Dragonfly Energy Holdings Corp (NASDAQ:DFLI) shares are trading lower by 23.42% to $3.40 Thursday morning after the company reported worse-than-expected fourth-quarter sales results.
What Happened?
Dragonfly Energy reported quarterly losses of 16 cents per share which beat the analyst consensus estimate of a loss of 20 cents.
The company reported quarterly sales of $20.21 million which missed the analyst consensus estimate of $23.92 million by 15.5%.
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Among the FY22 highlights provided by the company:
- Net Sales of $86.3 million were 10.6% higher compared to $78.0 million in 2021
- Gross Profit of $24.0 million was lower compared to $29.6 million in 2021
- Operating expenses of $37.5 million, increased compared to $(23.2) million in 2021
- EBITDA for the full year 2022 was a negative $12.6 million, compared to $7.1 million in 2021
- Adjusted EBITDA for the full year 2022 was a negative $7.9 million, compared to $8.5 million in 2021
- Cash was $17.8 million, and debt was $76.2 million on December 31, 2022
The company also says the number of batteries sold in 2022 was 28.6% higher at 95,949 units compared to 74,632 units sold in 2021.
According to data from Benzinga Pro, DFLI has a 52-week high of $28.75 and a 52-week low of $2.61.
