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DFLI customer relationships

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Dragonfly Energy (DFLI) — Customer relationships that underpin a small but strategic energy OEM

Dragonfly Energy monetizes by selling lithium iron phosphate (LFP) battery systems and related hardware under the Dragonfly and Battle Born Batteries brands to three groups: OEMs who factory‑install systems, distributors/retail channels that resell batteries to end customers, and select commercial fleets that purchase integrated power systems. Revenue is predominantly point‑of‑sale hardware sales to OEMs and consumers, while licensing is a secondary, currently immaterial stream tied to the Battle Born trademark. For investors evaluating the customer base, the company combines concentrated OEM wins with growing distribution and commercial fleet adoption — a mix that drives near‑term revenue but concentrates execution risk in a handful of partnerships. Learn more at https://nullexposure.com/.

How Dragonfly makes money and why customers matter

Dragonfly’s operating model is straightforward: sell hardware (LFP cells, battery packs, power stations) to OEMs and retail customers; expand reach through distribution partnerships; and extract peripheral licensing income where appropriate. The company reports that OEM sales comprised a majority of revenue (54.5% in 2024) and recognizes most standard goods at shipment — indicating a largely spot, transaction‑driven revenue profile rather than long‑duration contract revenue. This structure produces strong correlation between discrete commercial wins and quarterly revenue volatility: a small number of OEM design‑wins and fleet purchase orders translate directly into material swings in reported sales. Source: company disclosures and Q3 2025 commentary.

Commercial relationships that move the needle

Below is a concise, relationship‑by‑relationship read on every customer cited in recent public materials.

Awaken RV

Dragonfly reports that Awaken selected Battle Born batteries as the standard lithium power solution across its debut lineup of molded fiberglass trailers, establishing factory standardization with a new RV OEM. Source: DFLI Q3 2025 earnings call (transcript referenced March 2026).

Ember RV

Dragonfly expanded a long‑standing partnership with Ember RV, which now ships Battle Born batteries as standard equipment in its 2026 Overland series with factory‑installed systems delivering up to seven kilowatt‑hours. Source: DFLI Q3 2025 earnings call (September 2025 expansion noted).

World Cat

World Cat selected Battle Born Batteries as standard equipment for its new 400DC‑X Island dual‑console model, extending Dragonfly’s marine OEM footprint after multi‑season field performance on earlier hulls. Source: industry coverage including QuiverQuant and CleanTechnica, December 2025 / March 2026 reporting.

PACCAR (PCAR)

Dragonfly highlighted a collaboration with PACCAR, noting independent testing of Dragonfly systems at PACCAR’s technical center and framing the relationship as a strategic milestone in the commercial truck segment. Source: DFLI Q3 2025 earnings call (transcript referenced March 2026).

Stevens Transport, Inc.

Dragonfly announced a multi‑million dollar purchase order from Stevens Transport for deliveries through 2026, described publicly as a material order covering heavy‑duty trucking products. Coverage characterized the order as valued at over $3 million. Source: press coverage and filings reported on Investing.com and regional news (May 2026).

Werner Enterprises (WERN)

Following real‑world trials, Werner Enterprises placed first orders for Dragonfly’s DualFlow idle‑reduction power systems, representing a commercial fleet adoption of Dragonfly’s industrial product line. Announcements and market commentary tied the win to positive share reactions at the time. Source: RVBusiness press release and multiple market reports (Nov–Mar 2025/2026 cycle).

National Railway Supply (NRS)

Dragonfly entered a distribution partnership with National Railway Supply, enabling NRS to carry Battle Born Batteries as its first lithium battery offering and to distribute to North American rail customers; the arrangement coincided with AREMA’s first lithium battery standard approval. Source: Dragonfly press releases and industry coverage (Dec 2025 / March 2026).

Battle Born Batteries (brand / distribution channel)

Dragonfly markets a solar panel and accessory product line through the Battle Born Batteries brand and authorized distribution partners, positioning Battle Born as both a direct‑to‑consumer retail channel and a platform for partner reseller networks. Source: GlobeNewswire press release and subsequent coverage (Jan 2026).

Airstream

Dragonfly stated that Battle Born batteries are standard across Airstream’s motorized models, reinforcing Dragonfly’s position in the premium RV segment through a high‑visibility OEM relationship. Source: DFLI Q3 2025 earnings call and transcript coverage.

THOR Industries and Keystone RV Company

Dragonfly referenced customer arrangements with THOR Industries and affiliated Keystone RV Company, noting the importance of realizing anticipated benefits from these OEM relationships as part of its RV segment strategy. Source: Q3 2025 reporting summarized in market coverage (StockTitan / company disclosures).

(Each relationship above is drawn from the company’s Q3 2025 commentary and contemporaneous press coverage collected through March–May 2026.)

If you want periodic updates on these partner developments and their revenue impact, visit https://nullexposure.com/ for ongoing coverage.

Operating constraints and what they imply for execution

  • Contracting posture — largely spot sales. Dragonfly recognizes revenue at shipment for standard goods, indicating a transactional sales model for core hardware. This elevates quarterly sensitivity to timing of OEM shipments and one‑off fleet orders. Evidence: revenue recognition language in recent disclosures.

  • Licensing is active but immaterial today. Battle Born LLC granted an exclusive, worldwide license to Stryten for certain B2B battery trademark use (July 29, 2024), which creates a company‑level licensing channel and global reach but is disclosed as immaterial to segment revenue. Treat licensing as strategic optionality, not a current revenue driver.

  • Counterparty mix — OEMs, distributors, and individuals. The company sells both to distributors and direct to end consumers under Battle Born, and OEM sales historically represent a majority of revenue — a mixed channel strategy that expands addressable markets but creates concentration risk around major OEM partners.

  • Geographic scope — global licensing, North American installations. While licensing language references worldwide rights, current active customer deployments and distribution partnerships are concentrated in North America, consistent with the company’s stated customer count (over 23,000 customers in North America).

  • Relationship roles and stage. Dragonfly is primarily the seller of hardware; the firm is also a licensor for Battle Born trademarks. Most relationships cited are active and moving into production or scheduled deliveries, which supports short‑term revenue visibility where purchase orders exist.

  • Product segment — hardware and core product focus. The business is driven by hardware sales (LFP battery packs and associated accessories) and remains product‑centric rather than service or recurring revenue‑centric.

Investment implications — concentrated wins with execution risk

  • Positive: A string of OEM standardizations (Airstream, Ember, Awaken, World Cat, THOR affiliates) and fleet orders (Werner, Stevens) demonstrates commercial validation across leisure and commercial transport segments. These wins are direct revenue drivers because DFLI recognizes OEM kit shipments at point of sale. This positions Dragonfly to scale revenue quickly off each production ramp.

  • Risk: The company’s model is concentrated and timing‑sensitive — a handful of OEM certifications and a few fleet purchase orders materially affect near‑term sales. Licensing is not yet a material hedge. Investors should monitor order cadence, OEM production schedules, and any disclosures about margin mix as the company scales distribution and commercial product lines.

  • Catalysts to watch: fulfillment of reported purchase orders (Stevens, Werner), additional OEM standardizations, and measurable growth in Battle Born retail sales. Confirmations of recurring fleet contracts or multi‑year supply agreements would materially reduce execution risk relative to the current spot‑sale profile.

For a regular feed of relationship tracking and revenue impact analysis on DFLI and peer energy OEMs, visit https://nullexposure.com/.

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