DFLI.NASDAQDragonfly Energy Holdings CORP

10-K: Dragonfly Energy Reports Mixed 2025: Revenue Up, Losses Widen

Sentiment:

Annual Report 30 March 2026 5:38 PM

📋All filings for Dragonfly Energy Holdings CORP

Dragonfly Energy Holdings Corp. saw revenue growth in 2025 driven by OEM sales, but reported a significantly increased net loss due to debt extinguishment and ongoing operational costs.

Delay expectedDeployment of new spray dryers for dry electrode manufacturing has been delayed until at least the third quarter of 2027.Production of prototype pouch cells for solid-state technology has been delayed until at least the beginning of 2027.

Capital raiseRaised an aggregate of $90.9 million in net proceeds from various financings and capital raises during 2025.Entered into an Equity Distribution Agreement in January 2026 for an at-the-market (ATM) equity offering program to sell up to $50.0 million of common stock.The company expects to need to raise additional funds through equity, equity-related, or debt securities, or by obtaining additional credit from financial institutions to fund ongoing costs and strategic plans.

Worse than expectedNet loss increased significantly from $40.6 million in 2024 to $69.9 million in 2025, primarily due to a $31.8 million debt extinguishment expense.Despite revenue growth, the company continues to incur substantial losses and negative cash flow from operations, indicating ongoing financial challenges.

Summary

Net sales increased by 15.8% to $58.6 million in 2025, up from $50.6 million in 2024, primarily due to higher OEM battery and accessory sales and licensing revenue.
The company reported a net loss of $69.9 million in 2025, a substantial increase from the $40.6 million net loss in 2024, largely due to a $31.8 million debt extinguishment expense.
OEM sales represented 63.0% of total revenues in 2025, up from 54.5% in 2024, reflecting a strategic shift towards integrated energy storage solutions at scale.
Direct-to-consumer (DTC) revenue decreased by $1.9 million in 2025 due to macroeconomic factors like rising interest rates and inflation, with DTC sales expected to remain relatively flat through 2026.
A significant debt restructuring occurred in October/November 2025, reducing total debt from $93.1 million to approximately $19.4 million through prepayments, principal forgiveness, and conversion into Series B Preferred Stock.
The company continues to invest in proprietary dry electrode cell manufacturing technology and solid-state battery development, aiming for cost-effective, environmentally sustainable, and safer energy solutions.
Management implemented a strategic cost realignment in March 2026, expected to generate $8.9 million in annualized savings through compensation adjustments, workforce reductions, reduced discretionary spending, and facility consolidation.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a challenging period for the company, marked by significant net losses and ongoing capital needs, despite positive revenue growth and strategic shifts towards OEM and advanced battery technology. The debt restructuring is a necessary step, but the delays in R&D commercialization and continued reliance on external financing temper optimism.

Positives

Net sales increased by 15.8% to $58.6 million in 2025, driven by strong OEM adoption and new licensing revenue.
OEM sales grew to 63.0% of total revenues in 2025, indicating successful market penetration and strategic shift.
Secured a brand licensing contract with Stryten Energy LLC in July 2024, expected to bring $30 million in licensing revenues over seven years, with revenues starting in 2025.
Relocated to a new 390,240 square foot manufacturing facility in November 2024, increasing production capacity and enabling market penetration.
Successfully restructured debt in October/November 2025, reducing outstanding principal from $93.1 million to $19.4 million and deferring near-term cash interest payments.
Progressed in dry electrode cell manufacturing technology, demonstrating anode and cathode material production at scale and developing sample cells with PFAS-free binders.
Sphere Energy Assessment in Q1 2024 confirmed the dry electrode process offers a 9% reduced carbon footprint, 71% reduction in energy usage, 22% less space, and 5% cost savings compared to conventional methods.
Expanded presence in industrial and heavy-duty trucking markets, with customers moving from pilot programs to broader adoption.
Entered into an Equity Distribution Agreement in January 2026 for an at-the-market (ATM) equity offering program of up to $50.0 million, providing flexible capital access.

Negatives

Net loss significantly increased to $69.9 million in 2025 from $40.6 million in 2024.
Experienced a negative cash flow from operating activities of $26.0 million in 2025.
Direct-to-consumer (DTC) revenue decreased by $1.9 million in 2025 due to persistent inflation, elevated interest rates, and reduced consumer confidence.
Incurred a substantial $31.8 million debt extinguishment expense in 2025 as part of the debt restructuring.
Identified an underpayment of tariffs to U.S. Customs and Border Protection (CBP) of approximately $1.58 million for 2021-2023, with an additional $0.29 million discovered in June 2025, leading to ongoing payments.
Past material weaknesses in internal control over financial reporting were identified, with ongoing efforts to remediate them.
The company has expressed substantial doubt about its ability to continue as a going concern, although management believes this has been mitigated by recent actions.

Risks

Ability to service outstanding indebtedness and comply with financial covenants in the loan agreement, which could lead to acceleration of payment and adverse operational impacts.
Potential impact of Series B Convertible Preferred Stock conversion on common stock market price and ability to redeem/make dividend payments.
Ability to raise additional capital on attractive terms to fund operations, research and development, and strategic plans.
Failure to successfully increase market penetration into target markets or maintain existing customer relationships.
Inability to maintain Nasdaq Capital Market listing for common stock and public warrants.
Addressable markets may not grow as expected, or anticipated benefits from customer arrangements may not be achieved.
Loss of senior management or other key personnel, or failure to attract qualified personnel.
Loss of relationships with key suppliers, including reliance on two LFP cell suppliers and a single battery management system supplier in China.
Dependence on a single manufacturing facility, making operations vulnerable to disruptions.
Significant engineering challenges and potential delays or failures in developing and manufacturing solid-state battery cells.
Inability to adequately control costs associated with manufacturing solid-state battery cells.
Failure of solid-state batteries to perform as expected, harming development, marketing, and sales.
Risks associated with vendors, including inadequate or untimely supplies due to political, economic, social, health, or environmental conditions, and transportation delays.
Inability to protect intellectual property rights, leading to competitive harm or costly infringement claims.
Uncertainty in global and macroeconomic conditions, including geopolitical conflicts, which could reduce consumer spending and disrupt the supply chain.
Product liability claims, recalls, or negative public perceptions regarding lithium-ion cells.
Vulnerability of website, systems, and data to intentional disruption, security incidents, or data handling violations.
Failure to manage growth effectively, leading to inability to execute business plan or maintain customer service.
Potential adverse effects from future acquisitions.
Compliance costs and scrutiny from environmental, health, and safety regulations.
Non-compliance with anti-corruption, anti-bribery, anti-money laundering, and sanctions laws.
Involvement in legal proceedings and commercial disputes.
Increased expenses and administrative burdens as a public company, with management having limited public company experience.
Future issuances of debt or equity securities may adversely affect the company and dilute existing stockholders.
Fluctuations in operating results due to various factors, making future results difficult to predict.
Designation of specific courts as exclusive forum for stockholder litigation matters, potentially limiting stockholders' ability to choose a favorable forum.
Anti-takeover provisions in Articles of Incorporation and Bylaws.

Future Outlook

The company expects continued revenue growth in 2026, primarily driven by expanded adoption within its existing OEM customer base, including increased system content per unit and broader deployment of complementary power system components. Further growth is anticipated in industrial and heavy-duty trucking markets as customer adoption expands. Direct-to-consumer sales are expected to remain relatively flat through 2026. Research and development expenses are projected to be stable, while General and Administrative and Selling and Marketing expenses are expected to decrease as a percentage of revenue due to cost reduction measures starting in Q2 2026.

Management Comments

Management believes the innovative design of its lithium-ion batteries is ideally suited for modern customers requiring continuous, reliable electricity.
Management states that the strategic shift is accelerating the development of purpose-built solutions for the trucking and industrial markets, leading to the recent launch of the Battle Born DualFlow Power Pack.
Management believes its solid-state technology design will be a key differentiator in the energy storage market, offering a safer, more efficient battery cell.
Management has concluded that the substantial doubt regarding the company's ability to continue as a going concern has been mitigated by strategic initiatives in 2025 and early 2026, including capital raises and debt restructuring.

Industry Context

StockSavvy.ai notes that Dragonfly Energy operates in a highly competitive energy storage market, where lithium-ion batteries are increasingly displacing traditional lead-acid batteries due to superior performance, longer lifespan, and environmental benefits. The company's focus on LFP chemistry positions it favorably against NMC/NCA batteries, which rely on scarce or controversial metals like nickel and cobalt. While competitors like QuantumScape and Solid Power are primarily focused on solid-state technology for electric vehicle propulsion, Dragonfly Energy is targeting power storage applications, which have different requirements. The expansion into OEM, fleet, and industrial channels aligns with broader industry trends of electrification and demand for integrated energy solutions at scale, moving beyond the aftermarket-focused origins.

Comparison to Industry Standards

LFP batteries offer 3,000 to 5,000 cycles before reaching 80% capacity, significantly outperforming lead-acid batteries which typically degrade after 300-500 cycles to 50% capacity.
LFP batteries charge up to five times faster than lead-acid counterparts.
LFP batteries provide the same energy capacity with one-fifth the weight of a standard lead-acid battery.
LFP is intrinsically safer than NMC and NCA chemistries due to its thermal and chemical stability, making it less flammable.
The company's solid-state technology aims to combine solid-state with scalable dry-electrode manufacturing, enabling rapid production of cells with intercalation anodes (like graphite or silicon), unlike many competitors reliant on less stable lithium metal anodes (e.g., QuantumScape and Solid Power, which focus on EV propulsion).
The dry electrode manufacturing process has a 9% reduced carbon footprint, 71% reduction in energy usage, and 22% less square footage required compared to conventional slurry-based processes, offering significant environmental and cost benefits.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Chief Commercial Officer	Wade Seaburg (Chief Revenue Officer)	Wade Seaburg	February 2025	Role transition from Chief Revenue Officer.
Chief Operating Officer	Dr. Vickram Singh (Director of Research and Development)	Dr. Vickram Singh	February 2025	Role transition from Director of Research and Development.
Chief Executive Officer, Interim Chief Financial Officer, President	Denis Phares (higher cash compensation)	Denis Phares (reduced cash compensation)	April 1, 2026	Agreed to reduce cash compensation by approximately 20% in exchange for equity-based incentives as part of strategic cost realignment.
Chief Commercial Officer	Wade Seaburg (higher cash compensation)	Wade Seaburg (reduced cash compensation)	April 1, 2026	Agreed to reduce cash compensation by approximately 20% in exchange for equity-based incentives as part of strategic cost realignment.
Chief Marketing Officer	Tyler Bourns (higher cash compensation)	Tyler Bourns (reduced cash compensation)	April 1, 2026	Agreed to reduce cash compensation by approximately 20% in exchange for equity-based incentives as part of strategic cost realignment.
Chief Operating Officer	Dr. Vickram Singh (higher cash compensation)	Dr. Vickram Singh (reduced cash compensation)	April 1, 2026	Agreed to reduce cash compensation by approximately 20% in exchange for equity-based incentives as part of strategic cost realignment.
Non-Employee Directors	N/A (higher cash compensation)	N/A (reduced cash compensation)	April 1, 2026	Agreed to reduce cash compensation by approximately 20% in exchange for equity-based incentives as part of strategic cost realignment.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Classification	Board of directors is classified into three classes (Class A, B, C) with staggered three-year terms, delaying stockholders' ability to change board majority.	October 2022 (Business Combination)	Limits immediate control changes, potentially stabilizing long-term strategy but reducing shareholder influence on board composition.
Committee Structure	Maintains three standing committees: Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, with independent directors.	Ongoing	Provides structured oversight for financial reporting, executive compensation, and board nominations, enhancing governance standards.
Exclusive Forum Provision	Charter designates the Second Judicial District Court of Washoe County, Nevada, as the exclusive forum for most stockholder litigation matters, and federal district courts for Securities Act claims.	March 31, 2023 (Reincorporation)	May limit stockholders' ability to choose a favorable judicial forum, potentially discouraging certain lawsuits against the company and its fiduciaries.
Stockholder Action Limitations	Charter and Bylaws prohibit stockholder action by written consent and eliminate the ability of stockholders to call special meetings, requiring all actions at physical meetings.	March 31, 2023 (Reincorporation)	Increases difficulty for stockholders to initiate or influence corporate actions outside of scheduled annual meetings, potentially entrenching current management.
Bylaw Amendment Threshold	Requires affirmative vote of at least 66 2/3% of voting power to adopt, amend, alter, or repeal Bylaws and certain Charter provisions.	March 31, 2023 (Reincorporation)	Provides a high threshold for significant corporate governance changes, making it harder for minority shareholders to effect amendments.
Blank Check Preferred Stock	Board of directors has authority to issue up to 5,000,000 shares of preferred stock in one or more series with fixed designations, rights, preferences, privileges, and restrictions without stockholder approval.	Ongoing	Could adversely affect voting power of common stockholders and potentially delay, defer, or prevent a change in control.

Legal Proceedings

On February 13, 2026, a putative consumer class action, Berdner et al v. Dragonfly Energy Holdings Corp. d/b/a Battle Born, was filed in California Superior Court, Sonoma County (Case No. 26CV01247).
Plaintiffs allege a uniform design defect related to the positive terminal connection in certain Battle Born branded 100 amp-hour 12V LiFePo4 batteries, leading to overheating, premature failure, and safety risk.
The complaint asserts violations of state consumer protection statutes, breach of express and implied warranties (including California law), and false advertising.
Relief sought includes damages, restitution, injunctive relief, punitive damages, and attorneys fees.
The company has not yet been served with the complaint and believes the claims are without merit, intending to vigorously defend the matter.
The company is currently unable to reasonably estimate a range of possible loss or determine if an adverse outcome is probable, thus no liability has been recorded as of the report date.

Related Party Transactions

On January 30, 2024, the company issued an unsecured convertible promissory note of $1.0 million to Brian Nelson, a director, which was repaid in full on February 1, 2024, along with a $50,000 loan fee.
On February 27, 2024, the company issued a convertible promissory note of $1.7 million to Brian Nelson, a director, which was repaid in full on March 1, 2024, along with an $85,000 loan fee.
Effective April 12, 2024, amendments to employment agreements with Dr. Phares (CEO), Mr. Seaburg (Chief Commercial Officer), and Mr. Bourns (Chief Marketing Officer) allowed for a combination of cash and equity awards for annual compensation.
On March 15, 2026, Dr. Phares, Mr. Seaburg, and Dr. Singh (COO) agreed to reduce their salaries by approximately 20% for the remainder of fiscal 2026, effective April 1, 2026, receiving equity-based incentives in lieu of cash.
Effective April 1, 2026, non-employee directors also agreed to a comparable 20% reduction in cash compensation for the remainder of fiscal 2026, receiving aggregated RSUs as compensation.

Stakeholder Impact

Shareholders: Face potential dilution from future equity raises and warrant exercises, and stock price volatility due to financial performance and market conditions. The 1-for-10 reverse stock split in December 2025 aimed to increase per-share price but also reduced the number of outstanding shares.
Employees: Experienced workforce reductions and salary adjustments as part of the March 2026 cost realignment, with non-executive employees receiving equity-based compensation. The company emphasizes safety, diversity, collaboration, and continuous improvement for talent retention.
Customers: Benefit from expanding product offerings, integrated power solutions, and continued focus on quality and safety (LFP chemistry, advanced BMS). OEM customers are a growing focus, while DTC customers face macroeconomic pressures.
Suppliers: The company maintains long-term relationships with key suppliers, but reliance on a limited number of China-based suppliers for LFP cells and BMS poses supply chain risks. The company is seeking domestic lithium supply for future cell production.
Creditors: The Term Loan Lenders participated in a significant debt restructuring, including principal prepayment, forgiveness, and conversion to Series B Preferred Stock, which improved the company's liquidity but also involved a change in the nature of their investment. The company must maintain minimum liquidity and comply with covenants.

Next Steps

Expand product offerings with integrated power solutions and complementary components, including 48-volt battery systems.
Continue to broaden the portfolio of LFP batteries across existing voltage platforms and capacities.
Focus on delivering a more comprehensive and interoperable power ecosystem.
Expand into additional end markets, particularly industrial and heavy-duty trucking applications.
Commercialize dry electrode cell manufacturing technology, focusing on process optimization and equipment scaling for GWh-scale factory production.
Develop and commercialize solid-state technology, aiming to optimize chemistry and scale for mass production of separate solid-state batteries.
Implement automation initiatives in battery assembly to increase production capacity and lower costs.
Continue to attract, train, and retain skilled employees, including engineers, sales, and marketing personnel.
Maintain compliance with financial covenants under the Term Loan Agreement, including a minimum liquidity covenant of $5.0 million through December 31, 2026.
Utilize the at-the-market (ATM) equity offering program to raise additional capital as needed.

Key Dates

Date	Description
2020	Company successfully sold over 370,000 batteries since this year.
March 1, 2021	Lease for the 99,000 square foot facility at 1190 Trademark Drive #108, Reno, Nevada, was entered into.
November 19, 2021	Entered into a long-term Manufacturing Supply Agreement with Keystone RV Company.
December 1, 2021	Lease for the 59,500 square foot warehouse facility at 12815 Old Virginia Road in Reno, Nevada, was entered into.
February 8, 2022	Entered into a 124-month lease for an additional 390,240 square foot warehouse in Reno, Nevada.
April 22, 2022	Asset Purchase Agreement with Thomason Jones and other parties to acquire Wakespeed assets.
July 2022	THOR Industries made a $15,000,000 strategic investment in the company.
October 7, 2022	Completed the merger in connection with the business combination; Term Loan Agreement dated; Public Warrants expire on this date in 2027; Series B Preferred Stock redemption right for holders if not redeemed by company.
February 10, 2023	Dr. Phares and Mr. Seaburg were granted RSUs for services performed during 2022.
March 31, 2023	Changed state of incorporation from Delaware to Nevada.
July 2023	Completed construction of proprietary cell electrode manufacturing pilot line.
August 2023	Successfully demonstrated ability to produce anode material at scale using dry electrode process.
October 2023	Successfully demonstrated ability to produce cathode material at scale using dry electrode process.
January 26, 2024	Issued an unsecured convertible promissory note of $1.0 million to director Brian Nelson.
February 1, 2024	Paid the January Principal Amount and January Loan Fee in full.
February 5, 2024	Granted 2,445 restricted stock units, of which 1,111 vested immediately.
February 27, 2024	Issued a convertible promissory note of $1.7 million to director Brian Nelson.
March 1, 2024	Paid the February Principal Amount and February Loan Fee in full.
April 1, 2024	Effective date of the Fernley Lease Agreement; commenced second offering under the Employee Stock Purchase Plan.
April 12, 2024	Entered into a lease agreement for a 64,000 square foot facility in Fernley, Nevada; entered into amendments to employment agreements with Dr. Phares and Mr. Seaburg; granted 9,292 RSUs to employees and 14,814 RSUs to directors.
May 13, 2024	Received a waiver from Administrative Agent and Term Loan Lenders regarding compliance with Senior Leverage Ratio and Fixed Charge Coverage Ratio tests as of March 31, 2024.
June 1, 2024	Rent Commencement Date for the Fernley Lease Agreement.
June 24, 2024	Granted 242 restricted stock units.
June 28, 2024	Entered into a Limited Waiver and First Amendment to the Term Loan Agreement.
July 24, 2024	Began paying monthly rent under the 390,240 square foot facility lease.
July 29, 2024	Legacy Dragonfly and Battle Born Battery Products, LLC entered into a License Agreement with Stryten Energy LLC; entered into a Limited Waiver, Consent and Second Amendment to Term Loan.
August 19, 2024	Issued a total of 8,171 RSUs.
August 26, 2024	Issued a total of 222 RSUs.
August 29, 2024	Initial licensing fee of $5,000,000 from Stryten Energy LLC was paid.
September 20, 2024	Lease for podcast studio expired.
September 30, 2024	Entered into a Limited Waiver and Third Amendment to the Term Loan Agreement.
November 2024	Relocated headquarters and production lines from 99,000 sq ft facility to new 390,240 sq ft facility in Reno, Nevada.
December 31, 2024	Entered into a Limited Waiver and Fourth Amendment to the Term Loan Agreement; full impairment of the Trademark Drive, Old Virginia Road, and Fernley Lease Agreements.
February 1, 2025	Employment agreement with Dr. Vickram Singh dated.
February 26, 2025	Entered into a securities purchase agreement with a single institutional investor for a registered direct offering and concurrent private placement; entered into the Fifth Amendment to the Term Loan Agreement.
April 1, 2025	Granted 376 restricted stock units.
April 8, 2025	Issued 8,751 common shares in connection with its Employee Stock Purchase Plan.
April 28, 2025	Completed the second closing of the Private Placement, selling 450 Series A Preferred Shares.
May 8, 2025	Entered into a sixth lease amendment to extend the lease term for the R&D lab.
May 19, 2025	Granted 88 restricted stock units.
June 23, 2025	Agreed with the holder of Private Placement Convertible Preferred Warrants to cancel such warrants.
July 4, 2025	The One Big Beautiful Bill (OBBB) Act was signed into law in the United States.
July 20, 2025	Entered into a Settlement and Release Agreement with the holder of outstanding Series A Preferred Stock.
July 30, 2025	Entered into an underwriting agreement for a public offering of 2,198,000 shares of common stock.
July 31, 2025	Completed the July 2025 Public Offering, raising $4.7 million net proceeds.
August 1, 2025	Base rent for R&D lab fully abated for four months, ending November 30, 2025.
September 30, 2025	Management determined to further consolidate warehousing and operations into headquarters location, resulting in full impairment of Trademark Drive, Old Virginia Road, and Fernley Lease Agreements.
October 6, 2025	Entered into an underwriting agreement for the First October 2025 Offering of 2,000,000 shares of common stock.
October 7, 2025	Made a voluntary prepayment of $4.0 million on the Term Loan; completed the First October 2025 Offering, raising $26.9 million net proceeds.
October 8, 2025	Issued 4,457 common shares in connection with its Employee Stock Purchase Plan.
October 15, 2025	Stockholders approved an amendment to the 2022 Equity Incentive Plan, increasing shares available for issuance by 900,000.
October 16, 2025	Entered into an additional underwriting agreement for the Second October 2025 Offering.
October 17, 2025	Completed the Second October 2025 Offering, raising $51.9 million net proceeds.
October 20, 2025	Entered into the Sixth Amendment to the Term Loan Agreement, restructuring debt.
October 22, 2025	Paid the LithiumHub settlement amount in full.
November 4, 2025	Filed Certificate of Designation for Series B Convertible Preferred Stock; entered into Exchange Agreement with Term Loan Lenders.
December 18, 2025	Effected a 1-for-10 reverse stock split of common stock.
December 31, 2025	Fiscal year end.
January 30, 2026	Entered into an Equity Distribution Agreement with Canaccord Genuity LLC for an at-the-market equity offering program.
March 15, 2026	Executive leadership team and non-employee directors agreed to salary reductions and equity-based incentives.
March 26, 2026	Date of current share count and executive/director information.
March 30, 2026	Date of this Annual Report on Form 10-K.
April 1, 2026	Effective date for executive and non-employee director compensation adjustments.
December 31, 2026	Covenant waivers under the Term Loan expire; Second Tranche Earnout Share milestone deadline.
Beginning of 2027	Expected earliest production of prototype pouch cells.
Third quarter of 2027	Earliest expected deployment of new spray dryers.
October 7, 2027	Term Loan matures; Series B Preferred Stock redemption right for holders if not redeemed by company.
December 31, 2028	Third Tranche Earnout Share milestone deadline.
November 30, 2030	R&D lab lease is set to expire.
May 2033 and 2043	Expected expiration dates for current patents.

Recommendation

hold

Dragonfly Energy presents a mixed financial picture. While revenue growth and strategic shifts towards higher-margin OEM and industrial markets are positive, the substantial net losses and negative operating cash flow in 2025, largely driven by debt extinguishment, are concerning. The recent debt restructuring and capital raises have mitigated immediate going concern risks and improved liquidity, but the company still anticipates needing additional capital. Delays in solid-state technology commercialization and ongoing legal proceedings add uncertainty. Given the strategic progress in market penetration and R&D, but balanced against persistent profitability challenges and capital requirements, a 'hold' recommendation is appropriate for investors to monitor the effectiveness of cost-cutting measures and the successful execution of growth strategies before making further investment decisions.

Keywords

Lithium-ion batteries, LFP batteries, Solid-state battery technology, Energy storage, OEM partnerships, RV market, Heavy-duty trucking, Industrial applications, Dry electrode manufacturing, SEC filing, Financial performance, Debt restructuring, Capital raise, Nasdaq, Intellectual property, Supply chain, Corporate governance

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