FREYR Battery Gains Post Q1 Results; Targets Several Milestones In 2023 - FREYR Battery (NYSE:FREY)

FREYR Battery FREY reported first-quarter FY23 loss per share improved year-over-year to $(0.09) from $(0.30).
Loss from operations expanded to $(34.87) million from $(27.64) million a year ago.
FREY's net cash used in operating activities for the quarter totaled $(12.55) million versus $(30.13) million used in 1Q22.
As of March 31, 2023, FREYR held cash and equivalents of $474.8 million.
FREYR's team has begun the accelerated development of Giga America as a multi-phase manufacturing project to maximize the financial benefits of the Inflation Reduction Act (IRA).
Tom Einar Jensen, FREYR's Co-Founder, and CEO, commented, "I am very pleased to report that we expect to begin producing electrodes with active cathode and anode materials at the CQP in the current quarter, which is a key milestone as we advance towards fully automated cell production. With the tailwinds from the IRA prompting significant and timely government support for gigafactories in Germany, France, and Spain, FREYR is increasingly well positioned on both sides of the Atlantic as we continue the development of Giga Arctic and Giga America in parallel."
FREY plans expansion in the U.S. to address customer inquiries for fit-for-purpose ESS solutions and to maximize the financial impact of the IRA along with state and local tax incentive packages.
Price Action: FREY shares are trading higher by 4.21% at $7.68 on the last check Monday.