Core Insights - REE Automotive Ltd. will showcase its P7-C electric truck at the NTEA Work Truck Week from March 4-7, 2025, marking it as the first U.S.-certified fully by-wire vehicle [1][7] - The P7-C features REE's x-by-wire technology, which enhances vehicle control and safety by eliminating mechanical connections, thus providing a smoother driving experience [2][10] - The company has received California's HVIP approval, allowing fleet operators to access up to $60,000 in incentives per vehicle, promoting the transition to zero-emission transportation [4][7] Company Overview - REE Automotive specializes in automotive technology, focusing on modular platforms for electric vehicles, integrating critical components into compact modules known as REEcorners® [10] - The company's platforms are designed to be future-proof, autonomous-capable, and offer a low total cost of ownership, facilitating quicker market entry for fleets [10] Product Features - The P7-C incorporates fully integrated REEcorner® technology, providing enhanced maneuverability and operational efficiencies, particularly suited for urban and commercial applications [3][6] - The vehicle's design allows for independent control of each REEcorner®, improving handling and safety in adverse conditions [2] Collaboration and Data Analytics - REE is collaborating with Geotab to integrate advanced data analytics into its software-defined vehicles (SDVs), aiming to enhance predictive maintenance and reduce total cost of ownership for fleet operators [5][7]

Core Viewpoint - REE Automotive Ltd. has announced a collaboration with Geotab to enhance fleet management through data-driven insights, enabling North American fleets to optimize performance with REE's software-defined vehicles (SDVs) [1][3][4] Group 1: Collaboration Details - The partnership allows North American fleets purchasing REE's SDVs to access Geotab's telematics solutions, providing actionable insights for fleet operators [1][2] - The integration of REEai Cloud with Geotab's network enhances data quality and volume, enabling seamless monitoring of REE's SDVs and other vehicles [1][8] - This collaboration aims to streamline the process for fleets to incorporate REE's SDVs into their existing operations, enhancing visibility and efficiency [1][3] Group 2: Benefits for Fleet Operators - Fleet operators will benefit from improved near real-time insights on vehicle performance and condition, facilitating advanced customization options and software updates [2][4] - The integration aligns with existing systems of fleet operators, allowing for in-depth analysis of vehicle efficiency without added complexity [3][4] - The collaboration is expected to provide a comprehensive solution that meets the evolving needs of modern fleet operators, enhancing efficiency and reducing costs [3][5] Group 3: Company Background - REE Automotive specializes in electric vehicle technology, offering modular platforms that allow for various vehicle designs [6] - The company's REEcorner technology integrates critical vehicle components into a compact module, enabling the creation of flat EV platforms with more space for passengers and cargo [6] - REE's platforms are designed to be future-proof, autonomous-capable, and offer a low total cost of ownership (TCO) [6]

Core Insights - Mission Mobile Medical and REE Automotive have entered into a partnership to enhance healthcare accessibility in underserved rural areas of the U.S. through the deployment of REE's software-defined P7 electric trucks [1][10] - The collaboration aims to leverage REE's innovative vehicle technology and Mission Mobile's expertise in mobile health solutions to deliver efficient and sustainable healthcare services [1][5] Company Overview - Mission Mobile Medical is recognized as the world's largest mobile health company, having established over 200 mobile health programs across 42 states and Canada in the past five years [2][7] - REE Automotive specializes in automotive technology, focusing on modular electric vehicle platforms that allow for customizable vehicle designs [8] Partnership Details - Under the agreement, Mission Mobile Medical has secured priority production capacity for REE's P7 electric trucks, with the first delivery expected in mid-2025 [1][10] - The P7 trucks will be equipped with a unique zonal architecture and a fully flat chassis, enabling the construction of customized medical facilities on the vehicles [3][4] Market Impact - The initiative targets over two million Americans in rural areas who currently lack equitable access to healthcare, addressing critical barriers faced by nearly 20% of the rural population [3][10] - The collaboration is positioned as a pragmatic solution to the ongoing healthcare crisis in the U.S., aiming to provide essential services efficiently and at scale [5][3]

Core Viewpoint - REE Automotive Ltd. is set to present its software-defined vehicle technology and market outlook at the Sidoti Micro-Cap Virtual Conference on January 23, 2025, highlighting its innovative approach in the electric vehicle sector [1]. Company Overview - REE Automotive is an automotive technology company that enables the creation of electric vehicles of various shapes and sizes on its modular platforms, providing complete design freedom [3]. - The company’s REEcorner® technology integrates essential vehicle components into a compact module, allowing for the flattest EV platforms in the industry, which enhances passenger and cargo space [3]. - REE is the first company to FMVSS certify a full by-wire vehicle in the U.S., utilizing proprietary technology that eliminates mechanical connections for drive, steer, and brake control [3]. - The platforms are designed to be future-proof, capable of autonomy, and offer a low total cost of ownership (TCO), significantly reducing the time to market for fleets transitioning to electric vehicles [3]. Conference Participation - The CEO and co-founder of REE, Daniel Barel, will deliver a live presentation discussing the company's technology and market opportunities from 8:30 to 9 a.m. ET during the conference [1]. - Participants can schedule one-on-one meetings with REE representatives to discuss the company's technology and value proposition [2].

Company Overview - REE Automotive is an automotive technology company that enables the construction of electric vehicles (EVs) of various shapes and sizes using its modular platforms [2] - The company's REEcorner® technology integrates critical vehicle components (steering, braking, suspension, powertrain, and control) into a single compact module, eliminating the need for mechanical connections [2] - REE's by-wire technology allows for the creation of the industry's flattest EV platforms, providing more space for passengers, cargo, and batteries [2] - The company's platforms are future-proofed, autonomous-capable, and offer a low total cost of ownership (TCO), significantly reducing the time to market for fleet electrification [2] Upcoming Event - REE Automotive will participate in the 27th Annual Needham Growth Conference in New York City on January 14, 2025 [3] - Company leadership, including CEO and co-founder Daniel Barel, CFO Hai Aviv, and Chief Strategy Officer Dana Rubenstein, will engage in 1-on-1 meetings to discuss the company's software-defined vehicle (SDV) technology, market opportunities, and future goals [3] Contact Information - Media inquiries can be directed to Malory Van Guilder at Skyya PR for REE Automotive [1] - Investor inquiries can be directed to Dana Rubinstein, Chief Strategy Officer for REE Automotive [1] - Additional information about REE Automotive's patented technology and unique value proposition can be found on their website [4]

Financial Data and Key Metrics Changes - REE Automotive reported a significant increase in liquidity, totaling $88.8 million at the end of Q3, reflecting a 47% increase quarter-over-quarter [32] - The GAAP net loss for Q3 was $38.5 million, compared to $10.8 million in Q2 2024 and $24.1 million in Q3 2023, primarily due to non-cash remeasurement of warrants and derivatives [33] - Non-GAAP net loss in Q3 was $16.8 million, compared to $12.4 million in Q2 2024, with a decrease of $1.3 million when excluding the previous quarter's R&D tax credit [34] Business Line Data and Key Metrics Changes - The number of reservations for the P7 trucks increased by 230% quarter-over-quarter, reaching $137 million, representing over 900 P7 EVs from 30 different customers [22] - The company is on track to deliver the first P7 trucks to North American customers in the first half of 2025 [16] Market Data and Key Metrics Changes - There is a growing demand from fleets and OEMs for REE's products, with a notable shift towards software-defined vehicles (SDVs) as legacy OEMs seek to regain market share [10][27] - The commercial vehicle market is experiencing a severe driver shortage, making autonomous driving a compelling solution for fleets [11] Company Strategy and Development Direction - REE's strategy focuses on collaboration rather than competition, allowing legacy OEMs to integrate REE's SDV technology into their product lines [10] - The company aims to achieve bill-of-materials breakeven in the second half of 2025, with production ramping up to a few hundred vehicles [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growing demand and deliver high-quality products, supported by partnerships with Motherson and Roush [14] - The management team is optimistic about generating software-related revenue and improving margins in the mid- to long-term [11] Other Important Information - The company has established a service network across North America with 80 sales and service points to support its commercial EVs [60] - REE has secured up to $33 million in credit facilities from top-tier banks to support its working capital needs [31] Q&A Session Summary Question: What contributed to the $137 million in reservations? - Management noted that the surge in reservations is linked to the partnership with Motherson and Roush, which has increased customer confidence [43] Question: Can you elaborate on Motherson's role in supply chain optimization? - Motherson is overseeing about 50% of the supply chain and is producing key commodities, which is expected to increase as production ramps up [50] Question: What is the expected cash burn in 2025? - The anticipated average monthly burn is between $5 million to $6 million, with higher spending expected in the first half of 2025 as production ramps up [55] Question: Is there a service network set up in the U.S.? - Yes, REE has established a service network with 80 sales and service points across the U.S. and Canada to support its vehicles [60] Question: How does the company view the impact of tariffs and incentives? - Management believes there will be minimal impact from tariffs, as the product offers a strong total cost of ownership, and tax incentives play a lesser role in commercial vehicle demand [66]

Financial Performance - Liquidity improved by 47% to $88.8 million in cash and cash equivalents at the end of Q3 2024, compared to $60.5 million at the end of Q2 2024[5] - The net loss for Q3 2024 was $38.5 million, an increase from $10.8 million in Q2 2024 and $24.1 million in Q3 2023, primarily due to non-cash losses[9] - For the nine months ended September 30, 2024, REE Automotive reported a net loss of $74,458,000, an improvement from a net loss of $78,975,000 for the same period in 2023, representing a decrease of approximately 6.4%[12] - The company generated net cash used in operating activities of $54,508,000 for the nine months ended September 30, 2024, compared to $66,189,000 for the same period in 2023, indicating a reduction of about 17.7%[12] - REE Automotive's cash, cash equivalents, and restricted cash at the end of the period increased to $91,294,000 from $37,766,000 at the end of September 30, 2023, reflecting a significant increase of approximately 141.5%[12] - Adjusted EBITDA for the nine months ended September 30, 2024, was reported at $(45,015,000), an improvement from $(66,303,000) for the same period in 2023, showing a reduction of about 32.1%[13] - Non-GAAP net loss for the nine months ended September 30, 2024, was $(50,480,000), compared to $(66,085,000) for the same period in 2023, indicating a decrease of approximately 23.6%[15] - The company reported a Free Cash Flow of $(57,331,000) for the nine months ended September 30, 2024, compared to $(69,542,000) for the same period in 2023, representing a reduction of about 17.5%[13] - REE Automotive's GAAP operating expenses for the nine months ended September 30, 2024, were $55,700,000, down from $81,518,000 in the same period of 2023, a decrease of approximately 31.7%[15] - The company raised $45,872,000 from the issuance of ordinary shares during the nine months ended September 30, 2024, compared to $611,000 in the same period of 2023, marking a substantial increase[12] Product Development and Delivery - Reservations for REE's vehicles surged by 230% to $137 million, indicating strong demand across the value chain[5] - The company plans to deliver the first production P7 electric trucks to North American customers in the first half of 2025, with production ramp-up targeted for the second half of 2025[3] - Free cash flow burn narrowed by 15% year over year, reflecting operational efficiency and completion of the R&D phase of the P7 program[6] - The company reaffirmed its target to reach bill-of-materials (BoM) breakeven in the second half of 2025 with production of low hundreds of vehicles[5] - REE's service network expanded to 80 locations, making it one of North America's largest for pure commercial EVs[9] - The P7-S Software-Defined EV Chassis was recognized as a 2025 CES Innovation Awards honoree, highlighting the importance of software-defined vehicle technology[9] - REE's autonomous program with Airbus achieved a milestone with the first-ever autonomous drive on an active runway, showcasing the capabilities of its by-wire technology[9] Strategic Focus and Market Position - The company is focused on expanding its market presence and enhancing its technology, particularly in the area of autonomous vehicles and by-wire architecture[22] - REE is focused on commercializing its strategic plan, including the successful evaluation and marketing of its P7 lineup[24] - The company aims to maintain and advance relationships with current Tier 1 suppliers and strategic partners to scale manufacturing capacity[24] - REE's reliance on its UK Engineering Center of Excellence is critical for the design, validation, and testing of its products[24] Risks and Challenges - The company faces risks related to building out its supply chain and initial commercial production plans[24] - REE is exposed to intense competition in the e-mobility space, particularly from competitors with significantly more resources[24] - The ongoing military conflict in Israel and geopolitical uncertainties may impact REE's operations and market conditions[24] - Fluctuations in interest rates and foreign exchange rates pose additional risks to REE's financial performance[24] - The company must attract and retain a highly-skilled technical workforce to achieve its goals[24] - REE's ability to protect and maintain its intellectual property rights is crucial for its competitive advantage[24] - The impact of global economic conditions, including the COVID-19 pandemic and the conflict between Ukraine and Russia, remains a concern for REE[24]

Core Insights - Demand for REE vehicles has surged, with reservations increasing by 230% to $137 million, including orders extending beyond 2025 [1][3] - The company has made significant progress in integrating its software-defined vehicle technology into leading OEMs across various vehicle categories [1] - Production of the flagship P7 medium-duty electric truck has commenced, with first deliveries expected in the first half of 2025 [1][3] - REE's liquidity improved by 47% to $88.8 million in cash and cash equivalents at the end of Q3 2024, compared to $60.5 million at the end of Q2 2024 [1][4] - The company secured funding of up to $65 million, demonstrating confidence from the financial sector in REE's business model [1][4] Financial Highlights - The third quarter GAAP net loss was $38.5 million, an increase from $10.8 million in Q2 2024 and $24.1 million in Q3 2023, primarily due to non-cash losses [4][5] - Free cash flow burn narrowed by 15% year over year, indicating improved operational efficiency [1][4] - The company secured $45.35 million from a registered direct offering and up to $33 million in credit facilities for production ramp-up [4][5] Business Highlights - REE's service network has expanded to 80 locations, making it one of North America's largest for pure commercial EVs [6] - The autonomous program with Airbus has progressed, showcasing REE's full by-wire technology capabilities [6] - REE's P7-S Software-Defined EV Chassis received recognition as a 2025 CES Innovation Awards honoree, highlighting the importance of software-defined vehicle technology [6]

Core Points - REE Automotive Ltd. will report its third quarter 2024 financial results on December 17, 2024, before market opens [1] - A conference call and webcast will take place on the same day at 8:30 a.m. ET to discuss the financial results and recent events [2][3] Company Overview - REE Automotive is an automotive technology company that provides modular platforms for electric vehicles, allowing for design flexibility [4] - The company’s REEcorner® technology integrates essential vehicle components into a compact module, enabling the creation of flat EV platforms with increased space for passengers and cargo [4] - REE is recognized as the first company to FMVSS certify a full by-wire vehicle in the U.S., eliminating mechanical connections for drive, steer, and brake control [4] - The platforms are designed to be future-proof, autonomous-capable, and offer a low total cost of ownership, significantly reducing time to market for electrification [4]

Core Insights - REE Automotive Ltd. has appointed Rajesh Goel from Motherson Group to its board of directors and welcomed back Hai Aviv as Chief Financial Officer to lead its North American expansion, effective November 15, 2024 [1][2][3] Company Developments - Rajesh Goel's extensive automotive experience, including leadership roles at Motherson and Honda Cars India, is expected to enhance REE's production strategy in response to increasing demand for electric trucks [2][3] - Hai Aviv, who previously served as CFO from 2018 to 2022, returns to guide REE's financial operations, bringing over 18 years of experience in public company CFO roles, particularly in software and data focused on the U.S. market [3][4] - REE's Chairman, Carlton Rose, emphasized that Goel's experience will be a strong asset as the company expands its production capabilities [2] Strategic Goals - Rajesh Goel expressed that joining REE's board is a significant opportunity to support the electric vehicle industry's transformation, highlighting the urgent need for fleets to adopt EVs [3] - Aviv aims to continue the momentum achieved during his previous tenure and create strong shareholder value as REE navigates its next growth phase [4] Company Overview - REE Automotive specializes in automotive technology, allowing the construction of electric vehicles on modular platforms, featuring the REEcorner® technology that integrates critical vehicle components into a compact module [5] - The company is recognized for its innovative by-wire technology, which eliminates mechanical connections, enabling the creation of the industry's flattest EV platforms [5] Motherson Group Profile - Motherson Group, founded in 1975, is a leading global engineering and manufacturing specialist with a gross revenue of USD 17.2 billion for FY24, operating over 400 facilities in 44 countries [6][7] - The group serves a diverse range of sectors, including automotive, health, aerospace, and logistics, and is ranked among the top 15 automotive suppliers worldwide [6]