The following is a summary of the FREYR Battery (FREY) Q4 2023 Earnings Call Transcript:
Financial Performance:
FREYR Battery reported a net loss of $24 million or $0.17 per share for Q4 2023.
The company saw an increase in general and administrative expenses as well as R&D cost for 2023.
However, they reported a decline in G&A for Q4 2023 compared to Q4 2022.
At the end of 2023, FREYR had $276 million in cash, with total liabilities of $97 million.
The company has planned a reduction in spending and has budgeted for a decrease in G&A and capital commitments for 2024.
Business Progress:
FREYR is progressing towards fully automated battery cell production.
The company is exploring project opportunities across the U.S. and Europe and looks to establish paths to commercialization.
There are advancements with the Giga America project, and the company is moving through an application process with the Department of Energy.
FREYR is reviewing technology providers and expects to announce the selected technology soon.
For 2024, the company has prioritized the Clean Quarter Plant and Giga America projects and is focusing on reducing employee headcount and consultants.
They're addressing electromechanical challenges at CQP and are set to start fully automated battery production for customer testing in H1 2024.
FREYR Battery aims to become a leader in clean battery solutions, focusing on automated batteries created with next-gen technology.
More details: FREYR Battery IR
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