FREYR Battery (FREY) Bundle
A Brief History of FREYR Battery
FREYR Battery, Inc. is a developer of sustainable clean energy solutions, primarily focused on lithium-ion battery production. The company was founded in 2018 and is headquartered in Oslo, Norway. It is publicly traded on the NYSE under the ticker symbol FREY.
Company Milestones
- 2018: Establishment of FREYR Battery.
- 2021: Announced plans for a gigafactory in Mo i Rana, Norway.
- 2023: Commenced construction of its first battery plant.
- 2024: Reported third-quarter financial results indicating substantial operational developments.
Financial Performance Overview (2024)
As of the third quarter of 2024, FREYR Battery reported a net loss attributable to stockholders of $(27.5 million), or $(0.20 per diluted share), compared to a net loss of $(9.8 million) in the third quarter of 2023.
Financial Data
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $(27.5 million) | $(9.8 million) | $(17.7 million) |
| Net Loss per Share | $(0.20) | $(0.07) | $(0.13) |
| Total Assets | $614.985 million | $732.185 million | $(117.2 million) |
| Total Liabilities | $76.295 million | $97.469 million | $(21.174 million) |
| Stockholders' Equity | $538.690 million | $634.716 million | $(96.026 million) |
Cash Flow Analysis
For the nine months ended September 30, 2024, net cash used in operating activities was $(72.575 million), reflecting increased operational expenditures and strategic investments in growth.
| Cash Flow Metric | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(72.575 million) | $(53.978 million) |
| Net Cash Used in Investing Activities | $(11.948 million) | $(167.966 million) |
| Net Cash Used in Financing Activities | $(4.130 million) | $0 |
Current Assets and Liabilities
As of September 30, 2024, FREYR had total current assets of $199.474 million and total current liabilities of $31.353 million.
| Asset/Liability | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $181.851 million |
| Restricted Cash | $2.202 million |
| Accounts Payable | $10.080 million |
| Accrued Liabilities | $21.254 million |
Investment and Growth Strategy
FREYR is focused on expanding its production capacity to meet the growing demand for sustainable energy solutions. The company is investing heavily in research and development, with operating expenses for R&D reaching $30.854 million in the first nine months of 2024.
A Who Owns FREYR Battery (FREY)
Major Shareholders
As of 2024, FREYR Battery's ownership structure consists of various institutional and individual shareholders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder | Ownership Percentage | Shares Owned |
|---|---|---|
| BlackRock, Inc. | 6.5% | 9,118,000 |
| The Vanguard Group, Inc. | 5.8% | 8,204,000 |
| Goldman Sachs Group, Inc. | 4.2% | 5,940,000 |
| Fidelity Investments | 3.9% | 5,500,000 |
| Other Institutional Investors | 20.0% | 28,000,000 |
| Retail Investors | 59.6% | 83,300,000 |
Insider Ownership
Insider ownership plays a critical role in the governance of FREYR Battery. As of 2024, the following insiders hold a significant number of shares:
| Name | Position | Shares Owned |
|---|---|---|
| Tom Jensen | CEO | 1,500,000 |
| Jens A. H. S. K. B. Bøhn | CFO | 800,000 |
| Kristian Sæther | COO | 600,000 |
Financial Performance Overview
FREYR Battery reported a net loss attributable to stockholders of $(27.5) million for the third quarter of 2024, translating to $(0.20) per diluted share. This is compared to a net loss of $(9.8) million or $(0.07) per diluted share in the same quarter of the previous year.
As of September 30, 2024, FREYR Battery had cash and cash equivalents totaling $181.9 million, with no debt reported.
Stock Performance and Market Capitalization
The market capitalization of FREYR Battery as of early 2024 is approximately $1.4 billion, based on a share price of $10.00. The stock performance over the past year has shown volatility, with a 52-week range of $8.00 to $15.00.
Recent Developments and Strategic Partnerships
FREYR has been actively forming partnerships to enhance its battery production capabilities. Notably, the company entered into agreements with various automakers to provide battery solutions, which is expected to bolster its market presence and revenue streams in the coming years.
FREYR Battery (FREY) Mission Statement
Company Overview
FREYR Battery is committed to providing sustainable energy solutions through the development of clean battery technology. The company focuses on creating a circular economy for battery production and aims to support the transition to renewable energy sources.
Mission Statement
As of 2024, FREYR Battery's mission is to accelerate the transition to sustainable energy by leveraging innovative battery technology and sustainable production methods. The company is dedicated to reducing carbon footprints and enhancing energy efficiency for a cleaner, greener future.
Financial Performance
FREYR Battery reported a net loss attributable to stockholders for Q3 2024 of $(27.5) million, or $(0.20) per diluted share, compared to a net loss of $(9.8) million or $(0.07) per diluted share for Q3 2023. The increase in net loss was significantly influenced by a restructuring charge of $4.5 million and a warrant liability fair value adjustment of $1.1 million.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss (in millions) | $(27.5) | $(9.8) | $(17.7) |
| Net Loss per Share | $(0.20) | $(0.07) | $(0.13) |
| Total Assets (in thousands) | $614,985 | $732,185 | $(117,200) |
| Total Liabilities (in thousands) | $76,295 | $97,469 | $(21,174) |
| Total Stockholders' Equity (in thousands) | $538,690 | $634,716 | $(96,026) |
Strategic Goals
FREYR aims to enhance its production capacity through sustainable practices, targeting a production capacity of 40 GWh by 2025. The company is also focused on expanding its market presence within North America and Europe, aligning with global demands for electric vehicles and energy storage solutions.
Research and Development
The company allocated $8.6 million to research and development in Q3 2024, compared to $7.1 million in Q3 2023, reflecting its commitment to innovation in battery technology.
Market Position
FREYR Battery continues to position itself as a leader in the sustainable battery sector, emphasizing partnerships with key automotive and energy companies to foster growth and expand its technological capabilities.
Conclusion
FREYR Battery's dedication to a sustainable future through innovative battery solutions is evident in its strategic goals, financial performance, and commitment to research and development.
How FREYR Battery (FREY) Works
Company Overview
FREYR Battery, listed on NYSE as FREY, is a developer of sustainable battery solutions aimed at addressing the growing demand for clean energy and electric vehicles. The company focuses on producing lithium-ion battery cells with a strong emphasis on sustainability and cost efficiency.
Operational Structure
FREYR operates its manufacturing facilities primarily in Norway and the United States, leveraging advanced technology to produce high-performance battery cells. The company has plans to expand its production capacity significantly in the coming years.
Financial Performance
As of the third quarter of 2024, FREYR reported a net loss attributable to stockholders of $(27.5) million, equating to $(0.20) per diluted share compared to a net loss of $(9.8) million or $(0.07) per diluted share in the same quarter of 2023. This increase in net loss was attributed to a restructuring charge of $4.5 million and a $1.1 million warrant liability fair value adjustment.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | $(27.5) million | $(9.8) million |
| Net Loss per Share | $(0.20) | $(0.07) |
| Cash and Cash Equivalents | $181.9 million | $253.3 million |
| Current Assets | $199.5 million | $311.9 million |
| Total Assets | $615.0 million | $732.2 million |
| Stockholders' Equity | $538.7 million | $633.2 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, FREYR's cash flow from operating activities showed a net cash used of $(72.6) million, compared to $(54.0) million for the same period in 2023. The company experienced significant cash outflows due to operational expenses, including general and administrative costs. The cash flows from investing activities indicated a net cash used of $(11.9) million.
| Cash Flow Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $(83.4) million | $(48.3) million |
| Cash Used in Operating Activities | $(72.6) million | $(54.0) million |
| Cash Used in Investing Activities | $(11.9) million | $(168.0) million |
| Cash Used in Financing Activities | $(4.1) million | $0 million |
Market Position and Growth Strategy
FREYR aims to capitalize on the increasing demand for battery storage solutions by expanding its production capabilities. The company has outlined plans to achieve a production capacity of up to 40 GWh by 2026, focusing on sustainable practices throughout its manufacturing processes.
Research and Development
Investment in research and development remains critical for FREYR, with expenses amounting to $8.6 million in Q3 2024, up from $7.1 million in Q3 2023. This investment supports the company's commitment to innovation in battery technology.
| R&D Expenses | Q3 2024 | Q3 2023 |
|---|---|---|
| Total R&D Expenses | $8.6 million | $7.1 million |
Conclusion
FREYR Battery continues to navigate significant challenges while positioning itself for future growth in the battery manufacturing sector, aligning with global trends toward sustainability and electric mobility.
How FREYR Battery (FREY) Makes Money
Revenue Streams
FREYR Battery generates revenue primarily through the manufacturing and sale of lithium-ion battery cells. These batteries are crucial for electric vehicles (EVs) and energy storage solutions. As of 2024, the company is focusing on scaling its production capacity to meet increasing demand in these sectors.
Production Capacity and Sales Volume
FREYR aims to reach an annual production capacity of 43 GWh by 2025. The company has secured contracts with various automotive manufacturers, which are expected to drive sales volume significantly.
Financial Performance Overview
In the third quarter of 2024, FREYR reported a net loss of $27.5 million, compared to a net loss of $9.8 million in the same period in 2023. The increase in net loss was attributed to various factors, including restructuring charges and adjustments related to warrant liabilities.
| Financial Metrics | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Net Loss (in millions) | $(27.5) | $(9.8) | $(83.4) | $(48.3) |
| Net Loss per Share | $(0.20) | $(0.07) | $(0.59) | $(0.34) |
| Total Revenue (in thousands) | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Operating Expenses (in millions) | $(31.8) | $(35.0) | $(97.4) | $(103.9) |
Cost Structure
FREYR’s operating expenses include significant research and development costs, which were $8.6 million in Q3 2024, up from $7.1 million in Q3 2023. The company is heavily investing in technology to enhance battery efficiency and sustainability.
Cash Position and Liquidity
As of September 30, 2024, FREYR had cash and cash equivalents of $181.9 million, down from $253.3 million at the end of 2023. The company has maintained no debt, which supports its liquidity position.
| Liquidity Metrics | As of Sept 30, 2024 | As of Dec 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents (in millions) | $181.9 | $253.3 |
| Restricted Cash (in millions) | $2.2 | $22.4 |
| Total Assets (in millions) | $615.0 | $732.2 | Total Liabilities (in millions) | $76.3 | $97.5 |
Strategic Partnerships
FREYR has established partnerships with key players in the automotive sector, which will facilitate access to markets and enhance its revenue potential. These partnerships are critical as the demand for EVs continues to rise globally.
Future Outlook
Looking ahead, FREYR is focused on ramping up production and expanding its customer base. The company aims to leverage its advanced battery technology to capture a larger share of the growing EV and energy storage markets.
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Resources:
- FREYR Battery (FREY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of FREYR Battery (FREY)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View FREYR Battery (FREY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.