REE Automotive Q1 Loss Widens; Says P7 Commercialization On Track

by Shivani Kumaresan, Benzinga Staff Writer

May 17, 2022 9:41 AM | 1 min read | Make a Comment

REE Automotive Ltd REE reported a first-quarter FY22 net loss of $(23.01) million versus a net loss of $(12.6) million the previous year.
Non-GAAP EPS loss of $(0.10), beat the consensus of $(0.11).
The operating expenses for the quarter rose 199% to $37.6 million.
The operating loss for the quarter was $(38.2) million versus a loss of $(12.6) million last year.
The company held $239 million in cash and equivalents as of March 31, 2022. It used $(37.1) million in operating cash flow during the quarter.
Adjusted EBITDA loss expanded to $(28.9) million in Q1.
REE Automotive anticipates that it has sufficient liquidity to achieve the initial production of its P7 platform and continue to advance other commercial activities.
Price Action: REE shares are trading higher by 0.56% at $1.80 on the last check Tuesday.