Romeo Power Inc. (NASDAQ: RMO) stock declined by 2.21% at the last close whereas the RMO stock price surged by 12.42% in the after-hours trading session. Romeo Power is an energy technology company supplying sophisticated electrification options for difficult commercial vehicle applications. It was established in 2016 and is based in Los Angeles, California.
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RMO stock Financial Results
Romeo Power provided its financial results and business updates for the third quarter of 2021. The highlights are mentioned below:
- The company reported revenues of $5.8 million for the third quarter of 2021, an increase of 753 percent from the previous year, as the Company began shipping products to its largest customer.
- As of September 30, 2021, cash, cash equivalents, and investments totaled $181 million, indicating maintained excellent liquidity.
- At Romeo Power’s Vernon facility, the firm met its year-end objective of having about 1-gigawatt hour of installed capacity.
- Romeo Power has obtained a new facility in Cypress, California, which will let the company expand its manufacturing and test lab capacity, allowing it to meet predicted consumer needs and continue technical development.
- Dynexus Technologies’s state-of-the-art battery performance and sensor technology will be integrated into Romeo Power’s industry-leading and comprehensive approach to controlling battery cell safety, performance, and total life cycle value, according to the company.
- To facilitate production volume scale-up, parts availability for both battery cells and components has improved.
- To enable growth momentum and capabilities, the company proceeded to develop its organization in critical functions and boosted manufacturing staff.
Susan Brennan, President, and Chief Executive Officer stated,
During the third quarter, Romeo Power made significant progress in laying more foundations to sustain its expansion. They channeled their entire organization’s immense energy into improving the processes, skills, and infrastructure. They have formed a partnership with Dynexus Technology, which will help them to improve several aspects of their business, such as production efficiency through cell quality management, battery management, and life cycle management. They believe that this relationship will help them expand the utility of Romeo Power’s technology and products to their clients and end-users even further.