Dragonfly Energy slumps on downbeat third-quarter outlook

Dragonfly Energy Holdings

22/08/2023 15:20

** Shares of U.S.-based supplier of lithium-ion batteries
Dragonfly Energy Holdings  DFLI.O  down about 26% at $1.43
    ** Sees Q3 net sales between $16.0-$20.0 mln below avg
analysts estimates of $31.9 mln - Refinitiv IBES
    ** Says Q3 sales outlook impacted by overall softer demand
in recreational vehicle (RV) market
    ** Expects Q3 share loss to be between $0.21-$0.27 vs avg
estimates of share loss of $0.10 
    ** Adds largest RV customer instituted a de-contenting
strategy which is expected to have material limiting effect on
co's revenue throughout the remainder of 2023 - DFLI
    ** Reports Q2 sales of $19.3 mln below avg estimates of
$20.8 mln
    ** Revenue declined "in the second quarter of 2022 as growth
from our OEM customers was offset by declines in our
direct-to-consumer business"
    ** Including session gains, DFLI shares down 87.4% YTD
    

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))