REE Automotive Ltd REE reported third-quarter FY23 revenue of $210,000.
Adjusted EPS of $(1.99) beat the consensus estimate of $(3.63).
Net loss for the quarter was $(24.1) million versus a loss of $(33.5) million last year.
Operating expenses for the quarter declined 28.4% to $24.4 million from $34.1 million a year ago.
The operating loss for the quarter was $(25.6) million versus a loss of $(34.1) million last year.
The company held $86.2 million in cash and equivalents as of September 30, 2032. It used $(66.2) million in operating cash flow during the quarter.
The comany's business plan includes scaling up the production of the low hundreds of vehicles in the U.S. by the end of 2024, upon completion of its tooling investment plan.
On November 27, 2023, the company entered into a securities purchase agreements with certain investors led by its largest institutional shareholder, London-based M&G Investment Ltd. The agreement includes convertible promissory notes of $8 million in the aggregate and warrants to purchase up to 1.57 million of Class A ordinary shares.
The first customer P7-C demo trucks are nearing completion ahead of expected shipment by Christmas, and believes it remain on track to achieve certification in the coming weeks.
The company said it expanded dealer network, resulting in more than doubling initial order book value to $43 million in the last three months.
Price Action: REE shares are trading lower by 11.5% at $5.98 on the last check Thursday.
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