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0001992243false00019922432024-11-062024-11-060001992243freyr:OrdinarySharesWithoutNominalValueMember2024-11-062024-11-060001992243freyr:WarrantsEachWholeWarrantExercisableForOneOrdinaryShareAtAnExercisePriceOf1150Member2024-11-062024-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): November 6, 2024
  
FREYR Battery, Inc.
(Exact name of registrant as specified in its charter)
 
 
Delaware   333-274434   93-3205861
(State or other jurisdiction
of incorporation)
   (Commission File Number)   (IRS Employer
Identification No.)

6&8 East Court Square, Suite 300,
Newnan, Georgia 30263
(Address of principal executive offices, including zip code)
     
Registrant’s telephone number, including area code: (678) 632-3112

Not Applicable
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.01 per share  
FREY
   The New York Stock Exchange
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50   FREY WS   The New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2). 
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On November 6, 2024, FREYR Battery, Inc., a Delaware corporation, issued a press release announcing its financial results for the third quarter ended September 30, 2024.
The information set forth under Item 9.01 of this Current Report on Form 8-K is incorporated herein by reference.
The information in this Item 2.02, including the Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits. 
(d) Exhibits.
Exhibit No.   Description
99.1
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
  FREYR BATTERY, INC.
   
Date: November 6, 2024
 By: /s/ Joseph Evan Calio
  Name: Joseph Evan Calio
  Title:
Chief Financial Officer
 

2
EX-99.1 2 ex991-2024q3pressreleasefr.htm EX-99.1 Document
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News Release

FREYR Battery Reports Third Quarter 2024 Results

New York, Oslo, and Newnan, GA, November 6, 2024, FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a developer of sustainable clean energy capacity and solutions, today reported financial results for the third quarter of 2024.
Results Overview, Financing, and Liquidity
•FREYR reported a net loss attributable to stockholders for the third quarter of 2024 of $(27.5) million, or $(0.20) per diluted share compared to a net loss for the third quarter of 2023 of $(9.8) million or $(0.07) per diluted share. The increase in net loss in the third quarter of 2024 was primarily due to a $1.1 million warrant liability fair value adjustment for the three months ended September 30, 2024, compared to $24.4 million for the three months ended September 30, 2023, and a restructuring charge of $4.5 million for the three months ended September 30, 2024 compared to none for the three months ended September 30, 2023.
•As of September 30, 2024, FREYR had cash, cash equivalents, and restricted cash of $184.1 million, and no debt.
1 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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FREYR BATTERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)

September 30,
2024		 December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents $ 181,851  $ 253,339 
Restricted cash 2,202  22,403 
Prepaid assets 2,838  2,168 
Other current assets 12,583  34,044 
Total current assets 199,474  311,954 
Property and equipment, net 368,342  366,357 
Intangible assets, net 2,700  2,813 
Long-term investments 21,819  22,303 
Right-of-use asset under operating leases 22,640  24,476 
Other long-term assets 10  4,282 
Total assets $ 614,985  $ 732,185 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 10,080  $ 18,113 
Accrued liabilities and other 21,254  30,790 
Share-based compensation liability 19  281 
Total current liabilities 31,353  49,184 
Warrant liability 721  2,025 
Operating lease liability 16,775  18,816 
Other long-term liabilities 27,446  27,444 
Total liabilities 76,295  97,469 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding as of both September 30, 2024 and December 31, 2023
 —  — 
Common stock, $0.01 par value, 355,000 shares authorized as of both September 30, 2024 and December 31, 2023; 140,490 issued and outstanding as of September 30, 2024; and 139,705 issued and outstanding as of December 31, 2023
 1,405  1,397 
Additional paid-in capital 929,324  925,623 
Accumulated other comprehensive loss (34,035) (18,826)
Accumulated deficit (358,004) (274,999)
Total stockholders' equity 538,690  633,195 
Non-controlling interests —  1,521 
Total equity 538,690  634,716 
Total liabilities and equity $ 614,985  $ 732,185 
2 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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FREYR BATTERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
(Unaudited)

Three months ended
September 30,		 Nine months ended
September 30,
2024 2023 2024 2023
Operating expenses:
General and administrative $ 18,515  $ 27,772  $ 61,386  $ 85,405 
Research and development 8,616  7,086  30,854  18,295 
Restructuring charge 4,507  —  4,644  — 
Share of net loss of equity method investee 150  153  484  208 
Total operating expenses 31,788  35,011  97,368  103,908 
Loss from operations (31,788) (35,011) (97,368) (103,908)
Other income (expense):
Warrant liability fair value adjustment 1,096  24,399  1,294  23,248 
Interest income, net 1,074  1,284  3,627  6,042 
Foreign currency transaction (loss) gain (110) (3,213) 1,245  20,546 
Other income, net 2,172  2,537  7,806  6,103 
Total other income 4,232  25,007  13,972  55,939 
Loss before income taxes (27,556) (10,004) (83,396) (47,969)
Income tax expense —  —  (11) (341)
Net loss (27,556) (10,004) (83,407) (48,310)
Net loss attributable to non-controlling interests 81  219  402  517 
Net loss attributable to stockholders $ (27,475) $ (9,785) $ (83,005) $ (47,793)
Weighted average shares outstanding - basic and diluted 140,490  139,705  140,102  139,705 
Net loss per share attributable to stockholders - basic and diluted $ (0.20) $ (0.07) $ (0.59) $ (0.34)
Other comprehensive (loss) income:
Net loss $ (27,556) $ (10,004) $ (83,407) $ (48,310)
Foreign currency translation adjustments 5,973  6,134  (15,209) (48,009)
Total comprehensive loss $ (21,583) $ (3,870) $ (98,616) $ (96,319)
Comprehensive loss attributable to non-controlling interests 81  219  402  517 
Comprehensive loss attributable to stockholders $ (21,502) $ (3,651) $ (98,214) $ (95,802)


3 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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FREYR BATTERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
September 30,
2024 2023
Cash flows from operating activities:
Net loss $ (83,407) $ (48,310)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense 6,449  7,859 
Depreciation and amortization 7,028  1,922 
Reduction in the carrying amount of right-of-use assets 1,282  1,005 
Warrant liability fair value adjustment (1,294) (23,248)
Share of net loss of equity method investee 484  208 
Foreign currency transaction net unrealized gain (1,075) (19,346)
Other —  (929)
Changes in assets and liabilities:
Prepaid assets and other current assets 13  1,672 
Accounts payable, accrued liabilities and other (429) 28,401 
Operating lease liability (1,626) (3,212)
Net cash used in operating activities (72,575) (53,978)
Cash flows from investing activities:
Proceeds from the return of property and equipment deposits 22,735  — 
Proceeds from property related grants —  3,500 
Purchases of property and equipment (34,683) (168,811)
Investments in equity method investee —  (1,655)
Purchases of other long-term assets —  (1,000)
Net cash used in investing activities (11,948) (167,966)
Cash flows from financing activities:
Payment for non-controlling interest (4,130) — 
Net cash used in financing activities (4,130) — 
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash (3,036) (13,240)
Net decrease in cash, cash equivalents, and restricted cash (91,689) (235,184)
Cash, cash equivalents, and restricted cash at beginning of period 275,742  563,045 
Cash, cash equivalents, and restricted cash at end of period $ 184,053  $ 327,861 
Supplementary disclosure for non-cash activities:
Accrued purchases of property and equipment $ 6,133  $ 11,187 
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents $ 181,851  $ 299,419 
Restricted cash 2,202  28,442 
Cash, cash equivalents, and restricted cash $ 184,053  $ 327,861 

4 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media Senior Vice President, Investor Relations and Corporate Development
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Investor contact:
Jeffrey Spittel
jeffrey.spittel@freyrbattery.com
Tel: (+1) 409-599-5706
Media contact:
Amy Jaick
Global Head of Communications
amy.jaick@freyrbattery.com
Tel: (+1) 973 713-5585
5 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media