Ree Automotive reports Q2 non-GAAP EPS (97c), consensus ($1.51)

Reports Q2 revenue $0, consensus $860K. Ended Q2 with liquidity of $60.5M comprised of cash and cash equivalents and short-term investments, inclusive of a $15M credit facility. “The past few months have been pivotal for REE, marking key milestones we’ve worked toward for years. Our strategic manufacturing agreement with Motherson Group (“Motherson”), a global leader in engineering and automotive supply, is transformational, which we believe will enable us to scale faster while avoiding common operational challenges faced by others in the EV space,” said CEO Daniel Barel. “We believe our product offering is the best in an underserved market, and demand continues to grow from fleets and OEMs. With our recent investment round, our funding is solid, and we’ve begun U.S. production of our P7 line with Roush. We’re executing our strategy, focusing on technology leadership and cost reduction. I’m grateful to Motherson, M&G, and our long-term investors for their support, and to our global teams for their dedication.”