2024 Q2 Form 10-Q Financial Statement

#000199224324000100 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $29.80M
YoY Change 21.09%
% of Gross Profit
Research & Development $10.49M $11.75M $4.844M
YoY Change 64.73% 142.46% 69.37%
% of Gross Profit
Depreciation & Amortization $2.300M $2.211M $208.0K
YoY Change 342.31% 962.98% 131.11%
% of Gross Profit
Operating Expenses $30.78M $34.80M $34.87M
YoY Change -9.48% -0.2% 26.94%
Operating Profit -$30.78M -$34.80M -$34.87M
YoY Change -9.55% -0.2%
Interest Expense $1.148M $1.405M $3.003M
YoY Change -87.84% -53.21% -712.86%
% of Operating Profit
Other Income/Expense, Net $3.628M $6.112M $22.17M
YoY Change -610.99% -72.43% -419.01%
Pretax Income -$27.15M -$28.69M -$12.70M
YoY Change 7.44% 125.91% -63.62%
Income Tax $11.00K $0.00 $203.0K
% Of Pretax Income
Net Earnings -$26.99M -$28.54M -$12.73M
YoY Change 6.75% 124.29% -63.55%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19 -$0.20 -$0.09
Diluted Earnings Per Share -$0.19 -$0.20 -$0.09
COMMON SHARES
Basic Shares Outstanding 139.7M shares 139.7M shares 139.7M shares
Diluted Shares Outstanding 140.1M shares 139.7M shares 139.7M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $392.5M
YoY Change -24.98%
Cash & Equivalents $219.6M $249.9M $392.5M
Short-Term Investments
Other Short-Term Assets $12.02M $13.64M $99.60M
YoY Change -80.17% -86.31% 244.64%
Inventory
Prepaid Expenses $868.0K $1.770M
Receivables
Other Receivables
Total Short-Term Assets $234.4M $268.2M $492.1M
YoY Change -40.64% -45.5% -10.87%
LONG-TERM ASSETS
Property, Plant & Equipment $362.6M $354.5M $288.9M
YoY Change 5.6% 22.7% 546.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $941.0K $1.119M $22.70M
YoY Change -95.84% -95.07% 710.71%
Other Assets $9.000K $9.000K $0.00
YoY Change
Total Long-Term Assets $410.0M $402.1M $314.5M
YoY Change 11.13% 27.85% 363.18%
TOTAL ASSETS
Total Short-Term Assets $234.4M $268.2M $492.1M
Total Long-Term Assets $410.0M $402.1M $314.5M
Total Assets $644.4M $670.3M $806.6M
YoY Change -15.63% -16.9% 30.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.69M $8.460M $11.90M
YoY Change -27.29% -28.91% 147.92%
Accrued Expenses $20.50M $31.42M $44.00M
YoY Change -36.94% -28.59% 66.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.35M $40.04M $60.30M
YoY Change -38.2% -33.6% 71.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $27.44M $27.44M $71.30M
YoY Change -62.76% -61.51% -2.6%
Total Long-Term Liabilities $27.44M $27.44M $71.30M
YoY Change -62.76% -61.51% -2.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.35M $40.04M $60.30M
Total Long-Term Liabilities $27.44M $27.44M $71.30M
Total Liabilities $81.53M $86.60M $134.1M
YoY Change -38.84% -35.42% 23.82%
SHAREHOLDERS EQUITY
Retained Earnings -$330.5M -$303.5M
YoY Change
Common Stock $1.405M $1.397M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $561.6M $582.3M $672.5M
YoY Change
Total Liabilities & Shareholders Equity $644.4M $670.3M $806.6M
YoY Change -15.63% -16.9% 30.1%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$26.99M -$28.54M -$12.73M
YoY Change 6.75% 124.29% -63.55%
Depreciation, Depletion And Amortization $2.300M $2.211M $208.0K
YoY Change 342.31% 962.98% 131.11%
Cash From Operating Activities -$16.22M -$12.55M
YoY Change 29.24% -58.36%
INVESTING ACTIVITIES
Capital Expenditures $21.46M $64.07M
YoY Change -66.51% 707.91%
Acquisitions
YoY Change
Other Investing Activities -$2.660M
YoY Change -11.33%
Cash From Investing Activities -$2.434M -$66.72M
YoY Change -96.35% 510.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -$16.22M -$12.55M
Cash From Investing Activities -$2.434M -$66.72M
Cash From Financing Activities $0.00 $0.00
Net Change In Cash -$22.98M -$88.27M
YoY Change -73.97% 114.92%
FREE CASH FLOW
Cash From Operating Activities -$16.22M -$12.55M
Capital Expenditures $21.46M $64.07M
Free Cash Flow -$37.67M -$76.62M
YoY Change -50.83% 101.25%

Facts In Submission

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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Use of Estimates</span></div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. </span>Estimates and assumptions include, but are not limited to, estimates related to impairment of long-lived assets, the valuation of warrant liability, and share-based compensation. We base these estimates on historical experiences and on various other assumptions that we believe are reasonable under the circumstances, however, actual results may differ materially from these estimates.
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CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1275000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
21028000 usd
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
21028000 usd
CY2024Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
22147000 usd
CY2023Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
22303000 usd
CY2024Q1 frey Accrued Purchases Current
AccruedPurchasesCurrent
12420000 usd
CY2023Q4 frey Accrued Purchases Current
AccruedPurchasesCurrent
13145000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9566000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13120000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3200000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3382000 usd
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6233000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1143000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31419000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30790000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
24600000 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
24600000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
355000000 shares
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
355000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
139700000 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
139700000 shares
CY2024Q1 frey Common Stock Number Of Vote Units
CommonStockNumberOfVoteUnits
1 vote
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50792000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33929000 shares
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q1 us-gaap Deferred Income Current
DeferredIncomeCurrent
300000 usd
CY2023Q4 us-gaap Deferred Income Current
DeferredIncomeCurrent
200000 usd
CY2024Q1 us-gaap Deferred Income Noncurrent
DeferredIncomeNoncurrent
27000000 usd
CY2023Q4 us-gaap Deferred Income Noncurrent
DeferredIncomeNoncurrent
27000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.02
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-28543000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28543000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12726000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12726000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139705000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139705000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139705000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139705000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09

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ex311-q12024.htm Edgar Link pending
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