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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
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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 cash2,202 22,403 
Prepaid assets2,838 2,168 
Other current assets12,583 34,044 
Total current assets 199,474 311,954 
Property and equipment, net368,342 366,357 
Intangible assets, net2,700 2,813 
Long-term investments21,819 22,303 
Right-of-use asset under operating leases22,640 24,476 
Other long-term assets10 4,282 
Total assets$614,985 $732,185 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$10,080 $18,113 
Accrued liabilities and other21,254 30,790 
Share-based compensation liability19 281 
Total current liabilities31,353 49,184 
Warrant liability721 2,025 
Operating lease liability16,775 18,816 
Other long-term liabilities27,446 27,444 
Total liabilities76,295 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 capital929,324 925,623 
Accumulated other comprehensive loss(34,035)(18,826)
Accumulated deficit(358,004)(274,999)
Total stockholders' equity538,690 633,195 
Non-controlling interests— 1,521 
Total equity538,690 634,716 
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,
2024202320242023
Operating expenses:
General and administrative$18,515 $27,772 $61,386 $85,405 
Research and development8,616 7,086 30,854 18,295 
Restructuring charge4,507 — 4,644 — 
Share of net loss of equity method investee150 153 484 208 
Total operating expenses31,788 35,011 97,368 103,908 
Loss from operations (31,788)(35,011)(97,368)(103,908)
Other income (expense):
Warrant liability fair value adjustment1,096 24,399 1,294 23,248 
Interest income, net1,074 1,284 3,627 6,042 
Foreign currency transaction (loss) gain(110)(3,213)1,245 20,546 
Other income, net2,172 2,537 7,806 6,103 
Total other income4,232 25,007 13,972 55,939 
Loss before income taxes(27,556)(10,004)(83,396)(47,969)
Income tax expense — — (11)(341)
Net loss(27,556)(10,004)(83,407)(48,310)
Net loss attributable to non-controlling interests81 219 402 517 
Net loss attributable to stockholders$(27,475)$(9,785)$(83,005)$(47,793)
Weighted average shares outstanding - basic and diluted140,490 139,705 140,102 139,705 
Net loss per share attributable to stockholders - basic and diluted$(0.20)$(0.07)$(0.59)$(0.34)
Other comprehensive (loss) income:
Net loss$(27,556)$(10,004)$(83,407)$(48,310)
Foreign currency translation adjustments5,973 6,134 (15,209)(48,009)
Total comprehensive loss$(21,583)$(3,870)$(98,616)$(96,319)
Comprehensive loss attributable to non-controlling interests81 219 402 517 
Comprehensive loss attributable to stockholders$(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,
20242023
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 expense6,449 7,859 
Depreciation and amortization7,028 1,922 
Reduction in the carrying amount of right-of-use assets1,282 1,005 
Warrant liability fair value adjustment(1,294)(23,248)
Share of net loss of equity method investee484 208 
Foreign currency transaction net unrealized gain(1,075)(19,346)
Other— (929)
Changes in assets and liabilities:
Prepaid assets and other current assets13 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 deposits22,735 — 
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 period275,742 563,045 
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 cash2,202 28,442 
Cash, cash equivalents, and restricted cash$184,053 $327,861 

4 | News Release | FREYR Battery, Inc. | www.freyrbattery.com/news-and-media
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Investor contact:
Jeffrey Spittel
Senior Vice President, Investor Relations and Corporate Development
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
v3.24.3
Cover
Nov. 06, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 06, 2024
Entity Registrant Name FREYR Battery, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 333-274434
Entity Address, Address Line One 6&8 East Court Square, Suite 300
Entity Address, Postal Zip Code 30263
Entity Address, City or Town Newnan
City Area Code 678
Local Phone Number 632-3112
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Tax Identification Number 93-3205861
Entity Central Index Key 0001992243
Amendment Flag false
Entity Address, State or Province GA
OrdinarySharesWithoutNominalValueMember  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol FREY
Security Exchange Name NYSE
WarrantsEachWholeWarrantExercisableForOneOrdinaryShareAtAnExercisePriceOf1150Member  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Trading Symbol FREY WS
Security Exchange Name NYSE
FREYR Battery (NYSE:FREY)
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