NEW YORK - FREYR Battery (NYSE:FREY) reported a smaller-than-expected loss for the second quarter of 2024, sending its shares soaring 13% in early trading on Wednesday.
The sustainable battery developer posted a net loss of $27 million, or $0.19 per share, compared to a loss of $25.3 million, or $0.18 per share, in the same quarter last year. Analysts had expected a wider loss of $0.24 per share.
"During the last 65 days since the new team was appointed, we have been building momentum with our partners and customers to develop projects in high-return adjacencies on the battery value chain," said Tom Jensen, FREYR's Co-founder, CEO and Board Member.
FREYR is prioritizing a conventional technology strategy to achieve commercialization faster. The company is advancing discussions to develop conventional battery technology solutions in the U.S. and Europe under its FREYR 2.0 growth initiative.
The battery maker is also maintaining strict financial discipline, with plans to reduce its cash burn rate and extend its liquidity runway to approximately 36 months. As of June 30, FREYR had $221.5 million in cash and cash equivalents, with no debt.
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