- 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.