Ree Automotive reports Q3 adjusted EPS ($1.99), consensus ($3.62)

Reports Q3 revenue $210,000 vs. $0 last year. CEO Daniel Barel said, “We had a very strong third quarter. We continued to carefully expand our Authorized Dealer Network, which resulted in more than doubling our initial order book value with binding orders since late August. The first customer P7-C demo trucks are nearing completion ahead of expected shipment by Christmas and we believe we remain on track to achieve certification in the coming weeks. We continue to strengthen our balance sheet with additional financing to support our working capital needs for the production of the vehicles represented in our order book. I’m very encouraged by the continued confidence and support of our shareholders, resulting in the recently announced capital raise with favorable terms in a very challenging environment. These funds are part of our risk averse plan to secure in advance, the working capital funding required to produce the expected orders of our growing order book…With the strong growth of our initial order book value, we continue to make steady progress toward the start of production on three fronts according to our production strategy. First, we completed the majority of our capex investment and decreased our year-over-year net loss by 28% due in part to the operational efficiencies we implemented around Research and Development and Selling, General, and Administrative expenses, as we continue to be financially disciplined, and through government grants received. Second, we are working to bring our production tooling online, planned to be operational by the end of 2024 with the aim of enabling us to reach bill of materials breakeven on the first scale production batch with EBITDA breakeven a year after. And third, we believe we are scaling up responsibly, building vehicles to order and not for inventory, as we continue to secure the required working capital needed for mass production.”