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Sunday, July 3, 2022

Shipment of Initial Production: Romeo Power, Inc. (RMO) Stock Rising in Premarket

Romeo Power, Inc. (RMO) is a leader in energy technology engaged in the delivery of modern electrification systems for commercial vehicle applications. The Its collection of cutting-edge battery electric products, along with a novel battery management system, delivers safety, reliability, and configurability to the clients.


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RMO stock price during the regular trading of March 29, 2022, was $1.41 with a gain of 3.68%. Its price further rose as of the writing in the premarket trading on March 30, 2022, by 9.22%.

RMO: Events and Happenings

On March 29, 2022, RMO reported the commencement of shipping of its initial production pedigree packs to an important client that produces electric heavy-duty commercial vehicles. This breakthrough product is the peak of a custom pack development portfolio utilizing the company’s battery management system and off-the-shelf modules.

On March 11, 2022, RMO announced along with Wrightspeed about working together to leverage the company’s battery packing and module technology with Wrightspeed’s high-efficiency powertrain platform to quicken electrification in buses, and medium and heavy-duty trucks. On March 2, 2022, RMO updated on its management’s participation at the two conferences.

  • 2ndAnnual virtual Cowen Mobility Disruption Conference held on March 4, and
  • 34thAnnual Roth Conference held on March 14, 2022

RMO: Key Financials

RMO released its three months financials on March 1, 2022, for the fourth fiscal quarter of 2021 ended on December 31, 2021. Some key updates are discussed below.

Revenue

The company posted total revenues of $9.1 million during Q4 2021 against $4.64 million during the comparable quarter of 2020. The company’s revenue increased by $4.4 million over the year and surpassed the expectations of revenue by $2.49 million.

EPS

Net loss basic and diluted in Q4 2021 was $37.4 million or $0.24 per share versus $19 million or $0.24 per share during the corresponding fourth quarter of 2020. The company observed a considerable increase in its net loss YoY along with missing the EPS estimations by -$0.03.

Conclusion

The stock price of RMO dropped by more than 70% in the last half-year as the companies are trying to make a comeback from the pandemic crisis. Its price rocketed during Wednesday’s premarket as the company announced the initial shipment of the production pedigree packs to a notable client.

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