We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 | |
|---|---|---|---|---|---|---|---|---|
| -0.24 | -9.23% | 2.36 | 2.55 | 2.32 | 2.51 | 2,754,915 | 01:00:00 |
From Oct 2024 to Jan 2025
FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a developer of sustainable clean energy capacity and solutions, today reported financial results for the third quarter of 2024.
Results Overview, Financing, and Liquidity
FREYR BATTERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
September 30, 2024
December 31, 2023
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, $0.01 par value, 10,000 shares authorized, none issued and outstanding as of both September 30, 2024 and December 31, 2023
—
—
Common stock, $0.01 par value, 355,000 shares authorized as of both September 30, 2024 and December 31, 2023; 140,490 issued and outstanding as of September 30, 2024; and 139,705 issued and outstanding as of December 31, 2023
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 September 30,
Nine months ended September 30,
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 September 30,
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
1 Year FREYR Battery Chart |
1 Month FREYR Battery Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
