Read How FREYR Battery Performed In Q2

FREYR Battery SA FREY reported a second-quarter net income of $4.67 million, compared to a loss of $(8.04) million a year ago, reflecting a $33.4 million gain on the fair value adjustment to warrant liability.
Loss from operations expanded to $(31.53) million versus $(10.22) million in 2Q21.
EPS improved to $0.04 from a $(0.21) loss last year.
Net cash used in operating activities year-to-date of $(50.43) million, compared to $(10.32) million a year ago.
As of June 30, 2022, FREYR had cash and equivalents of $488.4 million.
In June, FREYR's Board sanctioned the construction of its first commercial-scale battery manufacturing facility, the 29 GWh nameplate capacity Giga Arctic development in Mo i Rana, Norway.
"Looking ahead to the second half of 2022 and beyond, our team is focused on executing construction of the Customer Qualification Plant and Giga Arctic projects in Mo i Rana, formalizing commitments with our financial, governmental, and strategic partners to accelerate our growth, and increasing our presence across the battery value chain," said CEO Tom Einar Jensen.
Price Action: FREY shares are trading lower by 5.24% at $10.69 during the market session on Monday.