Dragonfly Energy Holdings Corp.
DFLI Industrials Electrical Equipment & Parts
Dragonfly Energy Holdings Corp.’s revenue for fiscal 2025 (year ended December 2025) was $58.6 million, up 15.8% from fiscal 2024. In the quarter to June 2026, revenue fell 19.0%, EPS grew 92.6%, free cash flow grew 47.3% and total debt fell 72.5%, each against the same quarter a year earlier.
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Dragonfly Energy Holdings Corp. (DFLI) Altman Z-score
Dragonfly Energy Holdings Corp.'s Altman Z-score for fiscal 2025 is −1.30, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.30 | (0.58) |
| FY2024 | −0.73 | (2.76) |
| FY2023 | 2.03 | (25.77) |
| FY2022 | 27.81 | (2.77) |
| FY2021 | 30.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.42 | |
| Retained earnings / total assets | (1.76) | — | −2.46 | |
| EBIT / total assets | (0.27) | — | −0.88 | |
| Market value of equity / total liabilities | 1.57 | — | 0.94 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Distress zone | −1.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.06 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CCTG CCSC Technology International Holdings Limited compare | 1.0× |
| EPOW E-Power Inc. compare | −0.7× |
| DFLI Dragonfly Energy Holdings Corp. | −1.3× |
| FLUX Flux Power Holdings, Inc. compare | −5.2× |
| POLA Polar Power, Inc. compare | −7.1× |
| XPON Expion Energy, Inc. compare | −7.9× |
| GWHT ESS Tech, Inc. compare | −26.4× |
| ADNH Advent Technologies Holdings, Inc. compare | −49.3× |
| NXUR Nxu, Inc. compare | −52.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets