Unaudited Condensed Consolidated Statement of Cash FlowsYears Ended December 31, 2024 and 2023(U.S.in thousands) 2024 2023Cash flows from Operating Activities Net Loss $(40,615) $(13,817)Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities Stock based compensation 1,020 6,710 Amortization of debt discount 7,241 1,470 Change in fair market value of warrant liability (6,684) (29,582) Non-cash interest expense (paid-in-kind) 10,058 4,938 Provision for credit losses 3 114 Depreciation and amortization 1,372 1,237 Amortization of right of use assets 2,231 1,179 Loss on disposal of property and equipment - 116 Loss on impairment of assets 873 - Write-off of prepaid inventory 69 596 Changes in Assets and Liabilities Accounts receivable (780) (309) Inventories 17,062 11,411 Prepaid expenses (42) 852 Prepaid inventory (50) 25 Other current assets (707) 149 Other assets (445) 1,198 Income taxes payable 212 6 Accounts payable and accrued expenses (5,365) (3,527) Accrued tariffs 202 781 Accrued settlement 2,500 - Deferred revenue 4,583 - Uncertain tax position liability (36) (37) Customer deposits 116 (37)Total Adjustments 33,433 (2,710)Net Cash Used in Operating Activities (7,182) (16,527) Cash Flows From Investing Activities Proceeds from disposal of property and equipment 8 - Purchase of property and equipment (2,737) (6,885) Net Cash Used in Investing Activities (2,729) (6,885) (Continued) Cash Flows From Financing Activities Proceeds from public offering - 24,177 Payment of public offering costs - (1,258) Proceeds from public offering (ATM), net 2,043 0 Proceeds from note payable, related party 2,700 1,000 Repayment of note payable, related party (2,700) (1,000) Repayment of note payable - (5,275) Proceeds from exercise of public warrants - 747 Proceeds from exercise of options 4 586 Proceeds from exercise of Investor Warrants - 546 Net Cash Provided by Financing Activities 2,047 19,523 Net Decrease in Cash and cash equivalents (7,864) (3,889)Cash and cash equivalents - beginning of period 12,713 17,781 Cash and cash equivalents - end of period $4,849 $13,892 Supplemental Disclosures of Cash Flow Information: Cash paid for income taxes - 238 Cash paid for interest $6,288 $9,102 Supplemental Non-Cash Items Purchases of property and equipment, not yet paid $1,703 $96 Recognition of right of use asset obtained in exchange for operating lease liability $18,653 $- Recognition of leasehold improvements obtained in exchange for operating lease liability $4,683 $- Recognition of warrant liability - Penny Warrants $7,354 $698 Recognition of warrant liability - Investor Warrants $- $13,762 Settlement of accrued liability for employee liability for employee stock purchase plan $250 $- Reclassification of assets held for sale $644 $- Non-cash impact of cash exercise of liability classified warrants $- $617 Cashless exercise of liability classified warrants $- $12,629 Dragonfly Energy Holdings Corp.
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 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 utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as 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 timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; 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 Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; 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.
Dollars in thousands, except share and per share data) As of December 31, 2024 December 31, 2023Current Assets Cash and cash equivalents $4,849 $12,713 Accounts receivable, net of allowance for credit losses 2,416 1,639 Inventory 21,716 38,778 Prepaid expenses 806 772 Prepaid inventory 1,362 1,381 Prepaid income tax 307 519 Assets held of sale 644 - Other current assets 825 118 Total Current Assets 32,925 55,920 Property and Equipment Property and Equipment, Net 22,107 15,969 Operating lease right of use asset 19,737 3,315 Other assets 445 - Total Assets $75,214 $75,204 Current Liabilities Accounts payable $10,716 $10,258 Accrued payroll and other liabilities 4,129 7,107 Accrued tariffs 1,915 1,713 Accrued settlement, current portion 750 - Customer deposits 317 201 Deferred revenue, current portion 1,000 - Uncertain tax position liability 55 91 Notes payable, current portion, net of debt issuance costs - 19,683 Operating lease liability, current portion 2,926 1,288 Financing lease liability, current portion 47 36 Total Current Liabilities 21,855 40,377 Long-Term Liabilities Deferred revenue, net of current portion 3,583 - Warrant liabilities 5,133 4,463 Accrued expenses, long-term - 152 Accrued settlement, net of current portion 1,750 - Notes payable, non current portion, net of debt issuance costs 29,646 - Operating lease liability, net of current portion 22,588 2,234 Financing lease liability, net of current portion 63 66 Total Long-Term Liabilities 62,763 6,915 Total Liabilities 84,618 47,292 Equity Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of of December 31, 2024 and December 31, 2023, respectively - - Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,232,650 and 6,695,587 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 1 6 Additional paid in capital 72,749 69,445 Accumulated deficit (82,154) (41,539)Total Stockholders' (Deficit) Equity (9,404) 27,912 Total Liabilities and Stockholders' (Deficit) Equity $75,214 $75,204 Dragonfly Energy Holdings Corp.
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Author / Journalist: Dragonfly Energy Holdings Corp.
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