REE Automotive Ltd (NASDAQ:REE) reported a Q4 FY23 sales increase of 116% Q/Q to $455,000, missing analyst estimates of $1.35 million. Operating expenses rose to $36.7 million, and the non-GAAP EPS loss widened to $(3.15), missing consensus estimates of $(2.38). The operating loss expanded to $(37.2) million, and adjusted EBITDA loss grew to $(32.2) million. The company ended the quarter with $86 million in liquidity but used $(89.3) million in operating cash flow during the year. Despite challenging macroeconomic conditions, CEO Daniel Barel expressed confidence in the company's market position and its path to commercialization. The order book value exceeded $50 million as of March 27, 2024, and the authorized dealer network expanded to 66 locations in the U.S. and Canada. REE shares dropped 4.92% to $5.80 in premarket trading.