: Oatly stock soars after revenue rises above expectations, $425 million in financing secured

The U.S.-listed shares of Oatly Group AB OTLY soared 13.1% in premarket trading Wednesday, after the Sweden-based oat-based drink company reported better-than-expected fourth-quarter revenue, provided an upbeat margin outlook and said it entered into transactions for $425 million in financing. Net losses widened to $125.2 million, or 21 cents a share, from $79.8 million, or 13 cents a share, in the year-ago period. The FactSet consensus was for a per-share loss of 14 cents. Revenue grew 4.9% to $195.1 million, above the FactSet consensus of $180.8 million, as 16.0% growth in the Americas and a 1.2% rise in Europe, Middle East and Africa (EMEA) offset a 2.0% drop in Asia. Gross margin was flat at 15.9%. For 2023, the company expects gross margin to improve sequentially through the year to reach the “high-20%s” by the fourth quarter. Separately, the company said it entered into commitment letters on March 15 relating to the its revolving credit facility and for a term loan credit facility to raise $425 million in financing. The stock has run up 54.9% over the past three months through Tuesday, while the S&P 500 SPX has edged up 0.6%.

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