The following is a summary of the Dragonfly Energy Holdings Corp. (DFLI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Dragonfly reported Q4 net sales of $10.4 million, reflecting a decrease from $20.2 million year over year due to less demand from the RV market.

• Total net sales for fiscal 2023 is $64.4 million which is less compared to $86.3 million in 2022.

• The company reported a net loss of $13.8 million for 2023, an improvement from $40.0 million loss in 2022.

Business Progress:

• Despite tough market conditions in 2023, Dragonfly expects the RV market to recover and drive growth in 2024.

• Gaining significant traction in the heavy-duty trucking market, Dragonfly expects this sector to be a major revenue contributor.

• Dragonfly has started shipping batteries equipped with its proprietary Dragonfly Intelligence feature, advancing their capability in wireless monitoring and communication for storage systems.

• The company's R&D focus has resulted in progress toward its proprietary dry electrode cell manufacturing process and expects to draw down inventory by about $7-8 million in 1H 2024 to improve working capital.

More details: Dragonfly Energy IR

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