Dragonfly Energy (DFLI) Stock Jumps on New Rail and Marine Deals: Latest Price, News, and 2026 Forecast

Dragonfly Energy Holdings Corp. (NASDAQ: DFLI), the Nevada‑based lithium battery and power systems specialist behind the Battle Born® brand, is back on traders’ screens in December 2025. As of trading on December 11, 2025, DFLI changes hands around $0.86 per share, up roughly 8.3% on the day, with a market capitalization near $104 million. ^[1]

The move caps a busy quarter for the company: a string of new commercial partnerships in rail, marine, trucking, and industrial power, a substantial debt restructuring, multiple equity offerings, and a Q3 earnings report that showed strong OEM growth and better margins, but ongoing losses. At the same time, Wall Street’s 12‑month price targets cluster in the $1.50–$2.25 range, implying well over 100% upside from current levels—if the turnaround story plays out. ^[2]

This article summarizes the latest DFLI stock price action, company news, analyst forecasts, and key risks as of December 11, 2025. It is informational only and not investment advice.

Dragonfly Energy Stock Today: Price, Volume, and Volatility

As of the most recent close, Dragonfly Energy shares trade at about $0.86, after an intraday high near $0.87 and an 8.3% gain on the session. Roughly 9.8 million shares traded, about 35% below the stock’s average daily volume of roughly 15.1 million shares. ^[3]

Key trading and valuation stats:

Market cap: ≈ $104 million
Trailing 12‑month revenue: ≈ $57.8 million
Net loss (TTM): ≈ $34.7 million
Price/Sales (TTM): ≈ 1.8×
52‑week range:$0.15 – $3.89
50‑day moving average: ≈ $1.05; 200‑day: ≈ $0.56
Beta: around ‑0.2, indicating low historical correlation to the broader market. ^[4]

At ~$0.86, DFLI sits roughly 78% below its 52‑week high near $3.89, but still about 475% above its 52‑week low of $0.15. In other words, this is a high‑volatility small‑cap “penny stock” that has already delivered extreme downside and upside moves in the past year.

What Dragonfly Energy Actually Does

Dragonfly Energy manufactures and sells deep‑cycle lithium‑ion (LiFePO₄) battery systems and integrated power solutions. Its Battle Born® brand is well‑known in recreational vehicles (RVs), marine, and off‑grid residential markets. The company also provides:

Lithium power systems combining batteries, inverters/chargers, alternator regulators, solar, and monitoring
Its own battery communication platform, Dragonfly IntelLigence®
Increasingly, complete power system solutions for OEMs and industrial customers. ^[5]

Management’s long‑term ambition goes beyond pack assembly: they emphasize a proprietary dry‑electrode manufacturing process and eventual deployment of non‑flammable solid‑state cells, though these are still in the development and scaling phase. ^[6]

Q3 2025 Results: Strong OEM Growth and Better Margins, But Ongoing Losses

Dragonfly’s Q3 2025 results, released in mid‑November, are one of the central pieces of the current DFLI story. ^[7]

Highlights from the quarter:

Net sales: about $16.0 million, up 25–26% year over year from roughly $12.7 million.
OEM net sales: rose roughly 44% to about $10.7 million, underscoring the shift toward supplying large manufacturers rather than relying mainly on direct‑to‑consumer channels. ^[8]
Gross margin: expanded to around 29.7%, up more than 700 basis points year over year, driven by improved mix and cost discipline. ^[9]
Net loss: approximately ‑$11.1 million, wider than the prior year, reflecting high operating and interest costs. ^[10]
Adjusted EBITDA: about ‑$2.1 million, a significant improvement from roughly ‑$5.5 million a year earlier. ^[11]
Q4 2025 guidance: management guided to roughly $13 million in fourth‑quarter net sales. ^[12]

On the company’s Q3 2025 earnings call and in follow‑up analyses, several themes stood out: ^[13]

The company is gaining share in the RV market, with deeper partnerships across major OEMs like Airstream and Awaken RV.
Dragonfly highlighted growing traction in heavy‑duty trucking, where idling‑reduction solutions can reduce fuel and maintenance costs.
Management emphasized margin improvement and operating discipline, even while acknowledging that the business remains firmly in loss‑making territory.

Net result: Top‑line and gross margin trends are moving in the right direction, but the company is still burning cash and must execute carefully to get anywhere near breakeven.

Balance Sheet Reset: Big Equity Raises and Term Loan Restructuring

A major piece of the DFLI puzzle in late 2025 is the company’s aggressive effort to shore up its balance sheet.

Multiple Equity Offerings Since October

Since early October, Dragonfly has launched several equity financings:

October 6, 2025: Pricing of a $25.0 million underwritten offering of 20 million shares at $1.25 per share, with an option for 3 million additional shares. Proceeds are earmarked for working capital, R&D, and repayment of $4 million under the term loan. ^[14]
October 8, 2025: Closing of a $28.75 million underwritten offering of common stock (including full exercise of the underwriters’ option). ^[15]
October 16, 2025: Pricing of a $55.4 million public offering of 36 million common shares at $1.35, plus pre‑funded warrants to purchase up to 5 million additional shares at effectively the same price. ^[16]

In their Q3 results, management framed these as part of a series of three offerings since July 2025 that raised roughly $90 million in gross proceeds, enabling a comprehensive debt restructuring. ^[17]

The flipside for shareholders: these offerings significantly diluted existing equity holders, increasing the share count to about 120.8 million and helping to keep the stock in penny‑stock territory despite a now >$100M market cap. ^[18]

Term Loan Restructuring: Less Debt, More Flexibility

On November 5, 2025, Dragonfly announced it had finalized definitive agreements to restructure its senior secured term loan. ^[19]

Key elements:

$45 million of principal prepaid using equity offering proceeds.
$25 million of principal converted into a new series of preferred stock, convertible to common at $3.15 per share.
$5 million of principal forgiven by lenders.
Remaining $19 million of principal now carries a 12% fixed interest rate, with maturity in October 2027 and monthly interest payments beginning December 31, 2025.
Certain financial covenants are waived through the end of 2026, giving the company breathing room as it works toward profitability. ^[20]

Management characterizes this as a “very important corporate milestone” that significantly reduces leverage and increases financial flexibility. The combination of less debt, more equity, and waived covenants reduces near‑term bankruptcy risk but leaves shareholders with substantial dilution and a relatively high‑cost remaining term loan.

Nasdaq Compliance Regained

Another notable milestone: On October 21, 2025, Dragonfly disclosed that it had regained full compliance with Nasdaq’s minimum bid price and minimum market value of listed securities requirements. ^[21]

The Nasdaq Hearings Panel placed the company on a one‑year “Mandatory Panel Monitor” period, meaning a fresh compliance lapse could again trigger a delisting proceeding. That monitoring period extends into October 2026, adding another constraint investors need to track.

New Growth Drivers: Rail, Marine, Trucking, and Industrial Power

Beyond balance sheet repair, much of the bullish narrative hinges on Dragonfly’s expanding commercial footprint across several industries.

1. Rail: National Railway Supply Partnership and First AREMA Lithium Standard

On December 10, 2025, Dragonfly announced a new distribution partnership with National Railway Supply (NRS), a long‑standing supplier of signaling and communications equipment to the rail industry. ^[22]

Key points:

NRS will distribute Battle Born® lithium battery systems to rail customers across North America, making Dragonfly’s products the first lithium line in NRS’s catalog.
The announcement coincides with the American Railway Engineering and Maintenance‑of‑Way Association (AREMA) approving its first lithium battery standard (Manual Part 09.06.02). Dragonfly played a role in this multi‑year standards process as a member of AREMA Committee 38, Subcommittee 3 (Energy Systems).
Management argues that codified standards give rail operators a clearer path to comparing and adopting LiFePO₄ solutions in safety‑critical environments.

Third‑party commentary from outlets like Investing.com and StockTitan characterizes the deal as a moderately positive catalyst, expanding Dragonfly’s addressable market into rail infrastructure while confirming the company’s technical credibility in a highly regulated space. ^[23]

2. Marine: World Cat Expands Battle Born Battery Integration

On December 8, 2025, Dragonfly announced that World Cat, described as the world’s largest power catamaran manufacturer, is expanding integration of Battle Born power systems. ^[24]

Battle Born batteries will be standard equipment on World Cat’s new 400DC‑X Island model, incorporating a 540Ah lithium ship’s power system with dedicated AC inverter.
The decision follows multi‑season use of Dragonfly systems on the World Cat 325 DC, and reflects positive real‑world reliability feedback.
Commentators note that this strengthens Dragonfly’s position as a premium marine OEM supplier, with potential for follow‑on wins as boatbuilders electrify more onboard systems. ^[25]

3. Trucking: Idle‑Reduction Systems for Werner Enterprises

On November 24, 2025, Dragonfly disclosed that Werner Enterprises (NASDAQ: WERN), one of North America’s largest trucking and logistics companies, placed its first order for Dragonfly’s Battle Born DualFlow Power Pack idle‑reduction systems after a long‑term pilot. ^[26]

The DualFlow Power Pack provides hotel‑load power during driver rest periods without idling the main engine, helping fleets cut fuel costs, emissions, and engine wear.
Werner executives highlighted improved driver comfort and reduced truck starts during breaks as key benefits.
For Dragonfly, this is framed as a key commercial milestone validating LiFePO₄ systems in heavy‑duty fleet operations, with potential for wider fleet adoption if performance and payback economics hold up.

The Werner deal lines up with Dragonfly’s earlier whitepaper collaboration with PACCAR on lithium‑powered idle‑reduction and fuel savings in trucking, suggesting a deliberate push into this vertical. ^[27]

4. Industrial and Portable Power: Power Stations and Hybrid Power Solutions

Dragonfly has also moved more decisively into industrial‑grade portable power:

November 28, 2025: Launch of the Battle Born Power Station Series, including the Power Station 3000 (2.5 kWh, 3,000W) and Power Station Pro 5000 (5.1 kWh, 5,000W). These are rugged, weather‑resistant LiFePO₄ power stations targeted at job sites, emergency response, and off‑grid operations as a clean alternative to gasoline or diesel generators. ^[28]
Units are assembled in North America and marketed as low‑maintenance, fuel‑free solutions, with shipments expected to begin in Q1 2026. ^[29]

In parallel, Dragonfly has deepened ties with Hybrid Power Solutions, a Canadian maker of industrial portable power systems:

November 4, 2025: Hybrid announced a distribution agreement under which Dragonfly will distribute Hybrid’s battery energy storage systems, including the Batt Pack Pro, through its network. ^[30]
November 28, 2025: Hybrid followed up with news of a stocking order from Dragonfly to manufacture fully assembled portable power units that will be sold under the Battle Born® brand. ^[31]

Together, the internal product launches and external partnerships suggest Dragonfly is positioning itself as a complete power solutions provider, not just a battery maker.

5. Product Ecosystem Expansion: Inverter/Chargers, Base Series Batteries, and App 2.0

On November 25, 2025, Dragonfly announced a major expansion of the Battle Born product family: ^[32]

New Battle Born Inverter/Charger Series, featuring pure‑sine inverters with advanced power management and integrated Dragonfly IntelLigence® connectivity.
Base Series batteries, a lower‑capacity, value‑oriented line aimed at cost‑sensitive portable and auxiliary power applications.
Battle Born Mobile App 2.0, a redesigned app that unifies monitoring and control of batteries, inverter/chargers, and alternator regulators (including the Wakespeed® line), with RV‑C integration via the Battle Born HUB.

Management describes this as a “pivotal moment” in Dragonfly’s evolution toward fully integrated power systems, providing a more sticky ecosystem for OEMs and end‑users.

6. Funding and Manufacturing Support: Nevada Tech Hub Award

On October 2, 2025, Dragonfly announced that Nevada Tech Hub, part of a U.S. federal Tech Hubs program, selected the company for first‑round funding (about $300,000) to support: ^[33]

Manufacturing modernization and cost‑efficiency improvements
Progress toward ISO 9001 certification
Workforce development and training in partnership with local colleges and the University of Nevada, Reno

While modest in dollar terms, this is non‑dilutive capital aimed at lowering manufacturing costs and supporting scale‑up of Dragonfly’s Reno facilities.

Analyst Ratings, Price Targets, and Fundamental Forecasts

Analyst coverage remains thin but increasingly constructive. As of December 11, 2025, different platforms give slightly different snapshots, but the overall picture is cautiously bullish.

Ratings and Price Targets

MarketBeat: Tracks four analysts with a “Moderate Buy” consensus—one Strong Buy, one Buy, one Hold, and one Sell—and a consensus 12‑month price target of $1.75, with Canaccord Genuity recently lifting its target from $1.00 to $2.25. ^[34]
StockAnalysis: Shows a single covering analyst rating the stock “Strong Buy” with a $2.25 target, implying about 161% upside from around $0.86. ^[35]
Nasdaq / Fintel: Reports an average one‑year price target of $1.78, updated December 5, 2025, up 50% from a prior $1.19. The individual targets range from $1.52 to $2.36, and the new average represented roughly 122% upside versus a recent $0.80 closing price. ^[36]
Other services (TipRanks, Zacks, TradingView) show targets clustering in the high‑$1 to low‑$2 range, reinforcing the idea that most analysts see 100%+ upside potential from sub‑$1 share prices, albeit with very high risk. ^[37]

Putting that together, consensus 12‑month price targets sit roughly in a $1.50–$2.25 band, well above current levels. But remember: these targets assume continued execution, improving margins, and an ability to fund growth without derailing shareholder value.

Revenue and Earnings Forecasts

StockAnalysis aggregates forward estimates that sketch a potential path toward narrower losses: ^[38]

Revenue 2024 (actual): ≈ $50.7 million
Revenue 2025 (forecast): ≈ $59.7 million (+17.9% YoY)
Revenue 2026 (forecast): ≈ $77.8 million (+30.3% YoY)

At today’s market cap, that implies:

About 1.8× trailing sales
Roughly 1.7× forecast 2025 sales and 1.3–1.4× forecast 2026 sales

EPS projections vary across data providers:

StockAnalysis shows EPS improving from about ‑$5.91 (2024) to ‑$1.24 (2025) and ‑$0.10 (2026), suggesting a possible approach toward breakeven if growth and cost controls stick. ^[39]
MarketBeat, using a different methodology, still lists a much larger full‑year loss around ‑6.48 EPS for the current year, underlining how noisy and split‑adjusted these figures can be for a highly dilutive small cap. ^[40]

The common thread: analysts expect continued losses but improving trends, with 2025–2026 framed as transition years toward a more sustainable cost structure.

Institutional Interest

Fintel and MarketBeat data show institutional ownership remains low (~8% of shares) but has been increasing, with funds like AWM Investment, Renaissance Technologies, Geode Capital, KFG Wealth Management, and Northern Trust boosting positions in recent quarters. ^[41]

For a stock at this market cap and volatility level, rising institutional interest can be interpreted as a mild vote of confidence—but it’s still a thin base that can change quickly.

Key Risks and What Could Go Wrong

Despite the flurry of positive headlines, Dragonfly Energy remains a high‑risk turnaround:

Ongoing losses and cash burn
- Q3 2025 featured a double‑digit million dollar net loss, and even optimistic forecasts still show negative EPS through at least 2026. ^[42]
Dilution and capital‑markets dependence
- The company has already relied heavily on equity offerings to prepay debt and fund operations, significantly diluting shareholders. Further capital raises are possible if cash burn persists. ^[43]
Execution risk in new verticals
- Rail, marine, and trucking partnerships are promising but still early‑stage. Converting pilot wins and initial orders into large, recurring revenue streams is not guaranteed. ^[44]
Cyclicality in core end markets
- RVs, boats, and discretionary off‑grid projects are economically sensitive sectors. A downturn in consumer or fleet spending could slow growth.
Nasdaq listing risk
- The company is under a one‑year Nasdaq monitoring period after regaining compliance. A sustained drop back below listing thresholds could reignite delisting risk, usually bad news for liquidity and valuation. ^[45]
Technology and competition
- The broader LiFePO₄ and energy‑storage space is crowded, with numerous well‑capitalized rivals. Dragonfly’s long‑term edge depends on successfully scaling its dry electrode and future solid‑state technologies, as well as maintaining brand strength in Battle Born‑branded systems. ^[46]

Investors considering DFLI need to be comfortable with substantial volatility, binary‑ish outcomes, and the possibility of further dilution.

Bottom Line: A Speculative Turnaround with Real Commercial Momentum

As of December 11, 2025, Dragonfly Energy sits at an interesting crossroads:

The stock is far below its 2023–2024 highs and still under $1, but has rebounded sharply from its 2025 lows. ^[47]
The company has achieved a material balance‑sheet reset via debt restructuring and large equity raises, reducing near‑term default risk at the cost of dilution. ^[48]
Operationally, Q3 2025 showed healthy revenue growth, strong OEM momentum, and improving gross margins, though the bottom line remains deep in the red. ^[49]
Strategically, Dragonfly now has live commercial footholds in rail, marine, trucking, and industrial portable power, supported by an expanding product ecosystem and modest public funding for manufacturing upgrades. ^[50]
Across major data providers, 12‑month price targets generally lie between $1.50 and $2.25, signaling that analysts see meaningful upside from today’s price, but with high uncertainty. ^[51]

For now, DFLI looks like a classic speculative clean‑energy small cap:

Reward scenario: Revenue keeps compounding in new verticals, margins continue to expand, and the balance sheet remains stable, allowing the stock to move toward the analyst target range.
Risk scenario: Growth stalls, more capital is needed on unfavorable terms, or Nasdaq listing issues resurface, putting additional pressure on already‑diluted shareholders.