Oppenheimer首次覆盖Factorial Energy(FAC)给予Outperform评级及$8目标价，当日股价已涨13.9%

Factorial Energy (FAC) up 13.9% in Tuesday's trading as Oppenheimer initiated coverage with an Outperform rating and $8 price target, seeing the company as a leading play in the commercialization of solid-state battery technology with key advantages in development process and cycle time, battery size, manufacturability, and customer validation.
With significant lock-ups behind the company and substantial cash on hand, Factorial (FAC) is well-positioned to prove its commercial viability, start scaling, and take outsized share in the large and growing markets for high energy-density, fast-charging batteries across automotive, drone, and defense applications, Oppenheimer analyst Colin Rusch said.
Factorial (FAC) has validated large-format cells on the road, not just in the lab, Rusch said, noting Mercedes-Benz drove a modified EQS 1,205 km on FEST cells and Stellantis verified 375 Wh/kg before integrating FEST into a Dodge test vehicle; customers represent more than 20% of U.S. and European EV sales, which the analyst said is the industry's broadest OEM validation set.
Rusch estimated Factorial's (FAC) revenue will rise from $1.5M in 2027 to $130M in 2030 and sees gross margin expanding from 25% in 2027 to 35% in 2030, while estimating the company will raise ~$300M through warrant exercise proceeds and equity raises through 2030, helping to fund $174M in estimated capital spending during 2026-30.