<p>Dragonfly Energy Holdings Corp（DFLI）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Dragonfly Energy Holdings Corp.最新的财报电话会议传达了一种谨慎乐观的语气，管理层在重型卡车领域的明确商业胜利与持续的财务亏损以及仍然疲软的房车市场之间取得了平衡。高管们指出，卡车订单的加速和积极的成本削减为改善盈利能力创造了切实的路径，但强调短期前景依赖于卡车 ramp 的完美执行。</p>
<h2>销售反弹由卡车前景引领</h2>
<p>第一季度净销售额为 970 万美元，其中 OEM 客户贡献了 580 万美元，直接面向消费者渠道贡献了 370 万美元。对于第二季度，管理层预计收入约为 1320 万美元，意味着约 36% 的环比增长，因为卡车部署开始规模化，并抵消其他终端市场的疲软。</p>
<h2>Stevens Transport 订单支撑卡车业务</h2>
<p>此次会议的一个重点是重型卡车领域的一项重要商业胜利，Stevens Transport 下了公司迄今为止最大的一笔订单，价值超过 300 万美元。该订单涵盖近 500 辆卡车，交付将于第二季度开始，并在 2026 年逐步增加，是将 Stevens 的 2500 辆卡车车队逐步转向 Dragonfly 平台的更广泛计划的一部分。</p>
<h2>车队回报动态改善</h2>
<p>柴油价格的上涨正在增强 Dragonfly 为卡车客户提供的解决方案的经济性，使投资案例更加引人注目。管理层指出，双流动力包的回报期已从略超过一年改善至不足 10 个月，全电动 APU 的回报期也有类似的改善，这是未来采用的关键驱动因素。</p>
<h2>成本措施增强 EBITDA 运行率</h2>
<p>Dragonfly 详细介绍了自 3 月以来已经实现的约 450 万美元的年度调整费用节省的重大成本削减。预计第二季度还将通过租赁整合实现额外约 400 万美元的节省，这些措施预计将推动约 900 万美元的年度调整 EBITDA 改善。</p>
<h2>知识产权组合和制造支持进展</h2>
<p>在技术方面，公司报告了在知识产权和国内制造计划方面的进展，包括其在日本专利局获得的第一项专利许可，涉及粉末状固态电解质材料。Dragonfly 目前拥有近 90 项已授予或待授予的专利，并获得了 527,000 美元的非稀释性内华达科技中心资金，以支持到 2027 年中期的内部圆柱形电池原型和测试。</p>
<h2>运营费用下降</h2>
<p>第一季度运营费用从前期的 980 万美元降至 740 万美元，减少约 24.5%。管理层将下降归因于较低的市场营销支出、针对性的裁员以及领导薪酬调整，使约 20% 的薪酬转向基于股权的激励。</p>
<h2>盈利路径明确</h2>
<p>管理层重申了明确的盈利框架，目标是在年化净销售额约 7000 万美元的运行率下实现正的调整 EBITDA。他们还预计短期内将有显著的提升，调整 EBITDA 预计将从第一季度的 460 万美元亏损改善至第二季度约 190 万美元的亏损，意味着环比改善 270 万美元。</p>
<h2>尽管努力扭转，亏损依然存在</h2>
<p>尽管在运营上取得了进展，Dragonfly 仍处于亏损状态，第一季度归属于普通股股东的净亏损为 770 万美元，或每股 0.64 美元。调整后的 EBITDA 为负 460 万美元，突显出公司仍在进行扭转，并依赖于扩大新的商业项目以缩小差距。</p>
<h2>较低的销量压缩了利润率</h2>
<p>第一季度的毛利率为 17.6%，受到较低销量和传统市场组合挑战的压力。管理层表示，随着卡车收入的扩大和固定成本在更高销售基础上的吸收，利润率应会上升，但承认当前的盈利指标仍然疲弱。</p>
<h2>房车市场低迷影响需求</h2>
<p>房车终端市场，历史上是一个关键的需求驱动因素，继续拖累业绩，3 月份零售销售同比下降超过 20%，批发出货量也在下降。这一低迷导致本季度 OEM 和直接面向消费者的需求疲软，并强化了向重型卡车等商业领域的战略转变。</p>
<h2>复苏依赖于卡车执行</h2>
<p>管理层明确表示，短期复苏故事与卡车 ramp 的成功紧密相关，第二季度的指导假设该领域将有显著贡献。该业务对车队推出和 OEM 整合的时机非常敏感，使得将当前的试点和试验转化为全面生产部署成为一个核心风险和机会。</p>
<h2>在艰难的资本市场中保持有序的研发</h2>
<p>在当前资本受限的电池市场中，Dragonfly 优先考虑现金保护，而不是在干电极和固态项目上进行激进的研发支出。管理层将这些领域的进展描述为有计划和以合作为驱动，反映出在短期盈利和流动性优先的情况下，对长期创新采取谨慎的态度。</p>
<h2>重新聚焦于商业渠道</h2>
<p>公司已缩减了主要在直接面向消费者渠道的市场营销支出，并针对疲软的零售需求实施了有针对性的裁员。这些举措是将资源重新分配到更高回报的商业机会，特别是在卡车领域的更广泛努力的一部分，管理层认为该领域的经济性更强且更具规模。</p>
<h2>指导显示环比改善</h2>
<p>展望未来，Dragonfly 指导第二季度净销售额约为 1320 万美元，较第一季度环比增长约 36%，调整后的 EBITDA 预计将改善至约 190 万美元的亏损。高管们重申了在 7000 万美元年化销售额的基础上实现正向调整 EBITDA 的目标，并强调了每年 900 万美元的成本节省和大型 Stevens Transport 订单是实现这一目标的关键因素。</p>
<p>Dragonfly 的财报电话会议描绘了一家正在转型的公司，依靠不断增长的重型卡车业务和积极的成本控制来抵消疲软的房车市场和持续的亏损。对于投资者而言，故事现在取决于管理层能否将早期的卡车业务势头转化为持续的增长和利润扩张，将谨慎的乐观情绪转变为持久的财务表现。</p>

DFLI

<p>Dragonfly Energy Holdings Corp 的第一季度财报电话会议突显了在持续财务亏损中谨慎乐观的态度。公司报告第一季度净销售额为 970 万美元，来自 Stevens Transport 的一项超过 300 万美元的重大订单。管理层预计第二季度收入将达到 1320 万美元，主要受卡车部署的推动。尽管净亏损为 770 万美元，但成本降低和卡车解决方案的回报动态改善预计将提升盈利能力。房车市场的低迷继续影响需求，强调了在卡车行业成功执行的必要性</p>

<p>Dragonfly Energy Holdings Corp ((DFLI)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Dragonfly Energy Holdings Corp（DFLI）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Dragonfly Energy Holdings Corp.’s latest earnings call carried a tone of cautious optimism, as management balanced clear commercial wins in heavy‑duty trucking with ongoing financial losses and a still‑weak RV market. Executives pointed to accelerating trucking orders and aggressive cost cuts as creating a tangible path toward improved profitability, but emphasized that the near‑term outlook depends on flawless execution of the trucking ramp.</p>
<div class="lb-trans"><p>Dragonfly Energy Holdings Corp.最新的财报电话会议传达了一种谨慎乐观的语气，管理层在重型卡车领域的明确商业胜利与持续的财务亏损以及仍然疲软的房车市场之间取得了平衡。高管们指出，卡车订单的加速和积极的成本削减为改善盈利能力创造了切实的路径，但强调短期前景依赖于卡车 ramp 的完美执行。</p>
</div><h2>Sales Rebound Led by Trucking Outlook</h2>
<div class="lb-trans"><h2>销售反弹由卡车前景引领</h2>
</div><p>Q1 net sales came in at $9.7 million, split between $5.8 million from OEM customers and $3.7 million from direct‑to‑consumer channels. For Q2, management guided to roughly $13.2 million in revenue, implying about 36% sequential growth as trucking deployments begin to scale and offset softness in other end markets.</p>
<div class="lb-trans"><p>第一季度净销售额为 970 万美元，其中 OEM 客户贡献了 580 万美元，直接面向消费者渠道贡献了 370 万美元。对于第二季度，管理层预计收入约为 1320 万美元，意味着约 36% 的环比增长，因为卡车部署开始规模化，并抵消其他终端市场的疲软。</p>
</div><h2>Stevens Transport Order Anchors Trucking Push</h2>
<div class="lb-trans"><h2>Stevens Transport 订单支撑卡车业务</h2>
</div><p>A centerpiece of the call was a material commercial win in heavy‑duty trucking, with Stevens Transport placing the company’s largest order to date, valued at more than $3 million. The order covers nearly 500 trucks, with deliveries starting in Q2 and ramping into 2026, and is part of a broader plan to transition Stevens’ 2,500‑truck fleet to Dragonfly’s platform over time.</p>
<div class="lb-trans"><p>此次会议的一个重点是重型卡车领域的一项重要商业胜利，Stevens Transport 下了公司迄今为止最大的一笔订单，价值超过 300 万美元。该订单涵盖近 500 辆卡车，交付将于第二季度开始，并在 2026 年逐步增加，是将 Stevens 的 2500 辆卡车车队逐步转向 Dragonfly 平台的更广泛计划的一部分。</p>
</div><h2>Improving Payback Dynamics for Fleets</h2>
<div class="lb-trans"><h2>车队回报动态改善</h2>
</div><p>Rising diesel prices are enhancing the economics of Dragonfly’s solutions for trucking customers, making the investment case more compelling. Management noted that payback on the dual flow power pack has improved from just over one year to under 10 months, with similar gains for the all‑electric APU, a key driver of future adoption.</p>
<div class="lb-trans"><p>柴油价格的上涨正在增强 Dragonfly 为卡车客户提供的解决方案的经济性，使投资案例更加引人注目。管理层指出，双流动力包的回报期已从略超过一年改善至不足 10 个月，全电动 APU 的回报期也有类似的改善，这是未来采用的关键驱动因素。</p>
</div><h2>Cost Actions Bolster EBITDA Run Rate</h2>
<div class="lb-trans"><h2>成本措施增强 EBITDA 运行率</h2>
</div><p>Dragonfly detailed meaningful cost reductions that have already delivered about $4.5 million in annualized adjusted expense savings since March. An additional roughly $4 million is expected from rental consolidation in Q2, and together these actions are projected to drive about $9 million of annualized adjusted EBITDA improvement.</p>
<div class="lb-trans"><p>Dragonfly 详细介绍了自 3 月以来已经实现的约 450 万美元的年度调整费用节省的重大成本削减。预计第二季度还将通过租赁整合实现额外约 400 万美元的节省，这些措施预计将推动约 900 万美元的年度调整 EBITDA 改善。</p>
</div><h2>IP Portfolio and Manufacturing Support Advance</h2>
<div class="lb-trans"><h2>知识产权组合和制造支持进展</h2>
</div><p>On the technology front, the company reported progress in intellectual property and domestic manufacturing initiatives, including its first patent allowance from the Japan Patent Office for powderized solid state electrolyte materials. Dragonfly now holds nearly 90 issued or pending patents and secured $527,000 in nondilutive Nevada Tech Hub funding to support in‑house cylindrical cell prototyping and testing through mid‑2027.</p>
<div class="lb-trans"><p>在技术方面，公司报告了在知识产权和国内制造计划方面的进展，包括其在日本专利局获得的第一项专利许可，涉及粉末状固态电解质材料。Dragonfly 目前拥有近 90 项已授予或待授予的专利，并获得了 527,000 美元的非稀释性内华达科技中心资金，以支持到 2027 年中期的内部圆柱形电池原型和测试。</p>
</div><h2>Operating Expenses Move Lower</h2>
<div class="lb-trans"><h2>运营费用下降</h2>
</div><p>Operating expenses fell to $7.4 million in Q1 from $9.8 million in the prior period, a reduction of about 24.5%. Management attributed the decline to lower marketing spend, targeted workforce reductions, and leadership compensation adjustments that shifted roughly 20% of pay into equity‑based incentives.</p>
<div class="lb-trans"><p>第一季度运营费用从前期的 980 万美元降至 740 万美元，减少约 24.5%。管理层将下降归因于较低的市场营销支出、针对性的裁员以及领导薪酬调整，使约 20% 的薪酬转向基于股权的激励。</p>
</div><h2>Path to Profitability Clarified</h2>
<div class="lb-trans"><h2>盈利路径明确</h2>
</div><p>Management reiterated a clear profitability framework, targeting positive adjusted EBITDA at an annualized net sales run rate of around $70 million. They also expect a significant near‑term step‑up, with adjusted EBITDA projected to improve from a loss of $4.6 million in Q1 to a loss of about $1.9 million in Q2, implying a $2.7 million sequential improvement.</p>
<div class="lb-trans"><p>管理层重申了明确的盈利框架，目标是在年化净销售额约 7000 万美元的运行率下实现正的调整 EBITDA。他们还预计短期内将有显著的提升，调整 EBITDA 预计将从第一季度的 460 万美元亏损改善至第二季度约 190 万美元的亏损，意味着环比改善 270 万美元。</p>
</div><h2>Losses Persist Amid Turnaround Effort</h2>
<div class="lb-trans"><h2>尽管努力扭转，亏损依然存在</h2>
</div><p>Despite operational progress, Dragonfly remains in the red, with Q1 net loss attributable to common shareholders of $7.7 million, or $0.64 per share. Adjusted EBITDA was negative $4.6 million, underscoring that the company is still in the midst of a turnaround and reliant on scaling new commercial programs to close the gap.</p>
<div class="lb-trans"><p>尽管在运营上取得了进展，Dragonfly 仍处于亏损状态，第一季度归属于普通股股东的净亏损为 770 万美元，或每股 0.64 美元。调整后的 EBITDA 为负 460 万美元，突显出公司仍在进行扭转，并依赖于扩大新的商业项目以缩小差距。</p>
</div><h2>Margins Compressed by Lower Volumes</h2>
<div class="lb-trans"><h2>较低的销量压缩了利润率</h2>
</div><p>Gross margin in Q1 was a modest 17.6%, pressured by lower volumes and mix challenges in legacy markets. Management signaled confidence that margins should rise as trucking revenue expands and fixed costs are absorbed over a higher sales base, but acknowledged that current profitability metrics remain weak.</p>
<div class="lb-trans"><p>第一季度的毛利率为 17.6%，受到较低销量和传统市场组合挑战的压力。管理层表示，随着卡车收入的扩大和固定成本在更高销售基础上的吸收，利润率应会上升，但承认当前的盈利指标仍然疲弱。</p>
</div><h2>RV Market Slump Weighs on Demand</h2>
<div class="lb-trans"><h2>房车市场低迷影响需求</h2>
</div><p>The RV end market, historically a key demand driver, continues to drag on results, with March retail sales down more than 20% year over year and wholesale shipments also declining. This slump contributed to softer OEM and direct‑to‑consumer demand in the quarter and reinforces the strategic pivot toward commercial segments like heavy‑duty trucking.</p>
<div class="lb-trans"><p>房车终端市场，历史上是一个关键的需求驱动因素，继续拖累业绩，3 月份零售销售同比下降超过 20%，批发出货量也在下降。这一低迷导致本季度 OEM 和直接面向消费者的需求疲软，并强化了向重型卡车等商业领域的战略转变。</p>
</div><h2>Recovery Hinges on Trucking Execution</h2>
<div class="lb-trans"><h2>复苏依赖于卡车执行</h2>
</div><p>Management made clear that the near‑term recovery story is tightly linked to the success of the trucking ramp, with Q2 guidance assuming a meaningful contribution from that vertical. The business remains sensitive to the timing of fleet rollouts and OEM integrations, making the conversion of current trials and pilots into full production deployments a central risk and opportunity.</p>
<div class="lb-trans"><p>管理层明确表示，短期复苏故事与卡车 ramp 的成功紧密相关，第二季度的指导假设该领域将有显著贡献。该业务对车队推出和 OEM 整合的时机非常敏感，使得将当前的试点和试验转化为全面生产部署成为一个核心风险和机会。</p>
</div><h2>Disciplined R&amp;D in Tough Capital Markets</h2>
<div class="lb-trans"><h2>在艰难的资本市场中保持有序的研发</h2>
</div><p>In the current capital‑constrained battery landscape, Dragonfly is prioritizing cash conservation over aggressive R&amp;D spending on dry electrode and solid‑state programs. Management described progress in these areas as measured and partnership‑driven, reflecting a cautious approach to longer‑dated innovation while near‑term profitability and liquidity take precedence.</p>
<div class="lb-trans"><p>在当前资本受限的电池市场中，Dragonfly 优先考虑现金保护，而不是在干电极和固态项目上进行激进的研发支出。管理层将这些领域的进展描述为有计划和以合作为驱动，反映出在短期盈利和流动性优先的情况下，对长期创新采取谨慎的态度。</p>
</div><h2>Refocusing Away from DTC Channels</h2>
<div class="lb-trans"><h2>重新聚焦于商业渠道</h2>
</div><p>The company has scaled back marketing spend primarily in direct‑to‑consumer channels and implemented targeted workforce reductions in response to weaker retail demand. These moves are part of a broader effort to reallocate resources toward higher‑return commercial opportunities, particularly in trucking, where management sees stronger and more scalable economics.</p>
<div class="lb-trans"><p>公司已缩减了主要在直接面向消费者渠道的市场营销支出，并针对疲软的零售需求实施了有针对性的裁员。这些举措是将资源重新分配到更高回报的商业机会，特别是在卡车领域的更广泛努力的一部分，管理层认为该领域的经济性更强且更具规模。</p>
</div><h2>Guidance Points to Sequential Improvement</h2>
<div class="lb-trans"><h2>指导显示环比改善</h2>
</div><p>Looking ahead, Dragonfly guided to Q2 net sales of about $13.2 million, up roughly 36% sequentially from Q1, with adjusted EBITDA expected to improve to a loss of approximately $1.9 million. Executives reaffirmed their goal of achieving positive adjusted EBITDA at a $70 million annualized sales run rate and highlighted the combined $9 million in annualized cost savings and the large Stevens Transport order as key contributors to that trajectory.</p>
<div class="lb-trans"><p>展望未来，Dragonfly 指导第二季度净销售额约为 1320 万美元，较第一季度环比增长约 36%，调整后的 EBITDA 预计将改善至约 190 万美元的亏损。高管们重申了在 7000 万美元年化销售额的基础上实现正向调整 EBITDA 的目标，并强调了每年 900 万美元的成本节省和大型 Stevens Transport 订单是实现这一目标的关键因素。</p>
</div><p>Dragonfly’s earnings call painted the picture of a company in transition, leaning on a growing heavy‑duty trucking franchise and aggressive cost control to offset a sluggish RV backdrop and ongoing losses. For investors, the story now hinges on whether management can convert early trucking momentum into sustained growth and margin expansion, turning cautious optimism into durable financial performance.</p>
<div class="lb-trans"><p>Dragonfly 的财报电话会议描绘了一家正在转型的公司，依靠不断增长的重型卡车业务和积极的成本控制来抵消疲软的房车市场和持续的亏损。对于投资者而言，故事现在取决于管理层能否将早期的卡车业务势头转化为持续的增长和利润扩张，将谨慎的乐观情绪转变为持久的财务表现。</p>
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蜻蜓能源财报电话会议重点关注卡车运输的转型