FREY - Why Freyr Battery Stock Was a Winner on Wednesday
2024-05-08 17:54:00 ET
Freyr Battery (NYSE: FREY) 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.
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.
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Why Freyr Battery Stock Was a Winner on Wednesday