Dragonfly Energy Stock Dips 39% After S-3 Withdrawal Amid New OEM Deals
By ATTN Desk · Editorial oversight: Sean Han
Introduction
DRAGONFLY ENERGY HOLDINGS CORP (NASDAQ: DFLI) is a Reno, Nevada–based developer and manufacturer of lithium iron phosphate (LiFePO₄) battery systems. Established in 2016, the company designs and assembles battery packs under its Battle Born Batteries® brand and advances domestic cell production through a patented dry electrode process. Its integrated approach delivers energy storage solutions across off-grid, transportation, and industrial applications, focusing on efficiency and sustainability in North American manufacturing.
Corporate Structure
Headquartered in Reno, Dragonfly Energy employs between 51 and 200 staff members across engineering, manufacturing, and administrative roles. Under CEO Denis Phares, the company has built an intellectual property portfolio of approximately 100 granted, filed, and pending patents. On November 18, 2025, Dragonfly Energy registered shares under its 2022 Equity Incentive Plan via a Form S-8 filing with the SEC, aligning employee compensation with shareholder interests.
Battery Technology by Willian Justen de Vasconcellos
Developments and News
- On December 1, 2025, Dragonfly Energy filed a Registration Withdrawal Request (Form RW) for its Form S-3 registration statement (File No. 333-284669), electing to credit fees for potential future offerings.
- In November 2025, the company announced on LinkedIn that its Battle Born lithium batteries became the first lithium solution offered by National Railway Supply, which aligns with the American Railway Engineering and Maintenance-of-Way Association’s new lithium battery standard.
- In November 2025, Dragonfly Energy was recognized at EDAWN’s Celebration of Business and Industry in Northern Nevada as the 2025 Business Retention and Expansion honoree for Technology.
- The LinkedIn page also reported the adoption of Battle Born Batteries by World Cat, the largest manufacturer of power catamarans, indicating growing OEM demand for marine power systems.
Financial and Strategic Analysis
Shares of DFLI closed at $0.4309 on December 16, 2025, down 39.32% with a trading volume of 4,655,755 shares. Key twelve-month metrics include:
| Metric | Value |
|---|---|
| Market Capitalization | $93.0 million |
| Revenue (TTM) | $57.8 million |
| Net Income (TTM) | –$34.7 million |
| Profit Margin | –60.13% |
| Return on Assets | –15.94% |
| Cash and Cash Equivalents (Q3 ’25) | $3.84 million |
| Levered Free Cash Flow (TTM) | –$16.1 million |
| Price/Sales Ratio | 0.12 |
| Enterprise Value/Revenue | 2.89 |
Since 2021, Dragonfly Energy has shipped over 400,000 battery packs and generated more than $225 million in revenue, achieving an average annual growth rate of 179% among original equipment manufacturers (OEMs). Its domestic dry electrode manufacturing process eliminates toxic solvents, reduces carbon emissions by 9%, and cuts energy consumption by 25% compared to traditional methods.
Market Position and Industry Context
Dragonfly Energy operates in a competitive battery technology sector alongside global and domestic lithium-ion manufacturers. By focusing on LiFePO₄ chemistry and an integrated systems approach, the company serves OEMs in recreational vehicles, heavy trucking, marine applications, and renewable energy installations. Its emphasis on American-based cell production, patented processes, and sustainability positions it to potentially benefit from trends in supply chain reshoring and regulatory support for clean energy infrastructure.
tl;dr
DFLI shares fell 39.32% to $0.4309 on December 16, 2025, following the withdrawal of its S-3 registration on December 1 and the registration of employee shares on November 18. Partnerships with National Railway Supply and World Cat, along with EDAWN’s November honoree recognition, indicate ongoing commercial activities. One-year analyst estimates target $1.88 per share.