Freyr Battery Inc.
11/06/2024 | Press release | Distributed by Public on 11/06/2024 05:30
FREYR Battery Reports Third Quarter 2024 Results
NEW YORK & OSLO, Norway & NEWNAN, Ga.--(BUSINESS WIRE)-- 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 reported a net loss attributable to stockholders for the third quarter of 2024 of $(27.5) million, or $(0.20) per diluted share compared to a net loss for the third quarter of 2023 of $(9.8) million or $(0.07) per diluted share. The increase in net loss in the third quarter of 2024 was primarily due to a $1.1 million warrant liability fair value adjustment for the three months ended September 30, 2024, compared to $24.4 million for the three months ended September 30, 2023, and a restructuring charge of $4.5 million for the three months ended September 30, 2024 compared to none for the three months ended September 30, 2023.
- As of September 30, 2024, FREYR had cash, cash equivalents, and restricted cash of $184.1 million, and no debt.
|
FREYR BATTERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) |
||||||||
|
September 30, |
December 31, |
|||||||
|
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 |
Nine months ended |
|||||||||||||||
|
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 |
||||||||
|
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 |
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