REE Automotive Ltd. (REE) dropped sharply on Thursday, falling over 69.28 percent intraday to $0.96 before recovering slightly to $1.12 amid heavy selling, after reporting continued quarterly losses and minimal revenue.
The company posted a net loss of $37.3 million for the fourth quarter of 2024, wider than the $35.2 million loss last year. Quarterly revenue came in at just $12,000, down from $455,000 in the year-ago quarter.
REE opened at $2.40 and traded between $0.8851 and $2.42 on volume of 4.3 million shares, significantly above its average of 134,337. The stock is now sitting at the lowest point of its 52-week range of $0.8851 to $11.72.
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