FREYR Battery (NYSE:FREY) shares are trading higher on Monday after the company reported better-than-expected Q4 financial results.
FREYR Battery reported quarterly earnings of $0.20 per share which beat the analyst consensus estimate 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.
“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.”
FREYR is a developer of clean, next-generation battery cell production capacity.
FREY Price Action: FREYR has a 52-week high of $16.94 and a 52-week low of $6.42.
FREYR shares are up 11.3% at $9.20 at the time of publication, according to Benzinga Pro.
