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REE Automotive Ltd (NASDAQ:REE) reported fourth-quarter FY23 sales growth of 116% Q/Q to $455,000, missing the analyst consensus estimate of $1.35 million.
Operating expenses for the quarter expanded to $36.7 million from $27.8 million a year ago. Non-GAAP EPS loss of $(3.15), missed the consensus of $(2.38).
The operating loss for the quarter was $(37.2) million versus a loss of $(27.8) million last year. Adjusted EBITDA loss expanded to $(32.2) million in the quarter.
The company ended the quarter with liquidity of $86 million, comprised of cash and cash equivalents and short-term investments. It used $(89.3) million in operating cash flow during the year.
“I’m happy to report that much of the heavy lifting is behind us on the path to commercialization, our technology is mature, tested and Powered by REE vehicles are certified (CARB, EPA and FMVSS) and eligible for significant incentives,” said co-founder and CEO Daniel Barel.
“While we are confident in our market position, we recognize the challenging macroeconomic conditions. We are doing what we can to combat these external forces, including securing funding with favorable terms, being disciplined with our cash management, and ensuring operational efficiency.”
As of March 27, 2024, the company’s order book value has exceeded $50 million.
REE Automotive also reported expansion of its authorized dealer network, which now covers 66 locations of sales and service across the U.S. and Canada.
Price Action: REE shares are trading lower by 4.92% at $5.80 in premarket on the last check Wednesday.
Posted In: REE
