The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. REE Automotive shares have lost about 8.6% since the beginning of the year versus the S&P 500's gain of 10.4%. What's Next for REE Automotive? While REE Automotive has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers ...

Q1 2024 and Recent Highlights REE Automotive achieved significant Q1 2024 milestones, including U.S. certifications, initial truck deliveries, and improved financials [CEO Statement & Strategic Overview](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Overview) REE's CEO highlighted strong Q1 2024 momentum, including U.S. certifications, initial deliveries, and an order book over $50 million - Order book value recently crossed **$50 million**[3](index=3&type=chunk) - Deliveries to customers have begun, including to Penske Truck Leasing, U-Haul International, Inc., and Airbus UpNext[1](index=1&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) - P7-C is the first full by-wire truck to achieve U.S. FMVSS certification, making it eligible for customer incentives of over **$100,000 per truck**[4](index=4&type=chunk) - Collaboration with Airbus UpNext on an autonomous program utilizing REE's P7-C full by-wire and autonomous-ready technology, opening REE to new autonomous driving markets[4](index=4&type=chunk) [Business & Technology Highlights](index=2&type=section&id=Business%20%26%20Technology%20Highlights) REE's P7-C achieved U.S. FMVSS and EPA certifications, enabling deliveries to key partners and autonomous program collaboration - P7-C is the first full by-wire truck to achieve U.S. FMVSS and EPA certifications, making vehicles eligible for a U.S. federal tax credit of up to **$40,000** and expected eligibility for over **$100,000** with additional state incentives[6](index=6&type=chunk) - Penske Truck Leasing began offering Powered by REE EVs to its customers, with a P7-C delivered for demos and orders across North America[7](index=7&type=chunk) - U-Haul received and is evaluating a Powered by REE class 5 electric platform as the first solution to support the electrification of its fleet[7](index=7&type=chunk) - Airbus selected the Powered by REE vehicle for a fully autonomous program based on REE's full by-wire capabilities[7](index=7&type=chunk) - Deliveries have commenced to REE's distribution network of 20 dealers with 66 points of sales and service, accessing a potential of over 200 fleets across the U.S and Canada[7](index=7&type=chunk) - Launched a demo program with over 120 demo rides performed with multiple prospects, aiming to generate follow-on orders[7](index=7&type=chunk) [Operations Highlights](index=3&type=section&id=Operations%20Highlights) REE advances CapEx-light manufacturing, with its Coventry facility producing 10,000 REEcorner sets annually, and evaluates financing for scaling - Progressing with CapEx-light manufacturing strategy to achieve bill of materials break-even in the low hundreds of vehicles[10](index=10&type=chunk) - The Coventry, UK facility for REEcorner production has an annual capacity of **10,000 vehicle sets**, utilizing 13 robotic stations run by seven human operators[10](index=10&type=chunk) - REEcorners are built upon customer order, not inventory, to optimize working capital[10](index=10&type=chunk) - Evaluating financing options to fund scale production of full vehicles by the end of 2024 and subsequent scaling in 2025 and beyond[10](index=10&type=chunk) [Financial Highlights](index=3&type=section&id=Financial%20Highlights) REE significantly narrowed its GAAP net loss by 29% QoQ to $25.2 million and Non-GAAP net loss by 33% QoQ to $21.7 million, ending Q1 2024 with $77.5 million in liquidity GAAP Net Loss Trends | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :----- | :------ | :------ | :------ | | Net Loss | $(25.2M)| $(35.2M)| $(28.6M)| - GAAP net loss narrowed by **29% quarter-over-quarter (QoQ)** and by **12% year-over-year (YoY)**[10](index=10&type=chunk) Non-GAAP Net Loss Trends | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :----- | :------ | :------ | :------ | | Net Loss | $(21.7M)| $(32.2M)| $(24.0M)| - Non-GAAP net loss narrowed by **33% QoQ** and by **10% YoY**[10](index=10&type=chunk) - Liquidity as of March 31, 2024, was **$77.5 million**, comprising cash and cash equivalents and short-term investments, inclusive of a **$15 million** credit facility[10](index=10&type=chunk) - Free cash flow (FCF) burn continued to narrow in Q1 2024, with a **6% reduction** from Q4 2023[10](index=10&type=chunk) - Raised approximately **$15 million (gross)** in proceeds through a public offering of ordinary shares led by M&G Investment Management Limited[10](index=10&type=chunk) Non-GAAP Financial Measures Explanation REE Automotive provides non-GAAP financial measures to offer supplementary insights into operational performance and trends [Purpose and Use of Non-GAAP Measures](index=4&type=section&id=Purpose%20and%20Use%20of%20Non-GAAP%20Measures) REE Automotive provides non-GAAP financial measures as a supplement to GAAP, offering useful insights into ongoing operational performance and comparability - Non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies[11](index=11&type=chunk) - These measures are used internally for analyzing financial results and are considered useful to investors as a supplement to GAAP measures for evaluating ongoing operational performance[11](index=11&type=chunk) - Adjusted EBITDA, non-GAAP net loss, non-GAAP operating expenses, and non-GAAP basic and diluted net loss per share are used to evaluate REE's ongoing operating results and trends[13](index=13&type=chunk) - Free Cash Flow is considered a liquidity measure that provides useful information about the amount of cash used in operational activities and capital expenditures[14](index=14&type=chunk) Consolidated Financial Statements REE Automotive's Q1 2024 financial statements reflect a narrowed net loss, decreased total assets, and improved cash flow from operations [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) For Q1 2024, REE reported a gross loss of $0.644 million on revenues of $0.160 million, with net loss significantly narrowing to $25.183 million Condensed Consolidated Statements of Comprehensive Loss (Unaudited, U.S. dollars in thousands) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Dec 31, 2023 | Three Months Ended Mar 31, 2023 | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | | Revenues | $160 | $455 | $— | | Cost of revenues | $804 | $913 | $— | | Gross loss | $(644) | $(458) | $— | | Research and development expenses, net | $15,358 | $28,587 | $18,874 | | Selling, general and administrative expenses | $7,170 | $8,125 | $10,843 | | Total operating expenses | $22,528 | $36,712 | $29,717 | | Operating loss | $(23,172) | $(37,170) | $(29,717) | | Net loss | $(25,183) | $(35,233) | $(28,622) | | Basic and diluted net loss per Class A ordinary share | $(2.28) | $(3.44) | $(2.87) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, REE's total assets decreased to $130.241 million, primarily due to reduced short-term investments, while total liabilities remained stable Condensed Consolidated Balance Sheets (Unaudited, U.S. dollars in thousands) | Asset/Liability/Equity | March 31, 2024 | December 31, 2023 | | :-------------------------------- | :--------------- | :---------------- | | Cash and cash equivalents | $53,612 | $41,232 | | Short-term investments | $23,880 | $44,395 | | Total current assets | $87,180 | $93,504 | | Total assets | $130,241 | $137,900 | | Total current liabilities | $33,837 | $35,179 | | Total liabilities | $59,904 | $59,825 | | Total shareholders' equity | $70,337 | $78,075 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash used in operating activities improved to $(21.225) million, with investing activities providing $19.135 million and financing activities $14.471 million Condensed Consolidated Statements of Cash Flows (Unaudited, U.S. dollars in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net cash used in operating activities | $(21,225) | $(26,430) | | Net cash provided by investing activities | $19,135 | $31,467 | | Net cash provided by financing activities | $14,471 | $68 | | Increase in cash,

Penske Truck Leasing begins to offer Powered by REE® Electric Vehicles to its customers U-Haul received Powered by REE electric platform and is evaluating it as the first solution to support the electrification of its fleet Airbus and REE collaborate on an autonomous program utilizing REE's P7-C full by-wire and autonomous-ready technology, which opens REE to new autonomous driving markets Demo program underway, with a growing number of trucks already delivered and an increasing number of fleets that contin ...

TEL AVIV, Israel, May 30, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE) ("REE" or the "Company"), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced its financial results and operational highlights for the three months ended March 31, 2024. "We started 2024 with strong momentum and catalytic milestones, from achieving U.S. certification to starting to deliver trucks against our order book as part of our demo program with our dealers acro ...

Highlights Zircon supply is currently limited but is essential in high-growth industries like ceramics, electronics and nuclear energy, which are experiencing increasing demand globally. Initial and historical exploration assay results indicate the potential for significant Zircon co-product potential alongside Rare Earths (REEs) processing at ARR's flagship Halleck Creek project. Zirconium can be easily separated and upgraded, owing to its density, as part of the REEs preconcentration steps in the Halleck ...

Event: REE's First Quarter Financial Results Conference Call Date: Thursday, May 30, 2024 Time: 8:30 a.m. ET Conference Call Dial-In Webcast Registration Investor Contact Dana Rubinstein Chief Strategy Officer | REE Automotive +972 54-671-2845 investors@ree.auto About REE Automotive TEL AVIV, Israel, May 17, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE) ("REE" or the "Company"), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it will ...

TEL AVIV, Israel, May 17, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE) ("REE" or the "Company"), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it will report its first quarter 2024 financial results before market open on Thursday, May 30, 2024. A webcast and conference call will be held on the same date at 8:30 a.m. ET to review the Company's financial results for the three months ended March 31, 2024 , discuss recent events and co ...

REE's class 4 software-driven commercial EV was approved for the Massachusetts MOR-EV truck incentive which, when combined with the federal credit, could total up to $70,000 in cost savings per vehicle Available for orders now at regional dealers in Massachusetts and across the U.S. TEL AVIV, Israel, May 16, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (NASDAQ:REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it was approved for the Massachuse ...

REE's class 4 software-driven commercial EV was approved for the Massachusetts MOR-EV truck incentive which, when combined with the federal credit, could total up to $70,000 in cost savings per vehicle Available for orders now at regional dealers in Massachusetts and across the U.S. TEL AVIV, Israel, May 16, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it was approved for the Massachus ...

Core Viewpoint - REE Automotive Ltd. has partnered with Penske Truck Leasing to offer Powered by REE electric vehicles (EVs) to customers, enhancing REE's order book value to $50 million [1][2][5]. Company Overview - REE Automotive is an automotive technology company specializing in full by-wire electric trucks and platforms, utilizing its patented REEcorner® technology [8]. - The P7-C model is the first FMVSS certified full by-wire EV, featuring all-wheel steer and drive, with a range of up to 169 miles [5][6]. Partnership Details - Penske Truck Leasing will provide its customers with the opportunity to demo REE's by-wire vehicles, showcasing the technology's benefits [2][3]. - A joint press conference is scheduled for May 22, 2024, to discuss the collaboration further [2][5]. Technological Features - The P7-C offers superior maneuverability, enhanced safety through redundancies, and a driver-centric cabin design [6]. - The vehicle's modular design allows for quick market entry and is future-proofed for autonomous capabilities [6][8]. Upfitting and Customization - REE collaborated with Wabash to customize the P7-C with a DuraPlate® truck body, enhancing the vehicle's lightweight and durable characteristics [3][6]. - The design includes integrated mounting systems for easy body installations and accessible battery maintenance [7]. Market Position - REE's technology positions the company to lead in the e-mobility sector, with a focus on reducing total cost of ownership and improving energy efficiency [8]. - Penske operates over 445,000 vehicles and serves a wide customer base, indicating a strong market presence for the partnership [9].