FREYR Battery Shares Gain Post Q1 Results

FREYR Battery SA's FREY first-quarter net loss widened to $(34.91) million from $(11.89) million a year ago.
Loss from operations was $(27.6) million versus $(11.92) million in 1Q21.
EPS loss narrowed to $(0.30) from $(0.32) last year, missing the consensus of $(0.14).
As of March 31, 2022, FREYR held cash and equivalents of $524.6 million.
FREYR is exploring capital formation solutions to finance giga-scale development with several global financial institutions and government entities in Norway, the U.S., and the EU.
"With three new conditional customer offtake agreements signed in recent weeks and more in advanced stages of negotiations, visibility is building to accelerate development beyond our initial combined Gigafactory 1 & 2," commented CEO Tom Einar Jensen.
Price Action: FREY shares are trading higher by 3.64% at $7.40 during the premarket session on Wednesday.