FREYR Q4 Takeaways: Quashes Q4 Consensus, Updates On US Expansion To Fast-Track Production At Giga America

FREYR Battery FREY reported a fourth-quarter EPS of $0.20, beating the consensus loss of $(0.22).
Loss from operations was $(34.3) million, up from $(18.2) million a year ago.
Net income attributable improved to $25.3 million versus a $(28) million loss a year ago.
FREYR held $563.0 million in cash and equivalents.
"The fourth quarter was punctuated by our successful secondary equity offering and the launch of our expansion into the U.S., which we have since decided to accelerate further," remarked Tom Einar Jensen, FREYR's Co-Founder, and CEO.
"Our teams are working tirelessly to achieve key milestones that include, among other things, producing testable batteries from the CQP, continuing the construction of Giga Arctic, running several financing processes in parallel, developing new strategic relationships, and bringing initial production from Giga America online as fast as possible," added Jensen.
FREYR said it is pursuing fast-tracked development of the previously planned Giga America project schedule to commence production by 2025.
Price Action: FREY shares traded by 6.17% at $8.77 in the premarket on the last check Monday.

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