FREYR Battery Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
FREYR Battery Reports Second Quarter 2024 Financial Results
FREYR Battery, Inc. (NYSE: FREY), a developer of sustainable, next-generation battery solutions, today reported its financial results for the second quarter of 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | Consensus Estimates |
|---|---|---|---|
| Total Revenue | $0 | $0 | $100k |
| Net Loss | $(27.0) million | $(25.3) million | N/A |
| Earnings Per Share (EPS) | $(0.19) | $(0.18) | $(0.18) |
Interpretation: FREYR reported a marginally higher net loss in Q2 2024 compared to Q2 2023, primarily due to a $0.1 million net foreign currency transaction loss compared to a $7.7 million gain for the same period last year. The earnings per share (EPS) was $(0.19), compared to the consensus estimate of $(0.18).
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | Interpretation |
|---|---|---|---|
| Total Revenue | $0 | $100k | Achieved $0 revenue, failing to meet guidance expectations. |
Interpretation: FREYR reported no revenue for Q2 2024, falling short of its previous guidance of $100k. The company has yet to start generating significant revenue streams.
Comments from Company Officers
Tom Jensen, FREYR's Co-founder, Chief Executive Officer, and Board Member, commented: "Following the second quarter's production achievements at the Customer Qualification Plant (CQP) on the 24M platform, FREYR's reconfigured Board of Directors and management team have unified the organization's focus on rapid commercialization while we extend our liquidity runway to 36 months. Having demonstrated that our people have unique technical and operational capabilities, during the last 65 days since the new team was appointed, we have been building momentum with our partners and customers to develop projects in high-return adjacencies on the battery value chain."
Dividends and Share Repo Programs
There were no announcements regarding dividends or share repurchase programs.
Forward Guidance
FREYR did not provide specific forward guidance in the earnings release. However, the company mentioned its plan to achieve first revenues and EBITDA by 2025 and discussed maintaining a strong balance sheet and extending its cash liquidity runway to approximately 36 months.
Stock Price Movement
After the release of the earnings report, FREYR's stock price saw a significant movement, with an increase of approximately 7.09%.
Note: The earnings summary has been prepared based on available data as provided in the earnings release. If there are any updates or additional details, please refer to the official financial documents or the company's website.
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