DFLI stock is dropping alongside a weak Q2 report
ByWilliam White, InvestorPlace WriterAug 22, 2023, 9:26 am EDT
- Dragonfly Energy (DFLI) stock is dropping with its latest earnings release.
- The company missed EPS and revenue estimates for the second quarter.
- Dragonfly’s outlook for Q3 also isn’t the best for DFLI stock investors.
Dragonfly Energy(NASDAQ:DFLI) stock is taking a beating on Tuesday after the lithium-ion battery company released its second-quarter earnings report.
That report starts with diluted earnings per share of -25 cents. That’s below the -19 cents per share that Wall Street was expecting for the quarter. It’s also wider than the -4 cents per share reported in the same period of the year prior.
Also not helping DFLI stock is the company’s revenue of $19.3 million. Yet again, that’s worse than the $20.1 million that analysts were looking for in Q2. It also represents a 10.6% drop year-over-year (YOY) compared to $21.6 million.
Denis Phares, CEO of Dragonfly Energy, said the following in the earnings report:
“While the business continues to experience some near-term market headwinds, Dragonfly Energy is executing our plan; growing our market share in our core markets, addressing new growth opportunities, and making significant progress on our cell manufacturing goals.”
Q3 Outlook Hits DFLI Stock
Unfortunately for investors, the next quarter isn’t looking good for Dragonfly Energy, either. The company expects earnings per share to range from -21 cents to -27 cents alongside revenue of between $16 million and $20 million. For comparison, Wall Street is looking for EPS of -7 cents and revenue of $36.35 million for Q3.
DFLI stock is down 20.5% as of Tuesday morning. The stock is also down 84% year-to-date (YTD) as of Monday’s close.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2023/08/why-is-dragonfly-energy-dfli-stock-down-21-today/.
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