FREYR BATTERY Forum: Community User: Mountainclimber

Sollte Warsh heute keine Trendwende einleiten, dann lege ich mich wie Quellwolke schlafen.

Sollte Warsh heute keine Trendwende einleiten, dann lege ich mich wie Quellwolke schlafen.

Schon klar MU -5 % und t1 -10%

ROTH CAPITAL - Strong Q2 Preannounced Offset by G2 Financing Not Closed/Higher Capex/Delayed Production ➡️Pre-market, TE preannounced mixed Q2 results. Investors, however, have been waiting on the company to close its G2 financing. While management has not yet closed, TE's preannouncement indicated that it's still targeting a comprehensive solution that includes a "significant debt component." Shares have traded down as much as 22% intraday as the financing is not yet closed and on the overall macro/risk-off environment. Trading at 6x 2027 EBITDA, we would be buyers on the weakness as we continue to have confidence that the financing will close and see the 232 as a near-term, positive catalyst. ➡️TE's pre-announced upside Q2 results, beating on Q2 revenue and net income, and provided updates on G2 (see here). ➡️What is positive? Acquired TOPCon IP portfolio from Evervolt and continues to target original G2 Phase 1 financing plan (with significant debt component). ➡️What is negative? G2 Phase 1 financing not yet closed, G2 Phase 1 capex outlook increased by ~$85mn, and G2 cell production pushed from YE'26 to Q1'27. ➡️TE expects to deliver Q2 revenue of ~250mn vs. sellside consensus of ~$157mn, module shipments on ~835MW, net loss of ~$36mn vs. sellside consensus of ~$46mn, and adjusted EBITDA of ~$(13)mn vs. sellside consensus of ~$(2)mn. The company guided 2026 G1 Dallas production to the higher end of its prior 3.1-4.2GW range and attributed the improvement to progress qualifying cell vendors. The company expects a non-recurring one-time gain of $24mn due primarily to IEEPA tariff refunds. ➡️TE acquired TOPCon IP portfolio from Evervolt for ~$135mn; we see this as a positive as it positions the company better vis-à-vis PFE/FEOC/effective control. This portfolio covers IP TE previously licensed as well as IP necessary for solar cell/module production. The purchase price is payable in four tranches (see here). We believe this move could provide strategic flexibility over TE's cell and module production, lower opex by eliminating royalty payments, and create potential sublicensing income, while easing some FEOC/PFE concern regarding IP arrangements. ➡️TE continues to target a comprehensive financing solution, which includes a significant debt component, to fund the remaining portion of the ~$310mn-$335mn required for G2 Phase 1. The company raised its capex for G2 Phase 1 by ~$85mn to ~$510mn due to higher labor and material costs in Texas. We remain confident in TE securing G2 Phase 1 financing in accordance with its plans. The process from the counterparty is taking longer than expected, but we believe there are no underlying issues causing TE to abandon this route and take alternatives, which are available immediately. ➡️G2 Phase 1 production is now expected in Q1'27 vs. prior expectation of YE'26. Construction remains on track, with steel work at G2 achieving ~80% completion. We believe there is a chance for expedited equipment shipments. No changes to our estimates.