DFLIThe quarter wasn’t flashy, but it was cleaner
Dragonfly Energy’s first quarter of 2026 landed with a little something for both the optimists and the skeptics: net sales and adjusted EBITDA came in above guidance. For a company that’s been trying to prove it can tighten the screws without choking growth, that’s not nothing.
The headline number was $9.7 million in net sales, with OEM sales making up $5.8 million of that. Not exactly “growth rocket ship” territory, sure, but the bigger story is that the company says recent cost-reduction actions are still on track and should start helping results in Q2 2026. Translation: management is basically saying the belt-tightening diet is finally supposed to show up on the scale.
A truckload of business
One of the more tangible wins in the release: Stevens Transport placed a purchase order worth more than $3 million, covering nearly 500 trucks. That gives Dragonfly a little more evidence that its battery products are finding traction in commercial fleets, where buyers tend to care less about the marketing fluff and more about reliability, economics, and whether the thing works when it’s freezing outside.
The real question: can the margins stop leaking?
The company also guided to Q2 2026 net sales of $13.2 million and adjusted EBITDA of $(1.9 million). That’s still in negative territory, so nobody’s popping champagne yet. But if the cost cuts keep kicking in and sales keep holding up, the next few quarters should tell you whether Dragonfly is building a real turnaround or just getting a slightly less painful version of the same movie.
Big picture: this wasn’t a moonshot quarter, but it was the kind of update investors usually prefer — a beat, a big order, and a roadmap that doesn’t sound totally made up.