FREYR Battery Reports Third Quarter 2024 Results
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
$184.1 million
FREYR BATTERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) |
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| 听 | ||||||||
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September 30,
|
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December 31,
|
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
181,851 |
听 |
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$ |
253,339 |
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Restricted cash |
听 |
听 |
2,202 |
听 |
听 |
听 |
22,403 |
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Prepaid assets |
听 |
听 |
2,838 |
听 |
听 |
听 |
2,168 |
听 |
Other current assets |
听 |
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12,583 |
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听 |
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34,044 |
听 |
Total current assets |
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199,474 |
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311,954 |
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Property and equipment, net |
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368,342 |
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听 |
听 |
366,357 |
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Intangible assets, net |
听 |
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2,700 |
听 |
听 |
听 |
2,813 |
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Long-term investments |
听 |
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21,819 |
听 |
听 |
听 |
22,303 |
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Right-of-use asset under operating leases |
听 |
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22,640 |
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听 |
听 |
24,476 |
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Other long-term assets |
听 |
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10 |
听 |
听 |
听 |
4,282 |
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Total assets |
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$ |
614,985 |
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$ |
732,185 |
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LIABILITIES AND STOCKHOLDERS鈥� EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
10,080 |
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$ |
18,113 |
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Accrued liabilities and other |
听 |
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21,254 |
听 |
听 |
听 |
30,790 |
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Share-based compensation liability |
听 |
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19 |
听 |
听 |
听 |
281 |
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Total current liabilities |
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31,353 |
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49,184 |
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Warrant liability |
听 |
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721 |
听 |
听 |
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2,025 |
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Operating lease liability |
听 |
听 |
16,775 |
听 |
听 |
听 |
18,816 |
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Other long-term liabilities |
听 |
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27,446 |
听 |
听 |
听 |
27,444 |
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Total liabilities |
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76,295 |
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97,469 |
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Commitments and contingencies |
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Stockholders鈥� equity: |
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Preferred stock, |
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鈥� |
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鈥� |
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Common stock, |
听 |
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1,405 |
听 |
听 |
听 |
1,397 |
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Additional paid-in capital |
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929,324 |
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听 |
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925,623 |
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Accumulated other comprehensive loss |
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(34,035 |
) |
听 |
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(18,826 |
) |
Accumulated deficit |
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(358,004 |
) |
听 |
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(274,999 |
) |
Total stockholders' equity |
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538,690 |
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听 |
听 |
633,195 |
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听 |
听 |
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Non-controlling interests |
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鈥� |
听 |
听 |
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1,521 |
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Total equity |
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538,690 |
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634,716 |
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Total liabilities and equity |
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$ |
614,985 |
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$ |
732,185 |
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FREYR BATTERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) (Unaudited) |
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Three months ended
|
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Nine months ended
|
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2024 |
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2023 |
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2024 |
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2023 |
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Operating expenses: |
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General and administrative |
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$ |
18,515 |
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$ |
27,772 |
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$ |
61,386 |
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$ |
85,405 |
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Research and development |
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8,616 |
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7,086 |
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听 |
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30,854 |
听 |
听 |
听 |
18,295 |
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Restructuring charge |
听 |
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4,507 |
听 |
听 |
听 |
鈥� |
听 |
听 |
听 |
4,644 |
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听 |
听 |
鈥� |
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Share of net loss of equity method investee |
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150 |
听 |
听 |
听 |
153 |
听 |
听 |
听 |
484 |
听 |
听 |
听 |
208 |
听 |
Total operating expenses |
听 |
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31,788 |
听 |
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35,011 |
听 |
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97,368 |
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听 |
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103,908 |
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Loss from operations |
听 |
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(31,788 |
) |
听 |
听 |
(35,011 |
) |
听 |
听 |
(97,368 |
) |
听 |
听 |
(103,908 |
) |
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Other income (expense): |
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Warrant liability fair value adjustment |
听 |
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1,096 |
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24,399 |
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听 |
听 |
1,294 |
听 |
听 |
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23,248 |
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Interest income, net |
听 |
听 |
1,074 |
听 |
听 |
听 |
1,284 |
听 |
听 |
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3,627 |
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听 |
听 |
6,042 |
听 |
Foreign currency transaction (loss) gain |
听 |
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(110 |
) |
听 |
听 |
(3,213 |
) |
听 |
听 |
1,245 |
听 |
听 |
听 |
20,546 |
听 |
Other income, net |
听 |
听 |
2,172 |
听 |
听 |
听 |
2,537 |
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听 |
听 |
7,806 |
听 |
听 |
听 |
6,103 |
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Total other income |
听 |
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4,232 |
听 |
听 |
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25,007 |
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听 |
听 |
13,972 |
听 |
听 |
听 |
55,939 |
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Loss before income taxes |
听 |
听 |
(27,556 |
) |
听 |
听 |
(10,004 |
) |
听 |
听 |
(83,396 |
) |
听 |
听 |
(47,969 |
) |
Income tax expense |
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鈥� |
听 |
听 |
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鈥� |
听 |
听 |
听 |
(11 |
) |
听 |
听 |
(341 |
) |
Net loss |
听 |
听 |
(27,556 |
) |
听 |
听 |
(10,004 |
) |
听 |
听 |
(83,407 |
) |
听 |
听 |
(48,310 |
) |
Net loss attributable to non-controlling interests |
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81 |
听 |
听 |
听 |
219 |
听 |
听 |
听 |
402 |
听 |
听 |
听 |
517 |
听 |
Net loss attributable to stockholders |
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$ |
(27,475 |
) |
听 |
$ |
(9,785 |
) |
听 |
$ |
(83,005 |
) |
听 |
$ |
(47,793 |
) |
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听 |
听 |
听 |
听 |
听 |
听 |
听 |
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Weighted average shares outstanding - basic and diluted |
听 |
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140,490 |
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听 |
听 |
139,705 |
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听 |
听 |
140,102 |
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听 |
听 |
139,705 |
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Net loss per share attributable to stockholders - basic and diluted |
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$ |
(0.20 |
) |
听 |
$ |
(0.07 |
) |
听 |
$ |
(0.59 |
) |
听 |
$ |
(0.34 |
) |
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听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
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Other comprehensive (loss) income: |
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听 |
听 |
听 |
听 |
听 |
听 |
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Net loss |
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$ |
(27,556 |
) |
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$ |
(10,004 |
) |
听 |
$ |
(83,407 |
) |
听 |
$ |
(48,310 |
) |
Foreign currency translation adjustments |
听 |
听 |
5,973 |
听 |
听 |
听 |
6,134 |
听 |
听 |
听 |
(15,209 |
) |
听 |
听 |
(48,009 |
) |
Total comprehensive loss |
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$ |
(21,583 |
) |
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$ |
(3,870 |
) |
听 |
$ |
(98,616 |
) |
听 |
$ |
(96,319 |
) |
Comprehensive loss attributable to non-controlling interests |
听 |
听 |
81 |
听 |
听 |
听 |
219 |
听 |
听 |
听 |
402 |
听 |
听 |
听 |
517 |
听 |
Comprehensive loss attributable to stockholders |
听 |
$ |
(21,502 |
) |
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$ |
(3,651 |
) |
听 |
$ |
(98,214 |
) |
听 |
$ |
(95,802 |
) |
FREYR BATTERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
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| 听 | ||||||||
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Nine months ended
|
||||||
听 |
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听 |
2024 |
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听 |
2023 |
听 |
Cash flows from operating activities: |
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听 |
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Net loss |
听 |
$ |
(83,407 |
) |
听 |
$ |
(48,310 |
) |
Adjustments to reconcile net loss to cash used in operating activities: |
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||||
Share-based compensation expense |
听 |
听 |
6,449 |
听 |
听 |
听 |
7,859 |
听 |
Depreciation and amortization |
听 |
听 |
7,028 |
听 |
听 |
听 |
1,922 |
听 |
Reduction in the carrying amount of right-of-use assets |
听 |
听 |
1,282 |
听 |
听 |
听 |
1,005 |
听 |
Warrant liability fair value adjustment |
听 |
听 |
(1,294 |
) |
听 |
听 |
(23,248 |
) |
Share of net loss of equity method investee |
听 |
听 |
484 |
听 |
听 |
听 |
208 |
听 |
Foreign currency transaction net unrealized gain |
听 |
听 |
(1,075 |
) |
听 |
听 |
(19,346 |
) |
Other |
听 |
听 |
鈥� |
听 |
听 |
听 |
(929 |
) |
Changes in assets and liabilities: |
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听 |
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||||
Prepaid assets and other current assets |
听 |
听 |
13 |
听 |
听 |
听 |
1,672 |
听 |
Accounts payable, accrued liabilities and other |
听 |
听 |
(429 |
) |
听 |
听 |
28,401 |
听 |
Operating lease liability |
听 |
听 |
(1,626 |
) |
听 |
听 |
(3,212 |
) |
Net cash used in operating activities |
听 |
听 |
(72,575 |
) |
听 |
听 |
(53,978 |
) |
听 |
听 |
听 |
听 |
听 |
||||
Cash flows from investing activities: |
听 |
听 |
听 |
听 |
||||
Proceeds from the return of property and equipment deposits |
听 |
听 |
22,735 |
听 |
听 |
听 |
鈥� |
听 |
Proceeds from property related grants |
听 |
听 |
鈥� |
听 |
听 |
听 |
3,500 |
听 |
Purchases of property and equipment |
听 |
听 |
(34,683 |
) |
听 |
听 |
(168,811 |
) |
Investments in equity method investee |
听 |
听 |
鈥� |
听 |
听 |
听 |
(1,655 |
) |
Purchases of other long-term assets |
听 |
听 |
鈥� |
听 |
听 |
听 |
(1,000 |
) |
Net cash used in investing activities |
听 |
听 |
(11,948 |
) |
听 |
听 |
(167,966 |
) |
听 |
听 |
听 |
听 |
听 |
||||
Cash flows from financing activities: |
听 |
听 |
听 |
听 |
||||
Payment for non-controlling interest |
听 |
听 |
(4,130 |
) |
听 |
听 |
鈥� |
听 |
Net cash used in financing activities |
听 |
听 |
(4,130 |
) |
听 |
听 |
鈥� |
听 |
听 |
听 |
听 |
听 |
听 |
||||
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash |
听 |
听 |
(3,036 |
) |
听 |
听 |
(13,240 |
) |
Net decrease in cash, cash equivalents, and restricted cash |
听 |
听 |
(91,689 |
) |
听 |
听 |
(235,184 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
听 |
听 |
275,742 |
听 |
听 |
听 |
563,045 |
听 |
Cash, cash equivalents, and restricted cash at end of period |
听 |
$ |
184,053 |
听 |
听 |
$ |
327,861 |
听 |
听 |
听 |
听 |
听 |
听 |
||||
Supplementary disclosure for non-cash activities: |
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听 |
听 |
听 |
||||
Accrued purchases of property and equipment |
听 |
$ |
6,133 |
听 |
听 |
$ |
11,187 |
听 |
听 |
听 |
听 |
听 |
听 |
||||
Reconciliation to condensed consolidated balance sheets: |
听 |
听 |
听 |
听 |
||||
Cash and cash equivalents |
听 |
$ |
181,851 |
听 |
听 |
$ |
299,419 |
听 |
Restricted cash |
听 |
听 |
2,202 |
听 |
听 |
听 |
28,442 |
听 |
Cash, cash equivalents, and restricted cash |
听 |
$ |
184,053 |
听 |
听 |
$ |
327,861 |
听 |
听
View source version on businesswire.com:
Investor contact:
Jeffrey Spittel
Senior Vice President, Investor Relations and Corporate Development
[email protected]
Tel: (+1) 409-599-5706
Media contact:
Amy Jaick
Global Head of Communications
[email protected]
Tel: (+1) 973 713-5585
Source: FREYR Battery, Inc.
