DFLI Stock Today (Nov. 24, 2025): Dragonfly Energy Pops on Werner Deal and Debt Reset

Dragonfly Energy Holdings Corp. (NASDAQ: DFLI) — the Nevada-based lithium battery and energy storage company behind the Battle Born® brand — is back on traders’ radar today after announcing a key commercial order from Werner Enterprises and building on a recent balance-sheet overhaul.

As of late trading on Monday, November 24, 2025, DFLI stock is changing hands around $0.79, up roughly 5% on the session after swinging between about $0.73 and $0.92 intraday.

Below is a closer look at what’s driving the move, how the fundamentals are evolving, and what investors may want to watch next.

DFLI stock today: price action and key stats (November 24, 2025)

DFLI has been volatile for months, and today is no exception.

Latest price: about $0.79 per share, up roughly $0.04 from the prior close.
Intraday range (so far): roughly $0.73–$0.92, underscoring elevated volatility. ^[1]
52‑week range: approximately $0.15 at the low end to between $4.1–$4.4 at the high end. ^[2]
1‑year performance: despite the recent rebound, public data show DFLI still down about 75–77% over the last 12 months. ^[3]
Market cap: around $90–100 million, based on recent market cap snapshots and a share count of roughly 120–121 million. ^[4]
Float & short interest: free float is a little over 117 million shares, and short interest is estimated at ~11–12% of float, indicating a meaningful bearish presence. ^[5]

Trading volume today has climbed into the tens of millions of shares, broadly in line with or above recent average daily volumes reported in the low‑to‑mid‑20 million range depending on the lookback period. ^[6]

Pre‑market, DFLI briefly saw much sharper gains — some feeds reported a 15–20% spike after the morning press release — before regular-session trading cooled the move to mid‑single‑digit percentage gains. ^[7]

Werner Enterprises order: why today’s news matters for DFLI

The main story today is a new commercial fleet deal.

Dragonfly Energy announced that Werner Enterprises (NASDAQ: WERN), one of North America’s largest transportation and logistics companies, has placed its first order for Dragonfly’s Battle Born® DualFlow Power Pack systems following an extended real‑world pilot. ^[8]

Key points from the announcement:

The DualFlow Power Pack is a lithium iron phosphate (LiFePO₄) auxiliary power system designed to provide “hotel load” power — heating, cooling, and cabin amenities — without idling the truck’s main engine. ^[9]
By cutting idle time, the system is aimed at reducing fuel consumption, emissions, and engine wear, while improving driver comfort and uptime. ^[10]
Dragonfly describes this order as a “key commercial milestone” that validates the system in demanding fleet conditions and marks a significant step in its expansion into the heavy‑duty trucking market. ^[11]

Werner’s move from pilot to initial order is important for several reasons:

Commercial validation, not just R&D
DFLI has talked for over a year about applying its battery technology to idle‑reduction in trucking — including a whitepaper collaboration with PACCAR earlier this fall. ^[12] Today’s order shows at least one major fleet is willing to commit capital, not just time, to Dragonfly’s solution.
Beachhead in a large addressable market
Heavy‑duty trucking is a major fuel consumer, subject to strict idling regulations in many states. Even a modest penetration of large fleets could represent a meaningful revenue stream for a company whose Q3 sales were about $16 million. ^[13]
Narrative boost after financial restructuring
Coming on the heels of debt restructuring and capital raises, the Werner win adds a growth story on top of the recent “fix the balance sheet” narrative, which can be attractive to momentum and turnaround traders alike. ^[14]

That said, Dragonfly has not publicly disclosed the size of the initial order or revenue expectations tied to Werner, so it’s too early to know whether this is a small pilot deployment or the start of a multi‑year rollout.

Q3 2025: growth, margin improvement, and ongoing losses

Today’s move also sits in the context of Q3 2025 results, released on November 14.

According to the company’s earnings release and subsequent commentary: ^[15]

Net sales: about $16.0 million, up roughly 25–26% year over year from approximately $12.7 million.
OEM vs. direct-to-consumer (DTC):
- OEM net sales increased to about $10.7 million, roughly 44% growth from the prior year.
- DTC sales were around $5 million, reflecting continued but slower consumer‑facing demand. ^[16]
Gross profit & margins: gross profit roughly $4.7 million, with gross margin near 29–30%, an improvement of about 7 percentage points compared with Q3 2024. ^[17]
Net loss: the company still reported a loss of about $11.1 million, wider than the prior year’s ~$6.8 million, driven mainly by interest expense and other non‑operating items. ^[18]
Adjusted EBITDA: improved from roughly -$5.5 million to about -$2.1 million, indicating progress toward breakeven on an adjusted basis. ^[19]

For Q4 2025, Dragonfly is guiding to: ^[20]

Net sales around $13 million (modest year‑on‑year growth but sequentially down from Q3, reflecting seasonality).
Adjusted EBITDA of roughly -$3.3 million, pointing to continued losses as the business invests in growth initiatives like trucking and manufacturing upgrades.

Bottom line: revenue and margins are trending in the right direction, but the business remains unprofitable, with meaningful cash burn and debt service still in the picture.

Balance sheet reset: capital raises, debt restructuring, and Nasdaq compliance

Capital raises and share dilution

In October, Dragonfly executed a series of equity offerings that materially changed its capital structure:

An underwritten public offering of common stock and pre‑funded warrants priced at about $55.4 million gross. ^[21]
A separate offering earlier in the month totaling approximately $28.75 million, also in common stock. ^[22]

Those raises substantially expanded the share count — public data show shares outstanding climbing to roughly 120.8 million, more than three times the level a year ago — and helped push DFLI’s market cap up into the $90+ million range despite the still‑low share price. ^[23]

For existing shareholders, that’s a classic trade‑off:

Pro: more cash and flexibility.
Con:dilution of per‑share ownership and earnings potential.

Term loan restructuring

On November 5, Dragonfly announced a comprehensive restructuring of its senior secured term loan: ^[24]

The company prepaid $45 million of principal using proceeds from the stock offerings.
Lenders converted $25 million of principal into a new class of preferred stock, convertible to common at a fixed $3.15 per share.
Lenders forgave $5 million of principal outright.
Roughly $19 million of term loan principal remains, now at a 12% fixed interest rate with certain covenants waived through the end of 2026.

The net effect is a material reduction in gross debt and interest burden, though not an elimination of leverage. It also introduces a sizable block of convertible preferred stock that could become additional dilution if the share price meaningfully recovers above the conversion level.

Nasdaq compliance regained

Another notable milestone: on October 21, Dragonfly disclosed that it had regained full compliance with Nasdaq’s continued listing requirements for minimum bid price and minimum market value of listed securities. ^[25]

However:

The company remains under a one‑year “Mandatory Panel Monitor” period. If the stock again falls out of compliance (for example, sustained trading well below $1 per share), Nasdaq can move quickly toward a delisting determination. ^[26]

For traders, that adds a layer of binary risk around the share price: strong rallies can relieve pressure, while prolonged weakness could reignite listing concerns.

Strategic tailwinds: Nevada Tech Hub funding and manufacturing footprint

Beyond today’s fleet news, Dragonfly is positioning itself as a domestic lithium battery technology platform rooted in Nevada:

In October, the company was selected for Nevada Tech Hub funding, an award expected to total about $300,000 in non‑dilutive capital. ^[27]
The funds are earmarked for:
- Manufacturing upgrades and production system modernization
- Progress toward ISO 9001 certification
- Workforce training and expansion in partnership with local colleges and universities

Dragonfly operates a large lithium battery factory in Reno, using a patented dry electrode manufacturing process aimed at lowering costs and enabling “chemistry‑agnostic” cells that can be tailored for RVs, energy storage, and vehicle applications. ^[28]

The Tech Hub award is small relative to the company’s funding needs, but it’s non‑dilutive and reinforces a narrative of Dragonfly as a strategic regional player in the U.S. battery supply chain.

Bull vs. bear case: how DFLI looks after today’s move

The bullish angle on DFLI stock

Investors who are optimistic on DFLI often point to:

Accelerating OEM mix
OEM sales now represent a majority of revenue and grew more than 40% year‑on‑year in Q3, suggesting deeper integration with large manufacturers and fleets. ^[29]
Margin improvement
A jump of roughly 7 percentage points in gross margin year‑over‑year indicates better pricing, mix, and/or cost control, even as the company remains subscale. ^[30]
Heavy‑duty trucking traction
The Werner order, plus prior collaborations with truck OEMs, signals that Dragonfly’s technology can move beyond RVs and marine into large, recurring fleet markets. ^[31]
Balance sheet improvement
The term loan restructuring — prepaying $45M, converting $25M, and forgiving $5M — materially reduces debt and extends runway, especially when combined with the October equity raises. ^[32]
Analyst upside (with caveats)
Public data from third‑party platforms show 12‑month price targets generally clustered between about $1 and $2 per share, implying upside from today’s sub‑$1 price — though these are estimates, not guarantees, and may be based on small analyst coverage. ^[33]

The bearish and risk-focused view

On the other side, skeptics highlight several risks:

Persistent losses and cash burn
Dragonfly is still losing over $10 million per quarter on a GAAP basis, and even adjusted EBITDA remains negative. ^[34]
Dilution and overhang from converts
The recent surge in shares outstanding — combined with convertible preferred from the loan restructuring — means that any future profitability will be spread across many more shares than in the past.
High volatility and speculative nature
A 52‑week trading band from $0.15 to above $4 underscores just how speculative DFLI has been. Even with recent gains, the stock is still down sharply year‑over‑year. ^[35]
Short interest and sentiment risk
Short interest around 12% of float suggests a material contingent of traders betting against the stock, adding to volatility and the potential for short squeezes or downside acceleration. ^[36]
Nasdaq monitoring period
Falling below compliance thresholds again during the one‑year monitoring period could trigger renewed delisting scrutiny — a non‑trivial risk for a sub‑$1 micro‑cap. ^[37]

What DFLI investors may want to watch next

For those tracking DFLI stock after today’s spike, some of the key upcoming signposts include:

Follow‑on orders and scale from Werner and other fleets
- Does Werner expand deployment beyond this initial order?
- Do other heavy‑duty and regional fleets adopt the DualFlow Power Pack in 2026?
Execution vs. Q4 2025 guidance
- Can Dragonfly deliver about $13 million in Q4 revenue with relatively stable margins?
- Does adjusted EBITDA trend better or worse than the guided – $3.3 million? ^[38]
Cash runway and any additional capital raises
- How quickly does the company burn the cash raised in October?
- Are more equity offerings, convertible deals, or asset sales required in 2026?
Progress on Nevada Tech Hub initiatives
- Movement toward ISO 9001, factory modernization, and workforce expansion that could support larger OEM and fleet contracts. ^[39]
Nasdaq listing status and share price stability
- Whether DFLI can maintain a share price and market value that keeps it squarely within Nasdaq’s compliance bands over the coming year. ^[40]

Bottom line on DFLI stock today

DFLI’s roughly 5% gain on November 24, 2025, reflects a market reacting positively to real commercial progress — Werner’s first order for Dragonfly’s idle‑reduction systems — on top of recent financial restructuring and margin improvement.

At the same time, Dragonfly Energy remains a high‑risk, small‑cap lithium battery stock:

It is still unprofitable,
It has undergone significant dilution,
And its share price history highlights extreme volatility.

For some investors, this combination of new fleet traction + improved balance sheet + domestic battery story may be an attractive speculative setup. For others, the ongoing losses, capital‑markets dependence, and listing‑compliance overhang will be reason enough to stay on the sidelines.

Either way, DFLI is likely to remain a news‑driven, high‑beta name, where each new contract, financing, or regulatory update can move the stock sharply in either direction.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment, financial, tax, or trading advice. Always do your own research and consider speaking with a licensed financial advisor before making investment decisions.

Is Dragonfly Energy Holdings Corp DFLI Stock a Good Time to Buy Now?