ | 9,704 | $ | 13,356 | |||||||
| Cost of Goods Sold | 7,994 | 9,428 | ||||||||
| Gross Profit | 1,710 | 3,928 | ||||||||
| Operating Expenses | ||||||||||
| Research and development | 980 | 1,000 | ||||||||
| General and administrative | 4,482 | 6,357 | ||||||||
| Selling and marketing | 1,975 | 2,485 | ||||||||
| Total Operating Expenses | 7,437 | 9,842 | ||||||||
| Loss From Operations | (5,727 | ) | (5,914 | ) | ||||||
| Other Income (Expense) | ||||||||||
| Interest expense | (1,465 | ) | (4,701 | ) | ||||||
| Other Income | 61 | - | ||||||||
| Change in fair market value of warrant liability | 506 | 3,818 | ||||||||
| Total Other Expense | (898 | ) | (883 | ) | ||||||
| Net Loss Before Taxes | (6,625 | ) | (6,797 | ) | ||||||
| Income Tax (Benefit) Expense | - | - | ||||||||
| Net Loss | $ | (6,625 | ) | $ | (6,797 | ) | ||||
| Less: Preferred Stock Dividends | (1,095 | ) | - | |||||||
| Net Loss Attributable to Common Shareholders | $ | (7,720 | ) | $ | (6,797 | ) | ||||
| Net (Loss) Gain Per Share- Basic & Diluted | $ | (0.64 | ) | $ | (9.28 | ) | ||||
| Weighted Average Number of Shares- Basic & Diluted | 12,083,461 | 732,762 | ||||||||
| Reconciliation of GAAP to Non-GAAP Measures (Unaudited) | |||||||||
| ( | |||||||||
| Three Months Ended | |||||||||
| 2026 | 2025 | ||||||||
| EBITDA Calculation | |||||||||
| Net Loss Attributable to Common Shareholders | $ | (7,720 | ) | $ | (6,797 | ) | |||
| Interest Expense | 1,465 | 4,701 | |||||||
| Taxes | - | - | |||||||
| Depreciation and Amortization | 794 | 859 | |||||||
| EBITDA | $ | (5,461 | ) | $ | (1,237 | ) | |||
| Adjustments to EBITDA | |||||||||
| Stock Based Compensation | 100 | 220 | |||||||
| Preferred Stock Financing expenses | - | 631 | |||||||
| Litigation Fees and Loss on Settlement | 39 | 543 | |||||||
| Reverse Stock Split | - | 15 | |||||||
| Loss on impairment of Assets | 6 | - | |||||||
| At-the-Market (ATM) agreement expenses | 139 | - | |||||||
| Debt modification expenses | 36 | - | |||||||
| Change in fair market value of warrant liability | (506 | ) | (3,818 | ) | |||||
| Series B Preferred Stock Dividend | 1,095 | - | |||||||
| Adjusted EBITDA | $ | (4,552 | ) | $ | (3,646 | ) | |||
| Unaudited Condensed Consolidated Statement of Cash Flows | |||||||||
| Three Months Ended | |||||||||
| ( | |||||||||
| 2026 | 2025 | ||||||||
| Cash flows from Operating Activities | |||||||||
| Net Loss | $ | (6,625 | ) | $ | (6,797 | ) | |||
| Adjustments to Reconcile Net Loss to | |||||||||
| Used in Operating Activities | |||||||||
| Stock based compensation | 100 | 220 | |||||||
| Amortization of debt discount | 921 | 1,095 | |||||||
| Change in fair market value of warrant liability | (506 | ) | (3,818 | ) | |||||
| Non-cash interest expense (paid-in-kind) | - | 3,579 | |||||||
| Provision for credit losses | 6 | 103 | |||||||
| Depreciation and amortization | 794 | 859 | |||||||
| Amortization of right of use assets | 289 | 658 | |||||||
| Changes in Assets and Liabilities | |||||||||
| Accounts receivable | 1,230 | (1,915 | ) | ||||||
| Inventory | (65 | ) | (12 | ) | |||||
| Prepaid expenses | (27 | ) | (126 | ) | |||||
| Prepaid income tax | (6 | ) | - | ||||||
| Prepaid inventory | 126 | (669 | ) | ||||||
| Other current assets | (675 | ) | 54 | ||||||
| Other assets | 9 | - | |||||||
| Income taxes payable | - | (4 | ) | ||||||
| Accounts payable and accrued expenses | (2,899 | ) | 3,379 | ||||||
| Operating lease liabilities | (601 | ) | (706 | ) | |||||
| Accrued tariffs | (602 | ) | 30 | ||||||
| Deferred revenue | (250 | ) | (250 | ) | |||||
| Customer deposits | (3 | ) | (180 | ) | |||||
| Total Adjustments | (2,159 | ) | 2,297 | ||||||
| (8,784 | ) | (4,500 | ) | ||||||
| Cash Flows From Investing Activities | |||||||||
| Proceeds from disposal of property and equipment | |||||||||
| Purchase of property and equipment | (279 | ) | (778 | ) | |||||
| (279 | ) | (778 | ) | ||||||
| (Continued) | |||||||||
| Cash Flows From Financing Activities | |||||||||
| Proceeds from public offering (ATM), net | - | 63 | |||||||
| Proceeds from preferred stock offering, net of fees | - | 3,180 | |||||||
| Repayment of note payable | (241 | ) | - | ||||||
| Principal payments on finance leases | (12 | ) | (11 | ) | |||||
| Payment of dividends | (317 | ) | - | ||||||
| (570 | ) | 3,232 | |||||||
| (9,633 | ) | 0 | (2,046 | ) | |||||
| Cash and cash equivalents - beginning of period | 18,270 | 4,849 | |||||||
| Cash and cash equivalents - end of period | $ | 8,637 | $ | 2,803 | |||||
| Supplemental Disclosures of Cash Flow Information: | |||||||||
| Cash paid for income taxes | $ | - | $ | 2 | |||||
| Cash paid for interest | $ | 965 | $ | 1 | |||||
| Supplemental Non-Cash Items | |||||||||
| Purchases of property and equipment, not yet paid | $ | 360 | $ | 929 | |||||
| Conversion of preferred stock to common stock | $ | - | $ | 273 | |||||
| Recognition of warrant liability - Investor Warrants | $ | - | $ | 697 | |||||
| Accrued dividends | $ | 502 | $ | - | |||||
| Dividends paid in kind | $ | 125 | $ | - | |||||
| Accretion of preferred stock discount | $ | 468 | $ | - | |||||
Investor Relations:
DragonflyIR@advisiry.com
