FREYR Battery reported QQ3 2024 results with no revenue disclosed, continuing a pre-revenue business model as the company advances development and scale-up of its European battery cell facilities. The quarter shows meaningful operating cash burn consistent with heavy R&D and general/administrative spend, leading to an EBITDA of -$24.56 million and a net income of -$27.47 million, or -$0.20 per share on a diluted basis. Despite the lack of revenue, FREY entered the period with substantial liquidity, ending QQ3 2024 with approx. $184.05 million in cash and equivalents and a net debt position of -$161.73 million, underpinned by a modest total debt load of $20.12 million. Operating cash flow was negative (-$28.37 million), and free cash flow registered at approximately -$33.96 million, reflecting the company’s ongoing investments to bring its European manufacturing capabilities online. The balance sheet remains robust, with a current ratio of 6.36 and total stockholders’ equity around $538.69 million, suggesting strong liquidity to fund capex and development milestones while the company awaits revenue inflection from commercial production. The management commentary on QQ3 2024 results is not present in the provided transcript data; consequently, this analysis emphasizes the quantitative cadence and strategic implications of a pre-revenue battery cell producer at scale. Investors should monitor progress toward commercialization milestones, capacity ramp, offtake arrangements, EU incentives, and the evolving funding plan as potential catalysts for a rerating of FREY.” ,
Key Performance Indicators
Operating Income
Increasing
-31.79M
QoQ: -3.28% | YoY: 9.21%
Net Income
Decreasing
-27.48M
QoQ: -1.81% | YoY: -180.79%
EPS
Decreasing
-0.20
QoQ: -5.26% | YoY: -185.71%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Not disclosed for QQ3 2024; no reported revenue in the quarter or immediately preceding periods (YoY/QoQ revenue data not available).
Profitability and margins:
- Operating income: -$31.788 million in QQ3 2024; QoQ change: -3.28% (YoY change provided as +9.21% but remains negative; reflects ongoing fixed-cost absorption vs. scaling activity).
- EBITDA: -$24.556 million for QQ3 2024.
- Net income: -$27.475 million; EPS: -$0.20.
- YoY and QoQ commentary: Net income YoY -180.79%; EPS YoY -185.71%; reflects ongoing investment phase with no top-line absorption yet.
Cash flow and liquidity:
- Net cash provided by operating activities: -$28.374 million.
- Capex (investments in property, plant and equipment): -$5.584 million.
- Acquisitions/other investing activities: -$22.735 million (net effect); other investing activities +$22.735 million; net cash used in investing activities: -$5.584 million.
- Net cash used in financing activities: -$4.13 million.
- Net change in cash: -$37.484 million; ending cash and cash equivalents: $181.851 million (reported as cash and cash equivalents; cash at end of period: $184.053 million per the balance).
- Free cash flow: -$33.96 million.
Balance sheet and liquidity:
- Total assets: $614.99 million.
- Total liabilities: $76.30 million; total stockholders’ equity: $538.69 million.
- Cash and equivalents: $181.85 million; total cash and short-term investments: $184.05 million.
- Total debt: $20.12 million; net debt: -$161.73 million (net cash position).
- Current ratio: 6.36; quick ratio: 6.36.
Valuation and efficiency benchmarks (where applicable):
- Price to book value: 0.25x; price to earnings: negative (not meaningful for a loss-maker pre-revenue company).
- Enterprise value multiple: 1.04x (reflecting a cash-rich balance sheet with limited near-term revenue).
- Price to free cash flows: negative; price to operating cash flow: negative.
- Revenue multiple and many profitability-based metrics are not meaningful given the absence of reported revenue.
Notes on context: The figures reflect FREYR’s pre-revenue stage as it advances commercialization of European cell facilities. The combination of a robust cash balance and a low debt burden provides runway to fund capex and R&D during the commercialization ramp. The lack of revenue requires emphasis on milestones such as factory commissioning, yield improvements, offtake agreements, and government subsidies that could unlock a material step-up in top-line in future periods.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-31.79M
9.21%
-3.28%
Net Income
-27.48M
-180.79%
-1.81%
EPS
-0.20
-185.71%
-5.26%
Key Financial Ratios
Return on Assets
Weak
-0.04%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.05%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.36
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.04
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-1.24x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.25x
Trading below book value, potential value opportunity or distressed
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