EX-99.1 2 ex991-2024q3pressreleasefr.htm EX-99.1 Document
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News Release

FREYR Battery Reports Third Quarter 2024 Results

New York, Oslo, and Newnan, GA, November 6, 2024, FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a developer of sustainable clean energy capacity and solutions, today reported financial results for the third quarter of 2024.
Results Overview, Financing, and Liquidity
•FREYR reported a net loss attributable to stockholders for the third quarter of 2024 of $(27.5) million, or $(0.20) per diluted share compared to a net loss for the third quarter of 2023 of $(9.8) million or $(0.07) per diluted share. The increase in net loss in the third quarter of 2024 was primarily due to a $1.1 million warrant liability fair value adjustment for the three months ended September 30, 2024, compared to $24.4 million for the three months ended September 30, 2023, and a restructuring charge of $4.5 million for the three months ended September 30, 2024 compared to none for the three months ended September 30, 2023.
•As of September 30, 2024, FREYR had cash, cash equivalents, and restricted cash of $184.1 million, and no debt.
1 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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FREYR BATTERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)

September 30,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$181,851 $253,339 
Restricted cash2,202 22,403 
Prepaid assets2,838 2,168 
Other current assets12,583 34,044 
Total current assets 199,474 311,954 
Property and equipment, net368,342 366,357 
Intangible assets, net2,700 2,813 
Long-term investments21,819 22,303 
Right-of-use asset under operating leases22,640 24,476 
Other long-term assets10 4,282 
Total assets$614,985 $732,185 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$10,080 $18,113 
Accrued liabilities and other21,254 30,790 
Share-based compensation liability19 281 
Total current liabilities31,353 49,184 
Warrant liability721 2,025 
Operating lease liability16,775 18,816 
Other long-term liabilities27,446 27,444 
Total liabilities76,295 97,469 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding as of both September 30, 2024 and December 31, 2023
— — 
Common stock, $0.01 par value, 355,000 shares authorized as of both September 30, 2024 and December 31, 2023; 140,490 issued and outstanding as of September 30, 2024; and 139,705 issued and outstanding as of December 31, 2023
1,405 1,397 
Additional paid-in capital929,324 925,623 
Accumulated other comprehensive loss(34,035)(18,826)
Accumulated deficit(358,004)(274,999)
Total stockholders' equity538,690 633,195 
Non-controlling interests— 1,521 
Total equity538,690 634,716 
Total liabilities and equity$614,985 $732,185 
2 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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FREYR BATTERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
(Unaudited)

Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
Operating expenses:
General and administrative$18,515 $27,772 $61,386 $85,405 
Research and development8,616 7,086 30,854 18,295 
Restructuring charge4,507 — 4,644 — 
Share of net loss of equity method investee150 153 484 208 
Total operating expenses31,788 35,011 97,368 103,908 
Loss from operations (31,788)(35,011)(97,368)(103,908)
Other income (expense):
Warrant liability fair value adjustment1,096 24,399 1,294 23,248 
Interest income, net1,074 1,284 3,627 6,042 
Foreign currency transaction (loss) gain(110)(3,213)1,245 20,546 
Other income, net2,172 2,537 7,806 6,103 
Total other income4,232 25,007 13,972 55,939 
Loss before income taxes(27,556)(10,004)(83,396)(47,969)
Income tax expense — — (11)(341)
Net loss(27,556)(10,004)(83,407)(48,310)
Net loss attributable to non-controlling interests81 219 402 517 
Net loss attributable to stockholders$(27,475)$(9,785)$(83,005)$(47,793)
Weighted average shares outstanding - basic and diluted140,490 139,705 140,102 139,705 
Net loss per share attributable to stockholders - basic and diluted$(0.20)$(0.07)$(0.59)$(0.34)
Other comprehensive (loss) income:
Net loss$(27,556)$(10,004)$(83,407)$(48,310)
Foreign currency translation adjustments5,973 6,134 (15,209)(48,009)
Total comprehensive loss$(21,583)$(3,870)$(98,616)$(96,319)
Comprehensive loss attributable to non-controlling interests81 219 402 517 
Comprehensive loss attributable to stockholders$(21,502)$(3,651)$(98,214)$(95,802)


3 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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FREYR BATTERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
September 30,
20242023
Cash flows from operating activities:
Net loss$(83,407)$(48,310)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense6,449 7,859 
Depreciation and amortization7,028 1,922 
Reduction in the carrying amount of right-of-use assets1,282 1,005 
Warrant liability fair value adjustment(1,294)(23,248)
Share of net loss of equity method investee484 208 
Foreign currency transaction net unrealized gain(1,075)(19,346)
Other— (929)
Changes in assets and liabilities:
Prepaid assets and other current assets13 1,672 
Accounts payable, accrued liabilities and other(429)28,401 
Operating lease liability(1,626)(3,212)
Net cash used in operating activities(72,575)(53,978)
Cash flows from investing activities:
Proceeds from the return of property and equipment deposits22,735 — 
Proceeds from property related grants— 3,500 
Purchases of property and equipment(34,683)(168,811)
Investments in equity method investee— (1,655)
Purchases of other long-term assets— (1,000)
Net cash used in investing activities(11,948)(167,966)
Cash flows from financing activities:
Payment for non-controlling interest(4,130)— 
Net cash used in financing activities(4,130)— 
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash(3,036)(13,240)
Net decrease in cash, cash equivalents, and restricted cash(91,689)(235,184)
Cash, cash equivalents, and restricted cash at beginning of period275,742 563,045 
Cash, cash equivalents, and restricted cash at end of period$184,053 $327,861 
Supplementary disclosure for non-cash activities:
Accrued purchases of property and equipment$6,133 $11,187 
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents$181,851 $299,419 
Restricted cash2,202 28,442 
Cash, cash equivalents, and restricted cash$184,053 $327,861 

4 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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Investor contact:
Jeffrey Spittel
Senior Vice President, Investor Relations and Corporate Development
jeffrey.spittel@freyrbattery.com
Tel: (+1) 409-599-5706
Media contact:
Amy Jaick
Global Head of Communications
amy.jaick@freyrbattery.com
Tel: (+1) 973 713-5585
5 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media