Dragonfly Energy Strengthens Presence in Canada with Country's Largest Coast-to-Coast RV Dealer, Fraserway RV

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) ("Dragonfly Energy" or the "Company"), an industry leader in energy storage and maker of Battle Born Batteries®, announces the strengthening of its presence in the Canadian market through a strategic partnership with Fraserway RV, Canada's largest coast-to-coast RV dealer group. This collaboration expands Dragonfly Energy's footprint in North America, building on its continued growth in the RV industry. Fraserway RV dealerships across Canada will now stock and install Battle Born Batteries as a customer upgrade option.

This expansion within the Canadian marketplace by Dragonfly Energy comes at a time when the country is seeing an increase in camping overall, with 67 percent of all Canadian households identifying as campers and outdoor hospitality participants in 2023, according to a recent Kampgrounds of America, Inc. (KOA) report. According to the report, the number of households who participate in camping annually in Canada has increased by 68 percent since 2014, demonstrating a strong market opportunity for outdoor recreation companies as well as suppliers like Dragonfly Energy.

“The Canadian RV market is experiencing tremendous growth, and we're excited to expand our reach with Fraserway RV," Wade Seaburg, chief revenue officer at Dragonfly Energy, said. "This partnership allows our lithium batteries to be readily available to a wider audience. We are pleased to be aligning with a company that prioritizes quality, customer service, and sustainability - values we share.”

By offering Battle Born Batteries products, the Company believes Fraserway RV will have the opportunity to enhance its customer experience with sustainable, green energy solutions that provide more power and longer off-grid capabilities compared to traditional lead acid batteries. Customers also are expected to benefit from the expertise, quality, and customer service Dragonfly Energy offers.

“We are very proud to partner with Dragonfly Energy,” said Sarah Hadden, national manager, parts & procurement at Fraserway RV. “By offering Battle Born Batteries, we are enabling our customers to adventure further with long-lasting, sustainable power. Collaborating with a forward-thinking company like Dragonfly Energy aligns with our own commitment to innovation within our RV industry. We believe the Battle Born Batteries products will significantly enhance the overall RVing experience for our customers.”

For more information about Dragonfly Energy, visit DragonflyEnergy.com. To learn more about Fraserway RV, visit FraserwayRV.com.

About Dragonfly EnergyDragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy's patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company's overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

About Fraserway RVSince 1969 Fraserway RV has expanded to become the largest nationally recognized full-service coast-to-coast RV dealership in Canada. With locations from Vancouver to Halifax, Fraserway RV is Canada’s value leader in RV expertise, quality workmanship and customer-focused service. They offer more than just an unbeatable selection and excellent pricing; they ensure customer confidence by providing for all RV needs. Whether it's helping someone purchase their dream RV, rent one for a vacation, find the perfect camping accessory, or even perform regular maintenance, Fraserway RV is the one-stop shop for everything RV-related. For more information on how to explore Canada when and where you want, visit the website here.

Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company's intent, belief, or expectations, including, but not limited to, statements regarding its partnership with Fraserway RV, the Company's future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "targets," "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company's control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include those set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the SEC available at www.sec.gov. If any of these risks materialize or any of the Company's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations Caldwell BaileyICR, [e-mail]

Media RelationsAmy Demuth, RAD Strategies [e-mail]

Source: Dragonfly Energy Holdings Corp.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/acdd51f8-71df-4694-8b5c-0eea2b8124ae