DFLIW

Overview We are a manufacturer of non-toxic deep cycle lithium-ion batteries that caters to customers in the consumer industry (including the recreational vehicle (“ RV ”), marine vessel, industrial, and trucking markets), with proprietary, patented and disruptive battery cell manufacturing and non-flammable solid-state cell technology currently under development.
Recently, we have moved away from our dual-brand strategy for battery products, Dragonfly Energy (“ Dragonfly Energy ”) and Battle Born® Batteries (“ Battle Born ”).
Moving forward, Battle Born is the brand under which we sell our energy storage products and related power system components.
Battle Born products are sold across multiple channels, including original equipment manufacturers (“ OEM ”), distributor, dealer, fleet, and direct-to-consumer relationships, depending on the application and customer requirements.
As adoption of lithium-based energy storage has expanded, Battle Born products have been increasingly integrated into factory-installed and system-level applications across a range of end markets.
Our product portfolio includes LFP battery packs, integrated battery management systems, integrated heating capability for cold-temperature operation, and system-level communication and monitoring enabled through our Dragonfly IntelLigence® technology.
We source LFP cells from a limited number of carefully selected suppliers that meet our quality and performance requirements, and we design, assemble, and test the majority of our battery products in the United States, supported by long-term supplier relationships that promote consistent supply and product reliability.
Reflecting the strength of our Battle Born brand, we signed a brand licensing contract in July of 2024 with Stryten Energy for the Battle Born brand to be deployed in B2B sales within Stryten’s target market.
Both licensing and contract manufacturing revenues from these contracts began in 2025 and are expected to continue into 2026.
Since 2020, we have successfully sold over 370,000 batteries.
For the fiscal years ended December 31, 2025, and December 31, 2024, we sold 43,129 and 42,447 batteries, respectively, generating revenues of $58.6 million and $50.6 million for each year.
Our innovative battery products have contributed to the ongoing transition from traditional lead-acid batteries to lithium-based energy storage solutions.
Historically, demand from our DTC channel, combined with our efforts to educate and engage original equipment manufacturers (“OEMs”), supported our initial market penetration and brand development.
As our business has evolved, our growth strategy has increasingly shifted toward OEM, fleet, and industrial channels, where we can deliver integrated energy storage solutions at scale.
While DTC continues to support brand awareness and aftermarket demand, it is no longer the primary driver of our growth strategy.
Historically and currently, we have driven total sales growth through the following strategies: 1.
Expansion of OEM and Fleet Partnerships: Increasing adoption of our battery systems in factory-installed and commercial applications across RV, trucking, and industrial markets. 2.
Market Diversification: Expanding into adjacent markets, including marine, industrial, and heavy-duty trucking applications, where demand for reliable, long-life energy storage continues to grow. 3.
Distributor and Dealer Engagement: Strengthening relationships with distributors and dealers to support broader market access and customer reach across both consumer and commercial segments. 4.
System-Level Product Expansion: Expanding our portfolio of integrated power system components, including power conversion, monitoring, and control solutions, to deliver complete energy storage systems. 5.
DTC Channel Optimization: Maintaining a targeted DTC presence to support brand visibility, customer education, and aftermarket sales, while reducing reliance on this channel as a primary growth driver.
Our valued RV OEM partners currently include industry leaders such as Airstream, Tiffin Motorhomes, Forest River, Triple E RV, REV Group, Keystone RV Company (“ Keystone ”), Ember, nuCamp RV, ATC, and THOR Industries (“ THOR ”).
For the year ended December 31, 2025, we experienced a return to revenue growth following the market correction that affected our end markets in 2024.
This improvement was driven primarily by increased adoption of our products by OEM customers, supported by modest growth in underlying RV market activity and expanded integration of our products across additional OEM models and configurations.
OEM adoption continued to shift toward higher-content, non-entry-level platforms, which are more closely aligned with our product offerings.
Macroeconomic factors, including persistent inflation, elevated interest rates, and reduced consumer confidence, continued to impact discretionary spending and direct-to-consumer demand during 2025.
As a result, demand within our DTC channels remained pressured, particularly within price-sensitive segments.
Despite these headwinds, OEM sales represented a growing portion of our revenue mix, reflecting deeper penetration within existing OEM relationships and continued program expansion.
In addition to RV OEM growth, we continued to expand our presence in industrial applications and the heavy-duty trucking market.
Within these markets, customers progressed from initial evaluations and pilot programs toward broader adoption, contributing to increased system deployments and revenue diversification.
In 2026, we expect continued growth to be driven by expanded adoption within our existing customer base, with a focus on OEM customers, including increased system content per unit, broader deployment of complementary power system components, and continued penetration of premium product platforms.
We also anticipate further growth in our industrial and heavy-duty trucking markets as customer adoption expands and additional use cases transition from evaluation to commercial deployment.
We offer a growing portfolio of energy storage products and power system components under the Battle Born brand, with battery product lines differentiated by form factor, capacity, and application requirements.
Our battery systems incorporate advanced features such as advanced battery management, integrated heating capability for cold-temperature operation, and system-level communication and monitoring enabled through our Dragonfly IntelLigence technology.
In addition to our battery products, we offer a range of complementary power system components, including charging, power conversion, monitoring, and control solutions, which enable customers to deploy complete and integrated energy storage systems.
These components include both Battle Born-branded products and select third-party components that meet our performance and quality standards.
We also continue to leverage our expertise in alternator charging and power management as a result of our prior acquisition of the Wakespeed assets, which enables us to integrate advanced alternator regulation and charging control into the systems we design and support.
This system-level capability allows us to address more complex power requirements across mobile and industrial applications.
Through our Battle Born and Wakespeed brands, we serve several core end markets, including recreational vehicles, marine vessels, and other mobile and stationary power applications.
In addition to these core markets, we are expanding our presence in trucking, including heavy-duty trucks and work truck applications, as well as industrial markets such as oil and gas and other infrastructure-related uses.

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Gone since FY2024

Overview We are a manufacturer of non-toxic deep cycle lithium-ion batteries that caters to customers in the consumer industry (including the recreational vehicle (“ RV ”), marine vessel, solar and off-grid residence industries), and trucking, industrial and energy storage markets, with proprietary, patented and disruptive battery cell manufacturing and non-flammable solid-state cell technology currently under development.
We have a dual-brand strategy for battery products, Dragonfly Energy (“ Dragonfly Energy ”) and Battle Born Batteries (“ Battle Born ”).
Battle Born branded products are primarily sold direct-to-consumers (“ DTC ”), while the Dragonfly Energy brand is primarily sold to original equipment manufacturers (“ OEMs ”).
However, with the growing popularity and brand recognition of Battle Born, these batteries have become increasingly popular with our OEM customers.
Based on the extensive research and optimization undertaken by our team, we have developed a line of products with features including a proprietary battery management system and an internal battery heating feature for cold temperatures, and we have recently launched our unique battery communication system.
We currently source the LFP cells incorporated into our batteries from a limited number of carefully selected suppliers that can meet our demanding quality standards and with whom we have developed long-term relationships.
Reflecting the strength of our DTC brand, we signed a brand licensing contract in July of 2024 with Stryten Energy for the Battle Born brand to be deployed in B2B sales within Stryten’s target market.
Both licensing and contract manufacturing revenues from these contracts are expected to come in throughout 2025, and we believe will represent a significant portion of our total revenues beginning in 2026.
Since our inception in 2020, we have successfully sold over 330,000 batteries.
For the fiscal years ended December 31, 2024, and December 31, 2023, we sold 42,447 and 64,906 batteries, respectively, generating revenues of $50.6 million and $64.5 million for each year.
Our innovative battery products have disrupted the traditional lead-acid battery markets.
The strong DTC demand, combined with our efforts to educate and market to original equipment manufacturers (OEMs), has facilitated significant penetration into the OEM sector.
Historically, we have driven total sales growth through several strategies: 1.
Expansion of DTC Sales : Increasing direct sales of batteries for RV applications. 2.
Market Diversification : Entering the marine vessel and off-grid storage markets with related DTC offerings. 3.
OEM Partnerships : Supplying batteries to RV OEMs. 4.
Distributor Engagement : Enhancing sales through increased distribution channels. 5.
Accessory Sales : Reselling accessories for our battery systems.
Our valued RV OEM partners currently include industry leaders such as Airstream, Tiffin Motorhomes, Forest River, nuCamp RV, Triple E RV, REV Group, Keystone, and THOR Industries (“ THOR ”).
Notably, THOR has made a strategic investment in our business, which we believe underscores our strong industry relationships.
For the year ended December 31, 2024, we experienced a period of sustained market correction characterized by ongoing inflation and historically high interest rates, which posed challenges to our DTC markets.
While there were small increases in retail registrations and wholesale shipments within the RV industry, much of this growth was concentrated in the price-sensitive entry-level segment.
These entry-level RVs typically do not incorporate our battery products, resulting in a decline in our overall sales due to the limited growth in segments aligned with our offerings.
However, we did observe increased OEM adoption of our products outside the entry-level segment, marked by the acquisition of new customers and enhanced market share within existing customer product lines.
As a result, a higher proportion of our revenue was generated through the OEM channel compared to the DTC market.
We successfully entered into two significant distribution agreements with Keystone Automotive Group (a division of LKQ) and Meyer Distribution.
These partnerships are expected to expand our reach within the RV and marine dealer networks and support continued growth in our DTC channels.
In 2024, RV dealers continued to optimize their inventory levels, resulting in relatively flat sales after a substantial 36% correction in 2023.
The industry’s pivot towards entry-level RVs, which do not typically utilize our batteries, contributed to the decline in total revenue for the year ended December 31, 2024, compared to the prior year.
Based on our ongoing discussions with customers and current unit forecast projections, we anticipate an increase in revenue within the RV market for 2025.
We remain committed to expanding our market presence, leveraging strategic partnerships, and driving innovation to sustain our growth trajectory.
We currently offer several lines of batteries across our two brands, each differentiated by size, power and capacity, consisting of seven different models, which come with an option for internal heat for cold temperature operation or an option for wireless communication using our Dragonfly IntelLigence feature.
To supplement our battery offerings, we are also a reseller of accessories for battery systems.
These include chargers, inverters, monitors, controllers and other system accessories from brands such as Victron Energy, Progressive Dynamics, Magnum Energy and Sterling Power.
We also entered into a lease for use of an approximately 64,000 square foot facility to further increase our capacity to produce our patented dry electrode process (the “ Fernley Lease Agreement ”).
Through our Battle Born Batteries and Wakespeed brands, we operate in three primary consumer end markets: RVs, marine vessels, and off-grid storage systems.
We are strategically expanding into additional markets, with a focus on trucking – including heavy-duty trucks and work trucks – and industrial markets – including oil and gas and industrial solar integration.
Within our core markets, we focus on displacing lead-acid batteries with our technologically advanced and greener lithium-ion solutions.
Our Battle Born Batteries portfolio is designed to provide customers with a reliable, long-lasting, and highly efficient off-grid power source.
We continue to leverage our proven sales and marketing strategy to efficiently penetrate our target end markets.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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