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Side-by-side financial comparison of Dragonfly Energy Holdings Corp. (DFLI) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $13.1M, roughly 1.0× Dragonfly Energy Holdings Corp.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -344.9%, a 271.0% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs 6.9%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-14.9M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs 2.2%).
Dragonfly Energy Holdings Corp. is a U.S.-based energy technology company specializing in designing and manufacturing high-performance, sustainable lithium-ion batteries. Its core offerings include deep-cycle batteries for RVs, marine uses, off-grid power systems, and residential energy storage, primarily serving consumer and small industrial renewable energy markets across North America.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
DFLI vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.1M | $13.2M |
| Net Profit | $-45.0M | $-9.8M |
| Gross Margin | 18.2% | 86.7% |
| Operating Margin | -78.1% | -24.8% |
| Net Margin | -344.9% | -73.9% |
| Revenue YoY | 6.9% | 59.8% |
| Net Profit YoY | -357.6% | 3.5% |
| EPS (diluted) | $-13.09 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.1M | $13.2M | ||
| Q3 25 | $16.0M | $11.6M | ||
| Q2 25 | $16.2M | $11.2M | ||
| Q1 25 | $13.4M | $9.2M | ||
| Q4 24 | $12.2M | $8.3M | ||
| Q3 24 | $12.7M | $7.3M | ||
| Q2 24 | $13.2M | $7.4M | ||
| Q1 24 | $12.5M | $6.5M |
| Q4 25 | $-45.0M | $-9.8M | ||
| Q3 25 | $-11.1M | $-10.8M | ||
| Q2 25 | $-7.0M | $-8.3M | ||
| Q1 25 | $-6.8M | $-10.4M | ||
| Q4 24 | $-9.8M | $-10.1M | ||
| Q3 24 | $-6.8M | $-2.4M | ||
| Q2 24 | $-13.6M | $-4.3M | ||
| Q1 24 | $-10.4M | $-13.2M |
| Q4 25 | 18.2% | 86.7% | ||
| Q3 25 | 29.7% | 83.5% | ||
| Q2 25 | 28.3% | 83.9% | ||
| Q1 25 | 29.4% | 83.7% | ||
| Q4 24 | 20.8% | 85.3% | ||
| Q3 24 | 22.6% | 86.3% | ||
| Q2 24 | 24.0% | 87.6% | ||
| Q1 24 | 24.4% | 85.0% |
| Q4 25 | -78.1% | -24.8% | ||
| Q3 25 | -23.7% | -77.9% | ||
| Q2 25 | -20.2% | -65.4% | ||
| Q1 25 | -44.3% | -79.9% | ||
| Q4 24 | -58.5% | -91.8% | ||
| Q3 24 | -47.4% | -118.9% | ||
| Q2 24 | -51.1% | -111.0% | ||
| Q1 24 | -46.7% | -180.8% |
| Q4 25 | -344.9% | -73.9% | ||
| Q3 25 | -69.3% | -93.5% | ||
| Q2 25 | -43.3% | -73.9% | ||
| Q1 25 | -50.9% | -113.2% | ||
| Q4 24 | -80.6% | -122.4% | ||
| Q3 24 | -53.3% | -32.6% | ||
| Q2 24 | -103.2% | -58.8% | ||
| Q1 24 | -82.9% | -204.5% |
| Q4 25 | $-13.09 | $-0.22 | ||
| Q3 25 | $-0.20 | $-0.96 | ||
| Q2 25 | $-0.58 | $-0.27 | ||
| Q1 25 | $-0.93 | $-0.39 | ||
| Q4 24 | $-54.60 | $-0.38 | ||
| Q3 24 | $-0.11 | $-0.12 | ||
| Q2 24 | $-0.22 | $-0.21 | ||
| Q1 24 | $-0.17 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.3M | $20.4M |
| Total DebtLower is stronger | $19.3M | — |
| Stockholders' EquityBook value | $11.5M | $-33.9M |
| Total Assets | $86.5M | $35.3M |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $20.4M | ||
| Q3 25 | $3.8M | $22.7M | ||
| Q2 25 | $2.7M | $26.5M | ||
| Q1 25 | $2.5M | $13.0M | ||
| Q4 24 | $4.8M | $8.5M | ||
| Q3 24 | $8.0M | $11.3M | ||
| Q2 24 | $4.7M | $16.5M | ||
| Q1 24 | $8.5M | $4.0M |
| Q4 25 | $19.3M | — | ||
| Q3 25 | $97.1M | — | ||
| Q2 25 | $93.2M | — | ||
| Q1 25 | $89.5M | — | ||
| Q4 24 | $85.9M | — | ||
| Q3 24 | $82.4M | — | ||
| Q2 24 | $80.4M | — | ||
| Q1 24 | $77.1M | — |
| Q4 25 | $11.5M | $-33.9M | ||
| Q3 25 | $-21.6M | $-26.7M | ||
| Q2 25 | $-16.6M | $-19.4M | ||
| Q1 25 | $-15.6M | $-34.4M | ||
| Q4 24 | $-9.4M | $-25.9M | ||
| Q3 24 | $-297.0K | $-20.4M | ||
| Q2 24 | $5.3M | $-25.3M | ||
| Q1 24 | $17.8M | $-36.0M |
| Q4 25 | $86.5M | $35.3M | ||
| Q3 25 | $73.8M | $36.5M | ||
| Q2 25 | $71.8M | $41.3M | ||
| Q1 25 | $74.2M | $28.6M | ||
| Q4 24 | $75.2M | $24.0M | ||
| Q3 24 | $83.9M | $27.5M | ||
| Q2 24 | $85.0M | $32.4M | ||
| Q1 24 | $88.4M | $17.9M |
| Q4 25 | 1.68× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 15.27× | — | ||
| Q1 24 | 4.33× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-14.7M | $-2.5M |
| Free Cash FlowOCF − Capex | $-14.9M | $-2.5M |
| FCF MarginFCF / Revenue | -113.8% | -19.1% |
| Capex IntensityCapex / Revenue | 1.1% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.7M | $-2.5M | ||
| Q3 25 | — | $-3.7M | ||
| Q2 25 | — | $-7.3M | ||
| Q1 25 | $-4.5M | $-4.5M | ||
| Q4 24 | $-2.5M | $-5.7M | ||
| Q3 24 | — | $-10.8M | ||
| Q2 24 | — | $-13.4M | ||
| Q1 24 | $-3.4M | $-10.9M |
| Q4 25 | $-14.9M | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | $-5.3M | $-5.3M | ||
| Q4 24 | $-3.5M | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | — | $-13.5M | ||
| Q1 24 | $-4.2M | $-10.9M |
| Q4 25 | -113.8% | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | — | -66.1% | ||
| Q1 25 | -39.6% | -57.3% | ||
| Q4 24 | -28.6% | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | — | -183.1% | ||
| Q1 24 | -33.7% | -169.3% |
| Q4 25 | 1.1% | 0.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | 5.8% | 8.2% | ||
| Q4 24 | 8.1% | 0.6% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | 6.5% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DFLI
| Original Equipment Manufacturers | $8.1M | 62% |
| Sales Channel Directly To Consumer | $4.7M | 36% |
TLSI
Segment breakdown not available.
