News
James B. Bell
- November 09, 2023
Shares of FREYR Battery experienced a considerable decline on Thursday following the company's announcement of cost-cutting measures aimed at extending its cash burn. Currently trading at $2.46, the stock has witnessed a significant decrease of 27% during midday trading, with a total decline of 72% this year.
In an effort to optimize its financial situation, FREYR Battery is implementing organization-wide adjustments, which are anticipated to reduce the rate at which the company exhausts its cash reserves by 50%. Consequently, FREYR Battery expects to have a projected liquidity runway of over two years.
One key aspect of these cost-saving initiatives involves minimizing expenditures on FREYR's Giga Arctic facilities in 2024. This strategic pivot enables the company to continue focusing on the development of cutting-edge technology at its Customer Qualification Plant.
During the third quarter, FREYR Battery reported a loss of $9.79 million, equating to 7 cents per share. In comparison, the corresponding period in the previous year saw a loss of $93.9 million, amounting to 80 cents per share.
These proactive measures highlight FREYR Battery's commitment to sustainable financial growth and technological advancement.
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