Company eAutoTech REE concludes another revenue-free quarter with a deep loss, and continues to report simultaneously on its technology advances and collaborations. REE Has developed a modular platform that includes all the propulsion rules required for an electric vehicle. In the third quarter, similar to the previous quarter, it had no revenue at all, in contrast to the corresponding quarter in 2020 where revenue of $ 119,000 was recorded. The quarterly net loss was approximately $ 415 million, compared to $ 18.8 million in the corresponding quarter and $ 31.2 million in the previous quarter. The reason for the high loss in the quarter is the maturation of target-based options previously allocated to the company’s founders, which matured with the completion of the merger with SPAC last July. Excluding these costs and other accounting items, the non-GAAP net loss was more modest and amounted to $ 19.5 million in the third quarter. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was negative by $ 19.4 million.

In the first three quarters of the year, REE Recorded revenue of approximately $ 6,000, a net loss of $ 459 million and a non-GAAP net loss of $ 39.1 million. During this period, the negative EBITDA amounted to $ 38.9 million and the cash flow from operating activities was also negative, amounting to $ 40.7 million.

At the end of the third quarter, REE had approximately $ 295 million in cash balances after raising $ 288 million as part of a merger with the company. SPAC. REE was valued at $ 3.1 billion at the time of the merger, but has since lost much of its value and is now traded at $ 1.3 billion.

The company today marks a number of strategic alliances that have been signed and are expected in its estimation to make REE’s technology commercial as soon as possible, including with the French Navy specializing in autonomous shuttles.

The company’s co-founder and CEO, Daniel Barel, said: “This quarter we continued to execute our business plan and reach significant milestones on both the demand and supply side, which led us to advance to the strategic goals we set for ourselves. We started customer platform validation and successfully completed testing with Navya for the L4’s autonomous system. In addition, in order for us to enter the US market more easily, we have formed a strategic partnership with JB Poindexter, the market leader in the US commercial vehicle market. And Brembo. In addition, we are currently completing our first integration center in Austin, Texas for commercial production in 2023. “

Barel added that the company continues to make progress in the UK as well where it employs about 80 engineers, and he said, “We believe the external investment in our company and our continuous progress prove the maturation of our technology towards our goal of achieving commercial production”.

By Editor

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