Why REE Automotive (REE) Shares Are Jumping Today - REE Automotive (NASDAQ:REE)

REE Automotive Ltd REE reported a third-quarter FY22 net loss of $(33.5) million versus a net loss of $(414.9) million the previous year. The decrease in GAAP net loss Y/Y is mainly attributed to lower share-based compensation expenses.
The company's loss widened from $(25.2) million in 2Q22, driven by lower income from the remeasurement of warrants and increased operating expenses, including transaction costs.
Non-GAAP EPS loss of $(0.09), beat the consensus of $(0.10).
The non-GAAP operating expenses for the quarter rose 41.8% to $27.7 million.
The operating loss for the quarter was $(34.1) million versus a loss of $(432.3) million last year.
The company held $185.2 million in cash and equivalents.
Adjusted EBITDA loss expanded to $(26.7) million from $(19.4) million a year ago.
REE Automotive anticipates that it has sufficient liquidity to achieve the initial production of its P7 platform and continue to advance other commercial activities.
Price Action: REE shares are trading higher by 9.34% at $0.7654 on the last check Wednesday.
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REE Automotive Shares Gain After Q3 Results; Has Sufficient Liquidity For Initial Production Of P7 Platform