FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a
developer of sustainable, next-generation battery solutions, today
reported financial results for the second quarter of 2024.
Key Messages:
- FREYR’s new Board of Directors and leadership team executing
plan to achieve first revenues and EBITDA as soon as 2025. The
Company’s top priority is to focus resources on financeable
projects and inorganic opportunities that accelerate FREYR’s
commercialization and pathway to cash flows.
- FREYR is prioritizing conventional technology strategy to
achieve commercialization. FREYR is advancing discussions and
diligence tied to agreements to develop conventional battery
technology solutions in the U.S. and Europe under its previously
unveiled FREYR 2.0 growth initiative. Within the commercial and
project pipelines, the Company is focusing on less-capital
intensive opportunities tied to downstream modules and packs which
offer the fastest and most readily financeable paths to first
revenues and cash flows.
- Maintaining strict financial discipline and balance sheet
strength. The Company remains committed to preserving the
strength of its debt-free balance sheet by reducing its cash burn
rate. The spending reductions currently underway are expected to
extend FREYR’s cash liquidity runway to approximately 36 months. As
part of the Company’s commitment to value maximization, FREYR is
concurrently evaluating value accretive business models and use
cases for Giga Arctic.
- Evaluating inorganic opportunities. FREYR is pursuing
potential inorganic opportunities to accelerate its
commercialization efforts.
- Maintaining ambition to establish long-term competitive moat
based on next-generation intellectual property with the 24M
SemiSolidTM platform. As FREYR intensifies its near-term
commercialization efforts with its conventional technology
strategy, the Company is preserving the option value of its
position on 24M’s SemiSolidTM platform. After hitting several
production milestones at the Customer Qualification Plant (“CQP”)
in 2024, the Company is exploring new funding and commercial
pathways for its next-generation IP to augment its long-term
competitive position.
“Following the second quarter’s production achievements at the
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,” commented Tom Jensen, FREYR’s Co-founder, Chief Executive
Officer and Board Member. “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. The discussions
we are having with a variety of industry leaders are exciting, and
we look forward to sharing additional updates on these important
strategic initiatives as they continue to develop.”
Recent news
- Successful production trials at Customer Qualification Plant
(“CQP”). Following several prior interim milestones at the CQP
earlier this year, in June, FREYR announced that it had become the
first company to complete automated production trials on the
second-generation 24M SemiSolidTM manufacturing platform. While
simultaneously running the anode casting, cathode casting, and
merge units in automatic mode, FREYR produced more than 50
individual unit cells. FREYR is now exploring funding pathways for
the long-term development of its next-generation technology
stack.
- Leadership changes to support FREYR’s commitment to
accelerate path to profitability. In June 2024, FREYR announced
the return of Co-founder and previous CEO and Executive Chairman
Tom Jensen to the CEO role, and the appointments of Evan Calio as
FREYR’s CFO, and of Daniel Barcelo as the Chairman of FREYR’s Board
of Directors. FREYR’s Board and management team are focused on key
initiatives, including: pursuing organic and inorganic
opportunities in the U.S. and Europe to accelerate FREYR’s
timelines to revenues and EBITDA and maintaining strict financial
discipline to preserve the strength of the Company’s clean balance
sheet and extend FREYR’s cash liquidity runway to 36 months.
Results Overview, Financing, and Liquidity
- FREYR reported a net loss attributable to stockholders for the
second quarter of 2024 of $(27.0) million, or $(0.19) per diluted
share compared to net loss for the second quarter 2023 of $(25.3)
million or $(0.18) per diluted share. The increase in net loss in
the second quarter of 2024 was primarily due to a $0.1 million net
foreign currency transaction loss for the three months ended June
30, 2024, compared to a $7.7 million gain for the three months
ended June 30, 2023, partially offset by lower operating expenses
mainly from decreases in personnel costs and legal and professional
fees.
- As of June 30, 2024, FREYR had cash, cash equivalents, and
restricted cash of $221.5 million, and no debt.
Presentation of Second Quarter 2024 Results
A presentation will be held today, August 9, 2024, at 8:30 am
Eastern Daylight Time (2:30 pm Central European Time) to discuss
financial results for the second quarter 2024. 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:
USA / International Toll +1 (646) 307-1963 USA - Toll-Free (800)
715-9871 UK - London +44.20.3433.3846 UK - Toll-Free
+44.800.358.0970 Denmark - National +45.70.71.00.47 Denmark -
Toll-Free +45.80.711369 Norway - Forde +47.57.98.92.37 Sweden -
Stockholm +46.8.535.243.45 Sweden - Toll-Free +46.20.0123579 Greece
- Athens +30.21.1199.4415 Spain - Madrid +34.917.874.190 Spain -
Toll-Free +34.800.906144 Germany - Berlin +49.30.22403073 Germany -
Toll-Free +49.800.0000105
The participant passcode for the call is: 4087726
A webcast of the conference call will be broadcast
simultaneously at https://events.q4inc.com/attendee/250372491 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 sustainable, next-generation
battery solutions. The Company’s mission is to accelerate the
decarbonization of global energy and transportation systems by
producing sustainable, 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 operating
its Customer Qualification Plant (“CQP”) for technology development
in Mo i Rana, Norway, and the Company is continuing 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
facts included in this press release, including, without
limitation, FREYR Battery, Inc.’s (“FREYR”) ability to establish a
profitable business; FREYR’s plan to extend its cash liquidity
runway to 36 months and first revenue and EBITDA in 2025; the
financial benefits of FREYR’s subject matter expertise; FREYR’s
plan to expand on the battery value chain into high value
adjacencies; FREYR’s efforts to accelerate the path to
commercialization; the pursuit of project opportunities in
accordance with the FREYR 2.0 initiative; potential inorganic
growth opportunities and the ability to generate revenue in the
near-term through possible acquisitions; the development,
financing, construction, timeline, capacity, and other usefulness
of FREYR’s CQP, Giga Arctic, Giga America, and other planned or
future production facilities; any potential benefits of the U.S.
Inflation Reduction Act; FREYR’s ability to reduce spending; 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 29, 2024; and (iv) FREYR’s Quarterly Reports on Form 10-Q
filed with the SEC on May 8, 2024 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 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, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except per
share data)
(Unaudited)
June 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
219,560
$
253,339
Restricted cash
1,977
22,403
Prepaid assets
868
2,168
Other current assets
12,016
34,044
Total current assets
234,421
311,954
Property and equipment, net
362,641
366,357
Intangible assets, net
2,738
2,813
Long-term investments
21,969
22,303
Right-of-use asset under operating
leases
22,603
24,476
Other long-term assets
9
4,282
Total assets
$
644,381
$
732,185
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
14,688
$
18,113
Accrued liabilities and other
20,495
30,790
Share-based compensation liability
168
281
Total current liabilities
35,351
49,184
Warrant liability
1,817
2,025
Operating lease liability
16,921
18,816
Other long-term liabilities
27,443
27,444
Total liabilities
81,532
97,469
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000
shares authorized, none issued and outstanding as of both June 30,
2024 and December 31, 2023
—
—
Common stock, $0.01 par value, 355,000
shares authorized as of both June 30, 2024 and December 31, 2023;
140,490 issued and outstanding as of June 30, 2024; and 139,705
issued and outstanding as of December 31, 2023
1,405
1,397
Additional paid-in capital
930,781
925,623
Accumulated other comprehensive loss
(40,008)
(18,826)
Accumulated deficit
(330,529)
(274,999)
Total stockholders' equity
561,649
633,195
Non-controlling interests
1,200
1,521
Total equity
562,849
634,716
Total liabilities and equity
$
644,381
$
732,185
FREYR BATTERY, INC.
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,
2024
2023
2024
2023
Operating expenses:
General and administrative
$
20,107
$
27,631
$
43,008
$
57,633
Research and development
10,493
6,365
22,238
11,209
Share of net loss of equity method
investee
178
30
334
55
Total operating expenses
30,778
34,026
65,580
68,897
Loss from operations
(30,778)
(34,026)
(65,580)
(68,897)
Other income (expense):
Warrant liability fair value
adjustment
52
(2,556)
198
(1,151)
Interest income, net
1,148
1,755
2,553
4,758
Foreign currency transaction (loss)
gain
(122)
7,711
1,355
23,759
Other income, net
2,550
1,851
5,634
3,566
Total other income
3,628
8,761
9,740
30,932
Loss before income taxes
(27,150)
(25,265)
(55,840)
(37,965)
Income tax expense
(11)
(138)
(11)
(341)
Net loss
(27,161)
(25,403)
(55,851)
(38,306)
Net loss attributable to non-controlling
interests
174
121
321
298
Net loss attributable to stockholders
$
(26,987)
$
(25,282)
$
(55,530)
$
(38,008)
Weighted average shares outstanding -
basic and diluted
140,107
139,705
139,905
139,705
Net loss per share attributable to
stockholders - basic and diluted
$
(0.19)
$
(0.18)
$
(0.40)
$
(0.27)
Other comprehensive (loss) income:
Net loss
$
(27,161)
$
(25,403)
$
(55,851)
$
(38,306)
Foreign currency translation
adjustments
4,862
(20,425)
(21,182)
(54,143)
Total comprehensive loss
$
(22,299)
$
(45,828)
$
(77,033)
$
(92,449)
Comprehensive loss attributable to
non-controlling interests
174
121
321
298
Comprehensive loss attributable to
stockholders
$
(22,125)
$
(45,707)
$
(76,712)
$
(92,151)
FREYR BATTERY, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six months ended
June 30,
2024
2023
Cash flows from operating
activities:
Net loss
$
(55,851)
$
(38,306)
Adjustments to reconcile net loss to cash
used in operating activities:
Share-based compensation expense
5,044
5,201
Depreciation and amortization
4,578
732
Reduction in the carrying amount of
right-of-use assets
732
491
Warrant liability fair value
adjustment
(198)
1,151
Share of net loss of equity method
investee
334
55
Foreign currency transaction net
unrealized gain
(1,188)
(23,247)
Other
—
(929)
Changes in assets and liabilities:
Prepaid assets and other current
assets
2,038
2,834
Accounts payable, accrued liabilities and
other
1,242
19,967
Operating lease liability
(932)
(2,669)
Net cash used in operating activities
(44,201)
(34,720)
Cash flows from investing
activities:
Proceeds from the return of property and
equipment deposits
22,735
—
Purchases of property and equipment
(29,099)
(128,361)
Investments in equity method investee
—
(1,655)
Purchases of other long-term assets
—
(1,000)
Net cash used in investing activities
(6,364)
(131,016)
Cash flows from financing
activities:
Net cash provided by financing
activities
—
—
Effect of changes in foreign exchange
rates on cash, cash equivalents, and restricted cash
(3,640)
(13,520)
Net decrease in cash, cash equivalents,
and restricted cash
(54,205)
(179,256)
Cash, cash equivalents, and restricted
cash at beginning of period
275,742
563,045
Cash, cash equivalents, and restricted
cash at end of period
$
221,537
$
383,789
Supplementary disclosure for non-cash
activities:
Accrued purchases of property and
equipment
$
8,908
$
23,085
Reconciliation to condensed
consolidated balance sheets:
Cash and cash equivalents
$
219,560
$
334,364
Restricted cash
1,977
49,425
Cash, cash equivalents, and restricted
cash
$
221,537
$
383,789
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240809031799/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
FREYR Battery (NYSE:FREY)
過去 株価チャート
から 7 2024 まで 8 2024
FREYR Battery (NYSE:FREY)
過去 株価チャート
から 8 2023 まで 8 2024