Dragonfly Energy Holdings Shares Drop After Second-Quarter Sales Fall

Shares of Dragonfly Energy Holdings (NASDAQ: DFEG) were trading in the red in Monday's after-hours market following the release of disappointing second-quarter financial results. The company's stock took a hit, trading 22.5% lower at $1.49 per share.

Earlier in the day, shares closed 1.28% lower in the regular session at $1.92 each.

Q2 Financial Results

According to the energy-storage and battery company's report, they experienced a loss per share of 25 cents on sales of $19.3 million in the second quarter. In comparison, during the same period last year, Dragonfly reported a loss per share of four cents on sales of $21.6 million.

Challenges in Core Markets

Dragonfly Energy Holdings attributes its decline in sales to challenging conditions in their core markets, which are primarily driven by consumer discretionary spending. These headwinds have adversely affected the company's financial performance.

Third-Quarter Outlook

As the company navigates through these obstacles, Dragonfly Energy Holdings expects to incur a loss in the third quarter. They project a loss between $10 million to $13 million and anticipate sales to range between $16 million and $20 million.