Freyr Battery (FREY 1.51%) stockholders got quite a positive charge from their company on Hump Day. The company released first-quarter earnings that morning, and investors liked what they saw. They traded the electric-vehicle (EV) battery developer's share price up by more than 10% across the day.
That performance was positively electric, compared to that of the S&P 500 index, which ended Wednesday flat.
First-quarter beat on the bottom line
For the period, Freyr -- which is, as the term goes, a pre-revenue company -- earned exactly $0 on the top line. Its operating expenses held more or less steady at just under $35 million for the quarter, while a drop in other income (such as interest income) ended in a deeper net loss. This came in at $28.7 million ($0.20 per share) against the $12.7 million shortfall of 2023's first quarter.
While analysts tracking the EV battery developer were collectively estimating it would earn a little scratch on the top line, at $1.5 million, they were also modeling a deeper net loss of $0.24 per share.
Freyr management also provided several operational updates in its earnings release. It said its customer qualification plant (CQP) remains on track for the start of unit cell production in the first half of this year (meaning it should be live within weeks).
Opportunities on the horizon
Additionally, Freyr quoted CEO Birger Steen as saying without elaboration that, "The pace of commercial and strategic discussions has also accelerated in recent months as we evaluate and pursue several promising opportunities."
He added, "In the coming weeks, our teams will remain focused on our important work at the CQP and finalizing these transformational agreements to generate sustainable long-term value for our shareholders."
