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Benzinga
Benzinga
Business
Shivani Kumaresan

REE Automotive Q1 Loss Widens; Says P7 Commercialization On Track

  • REE Automotive Ltd (NASDAQ:REE) reported a first-quarter FY22 net loss of $(23.01) million versus a net loss of $(12.6) million the previous year.
  • Non-GAAP EPS loss of $(0.10), beat the consensus of $(0.11).
  • The operating expenses for the quarter rose 199% to $37.6 million.
  • The operating loss for the quarter was $(38.2) million versus a loss of $(12.6) million last year.
  • The company held $239 million in cash and equivalents as of March 31, 2022. It used $(37.1) million in operating cash flow during the quarter.
  • Adjusted EBITDA loss expanded to $(28.9) million in Q1.
  • REE Automotive anticipates that it has sufficient liquidity to achieve the initial production of its P7 platform and continue to advance other commercial activities.
  • Price Action: REE shares are trading higher by 0.56% at $1.80 on the last check Tuesday.
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