FREYR Battery, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on sustainable clean energy solutions, has not yet initiated commercial manufacturing or generated revenue from its principal business activities. As of September 30, 2024, FREYR's cash and cash equivalents stood at $181.9 million, a decrease from $253.3 million at the end of 2023. Total current assets also fell to $199.5 million from $312.0 million, while total assets decreased to $615.0 million from $732.2 million.

The company reported a net loss of $27.6 million for the third quarter of 2024, a substantial increase from a net loss of $10.0 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss reached $83.4 million, compared to $48.3 million for the same period in 2023. The net loss attributable to stockholders for the third quarter was $27.5 million, up from $9.8 million in the prior year, resulting in a basic and diluted net loss per share of $(0.20), compared to $(0.07) in 2023.

Operating expenses for the third quarter decreased to $31.8 million from $35.0 million year-over-year, primarily due to a reduction in general and administrative expenses, which fell by 33% to $18.5 million. Research and development expenses, however, increased by 22% to $8.6 million, reflecting the company's commitment to advancing its technology.

FREYR implemented a restructuring process in September 2024, incurring $4.5 million in severance and termination benefits. This follows a previous restructuring in November 2023, which aimed to preserve liquidity while advancing key projects. The company also announced plans to acquire Trina Solar US Holding Inc. for a total consideration of $100 million in cash and stock, along with additional notes, with the transaction expected to close around year-end 2024.

In terms of cash flow, net cash used in operating activities for the nine months ended September 30, 2024, was $72.6 million, an increase from $54.0 million in the same period of 2023. The company reported a significant reduction in cash used in investing activities, down to $11.9 million from $168.0 million, primarily due to lower property and equipment purchases.

As of September 30, 2024, FREYR had 140.5 million shares of common stock outstanding and reported total stockholders' equity of $538.7 million, down from $633.2 million at the end of 2023. The company continues to evaluate project opportunities in the U.S. and Europe while planning for a five-gigawatt solar cell manufacturing facility in the U.S., with construction targeted to begin in Q2 2025.