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DFLIW customer relationships

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Dragonfly Energy Holdings (DFLIW): Customer relationships that drive the Battle Born franchise

Dragonfly Energy manufactures and sells lithium-ion battery systems under two commercial brands: Dragonfly-branded hardware to OEMs and Battle Born-branded batteries direct to consumers and distributors. The company monetizes through unit sales to OEMs and distributors, direct-to-consumer retail, brand licensing agreements that generate multi-year royalty streams, and contract manufacturing arrangements. Investors should view the customer base as a mix of OEM dependence for scale and brand licensing for recurring revenue. For a consolidated view of Dragonfly’s customer map and the implications for revenue stability, visit https://nullexposure.com/.

How the customer footprint actually operates and what matters to investors

Dragonfly’s operating model is a hybrid of product manufacturing and brand licensing. Core revenue derives from hardware sales to OEMs and distributors, while the Battle Born brand creates ancillary revenue through licensing and B2C sales. The company’s contracting posture combines long-term supply agreements with certain OEMs and active licensing relationships, which creates both revenue durability and dependency risk.

  • Concentration: The top 10 customers accounted for 47.4% of 2024 revenue, with a single customer above 10% — this yields meaningful concentration risk even as the broader base includes distributors and thousands of retail customers (company disclosures, FY2024).
  • Contracting maturity: Dragonfly uses long-term manufacturing supply agreements (explicitly with Keystone/THOR) and multi-year licensing deals (a July 2024 license with Stryten), giving predictability to portions of future cash flow (company filings, 2024–2025).
  • Geography and counterparty mix: Sales are concentrated in North America and flow through OEMs, distributors, upfitters and direct retail buyers — a classic industrial + consumer distribution hybrid (company filing commentary).
  • Materiality: The DTC Battle Born channel was reported as immaterial to consolidated revenue in 2024, yet licensing deals are projected to add meaningful future revenue (company notes, FY2024–FY2025).

For a structured breakdown of each active customer relationship cited by the company and press, see the briefing below. If you want to track and model counterparty risk into valuations, start with the company’s OEM supply agreements and the new licensing economics at https://nullexposure.com/.

Detailed relationship briefing (each mention from the company and press)

Ember RV (earnings call, 2025 Q3)

Dragonfly expanded its partnership with Ember RV so that Battle Born batteries are standard in Ember’s 2026 Overland series, with factory-installed systems delivering up to seven kilowatt-hours of capacity, reinforcing OEM channel penetration (earnings call, 2025 Q3).

Awaken RV (earnings call, 2025 Q3)

Awaken RV — a new manufacturer founded by industry veteran Scott Hubbell — selected Battle Born Batteries as the standard lithium power solution across its entire debut molded fiberglass trailer lineup, demonstrating Dragonfly’s traction with new OEM entrants (earnings call, 2025 Q3).

Keystone RV Company (news release coverage, FY2025)

Regulatory and press notices reference Keystone RV Company as an affiliated brand within THOR Industries that is part of Dragonfly’s expected customer benefits; Keystone is explicitly named in discussions about achieving anticipated customer arrangement benefits (news coverage of corporate restructuring, March 2026 via Yahoo Finance / StockTitan).

THOR Industries (news release coverage, FY2025)

THOR Industries and its affiliated brands are highlighted in the company’s communications as material OEM partners whose arrangements underpin anticipated revenue benefits; THOR is identified by name in corporate disclosures and public press around Dragonfly’s restructuring announcements (news release, March 2026).

PACCAR (earnings call, 2025 Q3)

Dragonfly described its collaboration with PACCAR, noting PACCAR as an important commercial truck manufacturer partner and a milestone for the company’s commercial trucking segment, which signals diversification beyond RV and marine end markets (earnings call, 2025 Q3).

Airstream (earnings call, 2025 Q3)

Airstream’s adoption of Battle Born batteries is now standard across certain motorized models, a fact the company cited as evidence of momentum in the premium RV segment and validation of Battle Born as a trusted OEM supplier (earnings call, 2025 Q3).

Keystone RV Company (StockTitan coverage, FY2025)

A StockTitan news article repeating the corporate-debt and restructuring commentary names Keystone within the THOR group as an affiliated brand relevant to Dragonfly’s customer arrangements and anticipated benefits (news coverage, March 2026).

Note: the public record contains multiple press citations referencing THOR and Keystone in the context of Dragonfly’s corporate filings and restructuring announcements (March 2026 coverage across Yahoo Finance and StockTitan).

What constraints and company-level signals tell investors

Dragonfly’s disclosures include several company-level operational signals that should be factored into investor models:

  • Licensing is a deliberate revenue channel: A July 2024 License Agreement with Stryten was disclosed, including an initial $5,000 fee recognized over five years, capped royalties and a projection of roughly $30 million of licensing revenue over seven years, signaling an intentional shift to monetize brand value (company filings, 2024).
  • Long-term OEM contracts exist: The company explicitly noted a long-term Manufacturing Supply Agreement with Keystone (THOR) executed in 2021, suggesting multi-year volume commitments underpin OEM revenue (company filing excerpt).
  • Sales mix is mixed between direct and wholesale: Dragonfly sells direct under Battle Born and to distributors/OEMs under Dragonfly, supporting both margin variability and channel diversification (company filings).
  • Materiality nuance: The DTC channel was reported as immaterial for 2024 consolidated revenue, yet the top-10 customer concentration (47.4%) indicates that a handful of OEM/distributor relationships drive a large share of revenue — a dual signal of both brand strength and counterparty concentration risk (company notes).
  • North America focus: The business predominantly serves North American customers, concentrating end-market exposure regionally.

Investor implications and action items

  • Positive: Long-term OEM supply agreements and new OEM wins (Airstream, Ember, Awaken) are clear demand signals for scale and manufacturable revenue. Licensing deals create a recurring revenue layer that enhances valuation upside if royalties track guidance.
  • Risks: Customer concentration and reliance on a small number of OEM relationships (THOR/Keystone referenced repeatedly) create downside if any major partner reduces orders. Regional concentration in North America increases sensitivity to the RV and trucking cycle.
  • What to monitor next: Contract renewal language with THOR/Keystone, realized royalty receipts from Stryten versus the company’s $30 million projection, and quarterly OEM shipment volumes.

For further modeling resources and counterparty coverage tools, visit https://nullexposure.com/. If you want a consolidated watchlist of Dragonfly’s customer exposures and contract timelines, check the homepage at https://nullexposure.com/ for analyst-grade briefings.

Bottom line: Dragonfly’s hybrid revenue model—hardware sales to OEMs and distributors plus an emerging licensing stream—creates both predictable pockets of revenue and concentrated counterparty risk. Active monitoring of OEM fulfillment, license royalty realization, and the health of its major partners (THOR/Keystone, PACCAR, Airstream) should be a priority for investors.