Translate
Previous
Source: businesswire | Published on: Wednesday, 06 November 2024
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 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 |
|
