FREYR Battery Reports Third Quarter 2024 Results
FREYR Battery (NYSE: FREY) reported Q3 2024 financial results with a net loss of $(27.5) million, or $(0.20) per diluted share, compared to a net loss of $(9.8) million or $(0.07) per share in Q3 2023. The increased loss was primarily due to a $1.1 million warrant liability fair value adjustment and a $4.5 million restructuring charge. As of September 30, 2024, the company maintained a strong balance sheet with $184.1 million in cash, cash equivalents, and restricted cash, with no debt.
FREYR Battery (NYSE: FREY) ha riportato i risultati finanziari del terzo trimestre del 2024, con una perdita netta di $(27.5) milioni, ossia $(0.20) per azione diluita, rispetto a una perdita netta di $(9.8) milioni o $(0.07) per azione nel terzo trimestre del 2023. L'aumento della perdita è stato principalmente attribuito a una rettifica del valore della passività dei warrant di $1.1 milioni e a un onere di ristrutturazione di $4.5 milioni. Al 30 settembre 2024, l'azienda manteneva un solido bilancio con $184.1 milioni in contante, equivalenti in contante e contante vincolato, senza debiti.
FREYR Battery (NYSE: FREY) reportó los resultados financieros del tercer trimestre de 2024, con una pérdida neta de $(27.5) millones, o $(0.20) por acción diluida, en comparación con una pérdida neta de $(9.8) millones o $(0.07) por acción en el tercer trimestre de 2023. El aumento de la pérdida se debió principalmente a un ajuste del valor razonable de la pasivo de warrants de $1.1 millones y a un cargo por reestructuración de $4.5 millones. Al 30 de septiembre de 2024, la empresa mantenía un sólido balance con $184.1 millones en efectivo, equivalentes de efectivo y efectivo restringido, sin deudas.
FREYR Battery (NYSE: FREY)는 2024년 3분기 재무 결과를 보고하며, 순손실이 $(27.5) 백만으로, 희석 주당 $(0.20)에 달한다고 전했습니다. 이는 2023년 3분기의 순손실 $(9.8) 백만 또는 주당 $(0.07)과 비교됩니다. 손실 증가의 주된 원인은 $1.1 백만의 워런트 부채 공정 가치 조정과 $4.5 백만의 구조조정 비용입니다. 2024년 9월 30일 기준으로, 회사는 $184.1 백만의 현금, 현금성 자산 및 제한된 현금을 보유하고 있으며, 부채가 없습니다.
FREYR Battery (NYSE: FREY) a publié ses résultats financiers du troisième trimestre de 2024, affichant une perte nette de $(27.5) millions, soit $(0.20) par action diluée, contre une perte nette de $(9.8) millions ou $(0.07) par action au troisième trimestre de 2023. L'augmentation de la perte est principalement due à un ajustement de la juste valeur des passifs de bons de souscription de $1.1 millions et à une charge de restructuration de $4.5 millions. Au 30 septembre 2024, l'entreprise maintenait un bilan solide avec $184.1 millions en liquidités, équivalents de liquidités et liquidités restreintes, sans dettes.
FREYR Battery (NYSE: FREY) berichtete über die Finanzergebnisse für das dritte Quartal 2024 mit einem Nettverlust von $(27.5) Millionen, das entspricht $(0.20) pro verwässerter Aktie, im Vergleich zu einem Nettverlust von $(9.8) Millionen oder $(0.07) pro Aktie im dritten Quartal 2023. Der Anstieg des Verlustes war hauptsächlich auf eine Anpassung des beizulegenden Zeitwerts der Warrants in Höhe von $1.1 Millionen und auf einen Restrukturierungsaufwand von $4.5 Millionen zurückzuführen. Zum 30. September 2024 verfügte das Unternehmen über eine starke Bilanz mit $184.1 Millionen in bar, liquiden Mitteln und eingeschränkten Bargeldmitteln, ohne Schulden.
- Strong cash position of $184.1 million with zero debt
- Reduction in warrant liability to $721,000 from $2.02 million in December 2023
- Net loss increased to $27.5 million from $9.8 million year-over-year
- Cash position decreased from $275.7 million to $184.1 million during the first nine months
- Operating expenses remained high at $31.8 million for Q3 2024
- Restructuring charge of $4.5 million incurred in Q3 2024
Insights
FREYR Battery's Q3 2024 results reveal concerning financial trends. The company reported a widening net loss of
Operating expenses remain substantial at
Results Overview, Financing, and Liquidity
-
FREYR reported a net loss attributable to stockholders for the third quarter of 2024 of
$(27.5) million $(0.20) $(9.8) million $(0.07) $1.1 million $24.4 million $4.5 million -
As of September 30, 2024, FREYR had cash, cash equivalents, and restricted cash of
$184.1 million
FREYR BATTERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) |
||||||||
|
|
September 30,
|
|
December 31,
|
||||
|
|
|
||||||
ASSETS |
||||||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
181,851 |
|
|
$ |
253,339 |
|
Restricted cash |
|
|
2,202 |
|
|
|
22,403 |
|
Prepaid assets |
|
|
2,838 |
|
|
|
2,168 |
|
Other current assets |
|
|
12,583 |
|
|
|
34,044 |
|
Total current assets |
|
|
199,474 |
|
|
|
311,954 |
|
|
|
|
|
|
||||
Property and equipment, net |
|
|
368,342 |
|
|
|
366,357 |
|
Intangible assets, net |
|
|
2,700 |
|
|
|
2,813 |
|
Long-term investments |
|
|
21,819 |
|
|
|
22,303 |
|
Right-of-use asset under operating leases |
|
|
22,640 |
|
|
|
24,476 |
|
Other long-term assets |
|
|
10 |
|
|
|
4,282 |
|
Total assets |
|
$ |
614,985 |
|
|
$ |
732,185 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
10,080 |
|
|
$ |
18,113 |
|
Accrued liabilities and other |
|
|
21,254 |
|
|
|
30,790 |
|
Share-based compensation liability |
|
|
19 |
|
|
|
281 |
|
Total current liabilities |
|
|
31,353 |
|
|
|
49,184 |
|
|
|
|
|
|
||||
Warrant liability |
|
|
721 |
|
|
|
2,025 |
|
Operating lease liability |
|
|
16,775 |
|
|
|
18,816 |
|
Other long-term liabilities |
|
|
27,446 |
|
|
|
27,444 |
|
Total liabilities |
|
|
76,295 |
|
|
|
97,469 |
|
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
1,405 |
|
|
|
1,397 |
|
Additional paid-in capital |
|
|
929,324 |
|
|
|
925,623 |
|
Accumulated other comprehensive loss |
|
|
(34,035 |
) |
|
|
(18,826 |
) |
Accumulated deficit |
|
|
(358,004 |
) |
|
|
(274,999 |
) |
Total stockholders' equity |
|
|
538,690 |
|
|
|
633,195 |
|
|
|
|
|
|
||||
Non-controlling interests |
|
|
— |
|
|
|
1,521 |
|
Total equity |
|
|
538,690 |
|
|
|
634,716 |
|
|
|
|
|
|
||||
Total liabilities and equity |
|
$ |
614,985 |
|
|
$ |
732,185 |
|
FREYR BATTERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
General and administrative |
|
$ |
18,515 |
|
|
$ |
27,772 |
|
|
$ |
61,386 |
|
|
$ |
85,405 |
|
Research and development |
|
|
8,616 |
|
|
|
7,086 |
|
|
|
30,854 |
|
|
|
18,295 |
|
Restructuring charge |
|
|
4,507 |
|
|
|
— |
|
|
|
4,644 |
|
|
|
— |
|
Share of net loss of equity method investee |
|
|
150 |
|
|
|
153 |
|
|
|
484 |
|
|
|
208 |
|
Total operating expenses |
|
|
31,788 |
|
|
|
35,011 |
|
|
|
97,368 |
|
|
|
103,908 |
|
Loss from operations |
|
|
(31,788 |
) |
|
|
(35,011 |
) |
|
|
(97,368 |
) |
|
|
(103,908 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
Warrant liability fair value adjustment |
|
|
1,096 |
|
|
|
24,399 |
|
|
|
1,294 |
|
|
|
23,248 |
|
Interest income, net |
|
|
1,074 |
|
|
|
1,284 |
|
|
|
3,627 |
|
|
|
6,042 |
|
Foreign currency transaction (loss) gain |
|
|
(110 |
) |
|
|
(3,213 |
) |
|
|
1,245 |
|
|
|
20,546 |
|
Other income, net |
|
|
2,172 |
|
|
|
2,537 |
|
|
|
7,806 |
|
|
|
6,103 |
|
Total other income |
|
|
4,232 |
|
|
|
25,007 |
|
|
|
13,972 |
|
|
|
55,939 |
|
Loss before income taxes |
|
|
(27,556 |
) |
|
|
(10,004 |
) |
|
|
(83,396 |
) |
|
|
(47,969 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
(341 |
) |
Net loss |
|
|
(27,556 |
) |
|
|
(10,004 |
) |
|
|
(83,407 |
) |
|
|
(48,310 |
) |
Net loss attributable to non-controlling interests |
|
|
81 |
|
|
|
219 |
|
|
|
402 |
|
|
|
517 |
|
Net loss attributable to stockholders |
|
$ |
(27,475 |
) |
|
$ |
(9,785 |
) |
|
$ |
(83,005 |
) |
|
$ |
(47,793 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - basic and diluted |
|
|
140,490 |
|
|
|
139,705 |
|
|
|
140,102 |
|
|
|
139,705 |
|
Net loss per share attributable to stockholders - basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(27,556 |
) |
|
$ |
(10,004 |
) |
|
$ |
(83,407 |
) |
|
$ |
(48,310 |
) |
Foreign currency translation adjustments |
|
|
5,973 |
|
|
|
6,134 |
|
|
|
(15,209 |
) |
|
|
(48,009 |
) |
Total comprehensive loss |
|
$ |
(21,583 |
) |
|
$ |
(3,870 |
) |
|
$ |
(98,616 |
) |
|
$ |
(96,319 |
) |
Comprehensive loss attributable to non-controlling interests |
|
|
81 |
|
|
|
219 |
|
|
|
402 |
|
|
|
517 |
|
Comprehensive loss attributable to stockholders |
|
$ |
(21,502 |
) |
|
$ |
(3,651 |
) |
|
$ |
(98,214 |
) |
|
$ |
(95,802 |
) |
FREYR BATTERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Nine months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(83,407 |
) |
|
$ |
(48,310 |
) |
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
|
|
||||
Share-based compensation expense |
|
|
6,449 |
|
|
|
7,859 |
|
Depreciation and amortization |
|
|
7,028 |
|
|
|
1,922 |
|
Reduction in the carrying amount of right-of-use assets |
|
|
1,282 |
|
|
|
1,005 |
|
Warrant liability fair value adjustment |
|
|
(1,294 |
) |
|
|
(23,248 |
) |
Share of net loss of equity method investee |
|
|
484 |
|
|
|
208 |
|
Foreign currency transaction net unrealized gain |
|
|
(1,075 |
) |
|
|
(19,346 |
) |
Other |
|
|
— |
|
|
|
(929 |
) |
Changes in assets and liabilities: |
|
|
|
|
||||
Prepaid assets and other current assets |
|
|
13 |
|
|
|
1,672 |
|
Accounts payable, accrued liabilities and other |
|
|
(429 |
) |
|
|
28,401 |
|
Operating lease liability |
|
|
(1,626 |
) |
|
|
(3,212 |
) |
Net cash used in operating activities |
|
|
(72,575 |
) |
|
|
(53,978 |
) |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Proceeds from the return of property and equipment deposits |
|
|
22,735 |
|
|
|
— |
|
Proceeds from property related grants |
|
|
— |
|
|
|
3,500 |
|
Purchases of property and equipment |
|
|
(34,683 |
) |
|
|
(168,811 |
) |
Investments in equity method investee |
|
|
— |
|
|
|
(1,655 |
) |
Purchases of other long-term assets |
|
|
— |
|
|
|
(1,000 |
) |
Net cash used in investing activities |
|
|
(11,948 |
) |
|
|
(167,966 |
) |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Payment for non-controlling interest |
|
|
(4,130 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(4,130 |
) |
|
|
— |
|
|
|
|
|
|
||||
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash |
|
|
(3,036 |
) |
|
|
(13,240 |
) |
Net decrease in cash, cash equivalents, and restricted cash |
|
|
(91,689 |
) |
|
|
(235,184 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
275,742 |
|
|
|
563,045 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
184,053 |
|
|
$ |
327,861 |
|
|
|
|
|
|
||||
Supplementary disclosure for non-cash activities: |
|
|
|
|
||||
Accrued purchases of property and equipment |
|
$ |
6,133 |
|
|
$ |
11,187 |
|
|
|
|
|
|
||||
Reconciliation to condensed consolidated balance sheets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
181,851 |
|
|
$ |
299,419 |
|
Restricted cash |
|
|
2,202 |
|
|
|
28,442 |
|
Cash, cash equivalents, and restricted cash |
|
$ |
184,053 |
|
|
$ |
327,861 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105739786/en/
Investor contact:
Jeffrey Spittel
Senior Vice President, Investor Relations and Corporate Development
jeffrey.spittel@freyrbattery.com
Tel: (+1) 409-599-5706
Media contact:
Amy Jaick
Global Head of Communications
amy.jaick@freyrbattery.com
Tel: (+1) 973 713-5585
Source: FREYR Battery, Inc.
FAQ
What was FREYR Battery's (FREY) net loss in Q3 2024?
How much cash does FREYR Battery (FREY) have as of Q3 2024?
What caused FREYR Battery's (FREY) increased losses in Q3 2024?
