FREYR Battery Reports Q2 Earnings Above Street Expectation; Picks Birger Steen As New CEO

FREYR Battery FREY reported a second-quarter FY23 loss per share of $(0.18), beating the consensus of $(0.26).

Loss from operations expanded to $(34.03) million from $(31.53) million a year ago.

FREY's net cash used in operating activities for the six months ended June 30, 2023, totaled $(34.72) million versus $(50.54) million used in 2Q22.

As of June 30, 2023, FREYR held cash and equivalents of $383.8 million.

Additionally, FREY announced the appointment of former Microsoft Corporation MSFT executive Birger Steen as its CEO, effective August 21, 2023.

FREYR's Co-founder and CEO, Tom Einar Jensen, has been appointed Executive Chair of the Board of Directors, and founder and Executive Chair, Torstein Dale Sjøtveit, is retiring effective immediately.

The company's Board approved an action plan to redomicile FREYR's corporate holding company from Luxembourg to the U.S. with the intention to complete the process by year-end 2023.

The plan to hasten the development of Giga America is still being carried out by FREYR. Since June, management has been presenting to potential strategic and financial partners to support a planned $1 billion raise of project-level equity for Phase 1a.

Price Action: FREY shares are trading higher by 3.81% at $7.90 premarket on the last check Thursday.