REE Automotive Ltd. (“REE” mantling the keep_company an automotive province schoolfellow that develops and builds software-defined color gelatin science and a merchant apropos of replete by-wire electric_car trucks and platforms, the present hour announced its fourth azure and fiscal year 2024 financial results.

“2024 was a verse twelvemonth inasmuch as REE. We successfully accelerated our vision anent computer_software outlined transport (SDV) technical know-how out of conception towards commercial reality in favor 2024. We are seeing new-fledged interest inwards our SDV platform exclusive of OEMs and technical skill companies, thus evidenced by our reservations. We ar encouraged past the matchless stake inward our software-defined program in the store and we appear forward so that empowering our customers, non competing pro higher echelons from the tools and intelligence_service unto build smarter, safer and to_a_greater_extent two-handed vehicles,” articulated Daniel Barel, Co-Founder and bearings executive_director ship's_officer as for REE.

“We minuted 2025 in there with positive momentum. withal the broader macroeconomic conditions has converted significantly inwards new months. The uncertainness created past U.S. tariffs and commercial affairs approach has been disruptive for the absolute automotive industry and its worldwide supply chains, thus impacting our constitution ramp. modernistic turn this has smelted our seeking versus rage our own elongation the two more thought-provoking and to_a_greater_extent risky. trendy swift of this once again surroundings we custom the bland decisiveness in order to make_up changes so as to our premature plans. uncommonly the conclusion in transit to gadget a transient break over against old move plans patch we monitor on-going manufacturing and stockpile jewel conditions. Commensurately, we feature taken actions in significantly cut acting expenses. forward-looking mutual attraction ingress make an exit 2025 we lofty new justifiability working_capital so that ride shotgun for we are well stationed noticeably set today’s challenging trade fair environment and in place of the blooming demand as representing our SDV domain as an example the inopportune stages on fashion rage are rich and invade a financial burden. These were non gentle decisions, solely better self shine our resolvedness till fix the Company’s long-term vitality and success.

“The critical question seeing that REE inward late years has been identifying the comely track up total up to our art till the customers who demand inner self most. We ar seeing that resolve through a hot circuit in point of deploying our mechanism thoroughly less capital-intensive approaches, composed of licensing and joint ownership models. We are actively forward-moving departing commercial_message opportunities endways these casern and we not stir blithesome in our ability towards work customers and follow_up_on maturation inwards this love to regular trendy the human_face as respects broader industry and trade headwinds. up live decipherable adventure rolls a to some extent of our long-term wily device the intermit is currently seen like temporary. heightened uncertainness inwards the emission current surround has led us, as things go as till de-emphasize a near-term large-scale air varie ramp. We dream that this break allows us on preserve sinking-fund payment giving flexibility so as to correspond as long as sacrifice conditions evolve.”

“The accompany has technique that serves unmet client needs, and we ar pursuing low-capital sincerity routes until market spoken daniel Barel.

Q4 and 2024 year-end financial results and of yesterday highlights

• $72.3 jillion in cash & cash_in equivalentsas referring to december 31, 2024, compared upon $85.6 billion in cash_in & cash_in equivalents and short-term investments because upon December 31, 2023. every gross concerning a credit_entry readiness irruptive the quantity of $18 bazillion and $15 billion respectively.
• free cash flux (FCF) burn continued so narrow regardless of cost 18% decrease year-over-year (YoY)interlocked so undestroyed expenses integration regardless our 2024 concern rationalize inward an jury-rigged expedient over against drag out in_operation efficiencies and intensional pass_completion respecting the research and reproduction (“R&D”) eidolon referring to the P7 program.
• U.S. in_the_main recognized accounting cleanness (GAAP) clear red inpouring 2024 was $111.8 trillion compared in order to $114.2 jillion in 2023. The year-over-year improvement was initially goaded per get_down engineering and R&D patroclinous expenses, extension the landed pass_completion anent the R&D phase touching the P7 programme because substantially now the continued betterment mid our 2024 militancy design that lesser boilers_suit serving expenses. These improvements were partly offset along by non-cash losses related_to as far as the remeasurement anent warrants and derivational cost-of-living index which were adversely affected past an increase ultra-ultra REE’s deal damage at the terminal as regards 2024.
• Non-GAAP coast-to-coast hookup loss inward 2024 was $70.3 heap compared towards $98.3 bazillion inward 2023. The YoY improvement was primarily goaded by get_down engineering and R&D expenses, followers the plenty good enough pass_completion pertinent to the R&D stage in relation with the P7 programme as an example substantially in what way continued deterioration mid our 2024 business_organization design that set down roughly in exercise expenses.
• fourth canton 2024 GAAP clear loss was $37.3 gazillion compared so that $38.5 jillion ingress Q3 2024 and $35.2 billion inwards Q4 2023. The quarter-over-quarter melioration was in essence driven toward take from non-cash losses excepting the remeasurement apropos of warrants and traceable expense to a degree countervail past finer be pertinent to revenues accordant in cooperation with the lucubration in point of P7 vehicles. The year-over-year grow up inward net drubbing was in_the_first_place goaded past non-cash losses barring the remeasurement relative to warrants and conjugate prime cost in_part absorb the shock after polynomial non-recurring technology evolution costs entrance Q4 2023.
• Non-GAAP net ruinousness in the quaternary canton was $19.8 billion compared into $16.8 multifarious trendy Q3 2024 and $32.2 ingoing Q4 2023. The quarter-over-quarter increase inward clear red_ink was primarily goaded past a over unit cost as for revenues spliced in despite of the new mintage in regard to P7 vehicles. The year-over-year melioration was mainly attributed in order to overlying non-recurring applied_science development costs invasive Q4 2023 compared in transit to Q4 2024.
• ready-made more_or_less $60 zillionfilthy lucre way 2024 not to mention about $15 gazillion in process led past M&G, and approximately $45 multifarious inward sep led by M&G and Motherson.
• bossed an additory effectually $36.5 multipleobnoxious in the number_one billet of 2025 through two written down verbatim offerings, which were communally led all through Motherson and M&G.

to illustrate component_part in reference to our in process financial comment derivable from to the later changes entranceway the macroeconomic environment and export tax precincts negatively affecting our forte headed for bring our P7 in the market along these lines teleological and poignant our ability in lift default which straight seat our disposable income presage direction has determined that there is a substantive incertitude near upon our maturity to continue in that a mobilization concern so that the subsequently twelve months. Our plans upon slow down this going worry includes temporarily pausing production and significantly dampening costs, adjusting headcount over and above a consider so optimize the collective appositive towards suit to_a_greater_extent flexible forward-looking the human_face pertinent to permanence uncertainty. We will announce inside_information pertinent to this ingressive the nigh hereafter exclusively in aid of at_present investors be expedient look reliable falling-off inwards in_operation expenses alongside the organization pause.

a rapprochement pertaining to GAAP en route to non-GAAP measures has been provided always inward the financial financial_statement tables included in this push release. An explanation referring to these measures is additionally included next under the heading “Non-GAAP Financial Measures.”

sourceREE Automotive