REE Automotive Shares Fall After Missing Estimates, Widening 3Q Loss

Dow Jones

2024/12/18

By Connor Hart

Shares of REE Automotive tumbled after the company widened its net loss and posted lower revenue in the third quarter.

The stock slid 13% to $9.51 in midday trading Tuesday. Shares are up about 75% since the beginning of the year.

The electric-vehicle maker earlier in the day reported a loss of $38.5 million, or $2.56 a share, compared with a loss of $24.1 million, or $2.39 a share, a year earlier.

On an adjusted basis, the company reported a loss of $1.12 a share. Analysts surveyed by FactSet were expecting an adjusted per-share loss of 99 cents.

Revenue fell 95% to $11,000.

Chief Executive Daniel Barel said there is strong and growing demand for the company's technology and products, citing reservations which have more than doubled quarter-over-quarter to $137 million. "We feel very optimistic about what 2025 will bring," he added.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 17, 2024 11:51 ET (16:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Shares are up about 75% since the beginning of the year. \n</p>\n<p>\n  The electric-vehicle maker earlier in the day reported a loss of $38.5 million, or $2.56 a share, compared with a loss of $24.1 million, or $2.39 a share, a year earlier. \n</p>\n<p>\n  On an adjusted basis, the company reported a loss of $1.12 a share. 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Shares are up about 75% since the beginning of the year. \n\n\n  The electric-vehicle maker earlier in the day reported a loss of $38.5 million, or $2.56 a share, compared with a loss of $24.1 million, or $2.39 a share, a year earlier. \n\n\n  On an adjusted basis, the company reported a loss of $1.12 a share. Analysts surveyed by FactSet were expecting an adjusted per-share loss of 99 cents. \n\n\n  Revenue fell 95% to $11,000. \n\n\n  Chief Executive Daniel Barel said there is strong and growing demand for the company's technology and products, citing reservations which have more than doubled quarter-over-quarter to $137 million. \"We feel very optimistic about what 2025 will bring,\" he added. \n\n\n \n\n\n  Write to Connor Hart at connor.hart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 17, 2024 11:51 ET (16:51 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}