Dragonfly Energy Holdings Corp (NASDAQ:DFLI) reported a second-quarter FY23 sales decline of 10.6% year-on-year to $19.27 million, missing the analyst consensus of $20.80 million.
Revenue declined by $2.3 million from the prior year as growth from its OEM customers was offset by declines in direct-to-consumer (DTC) business.
Gross profit for Q2 dropped 41.7% to $4.1 million, and the profit margin contracted 1,130 basis points to 21.2%.
Net loss for the quarter expanded to $(11.7) million from $(1.5) million last year.
EPS of $(0.25) missed the consensus estimate of $(0.19).
The company held cash and equivalents of $33.0 million as of June 30, 2023.
Outlook: Dragonfly sees Q3 revenue of $16 million – $20 million (consensus $36.35 million), impacted by overall softer demand from the RV market.
It sees Q3 net loss of $(10) million – $(13) million or $(0.21) – $(0.27) per share (consensus $(0.07).
The company said it continues to face headwinds in its core markets, which are dominated by consumer discretionary spending.
Price Action: DFLI shares are trading lower by 14.3% at $1.65 in premarket on Tuesday.
