Romeo Power Shares Plunge On Worse-Than-Expected Q2 Results

by Shivani Kumaresan, Benzinga Staff Writer
August 17, 2021 2:09 PM | 1 min read |
  • Romeo Power Inc RMO reported a second-quarter FY21 revenue decline of 18% year-on-year, to $0.926 million, missing the analyst consensus of $3.05 million.
  • Product revenue rose 1.7% Y/Y, and service revenue fell 31.4%.
  • The gross loss increased Y/Y to $(5.02) million.
  • The operating loss expanded to $(29.7) million as total operating expenses increased sixfold to $24.7 million.
  • The company held $44.04 million in cash and equivalents as of June 30, 2021.
  • Adjusted EBITDA loss widened to $(21.6) million.
  • EPS of $(0.22) missed the analyst consensus of $(0.16).
  • Price Action: RMO shares are trading lower by 16.4% at $4.865 on the last check Tuesday.
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