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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 | |
---|---|---|---|---|---|---|---|---|
0.04 | 2.02% | 2.02 | 2.02 | 1.945 | 1.96 | 264,460 | 16:36:04 |
FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, today reported financial results for the second quarter of 2023.
Highlights of the Second Quarter 2023 and Subsequent Events:
“Following the landmark achievement of assembling and successfully charging our first cells at the CQP in June, our teams have continued to make meaningful progress towards key milestones that will drive technology validation, capital formation, and the consummation of key strategic and commercial partnerships,” remarked Tom Einar Jensen, FREYR’s Co-Founder and Executive Chair. “Notably, the CQP remains on track with our previously communicated production plan, and negotiations for the Giga America project-equity raise are intensifying. As we continue our operational journey in the second half of 2023, FREYR is pursuing several catalysts to unlock shareholder value and enhance our competitive position.”
Mr. Jensen added, “I am also delighted to welcome Birger Steen as our incoming CEO and as a Board member. I look forward to collaborating closely with him, FREYR’s Board of Directors, and our entire leadership team to spearhead corporate development and capital formation initiatives. As I assume the responsibilities of Executive Chair from Torstein, I feel deep gratitude for his dedicated stewardship of FREYR and his mentorship in our formational years. On behalf of FREYR’s investors, Board of Directors, leadership team, and employees, I wish to extend our heartfelt thanks for his contributions – we wish Torstein all the best in his retirement.”
Business Update
Overview of Financial Results
Business Outlook
FREYR is focused on advancing the following strategic mandates and milestones:
Presentation of Second Quarter 2023 Results
A presentation will be held today, August 10, 2023, at 8:30 am Eastern Daylight Time (2:30 pm Central European Time) to discuss financial results for the second quarter 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 Kingdom: +44 20 4587 0498 United States: 1 (646) 787 9445 Spain: +34 919 01 16 44 Germany: +49 32 221098334 Sweden: +46 10 884 80 16 Switzerland: +41 22 518 90 26
The participant passcode for the call is: 424929
A webcast of the conference call will be broadcast simultaneously at https://freyr.eventcdn.net/events/q2-2023-earnings-conference-call 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 aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce clean battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in the United States. 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, 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 (collectively, the “FREYR Facilities”); the achievement of key milestones at the CQP, including initial testing program for Nidec; the potential success of any ongoing financing processes, including the targeted Giga America project equity raise of up to $1 billion in early Q4 2023, the application with the U.S. Department of Energy Loan Programs Office under Title XVII for Giga America Phase 1b, and the formalization by the Norwegian Government financing institutions of Giga Arctic incentives package; FREYR’s plan to redomicile to the U.S. by year-end 2023 and any anticipated benefits of such change; the projection that the European LFP market is likely to remain undersupplied into 2030; the integration of AI and other next-generation technologies to battery manufacturing; the anticipated Norwegian response to the U.S. Inflation Reduction Act (“IRA”) and FREYR’s ability to secure the Norwegian government’s support for Giga Arctic, including the formalization of a financial support package; the accelerated development of Giga America, including FREYR’s ability to raise $1 billion of project-level equity and receive U.S. Department of Energy loan and grant support, secure pre-construction and construction permits and operations approvals, procure equipment, negotiate utilities contracts, and start construction in 4Q 2023; FREYR’s ability to achieve giga scale production through participation in IRA incentives and any potential benefits of the IRA; the strong interest from potential strategic, industrial and financial partners at project levels to provide financing; FREYR’s ability to balance speed of capital deployment with commitment to a strong liquidity profile; FREYR’s delivery of first sample cells to Nidec for testing; the predicted persistence of a deep market short for ESS solutions; FREYR’s ability to deliver technology validation, capital formation, and industrial partnerships; the progress and expected outcomes of FREYR’s industrialization plans and project financing 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 on September 1, 2022, and (ii) FREYR’s annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2023, and 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 press release. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements.
FREYR BATTERY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
334,364
$
443,063
Restricted cash
49,425
119,982
Prepaid assets
4,250
8,293
Other current assets
6,845
8,117
Total current assets
394,884
579,455
Property and equipment, net
320,007
210,777
Intangible assets, net
2,888
2,963
Long-term investments
22,628
—
Convertible note
—
19,954
Right-of-use asset under operating leases
23,431
14,538
Other long-term assets
9
11
Total assets
$
763,847
$
827,698
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
20,162
$
6,765
Accrued liabilities and other
32,510
51,446
Share-based compensation liability
4,570
4,367
Total current liabilities
57,242
62,578
Warrant liability
34,939
33,849
Operating lease liability
18,632
11,144
Other long-term liabilities
20,145
—
Total liabilities
130,958
107,571
Commitments and contingencies
Shareholders’ equity:
Ordinary share capital, no par value, 245,000 ordinary shares authorized, and 139,854 and 139,705 ordinary shares issued and outstanding, respectively, as of both June 30, 2023 and December 31, 2022
139,854
139,854
Additional paid-in capital
777,813
772,602
Treasury stock
(1,041
)
(1,041
)
Accumulated other comprehensive (loss) income
(45,049
)
9,094
Accumulated deficit
(241,062
)
(203,054
)
Total ordinary shareholders' equity
630,515
717,455
Non-controlling interests
2,374
2,672
Total equity
632,889
720,127
Total liabilities and equity
$
763,847
$
827,698
FREYR BATTERY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In Thousands, Except per Share Amounts)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2023
2022
2023
2022
Operating expenses:
General and administrative
$
27,631
$
28,150
$
57,633
$
52,764
Research and development
6,365
3,082
11,209
5,941
Share of net loss of equity method investee
30
296
55
463
Total operating expenses
34,026
31,528
68,897
59,168
Loss from operations
(34,026
)
(31,528
)
(68,897
)
(59,168
)
Other income (expense):
Warrant liability fair value adjustment
(2,556
)
33,392
(1,151
)
24,704
Convertible note fair value adjustment
—
270
1,074
491
Interest income, net
1,755
14
4,758
29
Foreign currency transaction gain
7,711
1,421
23,759
1,090
Other income, net
1,851
1,102
2,492
2,618
Total other income (expense)
8,761
36,199
30,932
28,932
(Loss) income before income taxes
(25,265
)
4,671
(37,965
)
(30,236
)
Income tax expense
(138
)
—
(341
)
—
Net (loss) income
(25,403
)
4,671
(38,306
)
(30,236
)
Net loss attributable to non-controlling interests
121
—
298
—
Net (loss) income attributable to ordinary shareholders
$
(25,282
)
$
4,671
$
(38,008
)
$
(30,236
)
Weighted average ordinary shares outstanding:
Basic
139,705
116,830
139,705
116,842
Diluted
139,705
119,250
139,705
116,842
Net (loss) income per share:
Basic
$
(0.18
)
$
0.04
$
(0.27
)
$
(0.26
)
Diluted
$
(0.18
)
$
0.04
(0.27
)
(0.26
)
Other comprehensive income (loss):
Net (loss) income
$
(25,403
)
$
4,671
$
(38,306
)
$
(30,236
)
Foreign currency translation adjustments
(20,425
)
(7,791
)
(54,143
)
(7,458
)
Total comprehensive loss
$
(45,828
)
$
(3,120
)
$
(92,449
)
$
(37,694
)
Comprehensive loss attributable to non-controlling interests
121
—
298
—
Comprehensive loss attributable to ordinary shareholders
$
(45,707
)
$
(3,120
)
$
(92,151
)
$
(37,694
)
FREYR BATTERY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six months ended
June 30,
2023
2022
Cash flows from operating activities:
Net loss
$
(38,306
)
$
(30,236
)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense
5,201
2,923
Depreciation and amortization
732
186
Reduction in the carrying amount of right-of-use assets
491
746
Warrant liability fair value adjustment
1,151
(24,704
)
Convertible note fair value adjustment
(1,074
)
(491
)
Share of net loss of equity method investee
55
463
Foreign currency transaction net unrealized gain
(23,247
)
(2,113
)
Other
145
—
Changes in assets and liabilities:
Prepaid assets and other current assets
2,834
(12,663
)
Accounts payable, accrued liabilities and other
19,967
15,902
Operating lease liability
(2,669
)
(443
)
Net cash used in operating activities
(34,720
)
(50,430
)
Cash flows from investing activities:
Proceeds from property related grants
—
4,874
Purchases of property and equipment
(128,361
)
(26,420
)
Investments in equity method investee
(1,655
)
(3,000
)
Purchases of other long-term assets
(1,000
)
—
Net cash used in investing activities
(131,016
)
(24,546
)
Cash flows from financing activities:
Repurchase of treasury shares
—
(1,052
)
Net cash used in financing activities
—
(1,052
)
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash
(13,520
)
(1,235
)
Net decrease in cash, cash equivalents, and restricted cash
(179,256
)
(77,263
)
Cash, cash equivalents, and restricted cash at beginning of period
563,045
565,627
Cash, cash equivalents, and restricted cash at end of period
$
383,789
$
488,364
Significant non-cash investing and financing activities:
Accrued purchases of property and equipment
$
23,085
$
13,026
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents
$
334,364
$
484,204
Restricted cash
49,425
4,160
Cash, cash equivalents, and restricted cash
$
383,789
$
488,364
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810057861/en/
Investor contact:
Jeffrey Spittel Vice President, Investor Relations jeffrey.spittel@freyrbattery.com Tel: (+1) 281-222-0161
Media contact:
Katrin Berntsen Vice President, Communication katrin.berntsen@freyrbattery.com Tel: (+47) 920 54 570
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