REE Automotive's Quarterly Loss Narrows; Expects To Begin Deliveries To Customers In 4Q23 - REE Automotive (NASDAQ:REE)

REE Automotive Ltd REE reported a fourth-quarter FY22 net loss of $(27.3) million, compared to a net loss of $(46.7) million last year.
Non-GAAP EPS loss of $(0.07), beat the consensus of $(0.11).
Operating expenses for the quarter declined to $27.8 million from $38.8 million a year ago.
The operating loss for the quarter was $(27.8) million versus a loss of $(39.5) million last year.
The company held $154 million in cash and equivalents as of Dec. 31, 2022. It used $(112.6) million in operating cash flow during the year.
Adjusted EBITDA loss narrowed to $(20.6) million in Q4.
"We are prioritizing customers who have significant market share in the US and that are pioneering the transition to electric vehicles as we believe these customers have the potential to order significant volumes of vehicles," said co-founder and CEO Daniel Barel.
Yesterday, REE announced that David Goldberg, who has served as Chief Financial Officer since 2022, will be stepping down from his current executive duties on Mar. 28, 2023, to pursue other career opportunities. Yaron Zaltsman will succeed him in the role effective Mar. 29, 2023.
Outlook: REE is targeting its first vehicle deliveries in 4Q23. The company targets COGS breakeven in the low hundreds of vehicles and adjusted EBITDA breakeven in the low thousands of vehicles.
Price Action: REE shares are trading higher by 7.85% at $0.3769 on the last check Thursday.
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