T1 Energy Inc Q2 FY2023 Earnings Call

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FREYR Battery Q2 2023 Earnings Summary

  • Leadership Changes: Birgir Steen appointed incoming CEO (starts end of August 2023), bringing 30+ years experience from Microsoft, McKinsey, and others. Tom Einar Jensen transitions to Executive Chair focusing on capital formation, corporate development, and investor relations. Torstein Dale Sjøtveit retiring after 40 years.
  • Operational Highlights (CQP): Customer Qualification Plant (CQP) on track; commenced Nidec testing program; fully automated dry runs starting later this month; fully automated active battery cell production targeted for Q4 2023. ~500 SOPs defined; 5,100 sensors operational; 321 of 388 commissioning packages handed to operations team. No serious safety incidents in Q2.
  • Financial Results: Q2 2023 net loss of $25M ($0.18/share) vs. net income of $5M in Q2 2022 (due to $33M non-cash warrant gain from stock price changes). H1 2023 net loss of $38M ($0.27/share) vs. $30M ($0.26/share) in H1 2022. Higher G&A and R&D expenses due to expanded global operations. H1 2023 net cash spend $175M (incl. $128M capex); Q2 capex $64M ($54M Giga Arctic, $10M CQP). Cash position: $384M at end of Q1 2023 (no debt). H2 2023 total cash spend expected similar to H1, with lower Giga Arctic capex and higher Giga America spend.

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Operator: Hello everyone and welcome to the FREYR second quarter earnings conference call. My name is Harry and I’ll be your operator today. If you’d like to ask a question after the presentation, you may do so by pressing star, one on your telephone keypad. I would now like to hand over to your host, Jeff Spittel, Vice President of Investor Relations to begin. Jeff, please go ahead. Jeff Spittel: Good morning, good afternoon and good evening. Welcome to FREYR Battery’s second quarter 2023 earnings conference call. With me today on the call from Oslo are Tom Einar Jensen, our Chief Executive Officer and income Executive Chair; Jan Arve Haugan, our Chief Operating Officer; Oscar Brown, our Chief Financial Officer, Jeremy Bezdek, President of FREYR Battery U.S. and EVP of Global Corporate Development; and Birgir Steen, our incoming CEO and Board member. During today’s call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside FREYR’s control and are difficult to predict. Additional information about risk factors that could materially affect our business are available on FREYR’s S-1 and annual report on Form 10-K filed with the Securities and Exchange Commission, which are available on the Investor Relations section of our website. With that, I’ll turn the call over to Tom. Tom Einar

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