REE Automotive Eyes Shipping First Demo Vehicles To Customers By Christmas: Details
Portfolio Pulse from Shivani Kumaresan
REE Automotive Ltd (NASDAQ:REE) reported Q3 FY23 revenue of $210,000 and a net loss of $(24.1) million, an improvement from last year's $(33.5) million loss. Adjusted EPS of $(1.99) beat estimates. Operating expenses decreased by 28.4%. The company plans to scale up U.S. production by end of 2024 and has entered into a securities purchase agreement with M&G Investment Ltd. Demo trucks are expected to ship by Christmas, with certification anticipated in the coming weeks. The dealer network expansion doubled the order book to $43 million. REE shares dropped 11.5% to $5.98.
November 30, 2023 | 5:11 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
REE Automotive reported improved Q3 earnings, plans to scale up production, and is shipping demo trucks by Christmas. The company's shares fell by 11.5%.
Despite the improved financials and progress in production and partnerships, the stock price has fallen significantly, which may indicate market concerns about the company's future profitability or the execution of its business plan.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100