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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FREYR Battery Inc | NYSE:FREY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -3.11% | 1.87 | 202 | 09:44:49 |
FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, today reported financial results for the fourth quarter and full year of 2023.
Highlights:
“The actions we have taken to strengthen our organization to accelerate FREYR’s path to first production and enhance our financial position are driving tangible progress,” said Birger Steen, FREYR’s Chief Executive Officer. “I am excited about the recent achievements of key milestones at the CQP, several exciting discussions we have ongoing with potential strategic partners, the completion of our redomicile to the U.S., and the continued progression of financing initiatives including the DOE Title 17 process. With the start of automated cell production at the CQP expected in the first half of 2024, we are executing our plan to demonstrate 24M at scale and to establish FREYR as the Western industrialization partner of choice in the global battery space.”
Recent news
Business update
Results Overview, Financing, and Liquidity
Business Outlook
FREYR is focused on advancing the following strategic mandates and milestones:
Presentation of Fourth Quarter and Full Year 2023 Results
A presentation will be held today, February 29, 2024, at 8:30 am Eastern Standard Time (2:30 pm Central European Time) to discuss financial results for the fourth quarter and full year 2023. The results and presentation material will be available for download at https://ir.freyrbattery.com.
To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.
Participant conference call dial-in numbers:
United States: 1 (646) 307-1963 United Kingdom: +44 20 3481 4247 Norway: +47 57 98 94 30 Denmark: +45 32 74 07 10 Spain: +34 910 489 958 Germany: +49 69 589964217 Sweden: +46 8 505 246 90
The participant passcode for the call is: 6712391
A webcast of the conference call will be broadcast simultaneously at https://app.webinar.net/bP012wvryqm on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.
A replay of the webcast will be available at https://ir.freyrbattery.com/events-and-presentations/Events-Calendar/default.aspx.
About FREYR Battery
FREYR Battery is a developer of clean, next-generation battery cell production capacity. The Company’s mission is to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries. FREYR seeks to serve the primary markets of energy storage systems (“ESS”) and commercial mobility, and the Company maintains an ambition to serve the passenger electric vehicles market (“EV”). FREYR is commissioning and operating its Customer Qualification Plant (“CQP”) for technology development in Mo i Rana, Norway, and the company is commencing development of the Giga America battery manufacturing project in Coweta County, Georgia, in the U.S. To learn more about FREYR, please visit www.freyrbattery.com.
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this presentation, including, without limitation, FREYR Battery’s (“FREYR”) ability to achieve automated, functional, customer-testable battery sample cells in H1 2024; scaling the SemiSolid platform as a path to sustainable competitive differentiation; FREYR’S cost and capital efficiency; FREYR’s plan to expand on the battery value chain into high value adjacencies and cultivate partnerships across the cell production technology spectrum; FREYR’s efforts to accelerate the path to commercialization; the pursuit of five major project opportunities in accordance with the FREYR 2.0 growth strategy; potential inorganic growth opportunities and the ability to generate revenue in the near-term through possible acquisitions; approaching milestones at FREYR’s CQP; customer acceptance and validation of the 24M SemiSolid process and product technology; securing a conditional commitment from the U.S. Department of Energy (“DOE”) through the Title 17 application under the Loan Programs Office; the development, financing, construction, timeline, capacity, and other usefulness of FREYR’s CQP, Giga Arctic, Giga America, and other planned or future production facilities or Gigafactories; any potential project equity raise for the development of Giga America; any potential benefits of the U.S. Inflation Reduction Act; establishing and/or announcing a conventional technology agreement; FREYR’s ability to reduce spending; any potential benefits of redomiciling to the U.S.; the giga-scalability of the 24M platform; and the implementation and effectiveness of FREYR’s overall business, technology, capital-raising and liquidity strategies are forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside FREYR’s control and are difficult to predict. Additional information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022 and subsequent post-effective amendment thereto filed on January 5, 2024, (ii) FREYR Battery, Inc.’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023, (iii) FREYR’s annual report on Form 10-K filed with the SEC on February 27, 2023, and (iv) FREYR’s quarterly reports on Form 10-Q filed with the SEC on May 15, 2023 and August 10, 2023 and November 9, 2023 available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements.
FREYR intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on FREYR’s website in the ‘Investor Relations’ sections. FREYR also intends to use certain social media channels, including, but not limited to, Twitter and LinkedIn, as means of communicating with the public and investors about FREYR, its progress, products, and other matters. While not all the information that FREYR posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, FREYR encourages investors and others interested to review the information that it posts and to monitor such portions of FREYR’s website and social media channels on a regular basis, in addition to following FREYR’s press releases, SEC filings, and public conference calls and webcasts. The contents of FREYR’s website and other social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. FREYR Battery is a developer of clean, next-generation battery cell production capacity. The company’s mission is to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries. FREYR seeks to serve the primary markets of energy storage systems (“ESS”) and commercial mobility, and the company maintains an ambition to serve the passenger electric vehicles market (“EV”). FREYR’s Customer Qualification Plant (“CQP”) for technology development is in service in Mo I Rana, Norway, and the company is commencing development of the Giga America battery manufacturing project in Coweta County, Georgia, in the U.S. To learn more about FREYR, please visit www.freyrbattery.com
FREYR BATTERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
As of December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
253,339
$
443,063
Restricted cash
22,403
119,982
Prepaid assets
2,168
8,293
Other current assets
34,044
8,117
Total current assets
311,954
579,455
Property and equipment, net
366,357
210,777
Intangible assets, net
2,813
2,963
Long-term investments
22,303
—
Convertible note
—
19,954
Right-of-use asset under operating leases
24,476
14,538
Other long-term assets
4,282
11
Total assets
$
732,185
$
827,698
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
18,113
$
6,765
Accrued liabilities and other
30,790
51,446
Share-based compensation liability
281
4,367
Total current liabilities
49,184
62,578
Warrant liability
2,025
33,849
Operating lease liability
18,816
11,144
Other long-term liabilities
27,444
—
Total liabilities
97,469
107,571
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding as of December 31, 2023
—
—
Common stock, $0.01 par value, 355,000 shares authorized, and 139,705 issued and outstanding as of December 31, 2023
1,397
—
Ordinary share capital, no par value shares, 245,000 authorized, 139,854 issued, and 139,705 outstanding as of December 31, 2022
—
139,854
Additional paid-in capital
925,623
772,602
Treasury stock
—
(1,041
)
Accumulated other comprehensive (loss) income
(18,826
)
9,094
Accumulated deficit
(274,999
)
(203,054
)
Total stockholders' equity
633,195
717,455
Non-controlling interests
1,521
2,672
Total equity
634,716
720,127
Total liabilities and equity
$
732,185
$
827,698
FREYR BATTERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In Thousands, Except per Share Amounts)
Three months ended
December 31,
Years ended
December 31,
2023
2022
2023
2022
Operating expenses:
General and administrative
$
22,728
$
29,469
$
108,133
$
107,357
Research and development
10,162
4,380
28,457
13,574
Restructuring charge
6,016
—
6,016
—
Share of net loss of equity method investee
171
426
379
1,557
Total operating expenses
39,077
34,275
142,985
122,488
Loss from operations
(39,077
)
(34,275
)
(142,985
)
(122,488
)
Other income (expense):
Warrant liability fair value adjustment
8,515
59,771
31,763
14,183
Convertible note fair value adjustment
—
(544
)
1,074
(277
)
Interest income, net
3,907
1,691
9,949
1,780
Foreign currency transaction gain (loss)
309
(2,903
)
20,855
2,512
Other income, net
1,889
1,227
6,918
5,171
Total other income (expense)
14,620
59,242
70,559
23,369
(Loss) income before income taxes
(24,457
)
24,967
(72,426
)
(99,119
)
Income tax expense
(329
)
—
(670
)
—
Net (loss) income
(24,786
)
24,967
(73,096
)
(99,119
)
Net loss attributable to non-controlling interests
634
328
1,151
328
Net (loss) income attributable to stockholders
$
(24,152
)
$
25,295
$
(71,945
)
$
(98,791
)
Weighted average shares outstanding:
Basic
139,705
123,455
139,705
118,474
Diluted
139,705
127,889
139,705
118,474
Net income (loss) per share:
Basic
$
(0.17
)
$
0.20
$
(0.51
)
$
(0.83
)
Diluted
$
(0.17
)
$
0.20
$
(0.51
)
$
(0.83
)
Other comprehensive income (loss):
Net (loss) income
$
(24,786
)
$
24,967
$
(73,096
)
$
(99,119
)
Foreign currency translation adjustments, net of tax
20,089
26,165
(27,920
)
9,618
Total comprehensive (loss) income
(4,697
)
51,132
(101,016
)
(89,501
)
Comprehensive loss attributable to non-controlling interests
634
328
1,151
328
Comprehensive (loss) income attributable to stockholders
$
(4,063
)
$
51,460
$
(99,865
)
$
(89,173
)
FREYR BATTERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
For the years ended December 31,
2023
2022
Cash flows from operating activities:
Net loss
$
(73,096
)
$
(99,119
)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense
11,595
8,643
Depreciation and amortization
3,344
478
Loss on U.S. joint venture consolidation
—
1,619
Reduction in the carrying amount of right-of-use assets
1,351
1,458
Warrant liability fair value adjustment
(31,763
)
(14,183
)
Convertible note fair value adjustment
(1,074
)
277
Share of net loss of equity method investee
379
1,557
Foreign currency transaction net unrealized gain
(19,648
)
(2,868
)
Other
469
2
Changes in assets and liabilities:
Prepaid assets and other current assets
4,487
(3,664
)
Other long-term assets
—
—
Accounts payable, accrued liabilities and other
20,039
17,385
Operating lease liability
(4,012
)
(1,594
)
Net cash used in operating activities
(87,929
)
(90,009
)
Cash flows from investing activities:
Proceeds from property related grants
3,500
10,461
Purchases of property and equipment
(187,823
)
(180,787
)
Investments in equity method investee
(1,655
)
(3,000
)
Asset acquisition, cash acquired
—
300
Purchases of other long-term assets
(1,000
)
(2,000
)
Net cash used in investing activities
(186,978
)
(175,026
)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares, net
—
251,124
Repurchase of treasury shares
—
(1,052
)
Net cash provided by financing activities
—
250,072
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash
(12,396
)
12,381
Net decrease in cash, cash equivalents, and restricted cash
(287,303
)
(2,582
)
Cash, cash equivalents, and restricted cash at beginning of period
563,045
565,627
Cash, cash equivalents, and restricted cash at end of period
$
275,742
$
563,045
Reconciliation to consolidated balance sheets:
Cash and cash equivalents
$
253,339
$
443,063
Restricted cash
22,403
119,982
Cash, cash equivalents, and restricted cash
$
275,742
$
563,045
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229252927/en/
Investor contact: Jeffrey Spittel Head of Investor Relations 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
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