Full Year 2025 Revenue Increased 16% Driven By 34% Growth in OEM Sales
Announces Reduction of Expenses, Improved Cost Structure and Accelerated Path to Profitability While Providing Greater Alignment with Shareholders
Targets Positive Adjusted EBITDA at $70 Million Annual Revenue Run Rate
Fourth Quarter and Full Year 2025 Financial Highlights
-- Net sales were $13.1 million and $58.6 million. -- OEM net sales were $8.1 million and $36.9 million. -- Gross Margin was 18.2% and 26.7%. -- Net Loss was $(45.0) million and $(69.9) million. -- Adjusted EBITDA was $(3.8) million and $(11.8) million.
RENO, Nev., March 16, 2026 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) ("Dragonfly Energy" or the "Company"), an industry leader in energy storage and battery technology and maker of Battle Born Batteries$(R)$ , today announced significant corporate actions and reported financial and operational results for the fourth quarter and full year ended December 31, 2025.
"The fourth quarter capped a year of meaningful progress for Dragonfly Energy," commented Dr. Denis Phares, Chief Executive Officer. "In 2025, we strengthened our balance sheet through decisive capital actions, expanded key RV and heavy-duty trucking partnerships, and delivered solid year-over-year revenue growth despite continued market headwinds. We also advanced strategic initiatives across product development and manufacturing, which we believe support the continued adoption of our solutions and position the Company for long-term growth."
"Earlier this month, we implemented a series of actions intended to significantly improve our cost structure and sharpen our focus on commercial markets as our customer base continues to evolve toward OEM, trucking, and industrial channels," continued Dr. Phares. "We believe these steps position Dragonfly Energy to operate more efficiently while aligning the organization with the areas where we are seeing the strongest long-term demand."
"As we approach the second quarter of 2026, we remain focused on expanding OEM relationships, improving operational efficiency, and strengthening our financial foundation to support our path to sustainable profitability."
Strategic Cost Realignment
In March 2026, Dragonfly Energy implemented a strategic cost realignment designed to reduce operating expenses, better align incentives with shareholders and sharpen the Company's focus on its commercial channels, including OEM, trucking, and industrial end markets. The Company expects the initiative to generate approximately $8.9 million in annualized savings. Key elements of the initiative include:
-- Board and Executive Leadership Compensation Adjustments: Each member of
Dragonfly's executive leadership team and Board of Directors has agreed
to reduce their cash compensation by approximately 20% for the remainder
of fiscal 2026, effective April 1, 2026. In lieu of cash compensation,
they have received equity-based incentives, aligning incentives with
long-term shareholder value.
-- Workforce and Compensation Adjustments: Dragonfly is implementing a 20%
reduction in total payroll expense through a combination of targeted
workforce reductions and salary adjustments. Non-executive employees
participating in salary reductions have received equity-based
compensation.
-- Reduction in Discretionary Spending: The Company is reducing
discretionary spending, including a reduction in DTC-focused marketing
expenses, as it shifts resources towards growing commercial revenues.
-- Facility Consolidation: Dragonfly is consolidating its rental space,
which is expected to result in a $4.0 million reduction in expenses.
Fourth Quarter 2025 Financial and Operating Results
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Net Sales by Customer Type
(in thousands)
Fiscal Quarter Ended
--------------------------------------
December 31, 2025 December 31, 2024 Change (YoY)
------------------ ------------------- ----------------- --------------
OEM $8,114 $6,236 30.1%
DTC $4,695 $5,725 -18.0%
Licensing Fee $250 $250 0%
Net Sales $13,059 $12,212 6.9%
Net sales increased 6.9% to $13.1 million. OEM net sales grew 30.1% to $8.1 million, led by continued strong adoption of our products at the factory level. DTC net sales were $4.7 million compared to $5.7 million, reflecting ongoing macroeconomic pressures and lessening corporate focus on DTC sales.
Gross profit was $2.4 million, with a gross margin of 18.2%, compared to gross profit of $2.5 million and gross margin of 20.8%. The year-over-year declines were due to a year-end inventory adjustment and lower volumes. Operating Expenses were $12.6 million, compared to $9.7 million. The increase was primarily related to one-time expenses associated with the debt restructure, as well as loss on lease impairment and settlements.
The Company reported a Net Loss of $(45.0) million, or $(14.92) per diluted share, compared to Net Loss of $(9.8) million or $(13.89) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was $(3.8) million, compared to $(2.3) million. Adjusted EBITDA was impacted by a year-end inventory valuation adjustment.
Adjusted EBITDA is a non-GAAP measure and should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with United States generally accepted accounting principles ("GAAP"). Please refer to the reconciliation of Adjusted EBITDA to its nearest GAAP measure in this release.
Full Year 2025 Financial and Operating Results
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Net Sales by Customer Type
(in thousands)
Fiscal Year Ended
------------------------------------
December 31, 2025 December 31, 2024 Change (YoY)
---------------- ----------------- ----------------- --------------
OEM $36,934 $27,612 33.8%
DTC $20,696 $22,616 -8.5%
Licensing $1,000 $417 139.8%
Net Sales $58,630 $50,645 15.8%
Net Sales increased 15.8% to $58.6 million. OEM net sales increased 33.8%, led by increased product adoption and new customer acquisitions. DTC net sales declined to $20.7 million, from $22.6 million, reflecting continued softness in the RV market due to continued macroeconomic pressures.
Gross Profit increased 34.6% to $15.6 million and gross margin expanded 370 basis points to 26.7%, reflecting higher sales volumes. Operating Expenses were $(38.8) million, compared to $(37.4) million.
The Company reported a Net Loss of $(69.9) million, or $(14.80) per diluted share, compared to a Net Loss of $(40.6) million or $(59.15) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of the Company's warrants, and other one-time expenses, was negative $(11.8) million, compared to negative $(18.5) million.
The fourth quarter and full year 2025 financial and operating results are preliminary and are subject to finalization and adjustment in connection with the audit of the financial statements for the fiscal year ended December 31, 2025 and the preparation of the Company's Annual Report on Form 10-K for the three months and fiscal year ended December 31, 2025. The preliminary financial results included in this press release have been prepared by, and are the responsibility of, the Company's management. During the course of the preparation of the Company's financial statements and related notes as of and for the three months and full year ended December 31, 2025, the Company may identify items that would require it to make material adjustments to the preliminary financial results presented herein. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and reviewed by the Company's independent registered public accounting firm.
Summary and Outlook
"In 2025, we took important steps to strengthen the business, substantially improving our balance sheet while expanding our customer base and product portfolio. Together with our ongoing operational initiatives, newly implemented cost realignment, and enhanced focus on commercial revenues, we believe Dragonfly Energy is positioned to achieve profitability and deliver long-term value for shareholders."
"For the first quarter of 2026, we anticipate revenue of $9.5 million and adjusted EBITDA loss of $4.6 million. First quarter results are expected to reflect softer than anticipated conditions in the RV market, particularly in January, along with a slower-than-expected ramp in the trucking segment. Activity has shown signs of stabilizing, and we expect operating leverage to improve as the year progresses," concluded Dr. Phares.
Q1 2026 Guidance
-- Net Sales of approximately $9.5 million. -- Adjusted EBITDA of approximately $(4.6) million*
* The Company cannot reconcile its expected adjusted operating EBITDA under "Q1 2026 Guidance" without unreasonable effort because certain items that impact net (loss) income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. Actual results may vary from the guidance and the variations may be material.
Use of Non-GAAP Financial Measures
The Company provides non-GAAP financial measures including EBITDA and Adjusted EBITDA as a supplement to GAAP financial information to enhance the overall understanding of the Company's financial performance and to assist investors in evaluating the Company's results of operations, period over period. Adjusted non-GAAP measures exclude significant unusual items. Investors should consider these non-GAAP measures as a supplement to, and not a substitute for financial information prepared on a GAAP basis.
EBITDA is defined as earnings before interest and other income (expenses), income taxes, and depreciation and amortization. Adjusted EBITDA is calculated as EBITDA adjusted for stock-based compensation, change in fair market value of warrant liabilities, non-recurring costs associated with strategic financing, reverse stock split, litigation and loss on settlement. Adjusted EBITDA is a performance measure that the Company believes is useful to investors and analysts because it illustrates the underlying financial and business trends relating to the Company's core, recurring results of operations and enhances comparability between periods.
Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of net loss or other results as reported under GAAP. Some of these limitations are:
-- Adjusted EBITDA does not reflect the Company's cash
expenditures, future requirements for capital expenditures,
or contractual commitments;
-- Adjusted EBITDA does not reflect changes in, or cash
requirements for, the Company's working capital needs;
-- Adjusted EBITDA does not reflect the Company's tax
expense or the cash requirements to pay taxes;
-- Although amortization and depreciation are non-cash
charges, the assets being amortized and depreciated
will often have to be replaced in the future and Adjusted
EBITDA does not reflect any cash requirements for
such replacements;
-- Adjusted EBITDA should not be construed as an inference
that the Company's future results will be unaffected
by unusual or non-recurring items for which the Company
may adjust in historical periods; and
-- Other companies in the industry may calculate Adjusted
EBITDA differently than the Company does, limiting
its usefulness as a comparative measure.
Webcast Information
The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2025 financial and operational this afternoon, March 16, 2026 at 4:30 PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy's website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 41799. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.
An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy's website, along with the earnings press release.
About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries(R) brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy's patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company's overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.
To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company's intent, belief or expectations, including, but not limited to, statements regarding the Company's guidance for the first quarter of 2026, preliminary results of operations and financial position for fourth quarter and fiscal year 2025, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "targets, " "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions.
These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company's control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company's core markets, including the RV market; the Company's ability to successfully increase market penetration into target markets; the Company's ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company's ability to retain members of its senior management team and other key personnel; the Company's ability to maintain relationships with key suppliers including suppliers in China; the Company's ability to maintain relationships with key customers; the Company's ability to protect its patents and other intellectual property; the Company's ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company's ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company's ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries' affiliated brands (including Keystone RV Company); the Company's ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company's ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company's ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and in the Company's subsequent filings with the SEC available at www.sec.gov.
If any of these risks materialize or any of the Company's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Preliminary Results
Fourth quarter and full year 2025 financial and operating results are preliminary, as they are subject to finalization and adjustment in connection with the preparation of the Annual Report on Form 10-K for fiscal 2025 to be filed later this month. During the course of the preparation of these financial statements, Dragonfly may identify items that would require the Company to make material adjustments to the preliminary financial results. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information. The preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and reviewed by our independent registered public accounting firm.
Financial Tables
Dragonfly Energy Holdings Corp.
Unaudited Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands, except share and per share
data)
As of
December 31, 2025 December 31, 2024
------------------- -------------------
Current Assets
Cash and cash
equivalents $ 18,270 $ 4,849
Accounts
receivable, net
of allowance for
credit losses 4,215 2,416
Inventory 24,234 21,716
Prepaid expenses 1,088 806
Prepaid inventory 937 1,362
Prepaid income tax 353 307
Assets held for
sale - 644
Other current
assets 1,083 825
Total Current
Assets 50,180 32,925
-------------- --------------
Property and
Equipment
Property and
Equipment, Net 20,741 22,107
Operating lease
right of use
asset, net 15,240 19,737
Other assets 388 445
Total Assets $ 86,549 $ 75,214
============== ==============
Current Liabilities
Accounts payable $ 10,322 $ 10,716
Accrued payroll
and other
liabilities 4,053 4,129
Accrued tariffs 943 1,915
Accrued
settlement,
current portion - 750
Customer deposits 121 317
Deferred revenue,
current portion 1,000 1,000
Uncertain tax
position
liability - 55
Dividends Payable 317 -
Notes payable,
current portion,
net of debt
issuance costs 433 -
Operating lease
liability,
current portion 2,533 2,926
Financing lease
liability,
current portion 35 47
-------------- --------------
Total Current
Liabilities 19,757 21,855
-------------- --------------
Long--Term
Liabilities
Deferred revenue,
net of current
portion 2,583 3,583
Warrant
liabilities 713 5,133
Accrued
settlement, net
of current
portion - 1,750
Notes payable, non
current portion,
net of debt
issuance costs 9,212 29,646
Operating lease
liability, net of
current portion 20,470 22,588
Financing lease
liability, net of
current portion 28 63
Total Long--Term
Liabilities 33,006 62,763
-------------- --------------
Total Liabilities 52,763 84,618
-------------- --------------
Commitments and
Contingencies
Redeemable
Preferred Stock
Preferred stock -
Series A 5,000
shares at $0.0001
par value,
authorized,
no shares issued
and outstanding as
of December 31,
2025 and
2024, respectively - -
Preferred stock -
Series B, 25,000
shares at $0.0001
par value,
authorized,
and no shares
issued and
outstanding as of
December 31, 2025
and 22,256 -
2024 respectively
Stockholders'
Equity (Deficit)
Preferred stock,
4,995,000 shares
at $0.0001 par
value, authorized,
no shares issued
and outstanding as
of December 31,
2025 and December
31, 2024,
respectively - -
Common stock,
400,000,000 shares
at $0.0001 par
value, authorized,
12,078,713 and
723,265 shares
issued and
outstanding as of
December 31, 2025
and 2024,
respectively - -
1 -
Additional paid in
capital 163,622 72,750
Accumulated deficit (152,093) (82,154)
-------------- --------------
Stockholders'
Equity (Deficit) 11,530 (9,404)
-------------- --------------
Total Liabilities,
Redeemable
Preferred Stock
and Stockholders'
Equity $ 86,549 $ 75,214
============== ==============
Dragonfly Energy Holdings Corp.
Unaudited Condensed Interim Consolidated Statement
of Operations
(U.S. Dollar in Thousands, except share and per share
data)
Three Months Ended Year Ended
---------------------- ------------------------
December December December December
31, 31, 31, 31,
2025 2024 2025 2024
Net Sales $ 13,059 $ 12,212 $ 58,630 $ 50,645
--------- ------- --------- -------
Cost of Goods
Sold 10,681 9,674 42,983 39,019
Gross Profit 2,378 2,538 15,647 11,626
Operating
Expenses
Research and
development 704 956 2,981 5,451
General and
administrative 9,384 7,031 25,659 21,909
Selling and
marketing 2,490 1,696 10,180 10,025
--------- ------- --------- -------
Total Operating
Expenses 12,578 9,683 38,820 37,385
--------- ------- --------- -------
Loss From
Operations (10,200) (7,145) (23,173) (25,759)
Other Income
(Expense)
Interest
expense, net (3,713) (6,251) (20,265) (21,504)
Other Expense 131 - 131 (36)
Debt
Extinguishment (31,843) - (31,843) -
Change in fair
market value of
warrant
liability 493 3,554 5,117 6,684
Total Other
Expense (34,932) (2,697) (46,860) (14,856)
--------- ------- --------- -------
Net Loss Before
Taxes (45,132) (9,842) (70,033) (40,615)
--------- ------- --------- -------
Income Tax
Benefit (94) - (94) -
--------- ------- --------- -------
Net Loss $ (45,038) $ (9,842) $ (69,939) $(40,615)
========= ======= ========= =======
Less: Preferred
Stock Dividends (869) - (869) -
--------- ------- --------- -------
Net Loss
Attributable to
Common
Shareholders $ (45,907) $ (9,842) $ (70,808) $(40,615)
========= ======= ========= =======
Net Loss Per
Share- Basic &
Diluted $ (14.92) $ (13.89) $ (14.80) $ (59.15)
========= ======= ========= =======
Weighted Average
Number of
Shares- Basic &
Diluted 3,077,812 708,596 4,783,337 686,683
========= ======= ========= =======
Dragonfly Energy Holdings Corp.
Unaudited Condensed Consolidated Statement of Cash
Flows
Twelve Months Ended
(U.S. in thousands)
2025 2024
Cash flows from Operating Activities
Net Loss $(69,939) $(40,615)
------- -------
Adjustments to Reconcile Net Loss to
Net Cash
Used in Operating Activities
Stock based compensation 714 1,020
Amortization of debt discount 7,591 7,241
Change in fair market value of
warrant liability (5,117) (6,684)
Non-cash interest expense
(paid-in-kind) 12,047 10,058
Debt restructuring fees
(paid-in-kind) 465 -
Provision for credit losses 140 3
Depreciation and amortization 2,236 1,372
Amortization of right of use
assets 2,472 2,231
Loss on disposal of property and
equipment 199 -
Loss on impairment of
right-of-use assets 2,667
Loss on impairment of assets - 873
Loss on extinguishment of debt 31,285
Write-off of prepaid inventory - 69
Changes in Assets and Liabilities
Accounts receivable (1,939) (780)
Inventories (2,518) 17,062
Prepaid expenses (282) 170
Prepaid inventory 425 (50)
Prepaid income tax (46) -
Other current assets (258) (707)
Other assets 57 (445)
Accounts payable and accrued
expenses 1,151 (4,029)
Operating lease liabilities (3,153) (1,344)
Accrued tariffs (972) 202
Accrued settlement (2,500) 2,500
Deferred revenue (1,000) 4,583
Uncertain tax position liability (55) (36)
Customer deposits (196) 116
------- -------
Total Adjustments 43,413 33,425
------- -------
Net Cash Used in Operating Activities (26,526) (7,190)
------- -------
Cash Flows From Investing Activities
Proceeds from disposal of
property and equipment - 8
Purchase of property and
equipment (1,949) (2,684)
------- -------
Net Cash Used in Investing
Activities (1,949) (2,676)
------- -------
Cash Flows From Financing Activities
Proceeds from public offering
(ATM), net 63 2,043
Proceeds from public offering ,
net 83,538 -
Proceeds from preferred stock
offering, net of fees 7,330 -
Proceeds from note payable,
related party - 2,700
Repayment of note payable,
related party - (2,700)
Repayment of note payable (49,081)
Principal payments on finance
leases (47) (45)
Proceeds from exercise of
options - 4
Payment of debt financing fees (465) -
Net Cash Provided by Financing
Activities 41,338 2,002
------- -------
Net Decrease in Cash and cash
equivalents 13,421 (7,864)
Cash and cash equivalents - beginning
of period 4,849 12,713
------- -------
Cash and cash equivalents - end of
period $ 18,270 $ 4,849
======= =======
Supplemental Disclosures of Cash Flow
Information:
Cash paid for income taxes 7 -
Cash paid for interest $ 5 $ 6,288
======= =======
Supplemental Non-Cash Items
Purchases of property and
equipment, not yet paid $ 179 $ 1,703
======= =======
Recognition of right of use
asset obtained in exchange for
operating lease liability $ 642 $ 18,653
======= =======
Accrued dividends $ 317 $ -
======= =======
Dividends paid in kind $ 79 $ -
======= =======
Recognition of leasehold
improvements obtained in
exchange for operating lease
liability $ - $ 4,683
======= =======
Recognition of machinery &
equipment obtained in exchange
for financing lease liability $ - $ 53
======= =======
Accretion of preferred stock
discount $ 478 $ -
======= =======
Conversion of preferred stock to
common stock $ 7,330 $ -
======= =======
Conversion of notes payable to
preferred shares $ 25,000 $ -
======= =======
Recognition of warrant liability
- Penny Warrants $ - $ 7,354
======= =======
Recognition of warrant liability
- Investor Warrants $ 697 $ -
======= =======
Settlement of accrued liability
for employee stock purchase
plan $ 97 $ 250
======= =======
Reclassification of assets held
for sale to machinery and
equipment $ 644 $ -
======= =======
Reclassification of assets held
for sale $ - $ 644
======= =======
Dragonfly Energy Holdings Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(U.S. Dollars in Thousands)
Three Months Ended Year Ended
------------------- ----------------------
December December December December
31, 31, 31, 31,
2025 2024 2025 2024
EBITDA Calculation
Net Loss Attributable to
Common Shareholders $(45,907) $(9,842) $(70,808) $(40,615)
Interest Expense 3,713 6,251 20,265 21,504
Taxes (94) - (94) -
Depreciation and
Amortization 425 381 2,236 1,372
------- ------ ------- -------
EBITDA $(41,863) $(3,210) $(48,401) $(17,739)
Adjustments to EBITDA
Stock Based Compensation 135 261 714 1,020
Change in fair market
value of warrant
liability (493) (3,554) (5,117) (6,684)
Non-Recurring/One-Time
Expenses:
Tariff Investigation - - - 463
Stryten Agreement - - - 284
Severance - - 35 -
Loss on Impairment of
Assets - 873 - 873
Impairment of
right-of-use asset and
disposal of associated
assets 2,432 3,043
of associated assets
Prior year tariff
estimate adjustment - - 287 -
Preferred Stock
Financing expenses - - 686 -
Reverse Stock Split 61 90 76 90
Litigation Fees and Loss
on Settlement 289 3,124 862 3,124
Loss on Disposal of
Assets 126 69 126 69
Debt Restructure
Expenses 1,938 - 2,291 -
ChEF Equity Facility
termination fee 891 - 891 -
Debt Extinguishment 31,843 - 31,843 -
Preferred Stock Dividend 869 - 869 -
------- ------ ------- -------
Adjusted EBITDA (3,772) (2,347) (11,795) (18,500)
Investor Relations:
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com
(END) Dow Jones Newswires
March 16, 2026 16:15 ET (20:15 GMT)
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