STOCKS TELEGRAPH

Author: Asim Kamal

  • Why did Altair Engineering Inc. (ALTR) stock face headwinds in the after-hours on Tuesday?

    Why did Altair Engineering Inc. (ALTR) stock face headwinds in the after-hours on Tuesday?

    Altair Engineering Inc. (ALTR) shares fell 10.01% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $71.00 per share. However, in the regular trading session, ALTR’s stock gained 1.02%. ALTR shares have risen 60.95% over the last 12 months, and they have moved down 1.35% in the past week. Over the past three months, the stock has gained 11.29%, while over the past six months, it has jumped 25.74%.

    Let’s see what are the latest news about the company?

    ALTR participation in the upcoming event

    Altair (ALTR) will participate virtually in a fireside chat format at the RBC Global Technology, Internet, Media, and Telecom Conference on Wednesday, November 17, 2021, at 1:20 p.m. ET. The company will be presented by James Scapa, chairman and chief executive officer, and Matt Brown, a chief financial officer during the event.

    ALTR technology selected by Argonne National Laboratory

    On November 10, 2021, Argonne National Laboratory announced that it will utilize Altair (ALTR) PBS Professional across the organization’s HPC systems at the Argonne Leadership Computing Facility (ALCF), including the Polaris and Aurora supercomputers, to accelerate breakthroughs in science and engineering and lead the era of exascale computing.

    ALTR latest financial news

    On November 04, 2021, Altair (ALTR) announced its financial results for the third quarter ended September 30, 2021.

    Q3 2021 financial highlights

    • ALTR reported total revenue of $121.3 million in Q3 2021 compared to $106.5 million for the third quarter of 2020.
    • The total cost of revenue was $31.5 million in Q3 2021 compared to $29.0 million in Q3 2020.
    • Total operating expenses were $91.73 million in Q3 2021 compared to $80.84 million in Q3 2020.
    • It suffered a net loss of $8.1 million or diluted net loss per share of $0.11 for the third quarter of 2021 compared to a net loss of $8.5 million or diluted net loss per share of $0.12 for the third quarter of 2020.
    • Adjusted EBITDA was $14.8 million compared to $8.2 million for the third quarter of 2020.

    Q4 2021 financial outlook

    For Q4, Altair is expecting

    • Total revenue in the range of $124 million to $127 million.
    • Net loss in the range of $13.1 million to $10.0 million.
    • Adjusted EBITDA in the range of $11 million to $14 million.

    FY 2021 financial outlook

    For FY 21, Altair is expecting

    • Total revenue in the range of $515 million to $518 million.
    • Net loss in the range of $20.8 million to $17.9 million.
    • Adjusted EBITDA in the range of $72 million to $75 million.

    ALTR relaunched its startup program

    On November 3, 2021, Altair (ALTR) relaunched its startup program. The startup program is a series of tailored, discounted technology packages, which give startups access to Altair’s unique software solutions, helping to drive innovation, reduce development times, and lower costs, giving startups a leg up on the competition, propelling their business growth.

    Conclusion

    Well, as of this writing, there is no latest development to justify its poor performance in the after-hours on Tuesday. We hope that it will return to positivity in the coming trading session on Wednesday.

     

  • Here is why PAVmed Inc. (PAVM) stock slid down in the after-hours on Tuesday?

    Here is why PAVmed Inc. (PAVM) stock slid down in the after-hours on Tuesday?

    PAVmed Inc. (PAVM) shares declined 15.85% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $4.14. However, in the regular trading session, PAVM’s stock gained 0.41%. PAVM shares have risen 171.82% over the last 12 months, and they have moved down 5.93% in the past week. Over the past three months, the stock has lost 18.41%, while over the past six months, it has gained 11.06%.

    Let’s have a look at its recent news and developments.

    PAVM latest development

    On November 16, 2021, PAVmed Inc. (PAVM, PAVMZ) announced preliminary financial results for the third quarter that ended on September 30, 2021.

    Q3 2021 financial highlights

    • PAVM reported total revenue of $0.2 million in Q3 2021 compared to zero revenue in Q3 2020.
    • Total operating expenses were approximately $13.7 million in Q3 2021 compared to $5.53 million in Q3 2020.
    • It suffered a GAAP net loss of $12.3 million, or $0.15 per common share in Q3 2021 compared to a $ net loss of $5.5 million or $0.11 per common share in Q3 2020.
    • EBITDA was -$12.2 million compared to negative $5.5 million in Q3 2020.
    • PAVmed ended the third quarter with cash and cash equivalents of $37.3 million compared with $17.3 million as of December 31, 2020.

    PAVM subsidiary new test centers

    On November 11, 2021, Lucid Diagnostics Inc. (LUCD) which is a majority-owned subsidiary of PAVmed Inc. (PAVM, PAVMZ) launched Lucid Test Centers in three new metropolitan areas, Denver, Salt Lake City, and Las Vegas.

    Patients with gastroesophageal reflux disease can now undergo a rapid, non-invasive, office-based test to detect esophageal precancer before it progresses to deadly esophageal cancer. The new centers have Lucid’s EsoCheck® Cell Collection Device (EsoCheck) to collect surface esophageal cells which are sent for Lucid’s EsoGuard® DNA Esophageal Test (EsoGuard).

    Recognition for PAVM EsoGuard test

    On October 28, 2021, Lucid Diagnostics Inc subsidiary of (PAVM) announced its EsoGuard® Esophageal DNA Test has been selected as the winner of the “Diagnostics Innovation of the Year” award in the inaugural awards program conducted by BioTech Breakthrough.

    PAVM acquired EsophaCap

    On October 07, 2021, a wholly owned subsidiary of PAVmed Inc. (PAVM) entered into a definitive membership interests purchase agreement with Martin Von Dyck, which manufactures EsophaCap®. Concurrently, the Company entered into an exclusive long-term consulting agreement with Mr. Von Dyck, as well as an exclusive long-term manufacturing agreement with the EsophaCap contract manufacturer.

    Conclusion

    The recent financial results were the reason behind its after-hours loss on Tuesday. Let’s see how it commences trading on Wednesday?

  • Why SPI Energy Co. Ltd. (SPI) Stock skyrocketed in the after-hours on Tuesday?

    Why SPI Energy Co. Ltd. (SPI) Stock skyrocketed in the after-hours on Tuesday?

    SPI Energy Co. Ltd. shares soared 26.02% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $7.75. Even in the regular trading session of Tuesday, SPI’s stock gained 9.04%. SPI shares have fallen 29.31% over the last 12 months, and they have moved up 22.02% in the past week. Over the past three months, the stock has gained 27.33%, while over the past six months, it has jumped 16.70%.

    Let’s have a look at its recent news and developments.

    SPI Convertible Promissory Note

    On November 12, 2021, SPI Energy Co., Ltd. issued a $4.21 million 10% convertible promissory note to Streeterville Capital, LLC, a Utah limited liability company.

    The convertible promissory note bears interest at the rate of 10% per annum and has a maturity date of November 11, 2022. The note is convertible into ordinary shares of SPI at a conversion price of $20.00 per share. This news came to market yesterday, on November 16, 2021.

    SPI recent financial results

    On November 8, 2021, SPI Energy Co., Ltd. announced its financial results for the six months ended June 30, 2021.

    Half-year financial highlights

    • Total revenue was $79.4 million in the first half of 2021 compared to $56.4 million generated in the first half of 2020.
    • Gross profit was $7.4 million in the first half of 2021 compared to a gross profit of $3.1 million in the first half of 2020.
    • As of June 30, 2021, the company had cash and cash equivalents totaling $22.8 million.

    SPI Headquarter relocation

    On November 5, 2021, SPI Energy Co., Ltd. (SPI), announced plans to relocate its corporate headquarters from Hong Kong to Santa Clara, California.

    Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy, said that the decision of relocation was taken after discussions amongst our board members as we continue to focus on expanding our US solar operations and accelerating the growth of our rapidly evolving EV division.

    SPI subsidiary next-generation electric pickup truck, EF1-T

    On October 21, 2021, EdisonFuture Motor Inc. which is a wholly-owned subsidiary of SPI Energy Co., Ltd. will debut its next-generation electric pickup truck, EF1-T, at the Los Angeles Auto Show (“LA Auto Show®”), taking place November 19-28 at the Los Angeles Convention Center. The EF1-T will be on display at EdisonFuture’s booth: Atrium WA-14. The company will accept reservations to book EV orders during the show.

    Conclusion

    The Convertible Promissory Note news could be the reason behind its gains on Tuesday. We hope that it will continue its performance on Wednesday as well.

     

     

  • Here is why Chembio Diagnostics Inc. (CEMI) stock surged in the after-hours on Tuesday?

    Here is why Chembio Diagnostics Inc. (CEMI) stock surged in the after-hours on Tuesday?

    Chembio Diagnostics Inc. (CEMI) shares surged 10.68% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $2.28. Even in the regular trading session of Tuesday, CEMI’s stock gained 1.48%. CEMI shares have fallen 55.02% over the last 12 months, and they have moved up 0.98% in the past week. Over the past three months, the stock has lost 19.84%, while over the past six months, it has declined 36.42%.

    Let’s see what is the latest news about the company?

    CEMI EUA Application for New DPP SARS-CoV-2 Antigen Test

    On November 16, 2021, Chembio Diagnostics, Inc. (CEMI) submitted an Emergency Use Authorization (EUA) application to the U.S. Food and Drug Administration (FDA) for the new DPP SARS-CoV-2 Antigen test.

    Recently, Chembio received an award from the Biomedical Advanced Research and Development Authority (BARDA) to assist in developing a COVID-19 point-of-care antigen test system using Chembio’s proprietary DPP technology and requesting FDA EUA for the test system. The new test has been designed to detect SARS-CoV-2 antigens in only 20 minutes.

    CEMI update about DPP SARS-CoV-2 Antigen Test order

    On November 15, 2021, Chembio Diagnostics, Inc. (CEMI), announced that the delivery schedule for shipments of DPP SARS-CoV-2 Antigen Tests under its July 2021 purchase order from Bio Manguinhos has been extended into March 2021. Chembio now has the opportunity to fulfill all the $28.3 million orders.

    CEMI Recent Financial Results

    On November 04, 2021, Chembio Diagnostics, Inc. (CEMI), announced its financial results for the quarter ended September 30, 2021.

    Q3 2021 financial highlights

    • CEMI achieved third quarter 2021 total revenue of $12.1 million compared to $10.3 million in Q3 2020.
    • Gross profit was $1.5 million in Q3 2021, compared to $0.9 million for the prior-year period.
    • Total cost and expenses were $17.7 million in Q3 2021 compared to $15.2 million in Q3 2020.
    • It suffered a net loss of $6.4 million, or $0.24 per diluted share for the third quarter of 2021, compared to a net loss of $5.4 million, or $0.28 per diluted share for the third quarter of 2020.
    • As of September 30, 2021, the company had cash and cash equivalents totaling $36.0 million.

    CEMI EUA application for DPP Respiratory Antigen Panel test

    On September 22, 2021, Chembio Diagnostics, Inc. (CEMI), submitted an Emergency Use Authorization (EUA) application to the Food and Drug Administration (FDA) for the company’s DPP Respiratory Antigen Panel test system.

    The DPP Respiratory Antigen Panel test system can detect Influenza A, Influenza B, and SARS-CoV-2 antigens from a single patient sample using a simple nasal swab.

    Conclusion

    The recent EUA application could be the reason behind its good performance on Tuesday and it can continue its momentum on Wednesday as well.

  • Why Cinedigm Corp. (CIDM) stock went down in the after-hours on Monday?

    Cinedigm Corp. (CIDM) shares declined 9.42% in after-hours on Monday, November 15, 2021,  and closed the daily trading at $2.02. However, in the regular trading session, CIDM’s stock gained 2.76%. CIDM shares have risen 271.67% over the last 12 months, and they have moved down 3.04% in the past week. Over the past three months, the stock has gained 35.98%, while over the past six months, it has surged 71.54%.

    Let’s have a brief look at its recent news and developments.

    CIDM latest announcement

    On November 15, 2021, Cinedigm Corp.  (CIDM), announced its financial results for the period ended September 30, 2021.

    Q2 2022 financial highlights

    • CIDM revenue was $10.1 million in Q2 2022 compared to $7.18 million in Q2 2021.
    • Total operating expenses were $11.5 million in Q2 2022 compared to $12.24 million in Q2 2021.
    • It suffered a net loss of $0.3 million in Q2 2022 compared to a net loss of $26.6 million or $0.23 per share in Q2 2021.
    • Adjusted EBITDA was $0.7 million in Q2 2022 versus a negative $1.1 million in Q2 2021.

    CIDM Expand its VOD services

    On November 8, 2021, Cinedigm (CIDM) announced two of the Company’s most popular subscription video on demand (SVOD) services Fandor and Screambox, are now available to millions of Xfinity households through X1 and Flex, and also on Comcast’s recently announced XClass TV.

    CIDM add more TV programs

    On October 27, 2021, Cinedigm (CIDM) acquired more than 1,500 new hours of premium films and TV programs, to strengthen its position within the competitive landscape of streaming networks.

    Cinedigm continues to invest in films, TV programs and streaming channels to serve enthusiasts and underserved audiences, as streaming remains the fastest-growing segment of the entertainment industry.

    CIDM NFT trading cards

    On October 26, 2021, Cinedigm (CIDM), released a killer series of horror-based NFT trading cards branded as the Bloody Disgusting Blood Pack. Cinedigm commissioned well-established horror artists, such as Luke Chueh, Chet Zar, Rick Dienzo, Wes Benscoter, Jeremy Cross and Jim Evans, to create these original paintings.

    The company is also offering a free welcome gift in the form of a limited-edition, exclusive NFT trading card to existing and new subscribers of the Company’s horror streaming service Screambox.

    CIDM and Kapang recent deal

    On October 25, 2021, View TV Group signed a channel carriage deal on their Kapang CTV platform for broadcast in North America & the United Kingdom with a premiere independent streaming company of channels & content, Cinedigm (CIDM).

    Jamie Branson, CEO of View TV Group said that the combination of HD and connected TV quality and the traditional broadcast approach of Kapang makes watching Cinedigm on the Kapang platform a winning formula. He further said that he is looking forward to seeing the impact the program makes with viewers from both sides of the Atlantic.

    Conclusion

    Due to the poor Q2 2022 financial results, CIDM stock plummeted in the after-hours on Monday. We are not sure how it will perform in the coming trading sessions of Tuesday.

  • Here is why Desktop Metal Inc. (DM) stock plunged on Monday?

    Here is why Desktop Metal Inc. (DM) stock plunged on Monday?

    Desktop Metal Inc. (DM) shares plunged 5.61% in after-hours on Monday, November 15, 2021, and closed Monday’s trading at $7.57. Even in the regular session, DM’s stock lost 6.85%. DM shares have fallen 22.88% over the last 12 months, and they have moved down 12.83% in the past week. Over the past three months, the stock has gained 11.70%, while over the past six months, it has declined 40.01%.

    Let’s see, is there any recent news behind its loss?

    DM latest development

    On November 15, 2021, Desktop Metal, Inc. (DM) reported its financial results for the third quarter ended September 30, 2021.

    Q3 2021 financial highlights

    • DM reported total revenue of $25.4 million in Q3 2021 compared to $2.5 million in Q3 2020.
    • The total cost of revenue was $21.5 million in Q3 2021 compared to $4.8 million in Q3 2020.
    • Total operating expenses were $67.5 million in Q3 2021 compared to $17.15 million in Q3 2020.
    • It suffered a net loss of $66.9 million or $0.26 per basic and diluted share in Q3 2021 compared to a net loss of $19.5 million or $0.12 per basic and diluted share in Q3 2020.
    • As of September 30, 2021, the company had cash, cash equivalents, and short-term investments of $423.9 million.

    FY 2021 financial guidance

    For FY 21, Desktop Metal revised its financial outlook and is now expecting,

    • Revenue to be in the range of $92 million and $102 million.
    • Adjusted EBITDA in the range of $80 million to $90 million.

    DM completed ExOne Acquisition

    On November 12, 2021, Desktop Metal, Inc. (DM) successfully completed its acquisition of The ExOne Company (XONE) following approval by a majority of ExOne’s shareholders.

    ExOne shareholders received $8.50 in cash and $16.43 in shares of Desktop Metal common stock for each share of ExOne common stock, for a total purchase price of approximately $24.93 per share, representing a transaction value of $561.3 million. ExOne stock has been delisted from the Nasdaq stock exchange and it will continue to operate as a wholly owned subsidiary of Desktop Metal and will remain headquartered in North Huntingdon, Pennsylvania.

    DM partnership with Shapeways

    On November 11, 2021, Desktop Metal, Inc. (DM) and Shapeways Holdings, Inc. (SHPW) announced a partnership to offer manufacturing and engineering teams unprecedented flexibility and seamless access to industry-leading 3D printing services. According to the agreement, Shapeways is expanding Desktop Metal system capacity and capabilities by providing customers with access to these solutions at Shapeways’ ISO-9001 manufacturing facilities. Desktop Metal plans to power Shapeways’ manufacturing capabilities and purpose-built software platform, Otto, so that its customer can get instant access to fully digitized, end-to-end 3D printing workflows.

    Conclusion

    The Q3 financial results improved, but the company still posted a net loss due to which its share price declined on Monday. We can expect it to further decline in the coming trading sessions on Tuesday.

     

  • Here is why REE Automotive Ltd. (REE) Stock had a good Monday?

    Here is why REE Automotive Ltd. (REE) Stock had a good Monday?

    REE Automotive Ltd. shares rose 5.01% in after-hours on Monday, November 15, 2021, and closed the Monday trading at $4.4. Even in the regular trading session of Monday, REE’s stock gained 8.27%. The stock volume remained 5.68 million shares. REE shares have moved down by 0.00% in the past week. Over the past three months, the stock has lost 56.08%, while over the past six months, it has declined 57.68%.

    Let’s discuss its recent news briefly

    REE Unveils Leopard

    On November 15, 2021, REE Automotive Ltd. revealed its autonomous concept of vehicle Leopard, based on a brand new ultra-modular EV platform design. The full-scale concept is geared toward customers, including last-mile autonomous and electric delivery companies, delivery fleet operators, e-retailers, and technology companies seeking to build fully autonomous solutions.

    REE upcoming financial results with expanded shareholder’s access

    REE Automotive Ltd. will be announcing its third-quarter 2021 financial results on Tuesday, November 16, 2021, at 8:30 am ET. The company recently November 9, partnered with Say Technologies for a new platform that will deepen its connection with its investors and enable them to submit and upvote questions to management ahead of earning calls.

    Participation in the upcoming conferences

    REE Automotive Ltd. will be participating in the following upcoming events.

    • MKM Partners: Gearing Up for the New Normal, which is to be held on Wednesday, November 17, 2021.
    • Barclays Global Automotive and Mobility Tech Conference, which is scheduled for Thursday, November 18, 2021.
    • Credit Suisse Industrials Conference on Thursday, December 2, 2021.

    REE selected AXL for EDU units

    On November 05, 2021, REE Automotive Ltd. selected American Axle & Manufacturing (AAM) Holdings, Inc. (AXL), to supply REE with its high-performance electric drive units (EDU).

    AAM’s award-winning 3-in-1 electric drive technology will be integrated into REEcorner technology, which is a great match for REE’s compact and modular REEcorners as they offer more power with less weight and packaging volume.

    The electric drive units will be developed at AAM’s Advanced Technology and Development Center in Detroit with the delivery of prototypes planned by the end of 2021 with full volume production expected by 2024.

    REE new board members

    On October 26, 2021, REE Automotive Ltd. appointed two new independent members. The company appointed seasoned veterans Ms. Michal Brikman and Ms. Lilach Geva-Harel. The additional board members deepen and diversify its leadership as the company progresses towards technology maturation and commercial production in 2023.

    Conclusion

    The recent Leopard concept, which was unveiled yesterday, was the reason behind its positive performance on Monday. The Tuesday performance will depend on the announcement of its financial results, which is due in the next 12 hours.

  • Here is why XpresSpa Group Inc. (XSPA) stock soared on Monday?

    XpresSpa Group Inc. (XSPA) shares went up 1.31% in after-hours on Monday, November 15, 2021, and closed at $1.55. Even in the regular trading session of Monday, XSPA’s stock gained 11.68%. XSPA shares have fallen 18.18% over the last 12 months, and they have moved up 10.07% in the past week. Over the past three months, the stock has gained 4.08%, while over the past six months, it has soared 15.91%.

    Let’s have a brief discussion about its recent developments.

    XSPA latest news

    On November 15, 2021, XpresSpa Group, Inc. (XSPA), announced financial results for the third quarter ending September 30, 2021.

    Q3 2021 financial highlights

    • XSPA revenue was $26.8 million in Q3 2021 compared to $0.2 million in the corresponding period in 2020.
    • The cost of sales was $13.7 million in Q3 2021 compared to $1.4 million in Q3 2020.
    • General and administrative expenses were $5.2 million in Q3 2021, compared to $4.4 million for Q3 2020.
    • Total operating expenses were $19.7 million compared to $9.4 million in Q3 2020.
    • It earned a net income of $5.6 million in Q3 2021 compared to a net loss of $6.1 million in the prior-year third quarter.
    • Non-GAAP Adjusted EBITDA was $8.7 million in Q3 2021 compared to an Adjusted EBITDA loss of $5.1 million in Q3 2020.
    • The company ended the quarter with cash and cash equivalents, excluding restricted cash, of $109.2 million.

    XSPA new Covid-19 Testing Facility

    On September 30, 2021, XpresSpa Group, Inc. (XSPA) announced to open a new XpresCheck COVID-19 testing facility in Hartsfield-Jackson Atlanta International Airport (ATL) by mid of October.

    The new testing facility will be located at Concourse E to XpresCheck and will include 6 separate testing rooms with the capacity to administer over 400 tests per day. COVID-19 testing options will include a Rapid Molecular COVID-19 Test and a Rapid Polymerase Chain Reaction (PCR)Test.

    XSPA participation in the recent conferences

    XpresSpa Group, Inc. recently participated and had meetings with institutional investors at the Jefferies Virtual Fitness & Wellness Summit, which was held on September 15, 2021.

    XSPA also participated at the H.C. Wainwright 23rd Annual Global Investment Virtual Conference, which was held on September 13-15, 2021.

    XSPA stock repurchase program

    On August 31, 2021, the board of Directors of XpresSpa Group, Inc. (XSPA), authorized a stock repurchase program for up to 15,000,000 shares of its outstanding common stock.

    The shares may be repurchased on the open market, in privately negotiated transactions, or otherwise following applicable federal securities laws.

    Conclusion

    The recent Q3 financial results were the reason behind its gains on Monday and it can continue to climb up in the coming trading session on Tuesday.

     

     

  • The Beachbody Company Inc. (BODY) stock plummeted on Monday, here is Why?

    The Beachbody Company Inc. (BODY) stock plummeted on Monday, here is Why?

    The Beachbody Company Inc. (BODY) shares plummeted 19.91% in after-hours on Monday, November 15, 2021, and closed the Monday trading at $3.70. Even in the regular trading session of Monday, BODY’s stock lost 3.14%. BODY shares have moved down 7.60% in the past week. Over the past three months, the stock has lost 41.22%, while over the past six months, it has declined 53.57%.

    Let’s see what’s going on recently with the company?

    BODY latest development

    On November 15, 2021, The Beachbody Company, Inc. (BODY) released financial results for its third quarter, which ended September 30, 2021.

    Q3 2021 financial highlights

    • BODY reported revenue of $208.1 million for Q3 2021 compared to $251.5 million in Q3 2020.
    • The total cost of revenue was $73.06 million in Q3 2021, compared to $70.9 million in Q3 2020.
    • Total operating expenses were $206.8 million compared to $162.7 million in Q3 2020.
    • It suffered a net loss of $39.9 million in Q3 2021, compared to a net income of $13.8 million in Q3 2020.
    • Adjusted EBITDA was $43.4 million in Q3 2021 compared to $31.4 million in Q3 2020.

    FY 2021 financial outlook

    For FY 2021, The Beachbody Company is expecting,

    • Total revenue in the range of $820.0 million to $830.0 million.
    • Adjusted EBITDA in the range of $110.0) million to $100.0 million.

    BODY’s new Appointments

    On November 1, 2021, The Beachbody Company, Inc. (BODY) appointed Jean-Michel Fournier as President, Global Partnerships and Corporate Development, which is a newly created role. Fournier will report to Co-Founder, Chairman, and Chief Executive Officer Carl Daikeler.

    Earlier on October 4, 2021, The Company appointed Blake Bilstad as Chief Legal Officer and Corporate Secretary of the Company. As Chief Legal Officer, Bilstad will serve as a key member of Beachbody’s leadership team.

    BODY launched premium subscription BODi

    On October 19, 2021, The Beachbody Company Group, LLC (BODY) launched its live interactive premium subscription tier, Beachbody on Demand Interactive (BODi).

    BODi enhances the at-home experience with unique personalization and live interaction between members and trainers. BODi will offer music, featuring popular hits from the original artists, designed to create engaging workouts, in a partnership with Feed.fm.

    BODY participation in the recent event

    The Beachbody Company, Inc. (BODY) recently participated in the Cowen 2nd Annual Health, Wellness & Beauty Summit, which was held on Monday, September 13, 2021.

    The company was presented by Co-Founder, Chairman, and Chief Executive Officer, Carl Daikeler, and President and Chief Financial Officer Sue Collyns during the event.

    Conclusion

    BODY stock plummeted after it reported Q3 financial results which missed the revenue estimates and the company suffered a loss as well. Its share price can further go down on Tuesday.

     

  • Here is why Romeo Power Inc. (RMO) stock turnaround towards positivity in the after-hours on Monday?

    Here is why Romeo Power Inc. (RMO) stock turnaround towards positivity in the after-hours on Monday?

    Romeo Power Inc. (RMO) shares surged 12.42% in after-hours on Monday, November 15, 2021, and closed the Monday trading at $4.98. However, in the regular trading session, RMO’s stock lost 2.21%. RMO shares have fallen 56.61% over the last 12 months, and they have moved down 9.96% in the past week. Over the past three months, the stock has lost 6.93%, while over the past six months, it has declined 42.99%.

    Let’s have a look at its recent news and developments.

    RMO latest announcement

    On November 15, 2021, Romeo Power, Inc. (RMO), announced its financial results for the third quarter ending September 30, 2021.

    Q3 2021 financial highlights

    • RMO generated revenues of $5.8 million in Q3 2021 compared to $675 million in Q3 2020.
    • Gross profit was negative $4.7 million in Q3 2021 compared to a gross loss of $1.8 million in Q3 2020.
    • The total cost of revenue was $10.5 million in Q3 2021 compared to $1.8 million in Q3 2020.
    • Total operating expenses were $22.4 million in Q3 2021 compared to $6.8 million in Q3 2020.
    • It suffered a net loss of $17.95 million in Q3 2021 compared to $8.9 million in Q3 2020.
    • As of September 30, 2021, cash, cash equivalents, and investments were $181 million.

    RMO new Facility in Southern California

    On October 04, 2021, Romeo Power, Inc. (RMO) leased a new Class A, state-of-the-art headquarters and manufacturing facility located in Cypress, California. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market.

    RMO collaboration with Dynexus Technology

    On September 14, 2021, Romeo Power, Inc. (RMO) and Dynexus Technology partnered to integrate Dynexus Technology’s actionable battery performance and health sensors into Romeo Power’s battery ecosystem.

    The Dynexus technology will initially be utilized for incoming cell quality control and end-of-line verification, as well as module and pack diagnostics and prognostics, enabling multiple opportunities to reduce the total cost of ownership for Romeo Power’s customers.

    Conclusion

    Romeo Power stock turnaround and gained in the after-markets on Monday after it announced its Q3 financial results. Let’s see how it commences Tuesday trading?