Why Dragonfly Energy Shares Are Getting Hammered

Dragonfly Energy Holdings Corp 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%.

See Also: Here's Why JD.Com Shares Are Moving

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.