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Tag: Romeo Power Inc.

  • Romeo Power Inc. (RMO) Soars After Hours on Shipment of First Production Pedigree Packs

    Romeo Power Inc. (RMO) Soars After Hours on Shipment of First Production Pedigree Packs

    On March 29, Romeo Power Inc. (RMO) announced the shipment of the first productions pedigree packs to a key customer. Consequently, the stock soared high in the after-hours session.

    Source: Accent Systems

    In the regular trading session, the stock was already in the green but the news caused its hike to escalate in the after hours. RMO stock was able to add a further 7.80% in the after-hours while it had increased by 3.68% during the regular session. At the close of regular trading, the stock had a value of $1.41 per share while 14.91 million shares were exchanged in the session. Following the announcement, the stock surged up to $1.52 per share in the after hours. The volume of shares exchanged in the after-hours was 1.35 million.

    The energy technology company, Romeo Power Inc. delivers large-scale electrifications solutions. Currently, its 134.47 million outstanding shares trade at a market capitalization of $182.88 million. With a year-to-date loss of 61.37%, RMO stock has declined by 17.06% in the past five days.

    RMO’s Production Pedigree Packs

    As announced, RMO has started shipping the first production pedigree packs to a key customer which manufactures fully-electric heavy-study commercial vehicles. The custom pack development program of the company features its off-the-shelf modules and battery management system. Moreover, these packs have been prototyped and produced in the company’s Vernon factory, in California.

    Additionally, the company plans to continue expanding the production capacity for this as well as other customers in its new Cypress factory. The new factory is expected to commence production later this year. Furthermore, the transition from Vernon to Cypress is on track for completion in Q3 2022.

    Recent Participations

    Recently, on March 14, the company participated in the 34th Annual Roth Conference held at The Ritz Carlton, Laguna Niguel in Dana Point, California. RMO’s president and CEO Susan Brennan, and CFO Kerry Shiba conducted one-on-one meetings during the conference.

    Previously, Ms. Brennan and Mr. Shiba also participated in the 2nd Annual Cowen Mobility Disruption Conference on March 4, 2022.

    RMO’s Fiscal 2021 Overview

    On March 1, the company announced its financial results for fiscal 2021 along with the outlook for fiscal 2022.

    In fiscal 2021, the total revenues were $16.8 million with an increase of 326% YOY in product revenues.

    Furthermore, RMO ended the year with cash, cash equivalents, and investments of $119.9 million.

    In addition, for fiscal 2022, the company expects total revenue to be in the range of $40 million and $50 million.

  • Romeo Power Inc. (RMO) stock shows a downfall during pre-market trading session. Let’s find out why?

    Romeo Power Inc. (RMO) stock plunged by 4.69% in the last trading closed whereas the RMO stock declines by 14.18% in the pre-market trading session after Rome Power announced its fourth quarter and full-year 2020 financial results, which ended on December 31. Romeo Power is an energy technology pioneer offering significant electrification solutions to difficult commercial applications. RMO was established in 2016 and is headquartered in Los Angeles, California.

    Financial Results

    • Romeo Power has generated a revenue of $9.0 million for the full year of 2020.
    • The cash and cash equivalents were $292.4 million for the year ended on December 31, 2020.
    • Also, RMO has paid cash of $1.3 million for capital expenditures of the year 2020.

    Last year’s Business overview

    In the report given by RMO, it is given that the last year has been pivotal for Romeo Power. RMO finished its business combination with RMG Acquisition Corp. as well as PIPE financing related to it. In addition, it has provided a $346 million net amount to help the growth and progress in the future.

    Also, RMO has closed an agreement of worth $234 million with Lion Electric. The agreement state that RMO will provide battery modules and packs for Lion’s fleet of electric commercial vehicles, it’s a multi-year agreement.

    2021 insights

    It is expected that the shortage of battery cells would restrict RMO’s near-term production and revenue in 2021, according to their forecast. Demand for raw materials and cells has surpassed supply especially with the rise in growth of the electric vehicle industry in recent months. RMO has forecasted that Romeo Power’s full-year revenue in 2021 to be significantly lower than anticipated due to the cell shortage. Although the time it takes to get our solutions to market is quite disappointing, they are working really hard with their chosen cell supply teams to ensure allocation and continuous cell development in the near and long term.