Dragonfly Energy Holdings Corp. (DFLI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 32.98% of current shares
Recent Dilution: 699.31% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
4M
Additional shares possible
Splits
2 Splits 2 Reverse
Past 2 years

Summary

DFLI currently has 12.1M outstanding shares. with moderate dilution risk from 3.98M authorized shares representing 33.0% potential dilution. The company has significantly diluted shareholders by 699.31% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 2 stock splits (positive for accessibility) and 2 reverse splits (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 12.1M shares outstanding

12M 4M
Mar 30, 2026

10-K filing | 12.1M shares outstanding

12M 4M
Dec 18, 2025
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 120,787,052 → 12,078,705

12M 4M
Dec 01, 2025

RW filing: The company is seeking withdrawal of the registration statement related to the resale of common stock issuable upon the exercise of penny warrants.

120M 40M
Nov 14, 2025

10-Q filing | 120.8M shares outstanding

120M 41M
Oct 16, 2025

8-K filing: Dragonfly Energy Holdings Corp. entered into an underwriting agreement for a public offering of 36,000,000 shares of common stock at $1.35 per share and pre-funded warrants to purchase up to 5,000,000 shares of common stock at $1.3499 per warrant. ($48.6M proceeds)

62M 41M
Oct 06, 2025

8-K filing: Dragonfly Energy Holdings Corp. completed an underwritten offering of 23,000,000 shares of common stock at a price of $1.25 per share, resulting in net proceeds of approximately $26.7 million for working capital and other corporate purposes. ($28.75M proceeds)

62M 41M
Aug 14, 2025

10-Q filing | 61.7M shares outstanding

62M 41M
Jul 21, 2025

8-K filing: Dragonfly Energy Holdings Corp. issued 2,100,000 shares of Common Stock to an Investor in exchange for the surrender of all outstanding shares of Series A Preferred Stock, satisfying obligations under the Securities Purchase Agreement.

9.4M 41M
Jun 24, 2025

8-K filing: Dragonfly Energy Holdings Corp. and the holder of its Series A Convertible Preferred Stock agreed to cancel the holder's warrants to purchase up to 4,000 shares of Series A Preferred Stock, resulting in the warrants no longer being outstanding.

9.4M 41M
May 16, 2025

10-Q filing | 9.4M shares outstanding

9.4M 41M
Apr 28, 2025

8-K filing: Dragonfly Energy Holdings Corp. increased the number of authorized shares of common stock from 250,000,000 to 400,000,000 and completed a second closing of a private placement, selling 450 shares of Series A Preferred Stock at $10,000 per share. ($4.5M proceeds)

6.9M 41M
Apr 07, 2025

S-1 filing: This S-1 filing relates to the resale or other disposition by the selling stockholder of up to 36,901,132 shares of common stock issuable upon the conversion of Series A Convertible Preferred Stock.

6.9M 41M
Mar 31, 2025

10-K filing | 6.9M shares outstanding

6.9M 4.4M
Feb 27, 2025

8-K filing: Dragonfly Energy Holdings Corp. entered into a securities purchase agreement for a registered direct offering and concurrent private placement of Series A Convertible Preferred Stock and warrants, expecting net proceeds of approximately $3.2 million for working capital and general corporate purposes. ($3.5M proceeds)

7.3M 4.4M
Feb 03, 2025

S-3 filing: This S-3 filing registers for resale 1,412,158 shares of Dragonfly Energy Holdings Corp. common stock issuable upon the exercise of outstanding warrants by the Selling Stockholders.

7.3M 4.4M
Jan 03, 2025

8-K filing: Dragonfly Energy Holdings Corp. issued penny warrants to purchase up to 350,000 shares of common stock at an exercise price of $0.01 per share in connection with the lenders' agreement to waive certain financial tests under the Loan Agreement for the quarter ended December 31, 2024.

6.9M 2.9M
Nov 22, 2024
Stock Split

8-K filing: Stock split 1-for-9 | Outstanding: 62,328,555 → 6,925,395

6.9M 2.9M
Nov 14, 2024

10-Q filing | 62.3M shares outstanding

62M 26M
Oct 07, 2024

8-K filing: Dragonfly Energy Holdings Corp. entered into a limited waiver and third amendment to its Term Loan, Guarantee and Security Agreement with lenders, providing for a one-time issuance of penny warrants to purchase up to 3,000,000 shares of the Company's common stock at an exercise price of $0.01 per share.

61M 26M
Aug 14, 2024

10-Q filing | 60.7M shares outstanding

61M 26M
Jul 01, 2024

8-K filing: Dragonfly Energy Holdings Corp. issued penny warrants to purchase up to 2,100,000 shares of common stock at an exercise price of $0.01 per share to lenders in connection with an amendment to its Loan Agreement.

61M 26M
Jun 21, 2024

POS AM filing: This prospectus relates to the issuance by us of up to 11,131,900 shares of our common stock that may be issued from time to time upon the exercise of warrants previously issued by the Company to investors in our public offering that closed on June 22, 2023.

61M 26M
May 21, 2024

POS AM filing: This prospectus relates to the potential offer and resale of up to 21,512,027 shares of common stock by the selling stockholder, Chardan Capital Markets LLC, pursuant to an equity facility.

60M 44M
May 15, 2024

10-Q filing | 60.3M shares outstanding

60M 44M
Apr 16, 2024

10-K filing | 60.3M shares outstanding

60M 44M
Dec 29, 2023

8-K filing: Dragonfly Energy Holdings Corp. issued penny warrants to purchase up to 1,286,671 shares of common stock at an exercise price of $0.01 per share to lenders in exchange for waiving certain financial tests.

59M 44M
Nov 15, 2023

S-3 filing: Dragonfly Energy Holdings Corp. files an S-3 form for a shelf offering of common stock, preferred stock, debt securities, subscription rights, and units, with an aggregate offering price not to exceed $150,000,000.

59M 44M
Nov 14, 2023

10-Q filing | 58.7M shares outstanding

59M 31M
Sep 25, 2023

POS AM filing: This POS AM filing relates to the potential offer and resale of up to 21,512,027 shares of common stock by the selling stockholder, Chardan Capital Markets LLC, pursuant to an equity facility.

59M 31M
Aug 21, 2023

10-Q filing | 58.8M shares outstanding

59M 53M
Jun 21, 2023

8-K filing: Dragonfly Energy Holdings Corp. entered into an underwriting agreement to sell 10,000,000 shares of common stock and accompanying warrants at $2.00 per share and warrant, with an over-allotment option for an additional 1,500,000 shares and/or warrants, and will issue warrants to the Underwriters to purchase up to 500,000 shares. ($40.0M proceeds)

46M 53M
Jun 14, 2023

S-1/A filing: This S-1/A filing describes a proposed offering of common stock and warrants, with Roth Capital Partners, LLC acting as the underwriter. It includes both firm shares and warrants, as well as an option for the underwriters to purchase additional shares and warrants. The document also mentions an underwriter's warrant exercisable for common stock.

46M 53M
Jun 14, 2023

S-1/A filing: This is an S-1/A filing for an offering of 8,620,689 shares of common stock and warrants to purchase up to 8,620,689 shares of common stock, which are subject to completion.

46M 53M
Jun 12, 2023

S-1/A filing: The company is offering 7,168,458 shares of common stock at an assumed price of $2.79 per share.

46M 43M
Jun 05, 2023

S-1 filing: This is an S-1 filing for a common stock offering, subject to completion. The company's common stock is listed on the Nasdaq under the symbol 'DFLI'.

46M 36M
May 15, 2023

10-Q filing | 45.1M shares outstanding

45M 36M
May 02, 2023

POS AM filing: This is a POS AM filing for the resale of common stock and warrants by selling securityholders, and the issuance of common stock upon the exercise of warrants.

46M 36M
Apr 17, 2023

10-K filing | 45.8M shares outstanding

46M 91M
Dec 09, 2022

S-1/A filing: This prospectus relates to the potential offer and resale of up to 21,512,027 shares of common stock by the selling stockholder, Chardan Capital Markets LLC, under a purchase agreement where we may receive gross proceeds of up to $150 million from the sale of shares to CCM.

3.2M 91M
Dec 09, 2022

S-1/A filing: This S-1/A filing relates to the offer and sale of common stock and warrants by selling securityholders, as well as the issuance of common stock upon exercise of warrants.

43M 91M
Nov 14, 2022

10-Q filing | 3.2M shares outstanding

3.2M 110M
Nov 04, 2022

S-1 filing: This S-1 filing relates to the offer and sale of common stock and warrants by selling securityholders, as well as the issuance of common stock upon exercise of warrants, to satisfy certain registration rights.

45M 110M
Oct 21, 2022

S-1 filing: This S-1 filing relates to the potential offer and resale of up to 21,512,027 shares of common stock by the selling stockholder, Chardan Capital Markets LLC, with the company potentially receiving up to $150 million from the sale of shares to CCM under a purchase agreement.

1M 36M
Oct 11, 2022

8-K filing: Dragonfly Energy entered into a term loan agreement for $75 million, issued warrants to purchase common stock, and has access to a $150 million equity facility. They also amended their articles of incorporation and bylaws and adopted a revised code of ethics.

1M 14M
Oct 05, 2022

8-K filing: Chardan stockholders elected to redeem 2,071,910 shares of Chardan common stock, resulting in 1,021,438 shares of Chardan common stock remaining issued and outstanding.

1M 14M
Oct 03, 2022

8-K filing: Chardan NexTech Acquisition 2 Corp. reports that an assignee acquired 485,000 shares of Common Stock in the open market, reducing the number of shares to be purchased under a Subscription Agreement to 15,000 shares.

3.2M 14M
Sep 29, 2022

8-K filing: Dragonfly Energy Holdings Corp. entered into a Term Loan Agreement for a senior secured term loan facility in an aggregate principal amount of $75 million and will issue penny warrants to purchase 5.6% of Holdings' common stock on a fully diluted basis and warrants to purchase 1.6 million shares of Holding's common stock at $10 per share to the Initial Term Loan Lenders under the Term Loan.

3.2M 14M
Aug 15, 2022

10-Q filing | 3.2M shares outstanding

3.2M 14M
Jul 12, 2022

8-K filing: Dragonfly Energy Corp. entered into a Stock Purchase Agreement with THOR Industries, Inc. for $15 million in cash, with THOR purchasing 1,267,502 shares of Dragonfly common stock. ($15.0M proceeds)

3.2M 14M
May 16, 2022

8-K filing: Chardan NexTech Acquisition 2 Corp. entered into a merger agreement with Dragonfly Energy Corp., with provisions for issuing shares to existing holders of Dragonfly capital stock and pursuant to converted options, alongside PIPE investment, a senior secured term loan facility, and an equity facility, involving potential issuances of New Dragonfly common stock and warrants. ($5.0M proceeds)

3.2M 14M
May 16, 2022

10-Q filing | 3.2M shares outstanding

3.2M 14M
Mar 29, 2022

10-K filing | 3.2M shares outstanding

3.2M 14M
Nov 15, 2021

10-Q filing | 3.2M shares outstanding

3.2M 14M
Sep 23, 2021

10-Q filing | 3.2M shares outstanding

3.2M 14M
Aug 19, 2021

8-K filing: Chardan NexTech Acquisition 2 Corp. completed its IPO of 11,000,000 units at $10.00 per unit, a private placement of 4,361,456 warrants at $0.93 per warrant, an issuance of 1,650,000 Over-Allotment Option Units at $10.00 per unit, and a private sale of 266,402 Additional Private Warrants at $0.93 per warrant. ($130.8M proceeds)

2.9M 14M
Aug 13, 2021

8-K filing: Chardan NexTech Acquisition 2 Corp. consummated a private placement with Warrant Holdings of 4,361,456 warrants to purchase 4,361,456 shares of common stock at $0.93 per warrant, generating total proceeds of $4,052,000. ($4.05M proceeds)

2.9M 14M
Aug 05, 2021

S-1/A filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at $10.00 per unit in an initial public offering, with each unit consisting of one share of common stock and three-quarters of one warrant; also offering 4,200,000 warrants in a private placement.

2.9M 14M
Aug 03, 2021

S-1/A filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at $10.00 per unit in an initial public offering. Each unit consists of one share of common stock and one-half of one warrant. They are also issuing 4,200,000 warrants at a price of $0.93 per warrant in a private placement.

2.9M 14M
Jul 23, 2021

S-1/A filing: This S-1/A filing relates to an initial public offering of units consisting of common stock and warrants of Chardan NexTech Acquisition 2 Corp., a blank check company, and a concurrent private placement of warrants.

2.9M 14M
Jul 14, 2021

S-1/A filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at an offering price of $10.00 per unit. Each unit consists of one share of common stock and one-half of one warrant.

2.9M 15M
Jun 04, 2021

S-1/A filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at $10.00 per unit, with each unit consisting of one share of common stock and one-half of one warrant. Additionally, Chardan NexTech 2 Warrant Holdings LLC will purchase 3,700,000 warrants at $0.65 per warrant.

2.9M 14M
Apr 09, 2021

S-1/A filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at $10.00 per unit, each unit consisting of one share of common stock and one-third of one warrant. Additionally, there is a private placement of 3,700,000 warrants at $0.65 per warrant.

2.9M 14M
Mar 10, 2021

S-1/A filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at $10.00 per unit in an initial public offering, with each unit consisting of one share of common stock and one-third of one warrant; they intend to focus their search on disruptive technology companies that operate within the HealthTech and FinTech sectors.

2.9M 16M
Mar 08, 2021

S-1 filing: Chardan NexTech Acquisition 2 Corp. is offering 10,000,000 units at $10.00 per unit, each unit consisting of one share of common stock and one-third of one warrant, in an initial public offering.

2.9M 16M
Weekly Research

Get Weekly Super Stonk Alerts

Never miss a squeeze opportunity. Get our weekly analysis of high short interest stocks, AI-discovered gems, and dilution warnings delivered to your inbox.

No spam Unsubscribe anytime