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?
