Ree Automotive reports Q4 EPS ($3.15), consensus ($2.38)

Reports Q4 revenue $455,000, consensus $1.35M. Daniel Barel, REE‘s co-founder and CEO, said, “2023 was a pivotal year for REE. We achieved key milestones in line with our original timelines and de-risked our go-forward path all while keeping true to our vision to expedite and solidify the electrification of commercial trucks through a white-label approach. With a clean-sheet design and unbound by legacy thinking, I’m proud to say that we have created the world’s first FMVSS certified software-driven full-by-wire electric vehicle, allowing us to advance the state of the art in the medium duty commercial vehicle space by orders of magnitude compared to other offerings – both EV and internal combustion engine vehicles in the space. We remain attuned to the voice of our customers; dealers and fleets have acknowledged the benefits of our vehicles, resulting in a strong backlog growth of over 900% year over year.”