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.
Related Articles
The Growing Problem of Retail Theft: Insights from Industry Experts
Retail theft is on the rise, with organized crime groups behind the surge. Instances of violence are escalating, impacting profit margins. Retailers need effect...
tinyBuild Revenue Forecast Falls Short
Shares of tinyBuild fall as they project lower-than-expected revenue. The company plans to reduce costs and consider a future equity fundraise.
Gold Fields Cuts Production Forecast for Salares Norte Gold Project in Chile
Gold Fields, a South African mining company, has adjusted its production forecast for the Salares Norte gold project in Chile due to a delay in first gold produ...