FREYR Battery Q3 Loss Narrows

(RTTNews) - FREYR Battery (FREY) reported that its third quarter net loss attributable to ordinary shareholders for the third quarter of 2023 narrowed to $9.8 million or $0.07 per share from $93.9 million or $0.80 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.31 per share for the third quarter. Analysts' estimates typically exclude special items.

The net loss in the third quarter of 2023 was primarily due to corporate overhead, spending to support FREYR's projects and business development activities, and research and development spending, partially offset by a non-cash gain on warrant liability fair value adjustment.

Total operating expenses for the third quarter increased to $35.01 million from $29.05 million in the prior year.

FREYR noted that it has elected to minimize Giga Arctic spending in 2024. The decision to minimize spending is intended to allow for continued technology development at the CQP while FREYR continues to work with stakeholders in Norway and Europe to establish competitive regulatory framework conditions for scaling battery manufacturing.