FREYR Battery Reports Third Quarter 2024 Results
NEW YORK & OSLO, Norway & NEWNAN, Ga.--(BUSINESS WIRE)--November 06, 2024--
FREYR Battery, Inc. $(FREY)$ ("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,
2024 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 Nine months ended
September 30, 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
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