FREYR Battery Charges Forward Despite Q4 Loss: Eyes On 2024 Production And Giga America Funding
Portfolio Pulse from Lekha Gupta
FREYR Battery, Inc. (NYSE:FREY) reported a Q4 FY23 adjusted EPS loss of $(0.13), beating consensus estimates but still showing a net loss of $(24.2) million compared to a net income of $25.3 million a year earlier. Despite the loss, the company has a strong cash position of $275.7 million and plans to focus on achieving production with full automation and developing Giga America with DOE Title 17 loan program support by H1 2024. Shares fell by 5.42% to $1.57.
February 29, 2024 | 6:01 pm
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FREYR Battery reported a Q4 FY23 loss but exceeded EPS expectations. With a strong cash position, it's focusing on 2024 production and Giga America development. Shares dropped 5.42%.
The reported Q4 loss and the subsequent drop in share price indicate a negative short-term impact. However, the company's strong cash position and strategic plans for 2024 could provide a foundation for recovery, making the immediate impact negative but with potential for future growth.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100