Fisker Company (FSR) Q3 2023 Annual Revenue Financial Results Report
Fisker began shipping its battery-electric Ocean SUV in the second quarter of 2023.
Electric vehicle startup Fisker on Monday reported a third-quarter loss that was wider than Wall Street expected, and said it only delivered about 1,100 Ocean electric SUVs in the third quarter.
But, he said, deliveries have accelerated since the end of the season, with more than 1,200 Oceans delivered in October and “hundreds” more on their way to customers now.
Fisker shares fell more than 10% in after-hours trading immediately following the news.
The company said that it and its manufacturing partner, Magna International, it built 4,725 Oceans in the third quarter and delivered 1,097 to customers. Fisker produced 1,022 Oceans in the second quarter of 2023.
“We are rapidly increasing our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers,” CEO Henrik Fisker said in a statement. We are growing faster and delivered more units in the month of October than in the entire third quarter.”
The company said in a statement on September 26 that it planned to deliver 300 oceans per day by the end of 2023.
The news came as part of Fisker’s third quarter earnings report on Monday.
Fisker stock falls after third quarter results.
Fisker’s net loss for the quarter was $91 million, or 27 cents per share, wider than the 19 cents expected by Wall Street analysts polled by LSEG, formerly Refinitiv.
Revenue for the period was $71.8 million. Wall Street had expected revenue of $109 million, but CNBC is not comparing reported revenue to projections because of thin coverage from analysts.
A year ago, Fisker reported a net loss of $149.3 million, or 49 cents per share, and revenue of about $14,000.
Fisker had $625 million in cash and cash equivalents on hand as of Sept. 30, compared to $521.8 million as of June 30. The EV maker raised an additional $300 million through a convertible note offering in July, and another $150 million in September.
Fisker did not immediately update its production guidance for the full year. It said in August that it expected Magna to build 20,000 to 23,000 Oceans at its contract manufacturing plant in Austria by the end of the year.
Fisker originally planned to report its third-quarter results last week, before US markets opened on November 8. in a new one on November 6 has “delayed the completion of financial statements and related disclosures”.
Fisker did not explain why its chief accounting officer left.
Fisker’s chief technology officer, Burkhard Huhnke, left the company at the end of October for “personal reasons,” according to a regulatory filing. The company announced David King, a senior engineer who was previously on its body engineering team, to the position on November 3.