REE Automotive Ltd. (REE) reported a net loss of $38.5 million for the third quarter, an increase from the $24.1 million loss reported in the same period last year. The net loss per share increased to $2.56 from $2.39. On a non-GAAP basis, the company recorded a net loss of $16.82 million, improving from a $20.12 million loss the previous year. The non-GAAP net loss per share was $1.12 compared to $1.99 last year. Revenue was $11,000, a decline from last year's $210,000.
"Quarter-over-quarter, our reservations more than doubled to $137 million, reflecting the strong and increasing demand for REE's innovative technology and products," stated Daniel Barel, the co-founder and CEO of REE. "We are witnessing a significant interest across the value chain—from fleet owners to vehicle OEMs. Notably, fleets are booking priority production slots for our P7 electric trucks spanning several years, indicating their confidence in our offerings."
