Ree Automotive reports Q3 non-GAAP EPS ($1.12) vs. ($1.99) last year

Reports Q3 revenues $11,000 vs. $210,000 last year. “Reservations more than doubled QoQ to $137 million and we continue to see strong and growing demand for REE‘s technology and products. We are observing robust interest across the value chain, from fleet owners to vehicle OEMS. On the fleet side, we are seeing fleets reserving priority production for P7 electric trucks over several years, indicating the transition from demo orders to long-term partnerships. Our service network continues to expand as the largest of its kind in North America to support these customers. On the OEM side, it is exciting to see a growing number of OEMs evaluating our technology as the basis for their own software-defined vehicle lineup. I believe that this is a true testament of our ‘complete not compete’ philosophy. We believe this can pave the way to significant software-based revenue generation as a major growth driver for our business,” said Daniel Barel, co-founder and CEO of REE. “We have kicked off P7 production as planned, marking a major milestone. We plan to deliver the first production trucks to our North American customers in the first half of next year. Our supply chain collaboration with strategic partner Motherson and vehicle-assembly with Roush are both progressing well. We reaffirm our target of reaching BoM breakeven in the second half of next year. With strong and growing multi-year demand for our products and technology, with production underway and with the support of Motherson as our global strategic partners, we feel very optimistic about what 2025 will bring. I could not be happier that the talented team at REE is finally seeing the fruits of their labor transform into customer satisfaction.”