"The ramp of solar module production at our G1 Dallas facility is proceeding well ahead of schedule."
— Daniel Barcelo
03Detailed Report
FREY
Company FREY
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 26, 2026
Swipe to view all report sections
Executive Summary
FREYR Battery reported a structurally uneven fourth quarter of 2024, underscored by minimal revenue generation atop a substantial negative bottom line driven by non-cash impairment charges on legacy European assets. The company continues to execute its strategic pivot toward U.S. manufacturing, notably the G1 Dallas module platform, while pursuing upstream integration via the planned G2 Austin solar cell facility. The Q4 results reflect the early phase of a capital-intensive transformation, with a large portion of the year’s negative earnings attributable to one-time and non-cash items rather than operating performance alone. Net income of -$367.1 million in Q4 2024 contrasts with a modest quarterly revenue base of $2.94 million, and the company reported a -$42.19 million EBITDA with a -10.25% operating margin and a -124.80% net margin, highlighting the tenure of aggressive capex and ramp risk as the company scales manufacturing and diversifies production geography.
Key Performance Indicators
Revenue
Stable
2.94M
QoQ: N/A | YoY: N/A
Gross Profit
Increasing
6.26M
2.13% margin
QoQ: N/A | YoY: 454.13%
Operating Income
Increasing
-30.16M
QoQ: 5.14% | YoY: 22.83%
Net Income
Decreasing
-367.15M
QoQ: -1 236.29% | YoY: -1 420.15%
EPS
Decreasing
-2.59
QoQ: -1 195.00% | YoY: -1 423.53%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability
- Q4 2024 revenue: $2.942 million; cost of revenue reported as -$3.319 million; gross profit $6.261 million; gross margin reported as 2.13% (note: data appears internally inconsistent; gross profit materially larger than revenue in the period).
- EBITDA: -$42.19 million; EBITDA margin: -14.34%; operating income: -$30.16 million; operating margin: -10.25%; net income: -$367.15 million; net margin: -124.80%.
- Earnings per share (EPS): -$2.59; weighted average shares outstanding: 141.848 million.
- Cash and liquidity: cash and cash equivalents $72.64 million; net debt approximately $640.7 million; total debt $713.4 million; cash burn in operating activities: -$30.24 million; free cash flow: -$46.39 million.
- Balance sheet health: total assets $1.336 billion; total liabilities $1.099 billion; stockholders’ equity $237.1 million. Long-term debt $609.7 million; short-term debt $103.7 million; deferred revenue $48.16 million.
- Capital expenditure and investments: capital expenditures of $16.15 million during the period; other investing activities included $109.6 million acquisitions-related activity in the quarter.
- Leverage and liquidity metrics: debt ratio ~0.53; debt/equity ~3.78; price-to-book roughly 1.94; price-to-sales ~124.4; enterprise value multiple negative, reflecting a capital-heavy development phase.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.94M
N/A
N/A
Gross Profit
6.26M
454.13%
N/A
Operating Income
-30.16M
22.83%
5.14%
Net Income
-367.15M
-1 420.15%
-1 236.29%
EPS
-2.59
-1 423.53%
-1 195.00%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-10.25%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-124.80%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.28%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-1.95%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.41
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
3.78
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-0.25x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.94x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
FREYR Battery (FREY) QQ1 2026 Results Analysis: G2 Austin financing progress, robust G1 Dallas EBITDA, and the path to a US domestic polysilicon suppl...