Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) Q4 2023 Earnings Conference Call April 15, 2024 5:00 PM ET
Company Participants
Denis Phares - President & CEO
John Marchetti - SVP & Former CFO
Conference Call Participants
George Gianarikas - Canaccord Genuity
Brian Dobson - Chardan Capital Markets
Chip Moore - ROTH
Pavel Molchanov - Raymond James
Jeff Grampp - Alliance Global Partners
Operator
Good afternoon. My name is Jenny, and I will be your operator today for Dragonfly Energy's Fourth Quarter and Full-Year 2023 Earnings Call. The call can be accessed along with the earnings press release and SEC filings on the Investors section of the Dragonfly Energy website found at www.dragonflyenergy.com. As a reminder, this conference call is being webcast and recorded. All attendees are in a listen-only mode at this time.
During this call, the company will be making forward-looking statements based on current expectations. Actual results may differ due to factors noted in the press release and in periodic SEC filings. Management will reference some non-GAAP financial measures. Reconciliation to the nearest corresponding GAAP measure can be found in today's release on the company's website.
I will now turn the call over to Dr. Denis Phares. Please go ahead.
Denis Phares
Thank you, and thank you to everyone joining us today. 2023 was a difficult year for our core markets, which are highly dependent on consumer discretionary spending. The RV market in particular, which accounted for the majority of our revenue in 2023 continued a steady decline, which began in late 2022.
Importantly, we believe that this market has bottomed, and we are finally beginning to see a recovery not only in RV shipments, but in the reincorporation of lithium as the preferred energy storage solution for the industry. And as we noted last quarter, we continue to gain share in the market with both new customer wins and new program and model wins with existing customers.
So as the industry begins to recover in 2024, we expect the RV market will return as an important growth driver for the company. Our diversification into the heavy duty trucking market continues with an expanded pipeline of fleets that have either initiated pilot projects using our electric auxiliary power unit or that have committed to its incorporation.
The significant return on investment combined with the resulting compliance with anti-idling regulations, has made our solution highly visible in the industry. The product was even recognized as one of the top 20 products of 2024 by the trade publication heavy duty trucking.