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Dragonfly Energy Holdings

DFLI on Nasdaq. Market value $11m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 30 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • Eastward Fund Management, LLC
    Passive investor
    10.0%
    Since 31 July 2026
  • at least 3.9%−2.3 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Denis Phares
    Insider or founder
    Sold down below 5%
    Since 31 July 2025
  • CVI Investments, Inc.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • ATW Master Fund V LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 12 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On September 25, 2026, the Audit Committee of the Board of Directors of Dragonfly Energy Holdings Corp. (the “Company”) approved the dismissal of CBIZ CPAs P.C. (“CBIZ CPAs”), the Company’s independent registered public accounting firm, and approved the engagement of MaloneBailey LLP (“MaloneBailey”) as its new independent registered public accounting firm as of and for the year ended December 31, 2026.”

    From an 8-K filed 25 September 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 27% last year. Losing that customer would hurt.

    “Sales from Customer A comprised approximately 27% of the Company’s total revenue for the year ended December 31, 2025.”

    From the 10-K filed 30 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.