Freyr Battery reports Q4 EPS (17c), consensus (25c)

Having ended the year with cash, restricted cash and equivalents of $275.7M, Freyr has a two-year cash runway before any new financings associated with the DOE Title 17 process and/or the prospective project-level equity raise for Giga America. “The actions we have taken to strengthen our organization to accelerate FREYR’s path to first production and enhance our financial position are driving tangible progress,” said CEO Birger Steen. “I am excited about the recent achievements of key milestones at the CQP, several exciting discussions we have ongoing with potential strategic partners, the completion of our redomicile to the U.S., and the continued progression of financing initiatives including the DOE Title 17 process. With the start of automated cell production at the CQP expected in the first half of 2024, we are executing our plan to demonstrate 24M at scale and to establish FREYR as the Western industrialization partner of choice in the global battery space.”