Dragonfly Energy Holdings Corp

joining us for today's call. Joining me here today, Dr. Dennis Fares, Dragonfly Energy's Chairman, President, and Chief Executive Officer, and Wade Siebert, Chief Commercial Officer. Tyler Boren, Chief Marketing Officer, is also available for Q&A. Before I turn the call over to Dennis, I'd like to make a brief statement regarding forward-looking remarks. During this call, the company will be making forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 based on current expectations. These forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Actual results may differ due to factors noted in the press release and in periodic FTC filings. Managing a reference of non-GAAP financial measures. Reconciliation to the nearest corresponding GAAP measure can be found in today's release on the company's website. Please note that all comparisons that will be discussed today are on a year-over-year basis unless otherwise noted. I'll now turn the call over to Dennis.

Thank you, Simon, and thank you, everyone, for joining us on this Friday afternoon. We know this is an unusual time for an earnings call, but as many of you have seen, we have had an exceptionally busy and productive period leading up to today's announcement. In the third quarter, we continued our return to strong year-over-year revenue growth, with sales increasing 26% to $16.0 million. Our gross margin expanded by over 700 basis points to nearly 30%, driven by operational improvements and positive product mix. Together with disciplined cost control, this led to a $3.3 million improvement in adjusted EBITDA. Just as importantly, this was a quarter defined not only by financial performance, but by business executions. Beyond our financial results, we successfully executed a comprehensive capital raising and debt restructuring that's fundamentally reshaped our balance sheet and greatly improved our liquidity. Since July, we raised approximately $90 million in gross proceeds through three unstructured common equity offerings. Then in early November, we finalized a transformative restructuring of our term debt. This restructuring of our debt included a $45 million prepayment $25 million of debt converted into preferred equity and the forgiving of $5 million outright. As a result, our total debt principle now stands at only $19 million, which carries a significantly lower interest rate and extended covenant flexibility through 2026. Achieving this level of balance sheet improvement in just a few months reflected strong execution and confidence from both our lenders and investors. These decisive actions represent an important inflection point for Dragonfly Energy. In addition to the financial benefits, we believe our improved balance sheet sends a strong signal to current and potential customers about the company's stability and long-term financial health as our previous financial condition influenced some customer decisions and adoption timelines. With these actions behind us and a strengthened balance sheet, we can now dedicate more time and resources to business growth. In short, we have established a much stronger financial foundation and significantly enhanced our capital structure. We are now positioned to allocate resources toward near-term revenue opportunities, strategic investment in our proprietary technology, and continued expansion into adjacent markets. For the first time as a public company, we feel we are playing offense. Now I'd like to turn the call over to Wade to discuss our activities and accomplishments in our key end markets. Wade?

Thanks, Dennis. I'd like to focus on the strong momentum we are building in our OEM business and how our strategic approach is driving results in our key markets. In the RV market, we expanded our OEM footprint through several notable partnerships. Our partnership with Airstream, which we announced on our last call, continues to gain momentum. Battle Born batteries are now standard across Airstream's 2026 motorized models. reinforcing our position as a trusted supplier in the premium RV segment. We also announced two new important partnerships during this quarter. In August, we announced our partnership with Awaken RV, a newly launched manufacturer founded by industry veteran Scott Hubbell. Awaken selected Battle Born batteries as the standard lithium power solution across their entire debut lineup of molded fiberglass trailers. recognizing our ability to deliver the safe, reliable, and long-lasting power that off-grid travelers demand. Then in September, we expanded our long-standing partnership with Ember RV, making Battle Born batteries standard across its 2026 Overland series, with factory-installed systems delivering up to seven kilowatt hours of power. Ember has relied exclusively on our batteries since their founding in 2021. And this latest expansion demonstrates their continued confidence in our technology and our ability to adapt to continuously evolving OEM needs. Our RV partnerships span premium brands like Airstream, innovative new entrants such as Awaken RV, and established partners like Ember RV, underscoring our position as a leading provider of high-performance lithium power solutions across all market segments. Importantly, while the overall industry remains challenged, we are consistently gaining market share through deepening integration with existing partners and wins with new manufacturers. Turning to heavy-duty trucking, we continue to gain traction in a market where current capital investment remains constrained. Several fleets that completed pilot programs have expanded into additional units after experiencing measurable gains in idle reduction, fuel savings, and driver comfort. In particular, we recently began receiving production orders from a large nationally recognized fleet following a long-term pilot of our lithium power systems designed for idle reduction and hotel load support. These orders reflect the continued expansion of our solutions into real-world operations with meaningful customer validation emerging from pilot programs. We expect to make an announcement soon. Our collaboration with PACCAR, one of the most respected commercial truck manufacturers in the world, and the only American-owned Class A truck manufacturer, is another important milestone in this segment. Earlier this year, PACCAR completed independent testing of our lithium power systems at their technical center. The systems were evaluated under the worst case idle reduction conditions, and the results formed the basis of a jointly co-authored white paper focused on practical lithium power solutions that reduce idling, fuel costs, and maintenance for Class 8 fleets. We debuted the white paper at the Battery Show, where it was reviewed by industry technology leaders, and it has continued to attract attention across the sector. At the ATA MCE conference in October, it became a frequent topic of discussion among carriers and system integrators, who are searching for commercially viable electrification solutions that can withstand real fleet demands. We believe this collaboration provides credible third-party validation of our technology under demanding conditions and it has increased our visibility with large fleet operators who are exploring practical and cost-effective paths to electrification. As we have said before, we believe this significant adoption in heavy-duty trucking is a matter of when, not if. With growing validation from respected OEMs and leading fleets, we believe Dragonfly is well-positioned to capture meaningful share as this market turns. Now I will turn the call back to Dennis to discuss key technology developments, third quarter financial results, and our fourth quarter outlook.