FREYR Battery Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 03:31 pm IST
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FREYR Battery reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 25.28 million compared to net income of USD 4.67 million a year ago. Basic loss per share from continuing operations was USD 0.18 compared to basic earnings per share from continuing operations of USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.18 compared to diluted earnings per share from continuing operations of USD 0.04 a year ago.
For the six months, net loss was USD 38.01 million compared to USD 30.24 million a year ago. Basic loss per share from continuing operations was USD 0.27 compared to USD 0.26 a year ago. Diluted loss per share from continuing operations was USD 0.27 compared to USD 0.26 a year ago.
FREYR Battery, Inc. is a developer of clean, battery cell production capacity. The Company seeks to serve its primary markets of energy storage systems (ESS) and commercial mobility, including marine applications and commercial vehicles. Its facilities are located at Mo i Rana industrial complex in Northern Norway. It is engaged in the development of its first clean battery cell manufacturing project in the United States (Giga America), which is located on a 368-acre parcel of land in Coweta County, Georgia. The Company's products consist of ESS, eMobility, and Electric Vehicle (EV). Its industrialized 24M semi solid technology, allows the Company to offer cell for ESS applications while surpassing or matching industry standard in cycle life, DoD, RTE, and LCOS.